Ron Paul: Without a Full Fed Audit We’ll Never Understand Why Bubbles Form and Why More Regulations Fail

By RonPaul.com on June 30, 2010

Ron Paul says that giving more power to the Fed doesn’t make sense since they are the cause of the crisis. The original language of HR 1207, calling for a full audit of the Fed, was neutered but there is still a chance to revive the original intent. Without a full audit, we will never understand why bubbles form and why more regulations fail. The Fed audit that Paul is calling for does not challenge the supposed independence of the Federal Reserve.

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Posted in Federal Reserve, Ron Paul in Congress, Ron Paul's Legislation | Tagged Audit the Fed, Financial Regulation, HR 1207 | 7 Responses

7 responses to “Ron Paul: Without a Full Fed Audit We’ll Never Understand Why Bubbles Form and Why More Regulations Fail”

Dudley Walmer
July 26, 2010 at 1:06 pm | Permalink | Reply
Tnx for this information and facts. It’s much appreciated! Thanks again.
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Dfens
July 2, 2010 at 3:01 pm | Permalink | Reply
Ron Paul selling out his country arguing for Most Favored Nation trading status for China:
To clear up a misconception, [Most Favored Nation (MFN)] is not a “special” status. In fact, MFN for a country simply means we will trade with that nation with no extraordinary barriers to their entering our marketplace. Free trade is not something to be lightly dismissed. And MFN is nothing more than an attempt, albeit imperfect, at free trade.
Eliminating MFN status for China does not hurt the Chinese government. But it does hurt Americans in two ways. First, by imposing what is essentially a tax on our people. It is a tax because it is the American consumer who will pay higher prices on goods which come from China due to US policy. That means higher prices on many items, but not just items which come directly from China. If the tariffs on Chinese goods increases, people will be forced to find replacement products. As the demand for those products increase, so will those prices. — Ron Paul
Pat Buchanan’s column today:
The day the FT reported that China was sweeping past us to become No. 1 in manufacturing, The New York Times ran a front-page story on the closing of the Whirlpool refrigerator plant in Evansville, Ind., and the loss of 1,100 jobs. The plant is moving to Mexico.
The Times spoke with Natalie Ford, a worker, whose husband and son also worked at Whirlpool, as had her dad, “This is all about corporate greed,” Mrs. Ford said, “It’s devastating to our family and to everyone in the plant. I wonder where we’ll be two years from now. There aren’t any jobs here. How is this community going to survive?”
“My mom and dad told me that when they were young, there were jobs everywhere. They said we had Whirlpool, Bristol-Myers, Mead Johnson, Windsor Plastics, Guardian Automotive, Zenith. Now if you want to find a job, there’s nothing around.”
“Free trade! Free trade!” said Henry Clay in the tariff debate of 1833. “The call for free trade is as unavailing as the cry of a spoiled child in its nurse’s arms for the moon or the stars that glitter in the firmament of heaven. It has never existed. It will never exist.”
It will only place us, said Clay, “under the commercial dominion of Great Britain.” Today, it is the dominion of China. — Pat Buchanan from Human Events.
Yeah, it’s all the Fed’s fault. Funny thing is, China uses paper money. Really seems to be strangling the life out of their economy, doesn’t it?
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1. Yvonne
  July 2, 2010 at 3:51 pm | Permalink | Reply
  Here’s what I found out about Whirlpool.
  ========================================================
  The four parcels have a combined assessed value of almost $16 million. The equipment is assessed at a total of $53,135,550.
  In the 2008-pay-2009 tax cycle, Whirlpool was billed $1,632,364.90 in total Vanderburgh County property taxes. The company paid half that amount on the spring installment, and it is not otherwise delinquent on its taxes.
  =======================================================
  So in 2008 the local government taxed them $1,632,364.90 for their property.
  So because they owned property which was worthe 16 million….even though they bought it decades ago and most likely did not pay that much…they had to give the government 1,632,394.90
  Well maybe they couldn’t afford to give the government 1,632,364.90
  That’s the reason I had to move out of my last home.
  I moved.
  I left my home because the local government decided that they could raise my property tax from 3,000 to 11,000 in a period of 8 years because they claimed my home was now worth a lot of money.
  It didn’t matter that I purchased the home for 180,000 and that we were not eligible for a 700,000 loan…we’re suddenly told the house was worth 700,000 and we would be taxed accordingly and oh…when we moved….the house did not sell for anywhere near 700,000.
  Maybe the Whirlpool company, like me, was informed that the land it purchased decades ago was now worth more(because of artificially inflated prices) and so they were going to be taxed more.
  maybe they couldn’t afford it and so they moved. Maybe the artificially inflated price of the land caused their taxes to be artificially inflated and so they moved.
  Thanks to the feds
  Like or Dislike: 0 0
  1. Dfens
    July 6, 2010 at 10:30 am | Permalink | Reply
    Yes, no doubt a few thousand in property taxes is what caused all our industries to move to China. Clearly it had nothing to do with granting China “Most Favored Nation” trade status. Isn’t that right, my Libertarian comrades?
    Like or Dislike: 0 0
Bottomline
July 1, 2010 at 12:21 pm | Permalink | Reply
MORE BAILOUTS TO COME! STAY TUNED!
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Bottomline
July 1, 2010 at 12:21 pm | Permalink | Reply
This misguided bill passed in the House which will increase more power to the federal reserve a.k.a Fred’s Girlfriend which will result in future bailouts of British Petroleum, failed banks, and soon Europe. STAY TUNED!
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jim
June 30, 2010 at 7:45 pm | Permalink | Reply
Is it just me or does it seem like the 2 guys behind DR. RON PAUL seem like distracting plants???
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