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Ron Paul's long and winding question
Thursday, April 03, 2008
Here's the YouTube version of yesterday's four five minute long question by Rep. Ron Paul (R-Texas) that nobody very few understood.
As usual, Fed Chief Ben Bernanke provides excellent answers - though, probably not very satisfying to Dr. Paul - once again prompting the question, "If he is so smart, why did he take this job?"
6 comments:
I too thought his questions were too long. How about:
1. The Constitution says we should use gold and silver for money. Why aren't we?
2. Inflation is always a monetary phenomenon. Why are you creating so much inflation?
3. If a bank makes a poor business decision, why don't you let it fail?
I think it is fairly standard practice in Congress to use regular testimony as a platform to lecture. In Ron Paul's case, I think this is pretty shrewd: when else will the cameras be on him for such an extended period of time to say the otherwise unspeakable?
I thought it was a pretty important issue: our government becoming effectively more fascist as it bails out Wall Street.
The question for Bernanke was really just perfunctory.
He questions if collusion between business and government, or as Mussolini called, it, corporatism, and the loss of liberties of the people, and lack of control of the people over government, has been responsible for the looting of the people through artificially created business cycles?.
Bernanke did not answer the question, other than to say the government, private sector and Fed are all responsible to some degree or another, but we will try to do better.
Ron Paul says why not "Free Markets"
Our markets are not free, nor are they competitive. They are tightly controlled with regulations issued government, that are written by the industry being regulated, and designed to prevent competition and maximize industries profit at the expense of the people.
If Ron Paul had asked the question in a manner that could be comprehended by most people, well, thats not very healthy.
ron paul is just a judas......why doesnt he ask 'who owns the federal reserve?'...................lets get all this out in the open.
fat chance he will ask that!!!!!!!!!!!!!!
Federal Reserve Bank of New York President Timothy Geithner had difficulty explaining how BlackRock would be paid.
"We have not yet completed our negotiations on the fee," he said. "It will be a commercially reasonable fee. We will be very careful in setting it."
Sen. Jon Tester, D-Mont., asked Mr. Geithner, "Is that typical of how things are done — make agreements and set fees later?" He responded, "Almost nothing is typical about the arrangement we reached."
Senate Banking Chairman Chris Dodd asked Mr. Geithner how the value of the assets has changed since the original appraisal March 14. Mr. Geithner did not answer, but he said the senator's staff could "confidentially review that collateral," and he pledged to provide quarterly reports so Congress can track how the assets perform over time.
Is Drew Carry on RP's staff now?
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