Political Quotes

“Mr. President, I rise today in opposition to secrecy. I rise today in support of auditing the Federal Reserve. I rise in opposition to the lack of accountability at the Reserve, an institution that has for too long been shrouded in secrecy. The objective of the Federal Reserve Transparency Act is simple: to protect the interests of the average American by finding out where hundreds of billions' worth of our dollars are going. The Federal Reserve has the ability to create new money and to spend it on whatever financial assets it wants, whenever it wants, while giving the new money to whichever banks it wants. Yet if the average Joe and Jane from Main Street printed their own money, they would be imprisoned as counterfeiters. Nowhere else but in Washington, DC, would you find an institution with so much unchecked power. Creating new money naturally lowers interest rates, or the price of using money. Put another way, the Federal Reserve's unchecked printing press creates a price control on the cost of using money. Throughout our country's history, price controls have never worked, and the Fed's price control on interest rates has also not worked. Think back to the housing bubble. Artificially low interest rates led to many individuals buying, selling, and investing in the housing industry. This in turn led prices to soar, which ultimately led the economy to spiral down to the great recession of 2008.…”