Posted on 10/17/2008 11:08:27 AM PDT by jmc813
U.S. Rep. Ron Paul, who has been an opponent of the government's bailout plan, spoke Friday with CNN's Kiran Chetry on "American Morning."
The Texas Republican says the bailout's infusion of government money will lead to inflation, that our current monetary system is coming to end, and the market, not politicians, can best solve the economic crisis.
Kiran Chetry: The last time you were with us you explained why you were against the government's bailout plan, why you were voting against it, and you didn't believe focusing on buying these troubled assets was the smart thing to do. Since then, they've tweaked it and decided to buy stakes in some U.S. banks. Do you think that's a better strategy to help heal the economy?
U.S. Rep. Ron Paul: They tweaked it up. It started out as a three-page document and went up to 450 pages. Instead of $700 billion it's up to $850 billion. Reuters had a story out today. They estimate it's going to cost the American taxpayer about $5 trillion. It's tweaking in the wrong direction, and I don't think it's going to do any good whatsoever.
Chetry: The credit markets are starting to loosen up a bit, at least from what we've seen this week. Is that a sign that maybe it is working?
Paul: Maybe to some degree in the short run, but that just means we'll have more inflation. You can't create $5 trillion out of thin air and not expect inflation. So although the dollar may be up a little bit right now because the markets are a little calmer, this just means that in time we're going to all suffer and pay for this, and we're going to pay for it with higher prices.
(Excerpt) Read more at cnn.com ...
imo, he is also correct on foreign policy.
BTTT
He is a loon. Absent real, massive and substantial action we would have been in a worldwide banking system collapse. That Ron Paul has no clue on this is more proof that he is unqualified to be in office. A loon, an outright loon.
I have to agree with Ron Paul on this. I was and still am vehemently opposed to the bailout bill - any of the forms in which it was presented.
Thanks for the ping.
I find it remarkable that people think Islamists are a threat, while devaluing our currency and trashing our economy isn’t just as deadly to us.
As do I. Radical Islam is a threat to be sure. Some (not all) will want us dead whether we’re in the Middle East or not. I believe some genuinely do hate Western culture and would therefore perpetually be on a jihad against us. That said, They will NEVER be able to overthrow or do long term serious damage to this country. They can’t take away our freedoms; only government can. They can’t destroy our currency; only government can. They certainly can’t hope to take over the country and force Islam on us all.
Government and state power is always worse than threats, perceived or not, posed by foreign powers.
Nonsense. It doesn't have beans to do with his ego, and anyone who's watched him as much as you have ought to know that. It's just that everything he's been telling us for decades is coming home to roost, and everyone knows it. And as for supporting McCain and becoming his economic adviser, I think rationally we all know or at least suspect that McCain would never have even offered him such a position. He sent out a small token gesture to get him to support his campaign just because he wanted the Ron Paul voting bloc, but do we really think McCain would have been decent enough to offer him the position over the numerous war hawks he could choose for the position? No, of course not.
Paul was right about the economy and right about Islamic terrorism, and he is absolutely right in sticking to his guns and going wall to wall with that message wherever people will let him tell it. If he sold those things out to become a McCain supporter, he'd be no better than all the other Washington sellouts who sacrifice all in the cause of power and position and "the lesser of two evils" (which is an absurd lie.) It would be the worst mistake of his career.
Be it McCain or Obama, this country is going to lose BIG TIME, and we need more Ron Pauls out there refusing to go along with either of them.
As usual, people in our country think bigger government is the answer to all ills. It's just sad to see such unConstitutional nonsense being espoused on Free Republic.
They whip us up into unnecessary panics (i.e. We're going to have a worldwide banking system collapse!) for one reason and one reason only: to grab power and trample the Constitution. Our people foolishly listened to them back during the Great Depression, and are paying for it to this day. And now, we are foolishly listening to them again, and both we and the next generation and the next and so on will pay for the foolishness and weakness of this generation. We have to wake up! They are using us, plain and simple, and it's about time we finally realized that.
