Texas Congressman and member of the House Financial Services
Committee, Ron Paul, has slammed Republican opposition to the
latest proposed stimulus bill, saying it cannot make up for
the last eight years of unfettered spending.
"In some ways, it's too little too late,"
Paul said in a video address on his Campaign
for Liberty Website. "it's like they're born-again
"Where were we in the past eight years, when we could
have done something? It is the last eight years that has set
this situation up. So we can't blame the Democrats for the conditions
we have." Paul continued.
"We have to blame both parties and presidents of the last
several decades to have generated this huge government."
The Congressman also slammed three Senate Republicans for voting
with the bill.
"It's unfortunate that the three Republicans caved in
and went with the Democrats." Paul said, referring to GOP
senators Sens. Susan Collins and Olympia Snowe, both of Maine,
and Sen. Arlen Specter of Pennsylvania.
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The Congressman also criticized the proposed stimulus,
calling it a "pure spending package" and pointed out
that the so called "compromise", that will see the
bill cut to $780 billion, is nothing of the sort.
"This is not unusual in Washington, to propose
a higher number and then pretend you're acting fiscally conservative
by cutting back." Paul explained.
The Congressman also explained why the federal government should
not have the responsibility of overseeing the revival of the
"They create money out of thin air, keep low interest
rates artificially, and cause people to do things they wouldn't
have otherwise done. They malinvest, they build too many houses."
"Sure, we want more spending," Paul said. "We
need a lot more spending in the economy, but it has to be done
by market forces, by individuals, by businesses making proper
"Most people think that inflation is only
high prices, but that is just one of the consequences of inflation.
Inflation is the distortion of interest rates in the money supply
which causes people to do dumb things."
"The bigger problem is that the Fed is still
intact, secretly passing out trillions of dollars, causing people
to make more and more mistakes." Paul said.