Congressman Ron Paul Schools Bernanke on the Bailout Plan

Congressman Ron Paul lectures Bernanke on the flaws of the bailout plan and the hazard of the attempt to fix prices versus letting them correct naturally in the free market at the Congressional Hearing today (9/24/08). Ron also questions Bernanke's authority and constitutionality of using the printing press to generate all this extra money needed for the bailout.

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  News & Politics

[dpgsoldier]

Ron Paul is a brilliant man.

[Jack Gallivan]

coins

[DokdoSong]

Very mature.

[firestrings272]

LOL, the conversation is over kid. Go back to your CoD or whatever it is you play.

[DokdoSong]

a. Keynesianism is a fiscal, not monetary philosophy.

b. That is what Friedman advocated. If the leading classically liberal economist disagrees with you, you know that there's a problem.

c. You can continue believing that the entire field (except for you) is wrong, but that doesn't exactly bode well for argument's sake.

d. Standard of living is measured by the human development index. Every country in that list uses fiat currency.

e. Stop trying to flame.

[firestrings272]

Advocating for a central bank, for fiat, arguing in favor of inflation, appealing to the authority of the keynesian consensus. These are all keynesian arguments. And the fact that you are incapable of even identifying them as such shows just how full of shit you are. I mean you don't even know the measurement for standard of living. LOL, read a book kid.

[firestrings272]

I can argue against it because it is completely wrong. And instead of refuting my claim you are wholly ignoring it. The current academic political atmosphere is bereft with Keynesians because that is how they have been trained. So of course, there is a consensus, they all follow the same ideology. That does not mean it is correct. Just like the majority scientists believing the Earth is the center of the universe does not make it correct. Automated? what are you kidding?

[DokdoSong]

What have I said that's Keynesian? Keynes believed in manipulating the money supply for economic purposes. I disagree with that. I want price stability.

[DokdoSong]

Just because things have improved doesn't mean that things are Utopian. But things have improved, and as a result of economic growth. We are clearly better off. You can't argue with this.

What you also can't argue with is that almost no reputable economist (including Friedman) agrees with a gold standard. If you ask him, he says he believes in an automated central bank for the purpose of price stability. You're really, really on the fringe of this issue.

[firestrings272]

You consider a span of 80 years as the majority of economic growth in human history? You do realize that over 80% of the world's population lives well below the poverty line. So what the hell are you talking about?

[firestrings272]

Then you should ask for a refund and burn all the books you've ever read on the subject because your knowledge is severely distorted by that keynesian dialectic and full of superstitious myths.

[DokdoSong]

I have much more of an idea than you. I've studied this much more extensively than you have.