"Is there any reason why the American people
should be taxed to guarantee the debts of banks,
any more than they should be taxed to guarantee
the debts of other institutions, including merchants,
the industries, and the mills of the country?"
by:
Senator Carter Glass
(1858-1946) Newspaper publisher, US Senator (D-VA), author of the Banking Act of 1933, U.S. Secretary of the Treasury under President Woodrow Wilson.
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Reader comments about this quote:
Too bad his words have outlived their pointedness. Our politicians wouldn't think twice before doing everyone of those things...in fact, they are doing it right now.
 -- Ben, Orem, UT     
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    You would think that our politicians would learn from history!
     -- Roxy, Olympia, WA     
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    The answer is, there is no reason. In a limited Republic of individual sovereigns, there once was a Constitution that outlined the specific actions of the sovereign's representatives. If the Constitution did not specifically authorize an act, the act could not be performed. What or where is the specific clause in the Constitution that authorizes a debt 'GUARANTEE' or financial bailout of banks, institutions, merchants, industries or mills? It does not exist and such acts are illegal in the individual sovereign's Constitutional Republic.
     -- Mike, Norwalk     
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    It almost sounds like he was talking about the recent bail outs. I notice that he was a democrat, boy how times have changed.
     -- jim k, austin     
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    Sure is. We voted for it. Put our stamp of aproval on the Obamanation.
     -- warren, olathe     
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    I put Obama voters into 3 classes: (1) the know nothings, (2) those who should have known better, (3) and those working toward a socialist USA.
     -- jim k, austin     
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    The word 'guarantee' only appears in the US Constitution once - "The United States shall guarantee to every state in this union a republican form of government, and shall protect each of them against invasion; and on application of the legislature, or of the executive (when the legislature cannot be convened) against domestic violence." (Apparently, domestic violence perpetrated by those in government is exempt.)
     -- Bryan Morton, Stuart, Florida     
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    Unfortunately, this was the excuse for forming the Federal Reserve System in 1913. Wilson and his cabinet were deceived into thinking the Federal Reserve Act would protect them from the bankers' paper -- little did they know at the time that the bill was secretly written by the very Money Trust they were trying to control (read Creature from Jeckyl Island). Nearly 100 years later we are back in the same place except that the People have had all their money taken from them (gold and silver), their property is not held in allodium so we must pay rent (property taxes) on it to keep it, the nation is completely in debt forever to the Federal Reserve, and the printing presses are on full tilt boogie, while Congress's 'Newer Deal' is about to rob the remainder of any savings the baby boomers have acquired since 1934.
     -- E Archer, NYC     
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    Is there any reason? Of course there is. It's the same reason robber's steal from banks...that's where the money is.
     -- Ken, Allyn, WA     
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    Yes is the correct answer. Just as we are "taxed" by the insurance companies to guarantee the payments of claims under their policies we are taxed by the banks so that they can pay their FDIC premium to insure against them reneging on their debts (our deposits). All these things are based on the law of large numbers. Now I feel absolutely certain that many of you who are independently thinking people (to a fault I might add) cannot fathom something like the "law of large numbers" or "insurance" or public guarantees of institutional strength etcetera. And all I can say to that fact is "it is just a damn shame" you don't get it!
     -- Waffler, Smith     
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    We can fathom the 'law of large numbers', but most of us here seem to have been able to think past it. Maybe, one day, if you study, you will, too.
     -- Bryan Morton, Stuart, Florida     
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    The Government has NO business in business. And business has no business in Government. Until we get rid of the Federal Reserve puppet masters we will have corrupt government, an unstable economy, perpetual war, creeping globalism, generational welfare, inflation, deflation, and economic slavery enforced by the FR's collection agents, the IRS. We need a return to sound currency and to abolish the Federal Reserve and it's extortionary system of false digital credit.
     -- J Carlton, Calgary     
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    Waffler, WHAT ? ? ? What math book can I go to so that I might educate myself as to your referenced "law of large numbers" What are the magical numbers that go from small to medium number size; small to large number size; or, medium to large number size? WHAT ? ? ? In addition to being a liar, you are an idiot that gives mundane off topic examples to explain a totally unrelated dogma (2 is apparently a number too large for you to comprehend - by the way; insurance does use what is called a law of averages) Besides what I, and others have here stated, please indicate or cite where in the Constitution your referenced "law of large numbers" supersedes the law of nature and nature's God and, the specific or exact Constitutional edicts that declare your irrational rant. And, to your reference; "it is just a damn shame" those that love freedom, liberty, justice, law, inalienable rights and comprehend math cannot fathom the gibberish of the lying patrons of the occupying statist theocracy that is infesting this land, we don't want your lunacy. The only reference in the real world (outside Wafflerworld) to "law of large numbers is: A "law of large numbers" is one of several theorems expressing the idea that as the number of trials of a random process increases, the percentage difference between the expected and actual values goes to zero. To that Albert Einstein stated: “Insanity is doing the same thing over and over again and expecting different results.” Relating to the "law of large numbers" and Einstein's expression concerning the bailing out of debts of institutions, including merchants, the industries, and the mills of the country over and over again, it is insanity when the random process, with a percentage of change to be zero, results in economic chaos and poverty. The answer to the question is there is absolutely NO reason - such has been proven through out history over and over again - sanity.
     -- Mike, Norwalk     
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    A Round of applause for Mike from Norwalk.
     -- J Carlton, Calgary     
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    Add me into the round of applause for Mike!
    Great comeback to someone who probably believes there are no absolutes or that reality doesn't exist.
    At least I can say one thing about Waffler and that is that he/she truly is a persistent annoying Troll.
     -- Mary - MI     
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    The nonsense that comes from Waffler is truly amazing. Waffler, listen carefully, I'll use small words. Insurance companies and banks do not tax anyone. My insurance premiums and bank charges are voluntary as I can choose not to have insurance or a bank account. The key word is "voluntary". Get someone with at least a 3rd grade education to explain this to you.
     -- jim k, Austin, Tx     
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    Kudos for Mike from Norwalk (Iowa?) as well and reading through his previous comments elsewhere leaves no doubt Mike is very well read and articulate in his responses to the occasional pseudo-intellectual or occupy/socialist lurker. Along with many other commenters who are equally enlightened who represent the new threat. In 2003 I attended an educational seminar regarding the Constitution and American history in regard to our founding principles and there were about a dozen people in attendance and about 2009 I attended the same seminar again bringing some friends except this time there were over 100 people attending. People are waking up and educating themselves enabling them to hone their BS detectors, it's a darn good sign! The statist response was to loose their minions of useful occupy idiots who couldn't even define individually what their protest was about.
     -- Mike, Pleasant Hill     
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     -- Ronw13, Yachats OR      
     
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