Rand Paul: “I believe this has a lot of significance and is something that we in the Congress should not ignore. This is a hedge…”

“I believe this has a lot of significance and is something that we in the Congress should not ignore. This is a hedge fund. Their capitalization is less than $100 billion, but, through the derivatives markets, they were able to buy and speculate in over $1 trillion worth of securities, part of the financial bubble that I have expressed concern about over the past several months. But last night an emergency meeting was called by the Federal Reserve Bank of New York. It was not called by the banks and the security firms that were standing to lose the money, but the Federal Reserve Bank of New York called an emergency meeting late last night. Some of the members of this meeting, the attendees, came back from Europe just to attend this meeting because it was of such a serious nature. They put together a package of $3.5 billion to bail out this company. Yesterday also Greenspan announced that he would lower interest rates. I do not think this was an accident or not coincidental.”