Den Of Vipers

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President Andrew Jackson said in 1836, during the banking crisis of his day:

Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.

There are a lot of similarities in this small paragraph with our current situation.  Jackson doesn't blame speculation alone, but they do today.  He identifies the privatized profits and socialized losses.  If only Bush could have taken this approach with the Federal Reserve System.  Instead, he is a willing accomplice.  Jackson did something that was unpopular to the ten thousand families, but it was the moral thing to do.  He got rid of the central bank of his day, we must do the same in ours.

Posted via email from Anthony Martin's Weblog

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