Ron Paul Votes NO BAILOUT (Speech on the House Floor)
September 29, 2008, U.S. House of Representatives. Ron Paul [R-TX] votes NO on the bailout bill.
AYES 205
NOES 228
http://clerk.house.gov/evs/2008/roll674.xml
———————————————————-
TRANSCRIPT:
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. This is all that this bill is about is more of the same.
So you can’t solve the problem. We are looking at a symptom. We are looking at the collapsing of a 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 who have predicted this would happen. 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 we 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, with an inflationary system, with corporatism, and with a special interest system. It 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 of everything we’re doing here and because of everything we’ve done for 6 months. We’ve already pumped in $700 billion. Here is another $700 billion. This is going to destroy the dollar. That’s what you should be concerned about. Yes, Wall Street is in trouble. There are a lot of problems, and if we don’t vote for this, there are going to be problems. Believe me: If you destroy the dollar, you’re going to destroy a worldwide economy, and that’s what we’re
on the verge of doing, and it is inevitable, if we continue this, that 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 oversight–that is a certainty–but we need oversight of the Federal Reserve System, of the Exchange Stabilization Fund and of the President’s Working Group on Financial Markets. Find out what they’re doing. How much have they been meddling in the market?
What we’re doing today is going to make things much worse.
[ http://www.c-spanarchives.org/congress/?q=node/77531&id=8899285 ]
Duration : 0:2:30
Speaking to NDTV, Bihar Chief Minister Nitish Kumar said that this time people of Bihar will vote for development. But Nitish ruled out coming together with Congress for the Assembly polls.
The ruling party in Sudan is celebrating its victory in the national elections, three days after official results gave it 68 per cent of the vote.
Election Day in the United States is Tuesday, November 4, 2008. If you’re an American citizen who is at least 18 years old (by Election Day) and a resident of one of the 50 states or the District of Columbia, be sure you’re registered to vote.
Early voting is underway in the United States as people cast ballots in the presidential election between Republican Party nominee John McCain and the Democratic Party standard bearer Barack Obama. Millions of new voters have registered, and a surge in early voting has some election officials predicting as many as 150 million Americans could vote in the November 4th election. VOA’s Chris Simkins has more on the early voting and accusations of voter fraud in some states.