Ron Paul Votes NO BAILOUT (Speech on the House Floor)

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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/roll6... The previously uploaded clip was intended to quickly spread Ron Pauls message, it had very low quality and a small size for slow connections. 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 cant 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 dont listen to them. We dont 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 were resorting now, once again, to promoting more and more government. Long term, this is disastrous because of everything were doing here and because of everything weve done for 6 months. Weve already pumped in $700 billion. Here is another $700 billion. This is going to destroy the dollar. Thats what you should be concerned about. Yes, Wall Street is in trouble. There are a lot of problems, and if we dont vote for this, there are going to be problems. Believe me: If you destroy the dollar, youre going to destroy a worldwide economy, and thats what were on the verge of doing, and it is inevitable, if we continue this, that thats whats going to happen. Its going to be a lot more serious than what were 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 Presidents Working Group on Financial Markets. Find out what theyre doing. How much have they been meddling in the market? What were doing today is going to make things much worse. [ http://www.c spanarchives.org/congress/?q=node/77531&id=8899285 ]

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