Ron Paul on the Housing Bill – “The Mother of All Bailouts”

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Thursday, July 24, 2008

Ron Paul talks about the bailout out of the housing industry and how it really just destroys the dollar and adds enormously to the debt.

Also, slipped into the bill, was the stipulation that ALL credit card transactions must now be reported to the IRS.

 

Details of today’s housing bill by Dr. Ron Paul:

 

-         $2.5B line of credit to the Treasury (Fannie & Freddie – ‘F & F’) is now “open-ended”

o        UNLIMITED – Treasury now allowed to buy all ‘F & F’ housing securities

• A d v e r t i s e m e n t

o        Congress no longer involved in appropriating funds (Treasury now does)

 

-         National Debt Ceiling Moved up $800 BILLION (buried in the bill)

 

-         Treasury Bills being exchanged for unwanted ‘F & F’ securities

o        This is the asset which “backs up our currency”

o        Value of these assets are depreciating

o        Treasuries have replaced gold and silver to back US Dollar

 

-         Solution breeds inflation

o        Places pressure on the US Dollar

 

-         Mortgage industry workers “will now have to be fingerprinted.”

 

-         All credit card transactions will now be reported to the IRS.

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