Will Grigg?s Liberty Minute

October 1, 2008

During the last week of September, the Federal Reserve disgorged roughly $700 billion into the global financial system. This came before Congress acted on legislation authorizing another $700 billion to buy up bad mortgage securities from banks and other lending institutions.

The measure before Congress was designed to provide Treasury Secretary Henry Paulson with almost unlimited power to rescue banks at his sole discretion. Paulson had already offered an illustration of the way such powers abet official corruption and cronyism.

Among the institutions bailed out by the Fed is the global insurance giant AIG, which received an $80 billion infusion from the Fed. Nearly half of that sum ended up in the coffers of the Goldman Sachs investment bank, which used to be run by Secretary Paulson. The credit line was personally endorsed by Paulson following a meeting with his successor, Goldman CEO Llloyd Blankfein.

Wedding such brazen corruption to unlimited power will quickly destroy our economy.

Let us take back the liberty wherewith Christ has made us free.