Idiotic. Paul is the ONLY one who is a good choice. He voted against the Patriot Act, showing that he is willing to vote against people from his own party if it is the right thing. He voted against all the bailouts and he voted against the War on Terror. He never voted to raise taxes, allowing Americans to keep more of their money, which is especially important in tough economic times. The Fed caused the Great Depression years ago, and it has caused the current Depression.
And you mentioned Gingrich being kept at bay twice. He's not that big. I think you meant Santorum for one of those. ;)
Simple. Are you denying that the Fed caused the Great Depression of the past or the one in the present or both?I might have exagerated when I said that it caused it, but it sure didn't help! It is an established fact that they contributed to the one in the past. I never met someone who argued that it didn't.
The economy thrived during the 1920's, but lots of this had to do with easy credit. The Federal Reserve kept interest rates low, making it easy for corporations and individuals to take loans to buy homes, cars, and appliances on installment plans. They didn't have to pay the full price of an item, all they had to do was pay a small down payment and then pay monthly installments over a set period of time. As long as this could happen, jobs were plentiful. As buisinesses prospered in the 1920's, stock dividends soared, and many people invested in stocks, driving stock prices higher every day. The Federal Reserve had kept had kept interest rates low and had encouraged expansion of the money supply. But by 1930, an expanded money supply was very badly needed to aid banks that could not meet obligations, the Fed acted to contract the money supply. And the result was multiplication of bank failures and the loss of millions of savings and a deepeni0ng of the Depression. In this way, the Fed did the opposite of what it set out to do.
W. Westphal, The depression that started in 1929 was WORLDWIDE. So, are you saying that the feds in the US caused the collapse of the economy in the rest of the world? Are you also blaming the feds for WWII because the collapse of the German economy was one of the main causes of Hitler's rise to power.
"Are you denying that the Fed caused the Great Depression of the past or the one in the present or both?"
"I might have exagerated when I said that it caused it, but it sure didn't help!"
No, you didn't exaggerate. You were wrong. Totally wrong. You flatly stated that the FED was responsible for both the Great Depression and the current financial situation, and that simply is not so. The FED was not a major cause of either event. It may have exacerbated the results of the events, but the actual causes lie elsewhere.