Ron Paul
2001 Ron Paul Chapter 76

Defense Production Act

10 September 2001

Home Page   Contents
Congressional Record   Cached

2001 Ron Paul 76:1
Mr. PAUL. Mr. Speaker, when the Defense Production Act was enacted in 1950, considerable damage was done. Some of the worst damage occurred as a result of wage and price controls and the improper delegation of economic powers to the President (much of which economic power even Congress itself didn’t have).

2001 Ron Paul 76:2
This bill’s entire existence rests on the presumption that its supporters have absolutely no confidence whatsoever in either freedom or the market process. In a time of crisis, you don’t need an “industrial policy” and you don’t need some fascist or corporatist variety of socialism. What one needs more than ever in a time of crisis is the market — deviation from the market process is the worst thing an economy can do. Oftentimes, it’s the “industrial policy” which is the very cause of the economic crisis one hopes to remedy with yet another round of “industrial policy” intervention.

2001 Ron Paul 76:3
We have an energy crisis in California created by the bureaucrats and the politicians. As prices skyrocket and a crisis is declared, it is later said that prices are now down and there’s less of a shortage or crisis. But it’s the market process that worked because the prices skyrocketed rather than skyrocketing prices becoming the justification for abandoning the market process.

2001 Ron Paul 76:4
Of course, if one likes socialism and rejects the notion that freedom works, this type of an Act and improper of delegating and centralizing such powers is ideal. But why accept the notions of socialism when you really need an economy to provide products and services in the nation’s time of most dire need? This whole notion that the powers in this bill should be illegitimately granted to a President and then turned over to the head of FEMA is potentially one of the most dangerous things this body will ever do (or continue doing).

2001 Ron Paul 76:5
Mr. Speaker, I encourage the members of this body to begin thinking about the amount of false hope they place in the centralization of power in the hands of a central-planners and reconsider their apparent lack of confidence in the market process and a free society. I encourage a strict adherence to market principles and strongly oppose H.R. 2510.

Previous   Next

Home Page   Contents   Concordance
  Links   E-mail list.