Ron Paul: opinion on bailout bill

Ron Paul, the Congressman who predicted the global financial crisis we are all facing, talked yesterday before the Senate vote took place of how we got into the financial trouble, he said that this was caused through excessive borrowing and spending, and then more spending and borrowing, then creating money out of thin air will of course make the economy worse as time goes on.

The Congressman told CNN how he thinks the rescue bill is bad, and that it’s no good for tax payers as basically by bringing in the bill it would be doing the same thing creating money from thin air, and he said it’s the same policy that got us into this mess in the first place. Ron Paul did add that “we need to do a lot, but a lot differently”

What Ron Paul believes is that we should pull back on spending and allow the market to liquidate its bad debt, and that the liquidation of the debt is crucial. Although he does admit that if that was done there would be tough times ahead but he believes these times would only last about a year, whereas if the system is propped up then this system is not be viable and this could lead problems that could last decades.

Friday the new revised bailout bill is put before the House of Representatives for the second time.

Read the full article: thenewamerican