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(SUBTITLES START AT 00:14) REPRESENTATIVE RON PAUL: 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… And this is all this bill is about. This is more of the same. So you can’t solve the problem. We’re looking at a symptom…. We’re looking at the collapsing of the 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, predicted this would happen, and 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 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, and inflationary system, corporatism, a special-interest system, and 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 everything we’re doing here, everything we’ve done for six months… We’ve already pumped in 700 billion dollars, here’s another 700 billion dollars… This is going to destroy the dollar! That’s what you should be concerned about. Yeah, Wall Street’s in trouble. There’s going to be problems. But believe me, if you’re going to destroy the dollar, you’re going to destroy a world-wide economy … And that’s what we’re on the verge of doing. And it is inevitable if we continue this, 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 oversights, that is with certainty. But we need oversight of the Federal Reserve System… The Exchange, The Stabilization Fund, and the President’s Working Group on Financial Markets, Find out what they’re doing! How much have they been meddling in the market ?!? But what we’re doing today (passing the bailout bill) is going to make things MUCH WORSE.

Video Details

Duration: 2 minutes and 46 seconds
Country: United States
Language: English
Genre: None
Producer: KramerDSP
Director: KramerDSP
Views: 433
Posted by: kramerdsp on Sep 29, 2008

Ron Paul addresses the House of Representatives shortly before the Bailout vote. This is probably the angriest I have ever seen Ron Paul, and he serves up a stern warning to the House to vote wisely on the upcoming bill, which eventually failed by the slimmest of margins. (Thanks to Lasenorita of Ron Paul Forums for transcribing this!)

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