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GoldSeek Web

Ron Paul on the Housing Bill 7/23/08 - "The Mother of All Bailouts" [video]

By: Dr. Ron Paul, U.S. Congressman

-- Posted Thursday, 24 July 2008 | Digg This ArticleDigg It! | Source:

"The Mother of All Bailouts"


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

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.


-- Posted Thursday, 24 July 2008 | Digg This Article | Source:

- Visit Congressman Ron Paul's Web Site


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