Clay's rant: Wow. It must be great to be a Washington big wig - to criticize a man right to his face and not allow him to respond. It's cowardly and shameful, really.
Best line: "at least JP Morgan has some skin in the game. He had some money in the game. When the banks failed, he failed. What does Bernanke have in the game? He gets a salary any way then goes off to work for Goldman Sachs."
Best line: "at least JP Morgan has some skin in the game. He had some money in the game. When the banks failed, he failed. What does Bernanke have in the game? He gets a salary any way then goes off to work for Goldman Sachs."
Any of these representatives that don't agree with Ron Paul's basic believes in the Feds position in the US should not be in government representing us and are truly ignorant to economics and The Fed.
Whether it's now or later, the piper must be paid. Though the world abounds with whimsical manmade laws & schemes, natural law cannot be refuted. Best to begin the correction now rather than down the road with more borrowing added to the dilemna.
Barney... I'm from South Africa... We didn't manipulate currencies... But we can feel the inflation. From the Oil prices you drive up with wars to keep your GDP up, to the trillions you've dumped in the world economy. The USA is the engine that drives the devaluation of everyone else money. Its one thing to steal from your people, but who gave you the right to raid my bank account?
HERE ARE REASONS WHY RON PAUL WILL NEVER BECOME US PRESIDENT;
1) AGE. (TOO OLD TO BE A PRESIDENT OF THE MOST POWERFUL COUNTRY IN THE WORLD)
2)DOESNT HAVE ENOUGH FUNDS( SELLS HIS BOOK AND USES WORDS CONSTITUTION AND LIBERTY), THAT WILL NOT PUT FOOD ON A TABLE FOR AMERICANS!
3)DOESNT HAVE A REAL STRATEGY ON EXACTLY HOW HE IS GOING TO CREATE JOBS(OK, LETS SAY WE WILL BRING ALL TROOPS HOME, THEN WHAT?) THEY ARE GOING TO BECOME UNEMPLOYED AND COLLECT WELFARE? 4) UNDERESTIMATES CHINESE POPLN 1.4B
US monetary policy is "deferred pain". If we pretend there isn't a crisis, then maybe there really isn't one? Problem with Keynesian thinking is that in the real world government debt doesn't get unwound, it just keeps accumulating. If the government gets their hands on any real money, they spend it. When was the last time the government paid down on the debt? In 1900, the national debt was about $724 per taxpayer (in 2010 dollars)... today it's over $100K... scary.
@deficithawker Congressman Green giving credit for growth of the middle class to government institutions is insane! The man thinks government created the middle class? No! Take a look at Microsoft. It was a small free market company in the 1970s with about a dozen employees. Today it employs hundreds of thousands, not to mention creates products like the Xbox that the middle class love. THAT IS HOW YOU EXPAND MIDDLE CLASS! Free market entrepreneurs expand the middle class. Nothing else will.
For anyone watching this who wants to fast-track the video, question and answer grilling begins at around 0:46:50 directly after the opening remarks (which are excellent by all three witnesses).
@BillySmooth55 Vedder keeps saying people aren't spending because they are scared. I don't buy that for a moment. No one I've talked to is saying they are scared, therefore they won't buy a toaster or car or whatever. There are fundamental reasons why people aren't buying, and Keynesian "animal spirits" are not the reason.
I would never be a part of the SPLC and believe it is a hate group, but I support austrian economics. Don't you think you are painting austrian economists with a pretty broad brush?
@deficithawker Ron Paul has very limited time and cannot address every disagreement he has with every person. The goal of these hearings is to allow the experts' testimony to be heard. Ron Paul - if you've read any of his half dozen books - understands economic issues regarding money supply, prices, wages, etc.
By the way, every single 'dumb ass' Austrian economist told us very clearly we were in a FED-induced credit bubble prior to the collapse of '98...unlike the popular "experts".
"we do not have to worry about a of inflation in the economy at any time in the next couple of years". I've got this video saved to look back on in 2-3 years and see how wrong this guy is.
Friedman made the case that if the fed's job was to the lender of last resort, it should have done so when runs on banks happened. He never said the fed didn't expand the money supply beyond the PPF before 1929.
Who gave the old guy crack cocaine before the meeting?
seemed to me this panel was pretty ignorant with exception to mr. paul. at least the guy from arizona and north carolina were humble and admitted it. why aren't these panels composed of people with real interest in monetary policy?
aggregate demand that he wants to restore was all a Fed inflated illusion to start with. Consumer behavior was distorted by the Fed generated bubble and collapsed with the bust. Now he says the solution is "create the illusion again" so consumer spending will return to its previously unsustainable levels.
I don't think that's very good long-term policy. Consumer spending and business investment trends should be determined by real economic and market conditions, not Fed-generated illusions.
He's bright compared to Rep. Green though. The FDIC is not to help the banks out. It's supposed to be to protect depositors. Why should AIG expect a bailout after being paid to insure assets that it could not insure? They were happy to take profits when there weren't claims. If I go to the casino and I win, I get to keep the profits, but if I lose, I guess someone should "bail out" my losses. That would not teach me a lesson about risk.
This Tucker Carlson wannabe is a waste of space. He'd rather have "moderate inflation." The dollar is worth about 4% of what it was in 1913. That's moderate?
I think there is more wealth in this country than consumer debt, at least I hope that is the case. If I'm correct, then more good will come from lower prices, because there will be a positive impact on the purchasing power of most people.
1:32:32 That is correct but it is a result of FED inflating prices over where the free market would have them. They can suspend each bust by creating another artificial boom.
The effect of suspending each bust is to compound them together until the point the dollar is destroyed and you are faced with a final grand slamming crash they cannot stop.
DiLorenzo's basic argument that Fed monetary policy creates jobs in bubble industries that can't be sustained in the long run made perfect sense. Clay's blatant character attack on DiLorenzo was pretty rediculous and included some outright lies. I'd be pissed as hell if he was my Congressman.
