Ron Paul on the Recession
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The U.S. has moved past none of the core issues that brought the economy to its knees last fall, Rep. Ron Paul (R-Texas) suggested Tuesday.
Paul asserted that while some big financial institutions may be starting to reap large profits again, the bailouts put in place to help those firms last year have only worsened the long-term economic standing in the country.
"None of this is behind us," the libertarian Republican said during an appearance on CNN. "All we have done is prolong the agony and very soon people are going to realize, in spite of all these huge profits, Wall Street is still a shaky place to be."
The congressman pinned blame for the stagnant economy on the Federal Reserve, long his bête noire, for having extended too much credit to large banks and similar companies, and called for stricter regulation of the Fed.
October 24, 2009
Dr. Ron Paul is a Republican member of Congress from Texas.
© 2009 The Hill