Statement of Congressman Ron Paul United States House of Representatives

The Austrians Were Right
November 20, 2008

At least 90% of the cause for the financial crisis can be laid at the doorstep of the Federal Reserve. It is the manipulation of credit, the money supply, and interest rates that caused the various bubbles to form. Congress added fuel to the fire by various programs and institutions like the Community Reinvestment Act, Fannie Mae and Freddie Mac, FDIC, and HUD mandates, which were all backed up by aggressive court rulings.

The Fed has now doled out close to $2 trillion in subsidized loans to troubled banks and other financial institutions. The Federal Reserve and Treasury constantly brag about the need for “transparency” and “oversight,” but it’s all just talk — they want none of it. They want secrecy while the privileged are rescued at the expense of the middle class. FULL STORY.

Ron Paul’s speech to a crowd of about 500 people, in front of the Fed building in downtown Houston. The End The Fed rally was a national event that took place at all the 38 branches and offices around the country. The people attending the event ,blame the Fed’s fiat monetary system, for the cause of the economic crisis.

End The Fed - Houston Rally with Ron Paul Pt.1