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


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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 Article Digg It! | Source: GoldSeek.com

"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: GoldSeek.com

- Visit Congressman Ron Paul's Web Site

Previous Articles by Dr. Ron Paul, U.S. Congressman

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