Monday, November 03rd, 2008 | Author:

I just came across some words that Andrew Jackson spoke to a group of bankers in 1832. Oh, for a man of honesty and courage who would repeat these words today:

Gentlemen, I have had men watching you for a long time, and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the eternal God, I will rout you out.

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Category: abuse of power, bailout
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2 Responses
  1. Brainbiter says:

    This is great! I’ve been reading about “crashes” and “panics” from the past, especially the 1907 one, since my great-great-grandfather was a banker during that time. Nothing really changes.

  2. akaGaGa says:

    You should have seen my jaw drop when I found this! Some things have changed, though, Dave. You won’t catch anyone in government (or most churches) these days mentioning sin.