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1998 Ron Paul Chapter 51

FDIC Problem

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13 May 1998


Mr. VENTO. Madam Chairman, I yield 2 minutes to the gentleman from Texas (Mr. PAUL), a member of the committee.

(Mr. PAUL asked and was given permission to revise and extend his remarks.)

1998 Ron Paul 51:1
Mr. PAUL. Madam Chairman, I rise in opposition to the Chairman’s amendment and in strong support of the amendment of the gentlewoman from New Jersey.

1998 Ron Paul 51:2
There are two positions that one could take on this. We could have zero integration, which this amendment would do; or we could think about the market. The market would just allow it to exist.

1998 Ron Paul 51:3
Earlier, somebody quoted Hamilton as being opposed to an integration of commerce in banking. Well, of course, at that particular time in history we had the Jeffersonians, and they were strongly in support of the market and even against central banking.

1998 Ron Paul 51:4
So I think, considering all things, that I cannot get my 100 percent, and we certainly do not want zero. We need to move in a direction, so I would say this very modest request is very justified.

1998 Ron Paul 51:5
I think this FDIC insurance is something we should be concerned about, but that is a different issue for the moment. I object to that, but I do not believe this will solve the FDIC problem.

1998 Ron Paul 51:6
We have to think about how we got here. In the 1920s, the Federal Reserve created a lot of credit. They created a boom and a booming stock market and good times. Then the Federal Reserve raised the interest rates and there was a stock market crash and a depression. And out of the depression came the desire to regulate banking and commerce. That caused the depression, which was erroneous, because the cause of the depression was excessive credit and then a deflated bubble, which should be all laid at the doorstep of the Federal Reserve.

1998 Ron Paul 51:7
This is the size of the Glass-Steagall Act, a few pages, in order to solve a problem that did not exist. But we have been living with this for all these years. And now, over these several years, we have been trying to solve the problem. Now, this is the size of the solution. This is H.R. 10, this is the version of the Committee on Commerce as well as the version of the Committee on Banking and Financial Services that went to the Committee on Rules.

1998 Ron Paul 51:8
We need to look at the fundamental cause of our problems and not jump off a cliff and do the wrong thing. I strongly support the Roukema amendment.
Note:

1998 Ron Paul 51:1 Madam Chairman, I rise in opposition to the Chairman’s amendment and in strong support of the amendment of the gentlewoman from New Jersey. Here, the Chairman’s amendment is an amendment offered by The Honorable James A, Leach of Iowa, and the gentlewoman from New Jersey is The Honorable Marge Roukema.

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