Channel: Fox Business
Neil Cavuto: Texas Republican Congressman and former Presidential candidate Ron Paul on the phone with me now. Congressman, it’s always a pleasure to have. Thanks for joining me.
Ron Paul: Thank you, Neil. It’s good to be with you.
Neil Cavuto: This is a woman who has a history of lodging moderate in her rulings, but not so when it comes to the government assuming bigger roles and input on key business issues. What do you make of that?
Ron Paul: Well, it’s pretty scary, especially with the trend that’s going on with the financial crisis happening and Congress rushing to support all the nationalization and all that is going on. It’s really frightening, but it makes stop and think though because she was originally George Bush’s senior appointee, so it doesn’t really make me happy that, “Well, all we need is a Republican appointee as judge and we’re going to be okay.”
But no, I think this appointment, if it goes through, is just adding fuel to the fire of bigger government, more meddling and more nationalization.
Neil Cavuto: You know, I know a lot of people, Congressman, that have talked about this, but I’m talking about the judge pick’s age, at 55, she could be there for quite a while, and that means a sort of a permanence about her, assuming she gets confirmed. And, as it does allow President Obama likely to pick two more Supreme Court picks before his, maybe even before his first term is up, we’re talking about a generational shift in the Court, are we not?
Ron Paul: Yeah, and the question isn’t so much will she be here, but will there be an economy here? Will there be a country? Will there be our liberties? You know, we just can’t continue to do what we’re doing. I mean, we’re running on hot air. Right now, there’s no productivity. In reality, when you consider the fact that we can create two trillion dollars worth of credit and expect to stimulate everything and with this burden, this additional burden of the courts weighing down on us, I think it’s a very serious threat to really our existence and our economy.
Neil Cavuto: But doesn’t this confirm what I know you were among the first to say, Congressman, the pendulum has indeed swung back, away from what had been deemed to be sort of a laissez-faire business that some abused and hence brought on these changes, to one that’s going to be very big government at the expense of business.
Ron Paul: Well, I will modify that a little bit because I don’t think we’re swinging away from laissez-faire. I think we’re swinging away from interventionism, which we both, the Republicans and Democrats, have adopted over the last 35-40 years and the blame is being placed on capitalism. They did this in the 1930s. They said it was the gold standard and capitalism that was so bad, and they had to change all that. So we’ve had interventionism to some degree since then and especially in the last 35 years that we’ve had pure inflationism and interventionism. And it has failed.
But Mises, the great Austrian economist predicted that it would fail, just as he predicted socialism would fail and communism would fail, but he claimed, and I agree with him that when interventionism fails, the tendency will always be to seek out more government and go towards socialism. And that is the question we have. We have to understand where we have come from and where we are going and make the decision, but so far right now, it’s very hard to win this intellectual fight and say that we can’t blame capitalism.
But if we let them get away with saying this crisis came on because of free markets and sound money, we can’t possibly win. And this crisis came on because we did not have sound money and did not have free markets.
Neil Cavuto: The genie is out of the proverbial bottle. Ron Paul, thank you very much.