The tragic irony is that the Fed is a debt slaves trader and Mr. Clay in his ignorance is a "house slave" betraying the people he was sent to Washington to represent.
"Thank god for President Obama. The fed says that printing money will not depreciate the currency and I believe them. All hail The Allmighty Chairman of the Fed!"
I couldn't catalog all the good stuff, but the funnest part for me comes just about at 53 minutes in when the loathsome Clay creature tries to smear Tom DiLorenzo...I suspect that dope dug himself in irretrievably deep with his slanted attack filled with more half-truths than I could count. I hope one day we get to see another fine economist, Prof. Walter Williams, face off against this dolt. Let's see Clay try to smear the smart, well spoken...and BLACK Williams as a racist!
Imagine this scenario: Walter E Williams is a witness in place of DiLorenzo. Williams also believes Lincoln was a racist tyrant and that the Civil War was unnecessary. Williams also happens to be black.
Would Clay have questioned whether Williams was a racist for doubting the official Lincoln story?
If you ask, there is no one more racist than a progressive-white or black.
Dr. Clay fails to address the issue and resorts to name calling and spreading lies. What he's saying about Mr. DiLorenzo is utterly false. Check it out yourself.
What kind of a man does this? Rep Lacy Clay's wife had this to say of him:
“I and my children are devastated and embarrassed that my husband let us find out from the children’s friends and the media that he had filed for divorce, and mostly that he still has not contacted our children,” Ivie Clay said. “I would have wanted to prepare the children."
This is laughable, Japanese debt has just been downgraded. I guess in the world of Keynesian economics this is a good thing. We are all Austrians now!
Not concerned about what Brazil has to say about our monetary policy?!? Have you ever thought of taking advice from someone who has already made the mistakes that we are currently making? Are you even familiar with what happened in Brazil?
Also, what nobody on this comittee except maybe Paul seems to understand is that since America has the worlds reserve currency they can export alot of their inflation to foreign dollar and bond holders.
The American government is a highly leveraged monster that could explode at any minute. The only way out is to have controlled and gradual deleveraging and just suffer through it.
Mr. Lucas' opening statement was very good. Cant wait to hear what else he has to say.
@TheJourneyAgent When the banks go under and their assets liquidated, those beautiful high rises would convert nicely into quality housing and offices for small businesses.
Green trying to make it sound like FDIC and FED RESERVE'S and Fanny and Freddy's tyrannical policies have "helped" the middle class is just absolutely pathetic. He is so utterly arrogant and ignorant! The GOVT creates and exploits the poor for it's own agendas- using the poor and middle class as pawns and hostages. I see right through the smoke screen. Mr Green is obviously a puppet. Kinda wish Ron Paul would put em in his place a bit.
My girlfriend tried to get a mortgage modification. Her credit is impeccable and a career change lowered her income. The banks have lost her paper work three times. She has had to go to the FTC and the process is still not over. So the Federal Reserve statements on 4% mortgages is BS. The banks are not lending even to people with great credit.
For something so critical, why does the Federal Reserve send an intern with no power or influence in the Federal Reserve policies? And why does he misrepresent the empirical facts?
It seems the NSA has distorted the audio of the original video.
@Quezecotl2012 I agree so much! Who invited that punk? And who invited Clay and Green? Between the 2 of those arrogant fuckheads I'd love to smash their heads together. Thomas DiLorenzo ROCKED! That other guy was pretty good too. Ron Paul was awesome too of course.
In the 60's most mortgages were 10 yr fixed rate. Why does Green think a 30-yr variable/adjustable mortgage is such a blessing? Or interest-only mortgage? I say get the housewives in there to straighten this mess out, along with Ron Paul. Most of the people on this panel are exceptionally illiterate as to how our monetary system really works. It works for the bankers to the detriment of the citizens. DiLorenzo and Vedder were great. Down with Keynes and End the Fed!
I am saying that austrian economics has nothing to do with Mr. DiLorenzo. It goes back to the late 1800s. Just because DiLorenzo belongs to the SPLC doesn't disprove austrian economic theory.
I suggest you watch this watch?v=jFqtTj7TeO0 if you are serious about wanting to criticize austrian economics. As long as we are using childish attacks, did you realize that the pre-war nazi economy (hitler's) was following keynesian economic theory (like bush and obama). Wiki it. Did you know that Keynes himself said that his theory was more prone to tyranny or totalitarianism than classical liberalism or austrian econ?
@cclodfe Re-read my comments. I quoted someone else (deficitthawker) who WAS bashing the Austrian school. It is my contention that 'Austrians' accurately forecast our recent mess (as well as the Great Depression if anyone's interested in Mises).
Another thing...DiLorenzo has nothing to do with the SPLC. Nothing. He criticizes them frequently.
Further, DiLorenzo in fact is an advocate of the Austrian school and is a fellow at the Mises Institute.
Sry man. It has been awhile since i made that comment. I am not too familiar with DiLorenzo. I tend to read more of the anarchist/stateless society austrians like Walter Block. I don't know why Paul chose DiLorenzo to be a guest. Block, Murphy or even Garrison would have been better imo.
Sry man. It has been awhile since i made that comment. I am not too familiar with DiLorenzo. I tend to read more of the anarchist/stateless society austrians like Walter Block. I don't know why Paul chose DiLorenzo to be a guest. Block, Murphy or even Garrison would have been better imo. Oh and I mistakenly wrote SPLC instead of LOS.
@DONOVANDANNA Not really. DiLorenzo was far superior in his knowledge and info than that govt punk that kept saying what all the statists wanna hear. And that Clay mutherfucker was way off base for trying to attack DiLorenzo's credibility which is light years beyond Clay and the govt douchebags combined! Austrians won the round!
