Ron Paul On Bailouts, Wall Street Fraud And Washington Capture
CNN Video: Congressman Dr. Ron Paul, (Audit The Fed) Interview Broadcast October 20
Have you hugged your HR 1207 lately? Show your support and don't miss this outstanding clip. One of the best from Dr. Paul in a while. Story has been updated with a partial transcript.
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Transcribed by Sonic Ninja: On bailouts (from 0:58)
“Well, they take care of their own. There’s a great deal of influence in Washington from Wall Street. And I think most people have known about it but they’re really coming to the understanding [of] how it really works. If things are going well when the bubble is being formed and the Fed makes easy credit [then] a lot of people make a lot of money. But that’s doomed to fail. The bubble bursts and rightfully the thing to do then is to put people in jail if they committed fraud and the people who are bankrupt, let them go bankrupt. Well, we didn’t do that. Very little fraud was prosecuted and the people who were supposed to go bankrupt got bailed out. Some went bankrupt. If they didn’t have enough influence like Lehman Brothers, they went bankrupt, but somebody like Goldman Sachs, they’re in a much better position so they really got the bailout and they’re making tons of money. So it’s the system that is so bad.”
On regulating (from 3:48):
“Well the regulation has to be on the cause of the problem. The cause of the problem is easy credit, so the regulation has to be on the Federal Reserve. Then if things get out of whack, there are still regulations, it’s not like there wouldn’t be any regulation, but the regulations come in a different manner, they come through bankruptcy. We didn’t permit the bankruptcies. We did the bailing out. We perpetuated the problem by inflating the currency and bailing out the people that were benefiting, so fraud is a very significant problem that government should be involved in, you should deal with that, but the government is committing the fraud when they create this money and deal with their special interests. It’s a fraudulent monetary system. They run a counterfeiting operation, so yes, the regulations have to be there, but we can’t allow the central bank to create the bubble and say that it is unstable and we can prevent the problems by regulations. I think it’s all twisted around. The regulations have to come first….”
Extensive Ron Paul Archive (30+ videos)
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Oct 27, 2009 at 1:36 PM
Reader Comments (19)
http://executivesuite.blogs.nytimes.com/2009/10/27/goldman-sachs-hey-were-the-good-guys/?dbk
http://nymag.com/daily/intel/2009/10/why_hank_greenbergs_competing.html
http://www.washingtonexaminer.com/economy/ap/jpmorgan-ceo-says-he-wont-go-after-top-performers-at-citigroup-bank-of-america-66546562.html
http://blogs.wsj.com/washwire/2009/09/24/biden-on-stimulus-never-thought-it-would-work-this-well/
You routinely & correctly assess the problems facing this nation and propose and defend viable solutions to the same.
Having said all this, there remains one burning question: WTF is WRONG with you people? Don't you realize yet that your government doesn't give a RAT'S ASS about your (or my) complaints, analysis or possible solutions? Don't you see how FUTILE it is to try to use REASON, LOGIC and COMMON SENSE to try to sway people who completely LACK all 3 attributes? Do you think exposing these roaches and their minions to the sunlight will somehow destroy them or impede their plans? PLEASE.
American citizens have only THREE OPTIONS currently available:
1) Learn to accept living under the increasingly menacing shadow of an increasingly feudal government that is hell-bent on reducing its working class citizenry to serfdom while simultaneously creating a 'nobel' caste of financiers and corporate bigwigs.
2) Emigrate (my personal option)
3) Stage an armed coup or revolution that hopefully ends with lots of ex-government leaders dead and hanging upside down from steel beams while the crowds spit upon and desecrate the bodies (my personal favorite)
http://www.youtube.com/watch?v=EyLZuHIR3JE
"2) Emigrate (my personal option)"
In the end, no where will be safe from these roaches and their minions. It would be better to change the system before the other two options, for they would bring massive suffering on all...
I do like your perspective. many are still living the illusion.
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What we're attempting to do is CREATE GREATER AWARENESS among everyday people so that we can achieve change through the ballot box...i know many around here have lost faith completely and think we need a new system entirely, but I'm holding out hope that we can change the system from within once we have elected officials who support the interests of their constituents more than those of Wall Street and Big Pharma...
I'm not especially optimistic however...thanks for your comments...
From my analysis, I don't see another solution to remove the entranched taskmasters from their positions of power.
From my analysis, I don't see another solution to remove the entranched taskmasters from their positions of power.
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Violence is not the answer.
I'll say this -- 8 months ago, I was pretty pessimistic that more people weren't talking about going out and tearing shit up. Now I'm slightly more concerned that some people might actually go out and do it. We need to take back the reins of power, but there's not nearly enough awareness out there yet to do much more than spread the word and make minor mischief at town halls and the like. I'm not sure if you're serious or just blowing off steam, but if you take it upon yourself to spark the revolution, don't expect half the country to just jump up and get all "battle in Seattle." It won't happen. They'd have no idea what you were even trying to do. There's much more work to do. I think the fight has only just started, to be honest.
In your kindness you're mincing words; our fellow Americans aren't simply 'unaware' of what's going on ..the fact is THEY COULDN'T FIND THEIR OWN ASSHOLES EVEN IF THEY USED BOTH HANDS TO LOOK FOR IT! That's what you get from a population weaned on American Idol and Extenze commercials. In fact most of our 'fellow Americans' AREN'T EVEN AMERICAN nowadays and they NEVER WILL BE ..thanks to an 'educational' system that allows them to continue speaking their native tongues and doesn't even require them to LEARN and/or SPEAK ENGLISH in OUR classrooms.
That's why you're right about it; they'll NEVER rise up. And THAT'S why my favorite option is to emigrate.
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09:42
Hey Recoveryless
10/31/2009 Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.
“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”
The French and the Italians resorted to violence as an answer and that means ahieved an end that was better for the people than just letting the bastiges run rampant.
You say "Violence is not the answer. " How do you know? Do you have an answer?