Senator Bunning On The United States of Socialism
Senator Jim Bunning: "The Fed is asking for more power.
But the Fed has proven they can not be trusted with the power they have. Their monetary policy is a leading cause of the mess we are in.
Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk.
Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem.
Let me say a few words about the G.S.E. bailout plan...
When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turns out socialism is alive and well in America.
The Treasury Secretary is asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants.
The Fed’s purchase of Bear Stearns’ assets was amateur socialism compared to this.
Given what the Fed and Treasury did with Bear Stearns, and given what we are talking about here today...
I have to wonder what the next government intervention in private enterprise will be. More importantly, where does it stop?"
But the Fed has proven they can not be trusted with the power they have. Their monetary policy is a leading cause of the mess we are in.
Now the Fed wants to be the systemic risk regulator. But the Fed is the systemic risk.
Giving the Fed more power is like giving the neighborhood kid who broke your window playing baseball in the street a bigger bat and thinking that will fix the problem.
Let me say a few words about the G.S.E. bailout plan...
When I picked up my newspaper yesterday, I thought I woke up in France. But no, it turns out socialism is alive and well in America.
The Treasury Secretary is asking for a blank check to buy as much Fannie and Freddie debt or equity as he wants.
The Fed’s purchase of Bear Stearns’ assets was amateur socialism compared to this.
Given what the Fed and Treasury did with Bear Stearns, and given what we are talking about here today...
I have to wonder what the next government intervention in private enterprise will be. More importantly, where does it stop?"
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