Here’s who bankroll’s Clay's political career: National Association of Realtors (Probably the greatest beneficiary of Fed inflation) National Auto Dealers Association (Another beneficiary of Fed inflation) Bank of America Jones Financial Companies Republic Finance National Association of Insurance and Financial Advisors Berkshire Hathaway Independent Community Bankers of America Columbia Capital Management Commerce Bankshares Checksmart Financial HSBC Holdings
To Mr. Clay- deductive reasoning means using logic to find cause and effect, it is not "asking us to take your word for it". That statement makes you sound like a fool. And in actuality the Austrian School uses plenty of empirical evidence to show how much of a failure the Federal Reserve has been.
@ajpecanic DITTO! Green and Clay both made me sick! They're a real disgrace! Total puppets. Total elitists! Ron Paul needs to stick it to them. Teach them some manners and maybe while he's at it give em each a copy of "End The Fed".
Barney Frank accuses China of manipulating currency, while at the same time defending inflationary "monetary policy" (i.e. downward currency manipulation)?
I'd accuse him of hypocrisy, but he is obviously mentally deficient. He can't even get all those marbles out of his mouth or even comb his hair.
Paul wont survive as president. The banking families of Rome, England, Germany and the rest of the royals....will not go down without a fight and they will do almost anything to win, especially if they are exposed.
Of course Clay does not buy his own groceries. *You* buy them. And part of the way you buy them for him is with the inflation that he is doing his Baghdad Bob best to pimp for.
Hitler invaded Poland to "liberate it". Clay wants the Fed to print money to "save the economy".
From 47:00 to the 53:00 mark was a classic! Dr. Paul nailed Dr. Bivens on his ineptitude and made him his bitch. Wow! Not only did the Fed not predict what was coming, but they didn't even recognize the mess while we were in the throes of it.
Mr. Green, where is your whip? You think that the path to home ownership that has come out of this mess you call an economy which put people in debt for the rest of their lives has been a boon? A 30 year path to home ownership. Boy that sure sounds fair and just. Sounds like a death sentence. Sounds like a contract to be owned.
This conversation is pointless without discussing the debt. The Libs argue the policy has done well since the recession, the Conservatives talk changes in foundational principles. The lib agruments, even if true, are silly since they have added to a debt that is unsustainable. Unwind what!? The issue is spending and debt - first and formost. THAT is why everyone is "scared." THAT is the cause of the uncertainty in the markets and businesses. You cant bail out the bathtub with the water running.
I would just like to take a minute to thank you for uploading this hearing. I hope that in the future we will be able to visit here to review more of the topics discussed within this subcommittee. I noticed that you were noted on the Campaign For Liberty website for doing so.
Dr. Bivens never explains why the crash happens, only that for some unknown reason home builders overbuilt and then boom. He ignores the Fed's failure to see the crisis coming yet has absolute faith that the Fed knows what to do now. That's simply not good enough and discredits his entire thesis.
@Dmac11a666 thats the buzz saw mind control carrier tone..just sit back and embrace the message ..JOIN US >>>>>>>>>JOIN US>>>>>>>>>>>YOU ARE A ROBOT>>>>>>>>>>>>>>YOU WILL OBEY>>>>>>>>>>>>
What we have here is: An ever growing group of people, surrounding the poor and picking the pockets of us rallied in the center. Ninety percent of the United States People are in fact poor. The vultures that gather to take the coins from a homeless man exist! They are in fact rich because they found private ways of doing so. Why would someone steel from a young single mother by taxing the diaper manufacturer, or the bottle maker. My boss would Fire everyone caught steeling! Would yours? Jake
There was some pretty blatant "ad hominem" going on with the Kaynsians. I was also surprised by how the Austrian was caught so off guard by Green's comment that economic growth cannot be predicted. The most prosperous portions of American history have included some form of sound money. I would have told Green that the unpredictability comes from what unaccountable fed presidents and chairmen, not the policy itself.
Tell me it's not a set up that people see all these CEOs running off with millions then politicians who enabled those CEOs jump in and call for public support in wealth redistribution and regulations. Am I the only one who sees these policies as actually accomplishing the opposite of their supposed intent? Corporations are the problem, so the solution is more corporatism? Who's leading who here? Sorry, Ron, I don't think people quite get it. Einstein talking to preschoolers.
SPLC is the hate group Mr Clay. And the current teaching in public schools, on the civil war, is the true revisionism. Mr Clay your statements directed at Thomas DiLorenzo indicates to me that you are a product of our failed state controlled education system.
CNN MONEY Headline "IMF calls for dollar alternative... IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system." This will DESTROY the US Dollar!
Clay's rant: Wow. It must be great to be a Washington big wig - to criticize a man right to his face and not allow him to respond. It's cowardly and shameful, really.
uk6strings 4 months ago
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megamogx 5 months ago
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Best line: "at least JP Morgan has some skin in the game. He had some money in the game. When the banks failed, he failed. What does Bernanke have in the game? He gets a salary any way then goes off to work for Goldman Sachs."
learashka 6 months ago
Best line: "at least JP Morgan has some skin in the game. He had some money in the game. When the banks failed, he failed. What does Bernanke have in the game? He gets a salary any way then goes off to work for Goldman Sachs."
learashka 6 months ago 2
Any of these representatives that don't agree with Ron Paul's basic believes in the Feds position in the US should not be in government representing us and are truly ignorant to economics and The Fed.
coheart333 6 months ago 4
Whether it's now or later, the piper must be paid. Though the world abounds with whimsical manmade laws & schemes, natural law cannot be refuted. Best to begin the correction now rather than down the road with more borrowing added to the dilemna.
dearAcushla 7 months ago
Barney... I'm from South Africa... We didn't manipulate currencies... But we can feel the inflation. From the Oil prices you drive up with wars to keep your GDP up, to the trillions you've dumped in the world economy. The USA is the engine that drives the devaluation of everyone else money. Its one thing to steal from your people, but who gave you the right to raid my bank account?
