Liberty Maven

Here at Liberty Maven we have endorsed Chris Martenson a number of times.  His Crash Course on the economy is unparalleled in explaining otherwise inaccessible concepts to the layman. Today on his blog, Martenson puts to rest any notion that the United States practices free capitalism and again points out that those who created the current problems are being rewarded while those who acted prudently are being punished. Quoting a Washington Post article, he describes how this is angering some:

Community banking executives around the country responded with anger yesterday to the Bush administration’s strategy of investing $250 billion in financial firms, saying they don’t need the money, resent the intrusion and feel it’s unfair to rescue companies from their own mistakes.

And in offices around the country, bankers simmered.

Peter Fitzgerald, chairman of Chain Bridge Bank in McLean, said he was “much chagrined that we will be punished for behaving prudently by now having to face reckless competitors who all of a sudden are subsidized by the federal government.”

At Evergreen Federal Bank in Grants Pass, Ore., chief executive Brady Adams said he has more than 2,000 loans outstanding and only three borrowers behind on payments. “We don’t need a bailout, and if other banks had run their banks like we ran our bank, they wouldn’t have needed a bailout, either,” Adams said.

Now, more than ever, we need to contact our representatives and demand they co-sponsor Ron Paul’s Federal Reserve Board Abolition (HR2755).