Sine government caused this crisis and since it was way larger and more immediate than private enterprises could respond to, it was a correct call for governemnt to intervene. Sad that such obvious realities get lost in political rhetoric.
We agree! Wow. Time for a drink. :)
Yea like the King Fox News Neo-Con Sean Hannity. Fair??? Balanced?? Not Hannity. He went nuclear on Paul during the debates unjustifiably.
I think he understands it better than a lot of persons give him credit for. Remember it was Republican who put a prohibition on a method of dealing with such issues the founders had given us. That RINO POTUS was W's Mentor Gerald Ford.
Bush should have kept his mouth shut and let some SF's and Mercenaries handled the likes of Saddam bin Ladden. We'd be much, much, better off now and saved billions as well.
Paul was never against Letters of Marque and/or Reprisals. Too bad we learned nothing from Russia's mistakes in dealing with bin Ladden.
Oh my sides. That was a hilarious post and highly ironic. Bush and the Stooges he appointed plus some RINO's in both houses along with the DEMs just sold our great grand kids into economic slavery to save the fortunes of some of the very rich and famous names cursed in this forum.
No political rhetoric, just simple facts. The only government interventions (oh, and by the way, I agree with you that they helped to cause this) that should have occurred should have been a repealing of laws requiring banks to give mortgages to high-risk borrowers, total removal of the entire Federal Reserve system, a return to Congressional handling of their own Constitutional responsibilities to handle our currency (rather than giving entities like the Fed such power), cessation of all artificial manipulation of interest rates and the such like. No American taxpayer money should have been spent bailing out anyone whatsoever. The banks did their fair share in earning these bankruptcies, and so they ought to have had to face them alone. You and I should never have had to pay for them at all.
And I maintain that it is most certainly true that it was not altruism or a sense of responsibility that moved the President and much of Congress to pass these bailouts; it was fear (for the more honest members of Congress) and a simple desire to grab more power for the federal government. It was a coup, frankly speaking, and we will be sorry when the consequences of it finally become completely clear.
He's the only politician I know of that can be relied upon to do so.
What on earth are you talking about?
Just my opinion...I don’t know if it is ego, but Paul should consider that clearly anything/anyone is better than Obama. I am concerned about ACORN, Wright/Ayers et. al, Trifecta unirule by Democrats of Executive, Congress, & Legislative Branches, “Truth Squads,” Fairness Doctrine & no opposition media—look at way they attacked Joe Plumber & yet still ahve not done any investigating reporting regarding Biden or Obama; oh then there are the Federal Judge and Supreme Court Appointments that he can make....
Tho the economy is scary, it pales in comparison to the societal damage that “Spread the Wealth” Senator Government can do. I believe everyone who is concerned about these things should get behind McCain, Paul, Republican Talking Heads (Noonan, Crystal, et al), Pumas, and of course the conservative base!
I wish Paul would encourage his followers to hold their nose and vote McCain. Sadly, a vote for Paul is a vote for Obama.
Ron Paul ping!
Put a $1 Billion bounty (maybe even immunity from U.S. Government prosecution and even a pass to immigrate to the United States or another Western country) on bin Laden's head, delivered to any Embassy, Consulate, or military facility of the United States anywhere in the world...and it won't take long for the head to show up.
Sorry Snipe, slight disagreement here. The problem was at least partially fixed.
One of the few good things that Bill Clinton actually did was issue a Presidential finding that President Ford's executive order only applied to recognised heads of state.
This gave Clinton the authority he needed to launch his "Monica Missiles" at Bin Ladin back in 98. Before that finding, he would have been in violation of President Ford's executive order.
We did not recognise the Taliban government of Afghanistan, and Mullah Omar & company were not covered by the executive order either. i don't know if recognition was removed for Saddam.
That in essence is a Letter of Marque. It is a privateer's license from the US Government for targets specified by that government.
The $1 billion is perhaps a bit excessive, but $25 million hasn't really gotten the job done at this time. In light of what we've spent on the so-called war on terror, $1 billion is looking like a bargain if anyone will deliver.
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