Pizzy2845 7 months ago
This has been flagged as spam show
HERE ARE REASONS WHY RON PAUL WILL NEVER BECOME US PRESIDENT;
1) AGE. (TOO OLD TO BE A PRESIDENT OF THE MOST POWERFUL COUNTRY IN THE WORLD)
2)DOESNT HAVE ENOUGH FUNDS( SELLS HIS BOOK AND USES WORDS CONSTITUTION AND LIBERTY), THAT WILL NOT PUT FOOD ON A TABLE FOR AMERICANS!
3)DOESNT HAVE A REAL STRATEGY ON EXACTLY HOW HE IS GOING TO CREATE JOBS(OK, LETS SAY WE WILL BRING ALL TROOPS HOME, THEN WHAT?) THEY ARE GOING TO BECOME UNEMPLOYED AND COLLECT WELFARE? 4) UNDERESTIMATES CHINESE POPLN 1.4B
democratsaresmart 7 months ago
US monetary policy is "deferred pain". If we pretend there isn't a crisis, then maybe there really isn't one? Problem with Keynesian thinking is that in the real world government debt doesn't get unwound, it just keeps accumulating. If the government gets their hands on any real money, they spend it. When was the last time the government paid down on the debt? In 1900, the national debt was about $724 per taxpayer (in 2010 dollars)... today it's over $100K... scary.
pak88xbl 9 months ago
@deficithawker Congressman Green giving credit for growth of the middle class to government institutions is insane! The man thinks government created the middle class? No! Take a look at Microsoft. It was a small free market company in the 1970s with about a dozen employees. Today it employs hundreds of thousands, not to mention creates products like the Xbox that the middle class love. THAT IS HOW YOU EXPAND MIDDLE CLASS! Free market entrepreneurs expand the middle class. Nothing else will.
OutlawTomFantastic 11 months ago
For anyone watching this who wants to fast-track the video, question and answer grilling begins at around 0:46:50 directly after the opening remarks (which are excellent by all three witnesses).
OutlawTomFantastic 11 months ago
RON PAUL = HERO
Fike2308 11 months ago 2
Peter Schiff and Tom Woods would have owned these clowns.
BillySmooth55 11 months ago
@BillySmooth55 Vedder keeps saying people aren't spending because they are scared. I don't buy that for a moment. No one I've talked to is saying they are scared, therefore they won't buy a toaster or car or whatever. There are fundamental reasons why people aren't buying, and Keynesian "animal spirits" are not the reason.
OutlawTomFantastic 11 months ago
I would never be a part of the SPLC and believe it is a hate group, but I support austrian economics. Don't you think you are painting austrian economists with a pretty broad brush?
cclodfe 11 months ago
@deficithawker Ron Paul has very limited time and cannot address every disagreement he has with every person. The goal of these hearings is to allow the experts' testimony to be heard. Ron Paul - if you've read any of his half dozen books - understands economic issues regarding money supply, prices, wages, etc.
By the way, every single 'dumb ass' Austrian economist told us very clearly we were in a FED-induced credit bubble prior to the collapse of '98...unlike the popular "experts".
seanannapolis 11 months ago
@deficithawker
No, it's more like showing up at the Scopes monkey trial with two evolutionary biologists.
theknightswhosay 11 months ago
If you look closely at Clay's ear, you can see the earbug that has a direct link to the Federal Reserve.
Panax07 11 months ago
Congress is supposed to appropriate public funds, after public debate-- not a private, secret banking institution.
It doesn't matter whether you support fiat money or hard metal: the issue is democratic control over whatever spending is agreed on.
1worldcurrency 11 months ago
"we do not have to worry about a of inflation in the economy at any time in the next couple of years". I've got this video saved to look back on in 2-3 years and see how wrong this guy is.
Friedman made the case that if the fed's job was to the lender of last resort, it should have done so when runs on banks happened. He never said the fed didn't expand the money supply beyond the PPF before 1929.
Who gave the old guy crack cocaine before the meeting?
Boosting aggrigate demand... *^*&$@!
Reckless3057 11 months ago
Isn't it wonderful to see our man sitting in the chairman's seat? Hellz yeah.
TurdFergisson 11 months ago
seemed to me this panel was pretty ignorant with exception to mr. paul. at least the guy from arizona and north carolina were humble and admitted it. why aren't these panels composed of people with real interest in monetary policy?
TruckFreak69 11 months ago
aggregate demand that he wants to restore was all a Fed inflated illusion to start with. Consumer behavior was distorted by the Fed generated bubble and collapsed with the bust. Now he says the solution is "create the illusion again" so consumer spending will return to its previously unsustainable levels.
I don't think that's very good long-term policy. Consumer spending and business investment trends should be determined by real economic and market conditions, not Fed-generated illusions.
cdsilber 1 year ago
fuck you, clay!
fuckermother187 1 year ago 3
He's bright compared to Rep. Green though. The FDIC is not to help the banks out. It's supposed to be to protect depositors. Why should AIG expect a bailout after being paid to insure assets that it could not insure? They were happy to take profits when there weren't claims. If I go to the casino and I win, I get to keep the profits, but if I lose, I guess someone should "bail out" my losses. That would not teach me a lesson about risk.
theknightswhosay 1 year ago
This Tucker Carlson wannabe is a waste of space. He'd rather have "moderate inflation." The dollar is worth about 4% of what it was in 1913. That's moderate?
theknightswhosay 1 year ago
I think there is more wealth in this country than consumer debt, at least I hope that is the case. If I'm correct, then more good will come from lower prices, because there will be a positive impact on the purchasing power of most people.
theknightswhosay 1 year ago
Has this fellow Clay always been such an ignorant buffoon?
webfulcrum 1 year ago
The whole banking system is an intentional scam.
Watch the Secret of Oz...explains everything.
leddsaliva 1 year ago
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cdsilber 1 year ago
1:32:32 That is correct but it is a result of FED inflating prices over where the free market would have them. They can suspend each bust by creating another artificial boom.
