House Proceeding 04-01-09 on Apr 1st, 2009 :: 5:23:45 to 5:30:00
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5:23:43 to 5:24:04( Edit History Discussion )

Ron Paul: committee for more than six years, dr. ron paul, five minutes. the chair: the gentleman is recognized for five minutes. mr. paul: i thank the gentleman for yielding. madam chairman, i rise in opposition to this resolution. you know, they say so often that there's not enough bipartisanship around here.

5:23:45 to 5:30:00( Edit History Discussion )
Speech By: Ron Paul

5:24:05 to 5:24:26( Edit History Discussion )

Ron Paul: we hear that complaint a lot of times. but you know, when i look at it, i see there's been too much bipartisanship in creating the problem we've had. this crisis that we are in the midst of, this financial crisis didn't pop up here in the last 60 days and didn't pop up here in the last eight years, but has

5:24:27 to 5:24:48( Edit History Discussion )

Ron Paul: taken several decades for us to get to this point where we are today in dealing with a budget that is just totally out of control and monetary and economic system that is uncorolable as well. it is said this budget is going to be $3.6 trillion with a $1.1 trillion deficit.

5:24:49 to 5:25:09( Edit History Discussion )

Ron Paul: $1.1 trillion deficit is going to be $400 billion less than this year. i'll wait and see if that really comes out, because it probably won't work out that way. the statistics that we hear when we talabout the budget are never reliable, especially, especially when you're in a recession. in a recession, nobody can

5:25:10 to 5:25:30( Edit History Discussion )

Ron Paul: predict the revenues. the receive news are going to be a lot lower than they said. and the expenditures are going to be a lot higher. so i'm making a prediction that the spending will be over $4 trillion this year. and that the deficit is going to be over $2 trillion. and that the picture that we are

5:25:31 to 5:25:51( Edit History Discussion )

Ron Paul: looking at today is much worse than we're willing to admit. matter of fact, i think the problems we face today is not so much a budgetary problem. it's much different. we talk a lot about the budget. think about how many hours we talked about it today. the deficit in the budget is a symptom of something much more

5:25:52 to 5:26:12( Edit History Discussion )

Ron Paul: serious and that is, what have we allowed our government to become? i think it has been the loss of respect by us here in the congress to understand and take seriously article one, section eight. if we did that, we wouldn't be doing these things that we are doing. if we understood the tenth amendment, we wouldn't have a

5:26:13 to 5:26:34( Edit History Discussion )

Ron Paul: defendant. if we had a monetary system. conservatives like to spend a lot of money and liberals like to spend a lot of money. we raise taxes, be borrow and we have been doing it for decades and getting away with it, but it's coming to an end, because we have always been dependent on

5:26:35 to 5:26:57( Edit History Discussion )

Ron Paul: the fed to come in and monday advertise the debt. have they backed off? no, they're expanding. not only do they buy in the markets, but buying it directly from the treasury. they are encouraging us to do even more of this. we have endorsed as a congress and as a people a welfare

5:26:58 to 5:27:18( Edit History Discussion )

Ron Paul: -warfare state and that is not what america is supposed to be. it encourages the spending and the borrowing and the deficits and all the inflation. and we take, for instance, we are supposed to get a lot of change with the new admistration. one thing i was hoping about is they might look at this overseas

5:27:19 to 5:27:40( Edit History Discussion )

Ron Paul: wild spending and expansion of the roar going on in the middle east. but the military budget, the war budget, is going up 9%. and as long as we have the expansion of the war, the dependency of the spending overseas, we are spending over $1 trillion a year maintaining a world empire, at the same time

5:27:41 to 5:28:02( Edit History Discussion )

Ron Paul: we have runaway spending here at home. it is unsustainable. we have a debt that will not be paid. we know when it reaches a certain level, it cannot be paid. but it is always liquidated. now if an individual or a company goes into debt, it can be liquidated the old fashioned way of bankruptcy.

5:28:03 to 5:28:23( Edit History Discussion )

Ron Paul: countries don't go bankrupt. what they do is default on the debt. that means they pay it off in bad money. and literally, that is the purpose of the federal reserve right now is to lower the real debt. so if you destroy 50% of the value of the dollar in the next year or two, the real debt has gone down 50%.

5:28:24 to 5:28:45( Edit History Discussion )

Ron Paul: literally, the federal reserve board is praying for, encouraging inflation to lower the real debt, because it can't be sustained. but who does that hurt? it hurts the people who save. the people who save get 1% on their earnings and we tax the little bit that they get and the people who are doing the right thing are being punished the most.

5:28:46 to 5:29:08( Edit History Discussion )

Ron Paul: so the ones who lived beyond their means get bailed out. and it's a very bad, bad system that we have. and we have to decide what the role of government ought to be. you know, we do blame the banks. we blame the business people and everybody. but you know, i have a lot of people come to my office and

5:29:09 to 5:29:30( Edit History Discussion )

Ron Paul: say, cut his, cut his, but cut my program. we have to decide what should the role of government should be. if we think the role of government is going to be and ould be the policemen the world and run the welfare state, this budgetary problem wil never be solved. mr. brady: i yie t 30 seconds.

5:29:31 to 5:29:51( Edit History Discussion )

Ron Paul: mr. paul: i thank you for yielding. and let meust close by saying that the greatest danger i see right now is the placing of the blame for the crisis that we're in is that we have too much freedom, too much capitalism. not enough regulation. and they did this in the 1930's

5:29:52 to 5:30:00( Edit History Discussion )

Ron Paul: and doing it even more now. instead of saying we spent ovepent, over taxed, overregulated, we have lost our