Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Rep. Mack Attacks the Fed

Details

  • Description

    Rep. Connie Mack, (R-Fla.), stop’s Bernanke’s 'Twist' in its tracks

  • Duration 6:58
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Tonight on the dock at the Federal Reserve's interest in meddling with the economy again the president's economic policy.

Bail them when the president has little to no legislative power to wield what can He do well they can wait for the Fed to work its magic.

Today the Federal Reserve announced its latest plan quote operation twist.

But I can guarantee this won't get our economy back to its feet.

Dancing to prosperity.

Quite the opposite.

You see when the president the government -- independent from both of those bodies the Federal Reserve slaps the -- of the market's invisible hand.

Only trouble and debt will and -- But uncle -- doesn't understand that President Obama doesn't get it.

And big government lawmakers and -- parties refuse to accept it.

The Fed's decision.

To swap short term bonds for long term ones as an effort to stimulate the demand for mortgages and other loans.

It's just another failed part of central economic planning.

Usually if an entity fails it goes out of business what about that went out of business what it just didn't exist why would put up with this well interest rates would be determined by supply and demand.

And then prosperity would follow because -- be more economic freedom.

Here with his insights on the Fed's decision -- Florida Republican congressman Connie -- congressman -- at the pleasure welcome back to freedom watch.

Great to be with you judge as always thank you understand there wasn't too long ago that uncle Ben.

Ben Bernanke that share of the Federal Reserve actually sat down with you and you warned him against.

The consequences of some of the very things that he's been doing including the nonsense that they did today.

What did you say to him and what he's saving you.

Well we I -- -- I asked to go and meet with them in He He agreed in we had breakfast and during that breakfast.

We had a conversation about.

Really what it is that the federal government and the Fed should not be doing.

And I told him at that meeting that what in fact He is doing is destroying the value of the dollar and that.

Frankly please quit please stop doing that we we need to let the free market work and the Fed.

I don't think has a clue on how to let that happen it's one of those things that happens judge you know when when all of this economic downturn came.

The person you want to try to get you out of that is someone who understands.

Business and free markets not someone who has spent their entire life.

Teaching and writing.

About the Great Depression because all what they are doing is doing what we did back in the Great Depression which we all know just elongated the problem.

We've seen that in Japan we saw that here in this country.

And the new actions by the Fed.

That they announced today is going to be more of the same and what -- my message to.

To the Fed is this.

Please stop.

People aren't going out to get a mortgage on -- home because the interest rates are too high in fact they're very low the reason people are going out to get loans.

Is because we have all of this government regulation right -- tying the hands of the banks and the banks are afraid to make.

The -- are you making very very prudent argument I agree with that free market economists agree with that people who believe in small government agree with that.

It's obvious that Ben Bernanke does it we're stuck with them He was appointed by Republican president.

He's there for the next seven years is there any impetus on Capitol Hill.

To put some breaks on him.

And to audit the Fed or perhaps even to question in a serious way congress -- -- whether or not we even need.

A Central Bank whose efforts have succeeded.

In reducing that Bob purchasing power of the dollar since this bank came into existence a hundred years ago by 93%.

I would love to see the congress not only move forward with the auditing the Fed.

But also looking at what is the mission of the Fed and what how much mission creep has there been you've outlined it pretty well judge.

But I think that we need do we need to bring this out into the open the American people need to understand.

That the Fed they might think of the Fed is as a friend that's helping us but so far the -- the Fed has done more to make the problem worse not make it any better.

I was surprised happily so.

To see a letter that was written by Republican leaders in both houses of congress.

-- the Fed to stop and stay stopped.

As they used to say in my prior work cease and desist.

Now there was a time -- only congressman Ron Paul was saying this.

You're saying you -- saying it for awhile.

Now the leadership of the Republican Party is saying it.

Now the Republicans control the House of Representatives might there be some legislative action.

To put some breaks on this guy if He won't do it on his own.

You know I hope so and I I -- was very encouraged that the leadership.

Took that position and as you know.

Sometimes I think the leadership doing the right time right thing another time I don't on this one.

I think they did a good job putting that out they're letting Ben Bernanke know that we're not gonna continue to sit by and let him make these decisions on his own.

With the mission creep that's happened in the Fed and -- there's gonna be accountability and I would love to see the congress take this issue head on.

Last week president proposed borrowing.

A half a trillion dollars.

A supposedly to stimulate jobs this week the president proposed raising taxes a trillion and a half.

Supposedly to balance the budget are are each of these proposals.

Congressman -- Dead on arrival.

In the House of Representatives.

Not only are they dead on arrival in the House of Representatives.

They're dead on arrival with the American people the American people that says enough is enough.

We don't we can't continue to do another stimulus the American people know that you can't continue to raise taxes the American people know that you can't.

Continue to put more -- more regulations on businesses and on individuals so not only is the congress that no.

But the American people have said no and here's the thing you know I'm getting a little bit tired of the president and all of the speech is telling us what we have to do now.

You -- in 2010.

In his state of the union He said we need to pass the free trade agreements with Panama Colombia right yet He still hasn't send them to the congress.

Two years ago He said we need need more nuclear power in this country He still has done nothing about nuclear power in this country.

Two years ago He said.

We we need to eliminate the capital gains tax He still -- -- -- anything to the congress that says to the Democrats eliminate the capital gains tax.

So he's has no credibility and -- time He speaks most people look getting go it's just and it's just a lot of air would no substance behind.

And two years ago He said the last thing you wanna do on a recession is raise taxes and he's just proposed raising taxes congressman -- at the pleasure thanks for joining us.

Thank you very much --

Load More