The effect of suspending each bust is to compound them together until the point the dollar is destroyed and you are faced with a final grand slamming crash they cannot stop.
ujisx 1 year ago
Does anyone feel the need to find another use for Duct Tape, taping Barney Frank's mouth shut? How does this baffoon get elected and re-elected?
fanadfilms 1 year ago
@fanadfilms Buffoon, sorry.
fanadfilms 1 year ago
DiLorenzo's basic argument that Fed monetary policy creates jobs in bubble industries that can't be sustained in the long run made perfect sense. Clay's blatant character attack on DiLorenzo was pretty rediculous and included some outright lies. I'd be pissed as hell if he was my Congressman.
Ghost9909 1 year ago
I love youtube :) The media stinks. This is good stuff.
ParrhesiaJoe 1 year ago
The tragic irony is that the Fed is a debt slaves trader and Mr. Clay in his ignorance is a "house slave" betraying the people he was sent to Washington to represent.
NYBraveheart 1 year ago 2
hmm 24,931 view for a subcommittee hearing...normally this would have around 20 views... definitely different times...
Xenthoid 1 year ago 9
Mr. Clay's comments in a nutshell---
"Thank god for President Obama. The fed says that printing money will not depreciate the currency and I believe them. All hail The Allmighty Chairman of the Fed!"
rbeelz 1 year ago
Could someone post the times of the highlights of this? I can't sit here and watch these criminals for 2 hours.
capitalist4life 1 year ago
@capitalist4life
I couldn't catalog all the good stuff, but the funnest part for me comes just about at 53 minutes in when the loathsome Clay creature tries to smear Tom DiLorenzo...I suspect that dope dug himself in irretrievably deep with his slanted attack filled with more half-truths than I could count. I hope one day we get to see another fine economist, Prof. Walter Williams, face off against this dolt. Let's see Clay try to smear the smart, well spoken...and BLACK Williams as a racist!
mu2freighter 1 year ago
It gives me a warm, fuzzy feeling to see "Chairman" under the name "Mr. Paul."
capitalist4life 1 year ago 2
is the audio shitty for anyone else?
capitalist4life 1 year ago
Imagine this scenario: Walter E Williams is a witness in place of DiLorenzo. Williams also believes Lincoln was a racist tyrant and that the Civil War was unnecessary. Williams also happens to be black.
Would Clay have questioned whether Williams was a racist for doubting the official Lincoln story?
If you ask, there is no one more racist than a progressive-white or black.
VictoryCough 1 year ago
Congressman Clay's political philosophy and even style is rampant throughout the City of St. Louis. Look at the unemployment rate in St. Louis.
VictoryCough 1 year ago
Hey, Clay read the Austrian School's Wikipedia page!
CountArtha 1 year ago
barney frank should be in jail
CoombesKidd 1 year ago
Dr. Clay fails to address the issue and resorts to name calling and spreading lies. What he's saying about Mr. DiLorenzo is utterly false. Check it out yourself.
drcphd 1 year ago
What kind of a man does this? Rep Lacy Clay's wife had this to say of him:
“I and my children are devastated and embarrassed that my husband let us find out from the children’s friends and the media that he had filed for divorce, and mostly that he still has not contacted our children,” Ivie Clay said. “I would have wanted to prepare the children."
hairbones 1 year ago
This video will become viral.
If not now, then when the dollar crisis accelerates.
Polypropylganda 1 year ago
@Polypropylganda eh. i doubt it. most people have a short attention span.
credible2 1 year ago
This is laughable, Japanese debt has just been downgraded. I guess in the world of Keynesian economics this is a good thing. We are all Austrians now!
nomoreserfs 1 year ago
Barney Frank in charge of Financial Services is about like John Hinkley being the chairman of the NRA... what a joke.
BradNC11175 1 year ago 2
Not concerned about what Brazil has to say about our monetary policy?!? Have you ever thought of taking advice from someone who has already made the mistakes that we are currently making? Are you even familiar with what happened in Brazil?
MrDaverulz 1 year ago
Mr Green looks like he just walked off the set of Planet Of The Apes and exhibits the IQ of such
Knocks4U 1 year ago
I think the sound is shitty on purpose...call me a pessimist but this seems a little sketchy.
NosoCOMINSOON 1 year ago
@NosoCOMINSOON sketchy indeed.
JapanUSACoalition 1 year ago
google: mirage of inflation
margoliesmedia 1 year ago
This has to have been the most interesting subcommittee hearing in Congressional history.
That said, it also needs to be said that Clay and Green made complete asses of themselves.
RMMHS4RP 1 year ago
i wish the sound was a nearby tesla coil for zapping people like Mr. Clay
RMT87 1 year ago
"you talk about predictions and braggadocio"
that should send out some shivers
gio11911 1 year ago
Clay: "I don't have any actual questions for you, Prof. DiLorenzo; I just want to attack you."
BiffMP5 1 year ago 3
@BiffMP5 I wanted to kill that guy lol
credible2 1 year ago
Clay and his staff is so lazy. He just went on the Internet and found accusations of DeLorenzo and the Austrian school of economics.
mikieco 1 year ago
Mr. Clay, at 0:55:36, proves himself a ZOMBIE, by trying to discredit Tom DiLorenzo as being a Neo-Confederate!
Listening to Mr. Clay, I have to ask how he has enough brain cells to put his shoes on the correct foot.
CurtHowland 1 year ago 3
Clay is such a buffoon. The only job he is barely qualified to hold is shoe shine boy.
STPMech 1 year ago
Well, it's great to see Ron Paul in Barney Franks' old chair.
mcgrawtim123 1 year ago
wtf?! where is the sound???
INFOWARforYourMind 1 year ago
cspan seems to have many technical difficulties while Dr. Paul is speaking
INFOWARforYourMind 1 year ago
also, who are those jackasses behind Tom dilorzenzo, and who is that hippy biker guy? lol wierD!
Equity213 1 year ago
@Equity213 I am the guy sitting behind Delorenzo , maybe you should stop aiming the cannons on your own?
