Rand Paul: “I believe long term this is a piece of legislation that will play an important role in the monetary reform that will be…”

“I believe long term this is a piece of legislation that will play an important role in the monetary reform that will be a necessity if we continue to do what we have been doing with our economy and our financial system. We are in the middle of a financial crisis today. Some people think we have turned a corner, but, quite frankly, I do not believe that has occurred. Recently, though, we have just had the opening bells of an inquiry into what the cause of the crisis has been. It is the Financial Crisis Inquiry Commission. It is a take-off of the Pecora Commission that was established in the 1930s to figure out why the crash occurred then. Of course, that commission met and talked to people. They tried to figure out what was the matter. And from my viewpoint, they came down with all of the wrong conclusions. They said that the Federal Reserve was involved, that the Federal Reserve didn't print enough money fast enough and they didn't have a big enough bailout package and they needed a lot more regulation. So they did all of those things for the first time in our history, under the two administrations, the Hoover and the Roosevelt administrations, and they prolonged the Depression.”