Tuesday, March 8, 2011

Rand Paul blames banking collapse on Fed

Rand Paul: Banking Collapse Was Caused By Too Much Regulation | TPMDC - Jon Terbush:

March 8, 2011 - "On the Daily Show Monday night, Sen. Rand Paul (R-KY) blamed ... the banking collapse [on] too much meddling by the Federal Reserve.... By arbitrarily setting interest rates rather than letting those rates be determined by the free market, the Fed created an unsustainable financial structure, Paul said.

"'I don't say that's a failure of capitalism,' Paul said. 'That's a failure of a central bank getting involved and messing up capitalism'....

"[Host John] Stewart started the interview off by praising Paul for being the 'walkiest of the talkers' for his willingness to call for spending cuts across the board, including cuts to entitlement programs and defense spending. But when the talk turned to federal regulation of business, Stewart was unconvinced by Paul's argument on how limited the government's reach should be."


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