Send me a picture of you, so I know how you think I should look O.K.? No mention of the liars to Ron's right?
I thank you for being worried about the surface issue of looks and not merit validity or substance. Grow up !
Act like a revolutionary,stop wasting your time on little old me. Looks can be very deceiving .
ps It was under 30 degrees and we had to walk miles in the cold.
blowbackinevitable 1 year ago
or maybe they just dont want to admit it
Equity213 1 year ago
Also, what nobody on this comittee except maybe Paul seems to understand is that since America has the worlds reserve currency they can export alot of their inflation to foreign dollar and bond holders.
Equity213 1 year ago
The American government is a highly leveraged monster that could explode at any minute. The only way out is to have controlled and gradual deleveraging and just suffer through it.
Mr. Lucas' opening statement was very good. Cant wait to hear what else he has to say.
Equity213 1 year ago
Clay is a son of a filthy bitch. I hope he chokes on his own bile and rots in hell.
mmaier2112 1 year ago 3
The most important thing you will hear in the last 10 years.
aironeous 1 year ago
LET THE BANKS FAIL, THE RECOVERY WILL BE SO MUCH SHORTER
TheJourneyAgent 1 year ago 36
@TheJourneyAgent When the banks go under and their assets liquidated, those beautiful high rises would convert nicely into quality housing and offices for small businesses.
SusquehannaShuffle 1 year ago
and why do i hate politicians comparisons, musicians write such better ones....
TheJourneyAgent 1 year ago
barney frank needs to see a speech therapist, just a few sessions...
TheJourneyAgent 1 year ago
Green trying to make it sound like FDIC and FED RESERVE'S and Fanny and Freddy's tyrannical policies have "helped" the middle class is just absolutely pathetic. He is so utterly arrogant and ignorant! The GOVT creates and exploits the poor for it's own agendas- using the poor and middle class as pawns and hostages. I see right through the smoke screen. Mr Green is obviously a puppet. Kinda wish Ron Paul would put em in his place a bit.
vinnykster 1 year ago
My girlfriend tried to get a mortgage modification. Her credit is impeccable and a career change lowered her income. The banks have lost her paper work three times. She has had to go to the FTC and the process is still not over. So the Federal Reserve statements on 4% mortgages is BS. The banks are not lending even to people with great credit.
Quezecotl2012 1 year ago 2
For something so critical, why does the Federal Reserve send an intern with no power or influence in the Federal Reserve policies? And why does he misrepresent the empirical facts?
It seems the NSA has distorted the audio of the original video.
Quezecotl2012 1 year ago
@Quezecotl2012 I agree so much! Who invited that punk? And who invited Clay and Green? Between the 2 of those arrogant fuckheads I'd love to smash their heads together. Thomas DiLorenzo ROCKED! That other guy was pretty good too. Ron Paul was awesome too of course.
vinnykster 1 year ago
Green is upchucking mainstream economists and then the little puppy economist Bivins comes along to eat it all up.
rebby11 1 year ago 2
How many of these turds are on the NANKe"s christmas list, you can be sure Ron Paul is not.
zionisimkills 1 year ago
wow, Mr.Green has no argument and can only resort to name calling.
tzontlilic 1 year ago 19
@BossyBadger The buzzing is in the original video posted on the committee's web site. You'll have to write to them.
cengime 1 year ago
lacy clay = racist moron god bless the league of the south
vSHADOWVIPERv 1 year ago
Mr. Green and Mr. Clay open for bribes from the FED
mathers3000 1 year ago 2
In the 60's most mortgages were 10 yr fixed rate. Why does Green think a 30-yr variable/adjustable mortgage is such a blessing? Or interest-only mortgage? I say get the housewives in there to straighten this mess out, along with Ron Paul. Most of the people on this panel are exceptionally illiterate as to how our monetary system really works. It works for the bankers to the detriment of the citizens. DiLorenzo and Vedder were great. Down with Keynes and End the Fed!
USRevolt 1 year ago
No inflation, no inflation, no inflation...
I guess not. Since these rich criminal bastards do not need to do their own grocery shopping, get their own gas, and pay their energy bills.
tzontlilic 1 year ago
Gosh, how convenient to have a govt economist there with ALL the answers. Heck, why not do QE III with $10 trillion. We'd all be rich!
HumanAction23 1 year ago
If Ron Paul does get elected, be prepared for a depression that will last for a few years.
It would be a bitter medicine for the US and world economy, but it's a medicine in need.
tzontlilic 1 year ago
The Southern Poverty Law Center is a hate group.
dpiddy022 1 year ago
@dpiddy022
They are suppose to be talking about economics not childish ad homenim attacks.
"You can't believe Jack when he says the proposed policy would help the economy. He doesn't even have a job."
-Wiki
You can't believe Austrian economists when they say the Fed hurts the economy. DiLorenzo belongs to the SPLC.
cclodfe 1 year ago
@cclodfe DiLorenzo belongs to SPLC? Really? Are you being sarcastic?
seanannapolis 11 months ago
@seanannapolis
I am saying that austrian economics has nothing to do with Mr. DiLorenzo. It goes back to the late 1800s. Just because DiLorenzo belongs to the SPLC doesn't disprove austrian economic theory.
cclodfe 11 months ago
@seanannapolis
I suggest you watch this watch?v=jFqtTj7TeO0 if you are serious about wanting to criticize austrian economics. As long as we are using childish attacks, did you realize that the pre-war nazi economy (hitler's) was following keynesian economic theory (like bush and obama). Wiki it. Did you know that Keynes himself said that his theory was more prone to tyranny or totalitarianism than classical liberalism or austrian econ?
cclodfe 11 months ago
@cclodfe Re-read my comments. I quoted someone else (deficitthawker) who WAS bashing the Austrian school. It is my contention that 'Austrians' accurately forecast our recent mess (as well as the Great Depression if anyone's interested in Mises).
