Bailouts and the FED

From http://www.prisonplanet.com/prestigious-group-of-192-economists-including-nobel-prize-winners-slams-bailout.html

 

Prestigious Group of 192 Economists - Including Nobel Prize Winners - Slams Bailout

George Washington’s Blog
Friday, Sept 26, 2008

The following group of prominent economists, including numerous Nobel Prize winners, has written a letter slamming the bailout proposal:

• Acemoglu Daron (Massachusetts Institute of Technology)

• Adler Michael (Columbia University)

• Admati Anat R. (Stanford University)

• Alexis Marcus (Northwestern University)

• Alvarez Fernando (University of Chicago)

• Andersen Torben (Northwestern University)

• Baliga Sandeep (Northwestern University)

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• Banerjee Abhijit V. (Massachusetts Institute of Technology)

• Barankay Iwan (University of Pennsylvania)

• Barry Brian (University of Chicago)

• Bartkus James R. (Xavier University of Louisiana)

• Becker Charles M. (Duke University)

• Becker Robert A. (Indiana University)

• Beim David (Columbia University)

• Berk Jonathan (Stanford University)

• Bisin Alberto (New York University)

• Bittlingmayer George (University of Kansas)

• Boldrin Michele (Washington University)

• Brooks Taggert J. (University of Wisconsin)

• Brynjolfsson Erik (Massachusetts Institute of Technology)

• Buera Francisco J. (UCLA)

• Camp Mary Elizabeth (Indiana University)

• Carmel Jonathan (University of Michigan)

• Carroll Christopher (Johns Hopkins University)

• Cassar Gavin (University of Pennsylvania)

• Chaney Thomas (University of Chicago)

• Chari Varadarajan V. (University of Minnesota)

• Chauvin Keith W. (University of Kansas)

• Chintagunta Pradeep K. (University of Chicago)

• Christiano Lawrence J. (Northwestern University)

• Cochrane John (University of Chicago)

• Coleman John (Duke University)

• Constantinides George M. (University of Chicago)

• Crain Robert (UC Berkeley)

• Culp Christopher (University of Chicago)

• Da Zhi (University of Notre Dame)

• Davis Morris (University of Wisconsin)

• De Marzo Peter (Stanford University)

• Dubé Jean-Pierre H. (University of Chicago)

• Edlin Aaron (UC Berkeley)

• Eichenbaum Martin (Northwestern University)

• Ely Jeffrey (Northwestern University)

• Eraslan Hülya K. K.(Johns Hopkins University)

• Faulhaber Gerald (University of Pennsylvania)

• Feldmann Sven (University of Melbourne)

• Fernandez-Villaverde Jesus (University of Pennsylvania)

• Fohlin Caroline (Johns Hopkins University)

• Fox Jeremy T. (University of Chicago)

• Frank Murray Z.(University of Minnesota)

• Frenzen Jonathan (University of Chicago)

• Fuchs William (University of Chicago)

• Fudenberg Drew (Harvard University)

• Gabaix Xavier (New York University)

• Gao Paul (Notre Dame University)

• Garicano Luis (University of Chicago)

• Gerakos Joseph J. (University of Chicago)

• Gibbs Michael (University of Chicago)

• Glomm Gerhard (Indiana University)

• Goettler Ron (University of Chicago)

• Goldin Claudia (Harvard University)

• Gordon Robert J. (Northwestern University)

• Greenstone Michael (Massachusetts Institute of Technology)

• Guadalupe Maria (Columbia University)

• Guerrieri Veronica (University of Chicago)

• Hagerty Kathleen (Northwestern University)

• Hamada Robert S. (University of Chicago)

• Hansen Lars (University of Chicago)

• Harris Milton (University of Chicago)

• Hart Oliver (Harvard University)

• Hazlett Thomas W. (George Mason University)

• Heaton John (University of Chicago)

• Heckman James (University of Chicago - Nobel Laureate)

• Henderson David R. (Hoover Institution)

• Henisz, Witold (University of Pennsylvania)

• Hertzberg Andrew (Columbia University)

• Hite Gailen (Columbia University)

• Hitsch Günter J. (University of Chicago)

• Hodrick Robert J. (Columbia University)

• Hopenhayn Hugo (UCLA)

• Hurst Erik (University of Chicago)

• Imrohoroglu Ayse (University of Southern California)

• Isakson Hans (University of Northern Iowa)

• Israel Ronen (London Business School)

• Jaffee Dwight M. (UC Berkeley)

