The Book of Ron Paul
1998 Ron Paul Chapter 38

Don’t Bail Out Bankers

23 April 1998

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Congressional Record (Page H2292)   Cached

Mr. LIVINGSTON. Mr. Speaker, I’d like to yield 1 minute to the gentleman from Texas, the gentleman, Mr. PAUL, Dr. PAUL.
The SPEAKER pro tempore. Gentleman is recognized for 1 minute.

1998 Ron Paul 38:1
Mr. PAUL. Thank you for yielding. I ask unanimous consent to revise and extend.

1998 Ron Paul 38:2
The SPEAKER pro tempore. Without objection.

1998 Ron Paul 38:3
Mr. PAUL. I rise in strong objection to this motion. This should be a very easy vote for all of us; we should all vote no. They already have $35 billion of our money. They want $18 billion more. That is $53 billion.

1998 Ron Paul 38:4
Think about it. Some of you would like to spend that on military, on national defense. That wouldn’t be too bad an idea. Others might want to spend it on domestic welfare programs. This would certainly be a better idea than bailing out rich bankers and foreign governments. And besides, there are some of us who would like to give the $53 billion back to the American people and lower their taxes. But to give them another $18 billion doesn’t make any sense.

1998 Ron Paul 38:5
And then to come to us and say it won’t cost the taxpayers any money is absurd. Why do they come here and try to sneak through this appropriation with a parliamentary trick, if it isn’t going to cost the taxpayers any money? Certainly it’s going to cost the taxpayers money. It adds to the national debt, and we have to pay interest on the national debt. This is a cost.

1998 Ron Paul 38:6
Now, the Director of the IMF had an interesting proposal. He said this won’t cost us anything because it’s coming out of the Central Bank.

1998 Ron Paul 38:7
The SPEAKER pro tempore. The time of the gentleman is expired.

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