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Stop The Printing Press
By Congressman Ron Paul
Statement before the US House of Representatives Financial Services Committee, Humphrey Hawkins Hearing on Monetary Policy, July 16, 2008
Mr. Chairman, today we find ourselves on the verge of an economic crisis the likes of which the United States has not seen in decades. Our economy is very clearly in a recession, and every time someone tells us that the worst has passed, another serious event takes place, as we saw once again last week and early this week. Everyone now realizes that the situation is dire, yet either no one understands the cause behind the credit crisis, or no one is willing to take the necessary steps to ensure as orderly an end to the crisis as possible. Instead, we hear talk of further bailouts. The Fed-brokered takeover of Bear Stearns, a supposed one-off incident, has now been joined by a potential bailout of the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac.
The two GSE's have been disasters waiting to happen, as I and many others have warned over the years. It was bad enough that Fannie and Freddie were able to operate with significant advantages, such as lower borrowing costs and designation of their debt as government debt. Now, the implicit government backstop has turned out to be an explicit backstop, just as we feared. The Greenspan reflation of the economy after the dot-com bust pumped additional liquidity into an already-skewed housing market, leading to an unsustainable boom that from many accounts has only begun to unravel. With a current federal funds rate of two percent, and inflation at over four percent, the Fed is currently sowing the seeds for another economic bubble.
Obama's Capital Gains Tax Folly
Barrack Obama is promising a lot of change and hope. That sounds nice, but I will pass on the hope. After all, even if Mr. Obama screws the country up like we have never seen, there will still be hope. I'll pass on his idea of change, too. Indeed, almost every one of his proposed policy changes are outrageous and contrary to American values. There is one policy that Mr. Obama has in store that on the surface is just another democrat staple, higher taxes. However, the effects could be felt much more than usual. Mr. Obama has said that he wants to CHANGE the capital gains tax from 15% to 30%. What is the capital gains tax? Simply put, it is money you make on investments. He wants to increase the amount of money the government takes from your investments. How does that sound for HOPE?
A Question About SecurityWe are told by our politicians that we are fighting the war on terror. Let's face it. There are as many opinions on the war in the Middle East as there are people who care about our country. Some people feel it is a necessary fight against a global terror threat. Some people feel it is a senseless fight. Some people think America is the one spreading terror. The opinions run the gambit. Opinions aside, there is a question that has stuck in my head for some time. It seems logical to share it. It is a simple question, but one that is compelling.So here is the question: If the threat of a terror attack on America is so high, why are the borders left wide open and unchecked?
Sign Of The Times
Officer Accused Of Threatening Starbucks Managers For Free Coffee - There are good cops and bad cops. If this story is true, this cop is a real piece of crap. It seems as though these types of stories are becoming more prevalant. Every week you hear another example - Cops getting taser happy on 80 year old women in whellchairs, tasering people already restrained, roughing people up, bullying...it's a shame. I bet you have even been tailgated by an aggressive driving cop. Once upon a time they were called peace officers. They kept the peace. That was what was important. Now they are police officers. They police they people. Maybe the last thing these kinds of cops need is more coffee.
Falling exam grades blamed on Wikipedia - Here's a real statement on accountability. Could it be the teachers who aren't getting though to students? Could it be parents not instilling the work ethic? Could it be students who aren't working hard enough to learn and determine their own future? No way! It's Wikipedia's fault, bro. They say Wiki is littered with inaccuracies. So, would you keep going back to a source littered with inaccuracies? Dumb question. I forgot where people get their news.
Meteorology: Taming the sky - How can the bigshots and "smart people" of the world be so concerned about global warming and at the same time consider weather modification? Because the green movement is just an extortion racquet and because human arrogance knows no bounds in the 21st century.