Alan Greenspun.
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Ron Paul on greenspan.........
Ron Paul Hits Out At âArrogantâ Greenspan
Texas Congressman says former Fed Chairman is âpretendingâ he didnât see the economic crisis coming
Steve Watson
Infowars.net
Friday, Oct 24, 2008
Texas Congressman Ron Paul has blasted former Federal Reserve chairman Alan Greenspan, calling him âintellectually arrogantâ after he blamed free market capitalism for the current financial crisis and diverted questions away from his own actions.
âI think heâs trying to save his place in history but I donât think heâs going to achieve it unless he confesses and goes back to his roots and goes back to writing articles for Ayn Rand.â Paul told Neil Cavuto on Fox Business yesterday evening.
âThereâs no way heâs going to escape the blame for this, I guess I am shocked also that he pretends he is shocked too.â Paul, a member of the House Committee on Financial Services, commented.
Greenspan yesterday described the current financial crisis as a âonce-in-a-century credit tsunamiâ and blamed flaws in the workings of the free-market system, something he said had left him in a âstate of shocked disbeliefâ.
âWhat I really resent about it is that he knows and understood at one time what capitalism was all about. He went and distorted it,â Ron Paul urged.
âNow he says âthis is the death of capitalism and what we need now are really really good regulations on derivatives.â No, we need to remove the system that creates derivatives.â
Paul asserted that the Federal Reserve chairman, whoever it may be, does not have the wisdom to regulate monetary policy because they are driven to excess and are part of an inherently flawed system.
âIn a way they are intellectually arrogant because they believe that only they know what the market knows. Nobody knows what the proper rate of interest is, itâs always too high or too low.â Paul said
Watch the interview:
http://www.infowars.com/?p=5545
Ron Paul Hits Out At âArrogantâ Greenspan
Texas Congressman says former Fed Chairman is âpretendingâ he didnât see the economic crisis coming
Steve Watson
Infowars.net
Friday, Oct 24, 2008
Texas Congressman Ron Paul has blasted former Federal Reserve chairman Alan Greenspan, calling him âintellectually arrogantâ after he blamed free market capitalism for the current financial crisis and diverted questions away from his own actions.
âI think heâs trying to save his place in history but I donât think heâs going to achieve it unless he confesses and goes back to his roots and goes back to writing articles for Ayn Rand.â Paul told Neil Cavuto on Fox Business yesterday evening.
âThereâs no way heâs going to escape the blame for this, I guess I am shocked also that he pretends he is shocked too.â Paul, a member of the House Committee on Financial Services, commented.
Greenspan yesterday described the current financial crisis as a âonce-in-a-century credit tsunamiâ and blamed flaws in the workings of the free-market system, something he said had left him in a âstate of shocked disbeliefâ.
âWhat I really resent about it is that he knows and understood at one time what capitalism was all about. He went and distorted it,â Ron Paul urged.
âNow he says âthis is the death of capitalism and what we need now are really really good regulations on derivatives.â No, we need to remove the system that creates derivatives.â
Paul asserted that the Federal Reserve chairman, whoever it may be, does not have the wisdom to regulate monetary policy because they are driven to excess and are part of an inherently flawed system.
âIn a way they are intellectually arrogant because they believe that only they know what the market knows. Nobody knows what the proper rate of interest is, itâs always too high or too low.â Paul said
Watch the interview:
http://www.infowars.com/?p=5545