Wednesday, September 24, 2008

Ron Paul Is My Hero

Watching the Senate hearings with Bernanke about the bailout. Ron Paul is nailing it, bashing everyone, and speaking as plainly as you can about how stupid this whole thing is.

ie.- "Where is the money coming from?" "Nobody's smart enough to figure out a price, so how do you do it?" "You don't have the constitutional power to create credit out of thin air." "A collapse in the housing market means the market was too high and it should come down."

Bernanke responded admirably ("federal reserve act confers the powers of congress to them to coin money", "we will try to set prices via auctions and other means"). The "try" worries me of course.

Now Klobuchar just compared Wall Street to a casino, with Paulson and Bernanke as the floor managers.

Good times.

1 comment:

OhCaptain said...

You mean people are just figuring out that Wall Street is one of the oldest casinos in the world? And people laughed at me when I told them I got a better return on Full Tilt them my 403b (a 401k for not for profit people).