U.S. Representative and former presidential candidate Ron Paul tells Newsmax that bailouts of U.S. corporations are “bad morally” — and says current federal economic policies “will literally destroy the dollar.”He also insists that the use of “counterfeit” paper money instead of a gold-backed currency is “insane,” and declares it is “foolhardy” for Barack Obama to propose national health care under the present economic conditions.
The Texas legislator ran for president as the Libertarian candidate in 1988, and sought the Republican presidential nomination beginning in March 2007. He withdrew this past June and did not endorse GOP candidate John McCain.
Asked by Newsmax’s Ashley Martella about the bailouts of Wall Street, the banking industry and apparently the Big Three automakers, Paul — a member of the House Financial Services Committee — said:
“I think we’re going in the wrong direction and I strongly oppose it.
“I find it to be bad economics. I find it bad morally to transfer wealth from one group of people to another no matter what kind of problems they have…
“Lo and behold, the Constitution doesn’t talk much about allowing Congress to go and bail out their friends. So I oppose it from practical and well as philosophic reasons.”
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