• Jagannathan Ravi (Northwestern University)

• Jenter Dirk (Stanford University)

• Jones Charles M. (Columbia Business School)

• Kaboski Joseph P. (Ohio State University)

• Kahn Matthew (UCLA)

• Kaplan Ethan (Stockholm University)

• Karolyi, Andrew (Ohio State University)

• Kashyap Anil (University of Chicago)

• Keim Donald B (University of Pennsylvania)

• Ketkar Suhas L (Vanderbilt University)

• Kiesling Lynne (Northwestern University)

• Klenow Pete (Stanford University)

• Koch Paul (University of Kansas)

• Kocherlakota Narayana (University of Minnesota)

• Koijen Ralph S.J. (University of Chicago)

• Kondo Jiro (Northwestern University)

• Korteweg Arthur (Stanford University)

• Kortum Samuel (University of Chicago)

• Krueger Dirk (University of Pennsylvania)

• Ledesma Patricia (Northwestern University)

• Lee Lung-fei (Ohio State University)

• Leeper Eric M. (Indiana University)

• Leuz Christian (University of Chicago)

• Levine David I.(UC Berkeley)

• Levine David K.(Washington University)

• Levy David M. (George Mason University)

• Linnainmaa Juhani (University of Chicago)

• Lott John R. Jr. (University of Maryland)

• Lucas Robert (University of Chicago - Nobel Laureate)

• Luttmer Erzo G.J. (University of Minnesota)

• Manski Charles F. (Northwestern University)

• Martin Ian (Stanford University)

• Mayer Christopher (Columbia University)

• Mazzeo Michael (Northwestern University)

• McDonald Robert (Northwestern University)

• Meadow Scott F. (University of Chicago)

• Mehra Rajnish (UC Santa Barbara)

• Mian Atif (University of Chicago)

• Middlebrook Art (University of Chicago)

• Miguel Edward (UC Berkeley)

• Miravete Eugenio J. (University of Texas at Austin)

• Miron Jeffrey (Harvard University)

• Moretti Enrico (UC Berkeley)

• Moriguchi Chiaki (Northwestern University)

• Moro Andrea (Vanderbilt University)

• Morse Adair (University of Chicago)

• Mortensen Dale T. (Northwestern University)

• Mortimer Julie Holland (Harvard University)

• Muralidharan Karthik (UC San Diego)

• Nanda Dhananjay (University of Miami)

• Nevo Aviv (Northwestern University)

• Ohanian Lee (UCLA)

• Pagliari Joseph (University of Chicago)

• Papanikolaou Dimitris (Northwestern University)

• Parker Jonathan (Northwestern University)

• Paul Evans (Ohio State University)

• Pejovich Svetozar (Texas A&M University)

• Peltzman Sam (University of Chicago)

• Perri Fabrizio (University of Minnesota)

• Phelan Christopher (University of Minnesota)

• Piazzesi Monika (Stanford University)

• Piskorski Tomasz (Columbia University)

• Rampini Adriano (Duke University)

• Reagan Patricia (Ohio State University)

• Reich Michael (UC Berkeley)

• Reuben Ernesto (Northwestern University)

• Roberts Michael (University of Pennsylvania)

• Robinson David (Duke University)

• Rogers Michele (Northwestern University)

• Rotella Elyce (Indiana University)

• Ruud Paul (Vassar College)

• Safford Sean (University of Chicago)

• Sandbu Martin E. (University of Pennsylvania)

• Sapienza Paola (Northwestern University)

• Savor Pavel (University of Pennsylvania)

• Scharfstein David (Harvard University)

• Seim Katja (University of Pennsylvania)

• Seru Amit (University of Chicago)

• Shang-Jin Wei (Columbia University)

• Shimer Robert (University of Chicago)

• Shore Stephen H. (Johns Hopkins University)

• Siegel Ron (Northwestern University)

• Smith David C. (University of Virginia)

• Smith Vernon L.(Chapman University- Nobel Laureate)

• Sorensen Morten (Columbia University)

• Spiegel Matthew (Yale University)

• Stevenson Betsey (University of Pennsylvania)

• Stokey Nancy (University of Chicago)

• Strahan Philip (Boston College)

• Strebulaev Ilya (Stanford University)

• Sufi Amir (University of Chicago)

• Tabarrok Alex (George Mason University)

• Taylor Alan M. (UC Davis)

• Thompson Tim (Northwestern University)

