Ron Paul on the recession: ‘None of this is behind us’
posted by Josiah Garber on December 16, 2009
in Economics, Politics
The U.S. has moved past none of the core issues that brought the economy to its knees last fall, Rep. Ron Paul (R-Texas) suggested Tuesday.
Paul asserted that while some big financial institutions may be starting to reap large profits again, the bailouts put in place to help those firms last year have only worsened the long-term economic standing in the country.
“None of this is behind us,” the libertarian Republican said during an appearance on CNN. “All we have done is prolong the agony and very soon people are going to realize, in spite of all these huge profits, Wall Street is still a shaky place to be.”
The congressman pinned blame for the stagnant economy on the Federal Reserve, long his bête noire, for having extended too much credit to large banks and similar companies, and called for stricter regulation of the Fed.
Paul said that the system would be unable to recover until the U.S. sets a new basis for the dollar.
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Our home business was really affected by the Economic recession, we have to cut jobs just to cover up our losses. fortunately, we have already recovered. :