Ron Paul: 'We're going to all suffer and pay' for the bailout
Rep. Ron Paul (R-TX) has been an opponent of the government's financial bailout plan from the outset, and he doesn't like it any better for the recent tweaks. "I don't think it's going to do any good whatsoever," Paul told CNN's Kiran Chetry on Friday.
"The credit markets are starting to loosen up a bit," Chetry suggested. "Is that a sign that maybe it is working?"
"Maybe to some degree on the short run," Paul acknowledged. "But that just means that we'll have more inflation. You can't create $5 trillion out of thin air and not expect inflation. ... In time, we're going to all suffer and pay for this."
"Economically, it's a disaster," continued Paul. "This is going to cause a great deal of harm. It's like a drug addict taking a strong fix, and he feels better for a day or two, but believe me, we're going to kill the patient ... so I would say, let's get off this addiction."
Paul said he doesn't see much to approve of in either major party candidate's program, although he favors McCain's approach to health care and Obama's promise to bring the troops home from Iraq. However, he felt that on balance an Obama victory would be "a disaster for the country," because at least with a Republican president confronting a Democratic Congress, "they'd be fighting a little bit instead of just having no restraints whatsoever."
Paul believes that the current economic problems will be good for his own movement in the long run. "As this situation deteriorates," he suggested, "more people are going to say, hey ... maybe limited government and freedom work and this idea that we can depend on government for all these programs is an illusion."
This video is from CNN's American Morning, broadcast October 17, 2008.
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