Another thing...DiLorenzo has nothing to do with the SPLC. Nothing. He criticizes them frequently.
Further, DiLorenzo in fact is an advocate of the Austrian school and is a fellow at the Mises Institute.
seanannapolis 11 months ago
@seanannapolis
Sry man. It has been awhile since i made that comment. I am not too familiar with DiLorenzo. I tend to read more of the anarchist/stateless society austrians like Walter Block. I don't know why Paul chose DiLorenzo to be a guest. Block, Murphy or even Garrison would have been better imo.
cclodfe 11 months ago
@seanannapolis
Sry man. It has been awhile since i made that comment. I am not too familiar with DiLorenzo. I tend to read more of the anarchist/stateless society austrians like Walter Block. I don't know why Paul chose DiLorenzo to be a guest. Block, Murphy or even Garrison would have been better imo. Oh and I mistakenly wrote SPLC instead of LOS.
cclodfe 11 months ago
MR CLAY!! WHAT A FUCKER
GSDebunked 1 year ago
@GSDebunked ,, Clay is a real " BROWN NOSER " of the Federal Rserve.
zionisimkills 1 year ago 2
Brilliant & Amazing though I think the Keynsians won this round. Austrians need to have a living Rothbard as a witness. Fight on Dr. Paul.
Fight on freedom fighters.
DONOVANDANNA 1 year ago
@DONOVANDANNA Not really. DiLorenzo was far superior in his knowledge and info than that govt punk that kept saying what all the statists wanna hear. And that Clay mutherfucker was way off base for trying to attack DiLorenzo's credibility which is light years beyond Clay and the govt douchebags combined! Austrians won the round!
vinnykster 1 year ago 2
amazing heroic person of all time.
optical76 1 year ago
Godspeed Ron Paul!
jfarris4417 1 year ago
HumanAction23 1 year ago
Nameplate says MR. Paul? That's, DR. Paul. Get it right.
strych97 1 year ago
The guy has been running for this chair since his 30s. Only in his 80s does he get it. Jeez.
UnconformistSheep 1 year ago
To Mr. Clay- deductive reasoning means using logic to find cause and effect, it is not "asking us to take your word for it". That statement makes you sound like a fool. And in actuality the Austrian School uses plenty of empirical evidence to show how much of a failure the Federal Reserve has been.
b2bdown 1 year ago
Dr. Paul goes to Washington.
bertly71 1 year ago
I think Mr. Green needs to study economics and history a little more in depth. His conclusion shows his ignorance and elitism.
ajpecanic 1 year ago
@ajpecanic DITTO! Green and Clay both made me sick! They're a real disgrace! Total puppets. Total elitists! Ron Paul needs to stick it to them. Teach them some manners and maybe while he's at it give em each a copy of "End The Fed".
vinnykster 1 year ago
Anyone who makes excuses for the UNCONSTITUTIONAL federal reserve are traitors!
WoodlandRavah 1 year ago
So far 2 people who viewed this are retards...
WoodlandRavah 1 year ago
@WoodlandRavah Those two are none other than Turbo Timmay and Genocide Ben. They also watch Bieber videos.
redmolotail 1 year ago
Clay sucks, what a douche!
gabrielaaron 1 year ago
Barney Frank accuses China of manipulating currency, while at the same time defending inflationary "monetary policy" (i.e. downward currency manipulation)?
I'd accuse him of hypocrisy, but he is obviously mentally deficient. He can't even get all those marbles out of his mouth or even comb his hair.
sdkee 1 year ago
Paul wont survive as president. The banking families of Rome, England, Germany and the rest of the royals....will not go down without a fight and they will do almost anything to win, especially if they are exposed.
nobodysfool67 1 year ago
@11:00 did Mr. Clay say that the core inflation rate was 1%? holy cow! does he not buy groceries?
nekopheliac 1 year ago
@nekopheliac
Of course Clay does not buy his own groceries. *You* buy them. And part of the way you buy them for him is with the inflation that he is doing his Baghdad Bob best to pimp for.
Hitler invaded Poland to "liberate it". Clay wants the Fed to print money to "save the economy".
sdkee 1 year ago
From 47:00 to the 53:00 mark was a classic! Dr. Paul nailed Dr. Bivens on his ineptitude and made him his bitch. Wow! Not only did the Fed not predict what was coming, but they didn't even recognize the mess while we were in the throes of it.
Way to go, Dr. Paul! :-)
mysocalledknife07 1 year ago 3
Who said this?
"The United States is the best looking horse at the glue factory."
louis12346 1 year ago
@louis12346 Erskine Bowles, co-chair of the National Commission on Fiscal Responsibility and Reform
DataSerpent 1 year ago
i feel less hopeful for this country when there are so many ppl that would elect an official as misinformed as mr clay.
jsteel89 1 year ago
Mr. Green, where is your whip? You think that the path to home ownership that has come out of this mess you call an economy which put people in debt for the rest of their lives has been a boon? A 30 year path to home ownership. Boy that sure sounds fair and just. Sounds like a death sentence. Sounds like a contract to be owned.
nekopheliac 1 year ago 2
This conversation is pointless without discussing the debt. The Libs argue the policy has done well since the recession, the Conservatives talk changes in foundational principles. The lib agruments, even if true, are silly since they have added to a debt that is unsustainable. Unwind what!? The issue is spending and debt - first and formost. THAT is why everyone is "scared." THAT is the cause of the uncertainty in the markets and businesses. You cant bail out the bathtub with the water running.
PardonedRebel 1 year ago
I would just like to take a minute to thank you for uploading this hearing. I hope that in the future we will be able to visit here to review more of the topics discussed within this subcommittee. I noticed that you were noted on the Campaign For Liberty website for doing so.
Jbarrtndrsr 1 year ago
29.12...whos the hippie ??
