Not linked on Ron Paul’s Congressional Website.
Mr. Speaker, I yield 2 minutes to the
distinguished Member from Texas (Mr.
PAUL).
(Mr. PAUL asked and was given permission
to revise and extend his remarks.)
2009 Ron Paul 34:2
Mr. Speaker, I rise today in opposition
to this rule as well as the bill because
of the lack of need for this and
the disgrace that this has brought upon
us.
2009 Ron Paul 34:3
Yesterday, for instance, the Federal
Reserve met and they came out and announced
that they would create new
money to the tune of $1.25 trillion. The
dollar promptly went down 3 percent,
and today it went down another 1.5 percent.
And today on emergency legislation,
we’re going to deal with $165 million
worth of bonuses, which obviously
should have never been given. But
who’s responsible for this? It’s the Congress
and the President, who signed
this.
2009 Ron Paul 34:4
So this is a distraction. This is an
outrage so everybody can go home that
voted for this bill and say, look, I am
clamping down on this $165 million but
I don’t care about the previous $5 trillion
the Fed created and the $1.25 trillion
they created yesterday.
2009 Ron Paul 34:5
Think of the loss in purchasing power
in less than 24 hours. And we think
that we can solve this problem. We
first appropriate, unconstitutionally,
$350 billion. We give it to the Treasury.
We have no strings attached. And then
you have an unintended consequence;
so we express this outrage. And at the
same time, what do we do? We come
along and we now propose that we pass
a bill of attainder. So we do things that
are unconstitutional. They have an unintended
consequence. So what is our
solution? To further undermine the
Constitution.
2009 Ron Paul 34:6
A line should be drawn in the sand.
Let’s quit appropriating funds in an
unconstitutional manner. Let’s quit
bankrupting this country. Let’s quit
destroying our dollar.
2009 Ron Paul 34:7
If you really want to do something,
you ought to consider H.R. 1207, which
would monitor and make the Fed answer
questions. I understand the Fed
and the Treasury were involved in a lot
of these antics, and yet the Fed is not
even required to answer any questions.
2009 Ron Paul 34:8
So it’s about time we have an open
book about the Federal Reserve and
solve some of these problems.
