12/3/09 Ron Paul on CNNMoney.com: "I Wouldn't Vote for Bernanke"

http://www.house.gov/paul
http://CampaignForLiberty.com

Ron Paul appeared on the CNN Money website to talk about Bernanke and the destruction he has caused as Fed chairman.

Category:

News & Politics

Tags:

• congressman
• ron
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• cnn
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• cnnmoney
• bernanke
• confirmation
• hearing
• senate
• fed
• federal
• reserve
• inflation
• dollar
• crisis
• monetary
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• austrian
• economics
• crash
• meltdown
• recession
• great
• depression

[Blackjack555]

The whole Federal Reserve system needs to be abolished altogether, no more Chairmans.

[LibertasRAC]

Why not? He has done a fantastic job.

If you are a banker, a proponent of global government or just a sellout crony looking for a quick, fat paycheck.

[JimbobOMG]

Bernanke's beard is fake!

[tomblebus7]

The reality of the recovery was going to hit at some point. What the bailouts did is keep the very basics of financial tools functional. A major part of the recession is the lack of consumption. Imagine if those who chose to consume (and thus drive the economy) didn't even have access to their capital/lines of credit.

Failure of all the major commercial banks would spell complete collapse of aggregate demand. Then the recovery would come much further down the road than it will now.

[stater68]

Diverting resources and printing money does not solve problems. All it did was kick the can down the road and prevent us from having a real recovery.

[tomblebus7]

The bailouts saved us from hitting rock-bottom, but since people don't appreciate how much more dire the situation could have been, they are quick to blame.

As as it was so wisely put in The Dark Knight, "You either die a hero, or live long enough to become the villain." In Bernanke's case, he prevented the economy from falling off the cliff, but as a result, all he gets is heat that should be directed at reform of regulation of the financial sector.

[tomblebus7]

It's pretty apparent that stricter regulation needs to be in place when banks face the moral hazard of government-secured deposits, but arguing that Bernanke stole taxpayer money is a joke. Remember, interest earned on the securities bought with the bailout money covers the Fed's basic operations (salaries to employees), then is turned over to the Treasury. It's sad that despite Bernanke's hard work, people are so quick to blame him.

[tomblebus7]

Yeah, I guess everything would have been much easier if the Fed hadn't backed individual deposits, and hard working taxpayers had lost all their savings. Equally, probably would have been better if all the major banks had failed, and all lines of credit had disappeared, effectively killing investment and national economic growth.

[Dastgreene]

Ron is our most brilliant political asset.

[BablyonsKing]

Benny bernanke should be considered the biggest liar of the year for stealing all the HARD EARNED TAX PAYERS MONEY! This shit is not going to work much longer folks on Capitol Hill! What's it going to take to get these bums out of the White House? Let's just all of us BEND OVER and let them stick it up OUR ASSSSSSSS.....

[edisonoside]

BEN BERNANKE TIME MAGAZINE"S MAN OF THE YEAR!?!? Is the not the biggest joke on us?? The decade of rewarded failures...