Bailout flashback: Have you seen Ron Paul's statement on the bailout of Chrysler in 1979? Still relevant?

[bothan]

"“Do we in Congress have the authority, either moral or constitutional, to cause this suffering? I can find no provision in the Constitution authorizing Congress to make loans or loan guarantees to anyone, let alone to major corporations. Nor have I yet seen a valid moral argument concluding that we, as representatives of all the people, have the right to tax the American people – most of whom receive less in wages and benefits than Chrysler workers – to support a multibillion-dollar corporation. What right have we – and I pose a serious question that deserves an answer – what right have we to force the American taxpayers to risk their money in a business venture which private investors dealing in their own funds have judged to be too risky? Chrysler paper is now classified; that means that any private investor who is handling funds for his depositors, shareholders, or clients may be judged as violating his fiduciary responsibilities should he invest in Chrysler. Don’t we have a trust equally important from the American people? Are we not betraying their trust by voting for a Chrysler bailout? I believe so.”

And

“Last year there were 200,000 bankruptcies in this country, according to U.S. News & World Report. Yet we have selected only the largest for our aid. This is discrimination of the crassest sort. We ignore the smaller victims of this government’s policies simply because they are small. Only the largest, those with the most clout, the most pull, get our attention. This aristocracy of pull is morally indefensible. What answer can be given to the small businessman driven into bankruptcy by government regulations when he asks: “You bailed out Chrysler, why not me?” No justification can be given for this discrimination between the powerful and the powerless, the big and the small.

It is an axiom of our legal system that all citizens are to enjoy the equal protection of the laws. That axiom is violated daily by our tax laws, and now by this proposed corporate welfare plan for Chrysler. Apparently some citizens are more equal than others. That is a notion I reject, and I hope you do, too. I urge you to reject this proposal for all the reasons I have stated.”

[ricki]

ron paul is too awesome, he is right, which is why i wrote his name in when i voted

[aescby]

Yep. And that's why outstanding people like him and Bob Barr should band together to form a united 3rd party to replace the head of the Frankenstein beast of Washington politics. Instead of just changing the left or right hands every 4 years or so.

[darvell]

I think they most definitely apply today. Ron Paul understands the Constitution and the laws of this country, its a shame that other politicians don't.

[danil70]

We need to make sure that industry does not get shut down due to an act of congress

Since the banks are in crisis, the big3 cannot borrow money from them - no one can right now

but the banks were messed up by an act of congress - seems to me like congress closed down the big3 - perhaps they should fix what they broke?

and dont go on about "mismanagement" - they arent bankrupt - they are shut out of the money supply - very different thing.

[adaya]

I think his statements do apply equally well today, but the precedent has been set.

[rickie]

Yea, according the government I am a small business. I am still waiting for my bailout. And yes, I do make less than an assembely line worker.

[wethrby]

Ron Paul is a goofball. He didn't win a single primary. He wants to return to the gold standard in an era when that would be unworkable and would lead to worldwide depression. The auto industry is a basic industry necessary for our national defense. One reason the the U.S. won WW II was because there were automakers in place who could quickly gear up for war production.