Monday, November 21, 2011

The Hype Award Goes to Ned Ryun, Founder and President of the American Majority

Many so-called "grass roots" movements in the US are important as they challenge the status quo and sometimes accelerate positive change. But one problem these organizations and often their leaders suffer from is not fully understanding what it is they are trying to accomplish. The Tea Party is one of those movements. Many point to Ron Paul as representing the Tea Party movement, but that is not entirely true. Ron Paul is a Libertarian, which is a much older group. Ron Paul understands Libertarian principles fully and represents them without compromise.  He also knows his facts.

The Tea Party however could do better than someone like Ned Ryun, Founder and President of the American Majority organization. Here is what Mr. Ryun had to say in the Huffington Post:
To this day Goldman Sachs, JP Morgan Chase and other banks borrow billions from the government through no-interest loans, then loan the money back to the government at interest. Banks then turn around and charge taxpayers 4-5% as mortgage owners and 20-25% interest as credit card customers -- so that we can use our own money. We take the risk. We pay the bill. They make the profit. In what world is that free market capitalism?
Mr. Ryun, where did you learn this? Did you fill your brain with media sound bites and conspiracy bloggers? A little education will help your cause tremendously. Banks are not borrowing "billions from the government through no-interest loans". They are in fact lending to the Fed as much as $1.5 trillion (see chart below). It's called "excess reserves" (but sounds like you slept through that lecture in school.)

Next time before you decide to regurgitate other people's hype, try to learn what the facts are. Otherwise you are doing a disservice to your organization. So congratulations Mr. Ryun. Today you get the Sober Look Hype Award.
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