"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. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Politicians from TexasMembers of the United States House of RepresentativesActivists from TexasPoliticians from PittsburghPhysicians from Pittsburgh
Original Language: English
Available Languages (1)
Sources
CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT, November 8, 1999
https://en.wikiquote.org/wiki/Ron_Paul
Revision History
No revisions have been submitted for this quote.
Categories
Ron Paul
254 quotes on TrueQuotesView all quotes by Ron Paul →
Related Quotes
"War is not popular. It may seem popular in the short run, when there appears to be an immediate victory and everyone …"
"You can't have a government like this without an income tax, but we don't want a government like this. This is not th…"
"The most important element of a free society, where individual rights are held in the highest esteem, is the rejectio…"
"The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle …"
"After 200 years, the constitutional protection of the right of the individual to life, liberty, and the pursuit of ha…"
"...why the American people would even give the slightest consideration for government health programs. They don't wan…"
"It's a mistake to think that poor people get the benefit from the welfare system. It's a total fraud. Most welfare go…"
"Tax revenues are up 59 percent since 1980. Because of our economic growth? No. During Carter's four years, we had gro…"
"We have depended on government for so much for so long that we as people have become less vigilant of our liberties. …"
"Question: Your solutions, on stopping drug trade, is, give up, give up to world drugs. I say zero tolerance, we use t…"