Ron Paul "Awesome"? Are you out of your mind? | 57 comments (57 topical, 0 hidden)
Ron Paul opposed the repeal of Glass-Stegall Act (none / 0)
http://www.house.gov/paul/c ongrec/congrec99/cr110899-g lb.htm


"Madam Speaker, today we are considering a bill aimed at modernizing the financial services industry through deregulation. It is a worthy goal which I support. However, this bill falls short of that goal. The negative aspects of this bill outweigh the benefits. Many have already argued for the need to update our financial laws. I would just add that I agree on the need for reform but oppose this approach."-RP




I just got the impression he was being thrown in with Phil Gramm when in reality he was one of the few republicans opposing Phil Gramm and a lot of Democrats too.



by Invalid10 on 03/26/2009 09:55:29 PM EST

Well (none / 0)
Well I should say he opposed Phil Gramm's partial repeal of it. If he could repeal the whole thing along with some drastic changed to our banking system along with it, he might have been for it but those are my words not his.

The point is he was one of the only republicans against Phil Gramm's version of a partial repeal, which was essentially a special interest group bill.

by Invalid10 on 03/26/2009 09:59:32 PM EST

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Foreshadowing? (none / 0)
Thanks for posting this Invalid10.  In the middle of this speach, you'll see how Dr. Paul is foreshadowing our current economic crisis:

  • The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending.

  • Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.
This pretty much explains how our bubble got started and why it is now bursting.  Ron Paul, Peter Schiff, and many other Austrian economists have been warning about this for years if not decades and now we are starting to see the results. 

by bandito on 03/27/2009 11:17:46 AM EST

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I dont know where you cut and pasted (none / 0)
that from but if you really want to know about the global economic crisis read this

The Big Takeover


by Chinese Democracy on 03/27/2009 11:42:39 AM EST

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Ron Paul "Awesome"? Are you out of your mind? | 57 comments (57 topical, 0 hidden)