Ron Paul On Bailouts, Wall Street Fraud And Washington Capture
Oct 27, 2009 at 1:36 PM
DailyBail in bailout, bailout opinion, bailout protest, bailouts, fraud, political capture, ron paul, ron paul, video, video, wall street, wall street

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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.


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….”

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