Ron Paul blames Federal Reserve for housing collapse, takes swipe at Clinton

Ron Paul's campaign issued a statement critical of Hillary Clinton’s call for further government action to deal with the U.S. housing collapse. Paul also took shots at the Federal Reserve for causing the economic crises.

"Ron Paul has long predicted this type of crisis would result from federal interventions into the housing market and excessively low interest rates," said Ron Paul 2008 campaign chairman Kent Snyder. "Only Dr. Paul has the expertise to explain why we must reject further political intervention into the housing market, such as that advocated by Hillary Clinton."

The Texas Republican has a legislative record spanning four decades that consistently opposed the monetary policies that caused the housing crash. Paul said, “The root of this crisis, as with past financial and economic crises, results from federal government intervention into the economy, not to anything endemic to the market, nor to the actions of market participants.”

Marty Eels

Aside from the war in Iraq, one of the items that seems to generate the most scorn among Republicans and so-called conservatives is Dr. Paul's stance on the Federal Reserve and a return to a commodity-based currency. They like to pretend that these are ideas from the lunatic fringe. The scorn, of course, is simply to hide their statist and Marxian tendencies. In point of fact, the ideas Dr. Paul expresses have been an integral part of laissez-faire capitalism for close to a century.