CY0PS 1 year ago
@CY0PS And who is he talking to with his hands? See jacobsmak's comment about the tattoo @206:56.
nekopheliac 1 year ago
@nekopheliac I think he's a student.
nekopheliac 1 year ago
Barney needs to take notes and learn how it is done by an honest man.
bertly71 1 year ago
Dr. Bivens never explains why the crash happens, only that for some unknown reason home builders overbuilt and then boom. He ignores the Fed's failure to see the crisis coming yet has absolute faith that the Fed knows what to do now. That's simply not good enough and discredits his entire thesis.
4thstuning 1 year ago
go to 206:56 the guy in the back has an interesting tattoo. thumbs up this :)
jacobosmak 1 year ago
I think someones getting a buzzcut in the background...:P
Dmac11a666 1 year ago
@Dmac11a666 thats the buzz saw mind control carrier tone..just sit back and embrace the message ..JOIN US >>>>>>>>>JOIN US>>>>>>>>>>>YOU ARE A ROBOT>>>>>>>>>>>>>>YOU WILL OBEY>>>>>>>>>>>>
CY0PS 1 year ago
@CY0PS Good, I hope they control peoples minds to vote ron paul as president...
Dmac11a666 1 year ago
@Dmac11a666 He would have had more votes....IF HE WOULD HAVE BEEN ON THE F@^%KIN BALLOT ;)
CY0PS 1 year ago
@CY0PS He will this time hopefully....
Dmac11a666 1 year ago
What's up with that horrible background sound! Please could you reupload it?
BossyBadger 1 year ago
@BossyBadger Yeah, I'd love to watch this entire thing. Maybe just download it and listen to it in the car.
BMovieWackiness 1 year ago
Is it me or is Mr. Clay full of crap? So is Mr. Frank. Ron Paul is the only one that makes sense.
desertrat706 1 year ago 2
Is it me or is Mr. Clay full of crap? So isw Mr. Frank.
desertrat706 1 year ago 2
Thank you very much for this upload.
MEv1551 1 year ago
Is it me or is Mr. Clay full of crap?
desertrat706 1 year ago 2
to BananaPeal0
I think you need to take a look at more ron paul videos and then sit there with a straight face again and say what you just said
bazsohamster 1 year ago
What is up with the sound?
ArmednSafe 1 year ago 15
Finally!!! Ron gets in there and says it the way it is! No more if the BS from this administration.
briansomethin 1 year ago
wow . people had really think about this.. this is scary..
tonytonytee 1 year ago
RON PAUL MUST be president,,, if not, we are dead meat,,,, the asians will rule,,, RUN RON!!
johnnyfenger 1 year ago 2
@johnnyfenger i agree with you. ron paul is one of the only ones that is not full of it .
i feel he is one of the only ones that we can trust at all.
tonytonytee 1 year ago
What we have here is: An ever growing group of people, surrounding the poor and picking the pockets of us rallied in the center. Ninety percent of the United States People are in fact poor. The vultures that gather to take the coins from a homeless man exist! They are in fact rich because they found private ways of doing so. Why would someone steel from a young single mother by taxing the diaper manufacturer, or the bottle maker. My boss would Fire everyone caught steeling! Would yours? Jake
JakeJudd28 1 year ago
Just remember, you're not allowed to challenge the Statist Quo! I just made a short little video on Mr. Clay smearing DiLorenzo. watch?v=ovvGkBU6mRg
spaceagedevice 1 year ago 2
Awesome! Ron Paul finally heads the committee. To understand our monetary system, watch WHY WE ARE IN SO MUCH DEBT. Simple, clear explanation.
SilentNoMorePubs 1 year ago
There was some pretty blatant "ad hominem" going on with the Kaynsians. I was also surprised by how the Austrian was caught so off guard by Green's comment that economic growth cannot be predicted. The most prosperous portions of American history have included some form of sound money. I would have told Green that the unpredictability comes from what unaccountable fed presidents and chairmen, not the policy itself.
RON PAUL 2012!!!
HKDapper 1 year ago
Tell me it's not a set up that people see all these CEOs running off with millions then politicians who enabled those CEOs jump in and call for public support in wealth redistribution and regulations. Am I the only one who sees these policies as actually accomplishing the opposite of their supposed intent? Corporations are the problem, so the solution is more corporatism? Who's leading who here? Sorry, Ron, I don't think people quite get it. Einstein talking to preschoolers.
surfer53 1 year ago
I SEE a whole lot of very spoiled little shi*ts running their mouth about issues that have no results except keeping the masses broke.
JakeJudd28 1 year ago
SPLC is the hate group Mr Clay. And the current teaching in public schools, on the civil war, is the true revisionism. Mr Clay your statements directed at Thomas DiLorenzo indicates to me that you are a product of our failed state controlled education system.
hucklebearer53 1 year ago 2
Can we get an edited video of just Ron Paul speaking? We can only stand so much non-sense.
TheNorthwestReport 1 year ago
CNN MONEY Headline "IMF calls for dollar alternative... IMF said Special Drawing Rights, or SDRs, could help stabilize the global financial system." This will DESTROY the US Dollar!
RonPaulWI 1 year ago 2
@RonPaulWI Yeah the IMF has a great idea... let's replace a fiat reserve currency with another fiat currency... YEEE HAWWW KEEP THE PARTY GOING
Unkn0wnGuy 1 year ago
Clay is a globalist lap dog. I am a black man.
imill212 1 year ago 3
I wonder how much money a congressman on the payroll of the Fed takes from the taxpayers.
kevinz1985 1 year ago 2
Ron Paul for president 2012!
jfarris4417 1 year ago 38
@jfarris4417 Right on!
killergames187 1 year ago
I wonder what Mr Clay would think if he knew Abraham Lincoln was a white supremacist that believed whites and blacks were incompatible races?
dirtbagstatus 1 year ago 3
Sometimes I wonder how one man can be so strong.
Only the truth can keep this kind of man fighting on for so long. Perhaps that's why these fiat slave traders are becoming so scared of us all.
FreedomsReigning 1 year ago
Insert Benny Hill Theme Song from