House Proceeding 07-30-09 on Jul 30th, 2009 :: 0:40:30 to 0:45:25
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0:40:26 to 0:40:46( Edit History Discussion )

Ron Paul: spirit and the successes that she had. we pay tribute to verm lervings cool cook, yes, fallen, but yet successful. a woman we can be very proud of in this us opportunity. god bless you, vermel cook, and god bless america. i yield back. the speaker pro tempor

0:40:30 to 0:45:25( Edit History Discussion )
Speech By: Ron Paul

0:40:49 to 0:41:08( Edit History Discussion )

Ron Paul: gentleman from texas, mr. gohmert. >> unanimous consent to claim five minutes at this time. the speaker pro tempore: without objection. >> Thank you, Mr. Speaker. Mr. Speaker, the "big guns" have lined up against h.r. 1207, the bill to audit the federal reserve. What is it that they are so concerned about?

0:41:09 to 0:41:29( Edit History Discussion )

Ron Paul: what information are they hidinging from the american people? transparency is ok, except for those things they don't want to be transparent. federal reserve chairman ben bernanke argues that h.r. 1207, the legislation to audit the federal reserve, would politicize monetary policy. he claims that monetary policy

0:41:30 to 0:41:53( Edit History Discussion )

Ron Paul: must remain independent, that is secret. he ignores history because chairman of the federal reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy. former federal reserve board chairman arthur burns, when asked about all of the inflation

0:41:54 to 0:42:15( Edit History Discussion )

Ron Paul: he brought about in 1971 before nixon's -election, said that the fed has to do what the president wants it to do, or it would lose its independence. that's about -- that about tells you everything. not by accident, chairman burns strongly supported nixon's

0:42:16 to 0:42:36( Edit History Discussion )

Ron Paul: program of wage and price controls the same year but i guess that's not political. is not making secret deals with the likes of goldman sachs, international financial institution, foreign governments and foreign central banks politicizing monetary policy? bernanke argues that the knowledge that their discussions and decisions will one day be

0:42:37 to 0:42:57( Edit History Discussion )

Ron Paul: scrutinized will compromise the freedom of the open market committee to pursue sound policy. if it is sound and honest and serves no special interest, what's the problem? he claims that h.r. 1207 would give power to congress to affect monetary policy.

0:42:58 to 0:43:20( Edit History Discussion )

Ron Paul: he dreamt this up to instill fear, an old status trick to justify government power. h.r. 12 op 07 does nothing of the sort. he suggested that the day after an fomc meeting congress could send in the g.a.o. to demand an audit of everything said and done. this is hardly the case. the fomc function under 1207 would not change.

0:43:21 to 0:43:43( Edit History Discussion )

Ron Paul: the d.t.l. transcripts of the fomc meetings are reliesed every five years so why would this be so different and what is it that they don't want the american people to snow? is there something about the transcripts that need to be kept secret? or are the transcripts actually not verbatim? fed psycho fants argue that an audit would destroy the

0:43:44 to 0:44:06( Edit History Discussion )

Ron Paul: financial market's faith in the fed. they say this in the midst of the greatest financial crisis in history brght on by none other than the federal reserve. in fact, chairman bernanke stated on november 14, 2007, that, quote, a considerable amount of evidence indicates that central bank transparency

0:44:07 to 0:44:27( Edit History Discussion )

Ron Paul: increases the effectiveness of monetary policy in en-- and enhances economic and financial performance, closed quote. they also argue that an audit would hurt the value of the u.s. dollar in fact, the fed, in less than 1 lun years of its existence, has reduced the value of the 1914 dollar by 96%.

0:44:28 to 0:44:48( Edit History Discussion )

Ron Paul: they claim h.r. 1207 would raise interest rates. how could it? the fed sets interest rates and the bill doesn't interfere with monetary policy. congress would have no say in the matter and, besides, congress likes low interest rates. it is argued that the fed wouldn't be free to raise interest rates if they thought it necessary. but bernanke has already assured

0:44:49 to 0:45:10( Edit History Discussion )

Ron Paul: the congress that rates are going to stay low for the foreseeable future and again this bill does nothing to allow congress to interfere with interest rate setting. fed supporters claim they want to protect the public's interest with their secrecy. but the banks and wall street are the opponents of 1207 and

0:45:11 to 0:45:27( Edit History Discussion )

Ron Paul: e people are for it. just who best represents the public's interest? the real question is, why are wall street and the fed so his terically opposed to 1207? just what information are they