Libertarians for Ron Paul

Ron Paul in 1999 on the Current Crisis

Especially interesting reading for those who blame, rightly or wrongly, Phil Gramm and his banking regulation reform for our financial mess. Ron Paul, the libertarian Republican, was against Gramm-Leach-Briley back in 1999, and here are some of his reasons why:

“…today we are considering a bill aimed at modernizing the financial services industry through deregulation. It is a worthy goal which I support. However, this bill falls short of that goal. The negative aspects of this bill outweigh the benefits….”

“The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation–keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending.”

Full post by Brian Doherty @ http://reason.com/blog/show/129593.html