Rand Paul vents to Glenn Beck about Fed criticism
Sen. Rand Paul fired back at a POLITICO article published earlier this week about his push to audit the Federal Reserve as mentioned in an interview with Glenn Beck on his radio program Thursday.
The Kentucky Republican and would-be presidential contender addressed an assertion from former Fed Chairman Donald Kohn that there is essentially no credit risk on the Federal Reserves balance sheet right now and that no institution in the U.S. is subject to more oversight.
Story Continued Below
When they say theres no credit risk, they created four-and-a-half trillion dollars to buy these bad mortgages. So is there no risk in creating it? Paul asked in response, according to a transcript of the interview.
Paul continued: But then theres a whole question of favoritism. Is there any conflict of interest? Are any of these assets, so-called assets, which are sometimes bad car loans, bad home loans, are any of these assets owned by friends of theirs?
I mean, Bear Stearns is bailed out, Lehman Brothers isnt, he said. Does that have anything to do with who runs the bank or who owned the banks?
When asked about critics suggestions that hes using the issue to boost his profile among libertarian-minded Republicans, Paul was dismissive.
Well, that sounds like the people who call us flyover America. They discount any knowledge. But they also discount any true belief and worry about our country, he said. I think the one sincere thing that came out of the tea party movement and that still exists in the country is that there are millions of us that are worried about the future of the country. Were worried about the enormous death debt were incurring. Were worried about the ramifications of the Federal Reserve simply creating money to pay for that debt.
Paul told Beck that hes had enough of it.
You know, for about the last two decades, theres been a revolving door between the Fed, the Treasury, and Wall Street again, Paul said. Im tired of bailing out these big banks when they make bad decisions.
Here is the original post:
Rand Paul vents to Glenn Beck about Fed criticism