32 votes

Ron Paul Warns Bernanke: The Financial Crisis Is Far From Over

[ Forbes: ] In what Congressman Bacchus called “a double dose,” Texas Representative Ron Paul grilled Fed Chairman Ben Bernanke on two occasions on Tuesday at the House Financial Services Committee. Congressman Paul scolded the Fed Chairman for being “secretive” while claiming that the financial crisis is “far from over.”

Bernanke’s visits to Capitol Hill have recently been marked by his exchanges with Ron Paul, a staunch Fed basher who believes in the merits of the gold standard. After facing a relatively tamer Senate Banking Committee, the Fed Chairman’s feet were held to the fire by Ron Paul & Co.

While the exchange was rather one-sided, Ron Paul made his points heard. He first criticized the Fed for equivocating independence with secrecy, noting that about $15 trillion had been used for overseas bailouts during the crisis, via currency swaps, which the Congress could not monitor.

Continue reading at Forbes

Trending on the Web