Ron Paul Votes NO BAILOUT (Speech on the House Floor)

September 29, 2008, U.S. House of Representatives. Ron Paul [R-TX] votes NO on the bailout bill.

AYES 205
NOES 228
http://clerk.house.gov/evs/2008/roll674.xml

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TRANSCRIPT:

Madam Speaker, I rise in strong opposition to this bill. This is only going to make the problem that much worse. The problem came about because we spent too much; we borrowed too much, and we printed too much money; we inflated too much, and we overregulated. This is all that this bill is about is more of the same.

So you can't solve the problem. We are looking at a symptom. We are looking at the collapsing of a market that was unstable. It was unstable because of the way it came about. It came about because of a monopoly control of money and credit by the Federal Reserve System, and that is a natural consequence of what happens when a Federal Reserve System creates too much credit.

Now, there have been a fair number of free market economists around who have predicted this would happen. Yet do we look to them for advice? No. We totally exclude them. We don't listen to them. We don't look at them. We look to the people who created the problem, and then we perpetuate the problem.

The most serious mistake that could be made here today is to blame free market capitalism for this problem. This has nothing to do with free market capitalism. This has to do with a managed economy, with an inflationary system, with corporatism, and with a special interest system. It has nothing to do with the failure of free markets and capitalism. Yet we're resorting now, once again, to promoting more and more government.

Long term, this is disastrous because of everything we're doing here and because of everything we've done for 6 months. We've already pumped in $700 billion. Here is another $700 billion. This is going to destroy the dollar. That's what you should be concerned about. Yes, Wall Street is in trouble. There are a lot of problems, and if we don't vote for this, there are going to be problems. Believe me: If you destroy the dollar, you're going to destroy a worldwide economy, and that's what we're
on the verge of doing, and it is inevitable, if we continue this, that that's what's going to happen. It's going to be a lot more serious than what we're dealing with today.

We need to get our house in order. We need more oversight--that is a certainty--but we need oversight of the Federal Reserve System, of the Exchange Stabilization Fund and of the President's Working Group on Financial Markets. Find out what they're doing. How much have they been meddling in the market?

What we're doing today is going to make things much worse.

[ http://www.c-spanarchives.org/congress/?q=node/77531&id=8899285 ]

Category:

News & Politics

Tags:

• no
• bailout
• ron
• paul
• votes
• us
• congress
• 2008
• elections
• constitution
• liberty
• paulson
• bernanke
• federal
• reserve
• dollar
• inflation

[ravi48819]

Surprisingly,the dollar has thus far  held up relatively well.

Is that because other economies (like the UK) are also printing money?

So Maybe the dollar will not devalue?

[jaralero]

April 10, 2001

1 US$ = 1.11 Euro = 0.69 GBP = 0.23160 Silver (oz) = 0.003872 Gold (oz)

April 10, 2009

1 US$ = 0.75 Euro = 0.68 GBP = 0.08140 Silver (oz) = 0.001134 Gold (oz)

There's a syncronized inflation on -all currencies-, that's how public debt has been financed since 1971. The dollar only fares well against the British Pound (GBP), it's a devaluated commodity compared with anything else worth buying. The question is not "is it going to devalue?", but "will the dollar crash and when?"

[adriannacruz]

Dr. Paul cured me of my apathy.

[cumminsturbofan101]

if only the other politicians would see things the way Ron Paul does we would not be in the mess we are in today

[Playboysmurf1]

A bailout only achieves removing the positive end of a failure.

Business / Bank failure enables healthy businesses to take their place, this is COMPETITION and a positive thing.

Yes a downturn is tough, but it is necessary to become stronger more efficient and effective economy.

Bailouts are a financial drain on the productive and a protection for corrupt and poorly functioning businesses. There is NEVER a need soo great to bailout a failing business.

[expsterm1]

Ron Paul is the only "politician" who dares to speaks the truth that both the liberal establishment & republican establishment don't want to hear. Welfarism (liberal left) & warfarism (right) are both afraid of the truth b/c it hurts their power base. This is why America has to wake up & elect Dr. Paul. Nothing substantial will change whether it's a democrat or republican that sits in the White House b/c both are in the pockets of their puppet masters.

[MedullaPancreas]

Ron Paul hits all his points and lands perfectly on his allotted time cue and walks off like a swagged-out pimp! You've been warned America.

[MedullaPancreas]

@ravi48819 The pound sterling is still stronger than the dollar and has been for years. Are they out printing us if they are?

[tommy35ss]

The economic collapse, is, and will be, a failure of Communism/Socialism/Facism, not Free Market Capitalism. You can't have Free Market Capitalism without Free Market money and no manipulation of the money. The Federal Reserve robs us and helps the rich. These Socialists across America have no clue either... smh

[extremet10]

If I was an American Ron Paul would have my vote.....but honestly, I am glad I am not an American!!!

[LiveFreeOrDieNow]

Ron Paul is my president.

[MagnificentBurger]

@rcastaldo666 Nobody else in power cares because everybody else in power is getting paid by the same people Ron Paul is trying to keep from turning our country into a federalism.

[eslake]

@ravi48819 Held Up Relatively Well?

The US Dollar is worth less than 5% of what it had when we left the gold standard.

If there is $10 trillion in circulation, and the Fed prints another $10 trillion, the value of every dollar reduces by Half. And that is what they are talking about now. To Back these Bailouts, they claim they will Have to print $ to offset the interest pressure.

In other words, Your Taxes Pay the bailout, and the money you keep becomes worth Less because of it.

[HollywoodSheen]

I love the walk off at the end, like he just hit a home run lol