Ron Paul to Paul Volcker: Let The Market Regulate Itself!

Partial transcript at http://www.RonPaul.com/2008-05-16/ron-paul-volcker-fed-government-regulation/
More at http://www.RonPaul.com

U.S. Senator Charles E. Schumer (D-NY) convened a Joint Economic Committee (JEC) hearing to examine the current systemic risk in the U.S. financial system and the possible government and private sector solutions to protect the economy against those ongoing risks. The hearing, entitled, "Wall Street to Main Street: Is the Credit Crisis Over and What Can the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?" was held on Wednesday, May 14, 2008 at 9:30 am in Room 216 of the Hart Senate Office Building. Amidst serious economic troubles, the JEC heard from the former Chairman of the Federal Reserve Board of Governors, Paul Volcker, and experts including Douglas Elmendorf of the Brookings Institution. The expert panels helped committee evaluate the risks posed to the financial systems and offer possible solutions.

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[littlemisspissy]

I think it's great that Paul, not Obama, not Clinton, and not McCain goes toe to toe with Volker and Bernake and beat 'em up over their lack of fiscal responsibility. Paul has more brain cells than all of those three clowns put together.

The idea of having an idiot like Cinton or Obama or McCain in the White House makes me want to throw up in my mouth.

[moneymagnetelizabeth]

Ron Paul you are a gem. They are all artificial people, and with that comes no values throughout. They must be held accountable for this ponzi scam.

[bonfirejovi]

@meteorpinball72 Good argument... did you predict the housing bubble?

[bonfirejovi]

Is that guy on the left Paul ok?

[bonfirejovi]

@RusselBertrand Milton Friedman believed what he believed and is the most respected economist since Keynes and has a Nobel Prize under his belt. What have you done with your life? Friedman demonstrated that the invisible hand is alive and well and if allowed to function the market has the checks and balances of profit AND loss to regulate itself with exceptions to externalities. In short you are an idiot and have obviously never bothered to understand opposing arguments.

[xMaXiMuSx]

@RusselBertrand

You don't know what you are talknig about.. The market SHOULD regulate itself.. It shouldn't be manipulated by bankers to their own benefit.

[RusselBertrand]

you make smart people smile becuase you are not so smart :)

[RusselBertrand]

Ron Paul is a jackass....he asks questions then pretends to ans. r them himself, so as know one can comment on how incorrect his version of the facts are! he says he beleives in regulation, as in the free market regulates its self!! which makes about as much sense as a libertarian being in congress, or a free market idealouge as a regulator) sadly this is not far from reality...IN SHORT GO LIVE IN THE FUCKING MOUNTAINS !!!

[rexdeodium]

The only time we need regulation that works in one direction, is when we already got regulations that work in the opposite direction, according to mr. Wolker here. I'm a bit skeptical - as a child, I was always told that two wrongs does not make one right...

[wayne99fan]

@RepublicanPower you must not have a clue about all the people you just slandered. Such generalized statements show a lack of intelligence, for surely you wouldn't want us to start making statements assuming everything about you because you are a republican right?

[wayne99fan]

@TLPEvIL pretty bold statements. Can you back them up at all? I'd like to know where you found the permission for the fed too....