facebook
twitter
rss
account
search
search
 

Paul: Bailout 'bad for taxpayers'

Oct. 1, 2008 at 4:11 PM   |   Comments

| License Photo
WASHINGTON, Oct. 1 (UPI) -- Former Republican U.S. presidential candidate Ron Paul says he opposes the proposed $700 billion financial industry bailout bill as "bad for the taxpayers."

Paul, a U.S. representative from Texas and member of the House Financial Services Committee, told CNN Wednesday that buying illiquid mortgage-backed derivative securities from Wall Street investment houses would only continue a series of poor financial decisions.

"I think it's a bad bill. I think it's bad for the taxpayers," Paul told the broadcaster. "I think it's doing more of the same thing. The same policy that we're following now with this bill is exactly how we got into that trouble."

Paul said government should step aside and let the market continue to price houses downward, wringing out unrealistically high prices, rather than encouraging them to remain artificially high through intervention in the financial markets.

"If there are too many houses and the prices are too high, the sooner we get the prices down to the market level, as soon as we quit trying to encourage more housing -- this is what we're doing," he said. "They're trying to stimulate houses and keep prices high. It's exactly opposite of what we should do."

Topics: Ron Paul
© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Lockheed Martin, Roketsan collaborate on F-35 cruise missile Lockheed Martin, Roketsan collaborate on F-35 cruise missile
2
GenDyn UK picks Lockheed Martin for vehicle turrets GenDyn UK picks Lockheed Martin for vehicle turrets
3
Survey: Harvard Law grads earn the most of any grad school in the country Survey: Harvard Law grads earn the most of any grad school in the country
4
Kimberly Guilfoyle: young women should be 'excused' from voting to go on Tinder Kimberly Guilfoyle: young women should be 'excused' from voting to go on Tinder
5
China overhauls legal system, at least on paper China overhauls legal system, at least on paper
Trending News
Around the Web
x
Feedback