• Tschoegl Adrian E. (University of Pennsylvania)

• Uhlig Harald (University of Chicago)

• Ulrich, Maxim (Columbia University)

• Van Buskirk Andrew (University of Chicago)

• Veronesi Pietro (University of Chicago)

• Vissing-Jorgensen Annette (Northwestern University)

• Wacziarg Romain (UCLA)

• Weill Pierre-Olivier (UCLA)

• Williamson Samuel H. (Miami University)

• Witte Mark (Northwestern University)

• Wolfers Justin (University of Pennsylvania)

• Woutersen Tiemen (Johns Hopkins University)

• Zingales Luigi (University of Chicago)

• Zitzewitz Eric (Dartmouth College)

Here’s the letter.this and this.

They are not alone. See this, this, this, this, this,

 

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From http://www.prisonplanet.com/ron-paul-congress-has-opted-for-10-year-plus-depression.html

Ron Paul: Greenspan, Bernanke Should Be Criminally Charged

Congressman says civil unrest after meltdown could lead to martial law

Paul Joseph Watson
Prison Planet
Friday, September 26, 2008

Congressman Ron Paul says that the bailout bill is likely to pass, heralding a 10-year plus economic depression for America and the potential for martial law should civil unrest arise as the financial meltdown worsens.

Speaking on The Alex Jones Show, Paul said of the bailout, “They want dictatorship, they want to pass all the penalties and suffering on to the average person on Main Street,” adding, “We will have a depression or recession, it’s locked in place due to previous Federal Reserve actions.”

“When they say that if we don’t do exactly as they say and turn over more of our money and more of our liberties and exempt themselves from any court in the whole nation, they’re trying to intimidate us and lead us into doing the wrong thing,” said Paul.

The Congressman added that serious problems would arise if nothing was done to address the problem, but that more serious consequences would follow should the bailout be passed.

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Paul warned that the only question was whether the meltdown would last one year or ten years and how much liberty would be lost in that time frame.

“It looks like from I see in Congress, that they’re opting for a decade plus of depression rather than saying let’s correct our ways, let’s balance the budget, let’s bring our troops home,” said Paul, adding that the same course of printing money would continue - prolonging the agony and preventing a necessary correction.

Asked if civil unrest was a possibility in the midst of an economic depression, referencing a recent Army Times report concerning the use of active duty military being brought back from Iraq for “Homeland patrols” and “crowd control,” Paul questioned, “Are we going to have martial law or are we going to have more freedoms? The more problems that we have, the more likely it is that we’re going to have martial law, so I do think they anticipate and they plan for these things.”

Asked if criminal investigations and prosecutions of individuals on Wall Street should commence, Paul agreed but said that the main target of criminal inquiry should be the Federal Reserve board itself because, “That’s where the fraud is.”

“They want to be lawless, they don’t want to be held accountable,” he added.

Paul said that grand juries should be convened to take on prosecutions rather than the FBI becoming involved, stating, “We have proper authority with that and experience with it and the Enron case is a good example.”

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The Congressman said that Greenspan and Bernanke should be criminally charged but that such an effort would be largely symbolic. “Morally speaking, they’re the culprits,” said Paul.

Asked what his solution to the crisis would be, Paul said, “I think the most important thing to do is to send the message that we’re going to quit living beyond our means and the president can set the standard for that and he has the most control under the Constitution on foreign policy - he can say no more wars, we’re done with the wars, we’re not going to take on the Russians, we’re not going to take on people in Venezuela, we’re going to start talking to the Cubans and bring our troops home and save hundreds of billions of dollars - that would send a powerful message that the dollar would respond to and oil prices would come down.”

Paul said that Americans had to accept a new idea of government that harked back to what the founders envisaged and that the welfare state would have to unravel along with aspirations of building a geopolitical empire.

“In the meantime the policy ought to be - shrink the size of government, decrease regulation, work towards sound money, remove the authority of the Fed to create money out of thin air and get tax reduction,” stated the Congressman. Paul added that eliminating the income tax would mean everybody becoming a lot richer and more money would be ploughed into the economy.

“It will not solve the problem, it just delays the inevitable,” said Paul of the bailout, adding that he expects the bill to pass in a move that would, “Defy the American people.”

“I think they get to the point where they think they’re like God and can control everything and they don’t realize that the market really is more powerful than all the bankers and all the politicians….Ultimately the underground economy is the real economy and I think they could over step themselves and hopefully we could come out with a better world afterwards,” concluded the Congressman.