Ron Paul: “Let’s quit bankrupting this country”
Paul: Bill to tax bonuses an ‘outrage’ and unconstitutional
Rep. Ron Paul (R-TX) yet again went against the grain in Congress when he stood up in the House and argued against a proposal that would tax 90 percent of AIG executive bonuses, saying that it was a “disgrace,” a “distraction” and an “outrage” that undermined the Constitution.
“I rise in opposition to this rule and the bill because of the problem – because of the lack of need for this and the disgrace that this has brought upon us,” Paul said. “Yesterday, for instance, the Federal Reserve met and they came out and they announced that they would create new money to the tune of $1.25 trillion.”
“So everybody can go home that voted for this bill, say, ‘Look, I’m clamping [down] on this $165 million but I don’t care about the previous $5 trillion the Fed created and the $1.25 trillion they created yesterday,’” he said. “Think of the loss of purchasing power in less than 24 hours.”
Paul urged his House members to support his bill, H.R. 1207, which would change the way the Federal Reserve is audited.
“Let’s quit appropriating funds in an unconstitutional manner. Let’s quit bankrupting this country,” Paul said. “The Fed is not even required to answer any questions. So it’s about time we have an open book about the Federal Reserve and solve some of these problems.”</em>
Here here Rep. Paul.