Thibeaux Lincecum
Libertarian for U.S. Congress in 2008

Maryland District Four

Smaller Government - Lower Taxes - More Freedom
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Bailout
1. Explain your vote on the $700 billion bailout/rescue package that Congress just approved, or how would you have voted?

2. Is the bailout package a slippery slope? Can we expect other industries to need/request similar massive help and, if that's the case, how should the government respond?
Thibeaux LincecumDonna EdwardsPeter James
1. I would have voted against any bailout.

2. Yes, using tax money to pay for the failure of ventures by businesses encourages more risky behavior in the future. The long term cost of this moral hazard will be greater than any short term stability that a bailout MIGHT provide, as industries will continue to pursue short term gain with long term risk, and that will be bad for the economy regardless of how government responds in the future.

1. My vote for the package was all about Main Street –jobs, retirement savings, home owners, and small businesses. Our country is at an economic crossroads and I felt that the ramification of doing nothing impacts us all. While I recognize that the path toward economic stability and security for working families will require more aggressive work, I am confident that a new President and new Congress will provide the leadership we need to strengthen foreclosure mitigation efforts to provide direct relief for homeowners, to guarantee Americans' hard-earned savings, and to create jobs by setting new priorities. This is only the beginning of our work to stabilize our economy and prepare for our future—creating jobs, rebuilding our infrastructure and setting important priorities for health care, energy independence, and prosperity for working families.

2. It is impossible to speculate what the needs of other industries may be in this economy as we move forward. This decision was less about saving an indusry and more about preserving savings, retirement accounts, small businesses and jobs. I am prepared to join with my colleagues to respond to this systemic crises with short- and longterm solutions in the coming days and months.

1. NO.

It is madness to give $700 billion to the banking cartel that has destroyed our economy just so they may use this money to loan it back to us at interest.

Every voter needs to go to peterjames08.com and watch the "Money as Debt" video to understand what has happened. Nothing in the bailout bill has fixed the systematic flaw in the monetary system.

The crash was caused by too much debt. Issuing more debt to try and fix it is insane.

Abe Lincoln knew what to do. He told the bankers NO and issued interest free money directly from the US Treasury. We need to issue interest free US Notes from the Treasury and either spend it on our failing infrastructure or lend it interest free to the states for infrastructure projects.

Andrew Jackson fought the banks and repealed the charter of the central bank. He is the only president to have no public debt. We must abolish the Federal Reserve System. Federal Reserve banks are private corporations owned by the commercial banks for their benefit not ours. Jackson called the central bankers a "den of vipers and thieves".

2. It is not the federal government's place to bailout private companies. The number of billionaires has grown from 16 to over 1,000 in the last 20 years. To have a free market on the way up and social welfare for these billionaires on the way down is just plain wrong.

My opponent, like most Americans and members of Congress hasn't a clue what a derivative is or how money, credit and circulation works. I do. I have been studying the monetary system for 35 years. I warned Donna Edwards of the coming collapse over a year ago. She did not listen then. She is not listening now. She refuses to debate me on this or any issue.

There are $62 trillion worth of credit default swaps and over $1.3 quadrillion(that's a thousand trillion) of derivatives. Derivatives are growing by over 20% per year. The bailout bill does nothing to stop the growth of debt or derivatives. In fact, all these bailouts are generating massive increases in debt.

"It is an old maxim and a very sound one, that he that dances should always pay the fiddler. Now, sir, in the present case, if any gentlemen, whose money is a burden to them, choose to lead off a dance, I am decidedly opposed to the people's money being used to pay the fiddler…" - Abraham Lincoln

All these bailouts require the taxpayer to go deeper into debt to allow the rich preferred shareholders and management to continue siphoning the wealth of our nation.


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