I like the video version at the bottom of the link
In August, the broader U-6 unemployment rate was a stunning 16.8 percent, two-and-a-half percentage points higher than it was in the 1982 recession, which had been the worst recession since the Great Depression.
“There is no recovery, all there is is a lot of fudging,” Paul told CNN’s Kieran Chetly.
Paul was on CNN promoting his new book, End the Fed, in which he argues that the federal government’s bailout of Wall Street has indebted it to the point that the government itself is now “one giant toxic asset.”
Chetly asked Paul about the assertion by many prominent economists — including Nobel-winning New York Times columnist Paul Krugman — that say the Federal Reserve rescued the global economy from another Great Depression last year.
“I think the Fed has done a wonderful job for Wall Street, but … the average guy lost a lot of money. They [the Fed] come in with more credit, and pump it up and bail out all the big guys getting all these bonuses for all these individuals who should have failed — and they claim there’s a recovery.”
Added Paul: “We need enforcement of contract law … [so] that when you do something dumb, you ought to go bankrupt. We shouldn’t protect these people.
“I don’t think we seem to be recovering,” he continued. “There are more people unemployed all the time. … We’re doing everything wrong, we’re doing what we did in the Depression, we’re doing what the Japanese did in the 1990s, which is propping up bad investment.
“When you prop up bad debt and prop up these prices … it prolongs the agony. I see no good outcome from the policies that we have.”
[quote]Chetly asked Paul about the assertion by many prominent economists — including Nobel-winning New York Times columnist Paul Krugman — that say the Federal Reserve rescued the global economy from another Great Depression last year.[/quote]
Somehow the main stream media always seems to overlook the fact that the fed was one of the key causes of the crisis in the first place.
[quote]Chetly asked Paul about the assertion by many prominent economists — including Nobel-winning New York Times columnist Paul Krugman — that say the Federal Reserve rescued the global economy from another Great Depression last year.[/quote]
Somehow the main stream media always seems to overlook the fact that the fed was one of the key causes of the crisis in the first place.
[quote]Chetly asked Paul about the assertion by many prominent economists — including Nobel-winning New York Times columnist Paul Krugman — that say the Federal Reserve rescued the global economy from another Great Depression last year.[/quote]
Somehow the main stream media always seems to overlook the fact that the fed was one of the key causes of the crisis in the first place.
[quote]Chetly asked Paul about the assertion by many prominent economists — including Nobel-winning New York Times columnist Paul Krugman — that say the Federal Reserve rescued the global economy from another Great Depression last year.[/quote]
Somehow the main stream media always seems to overlook the fact that the fed was one of the key causes of the crisis in the first place.
