1998 Ron Paul 51:3
Mr. PAUL.
Thank you. I rise
in opposition to the Chairman’s amendment
and in strong support of the
amendment of the gentlelady’s amendment from
New Jersey.
1998 Ron Paul 51:4
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. And the market would just allow
it to exist.
1998 Ron Paul 51:5
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 51:6
So I think, considering all things,
that I can’t get my 100 percent, and
we certainly don’t want zero. We need
to move in a direction, so I would say
this very modest request is very justified.
1998 Ron Paul 51:7
I think this FDIC insurance is something
we should be concerned about,
but that’s a different issue for the moment. I object to that, but I do not believe this will solve the FDIC problem.
1998 Ron Paul 51:8
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. And 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, saying, 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 51:9
Now, 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, it’s the Commerce version as well as the Banking version
that went to the Rules Committee.
1998 Ron Paul 51:10
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 Ms. Roukema.
Notes:
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.
1998 Ron Paul 51:9
Here, Ron Paul shows the comparative sizes of the Glass-Steagall Act and the much thicker document which is H.R. 10. Listen to the C-Span clip at 18:32:07 local time.
