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Rep. Ron Paul, (R-Texas), on the lack of effort in Washington to address the fiscal cliff and its impact on the economy.
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You'll voters turn out but in 94 days the economy's bottom -- -- drop back out.
That is -- -- -- those bush tax rates and and all of those cities sequestration spending cuts kick in.
It is the fast approaching train wreck that nobody nobody's trying to derail.
To be -- this guy -- and we no one's listening to -- Texas Republican congress and Ron Paul joining me now on the phone you know our congressman no one.
Even mentions this it's like cut the storm that isn't there I guess the thinking is.
Let's get past the immediate -- the election but by then four billion dollars today you know forty days you do the math will be that much deeper in debt.
Yet sort of unbelievable I I think they're in denial.
They're they're not bad people I think -- all the wrong economics.
But they should wake up put -- people -- talk to talk to around the country the last few years they seem to.
No what I'm talking about.
But it Washington it is if they -- know they wanna keeping quiet because it's the blame Cain who's gonna get -- it -- that the line here is gonna happen.
Happen congress that I had a prominent Democrat here who was telling me is stealing seems to be that -- Build build to a -- Three to six month extension.
Of all the bush traits including those in the upper income to enhance it out with whoever is elected whether it's Barack Obama or -- Mitt Romney -- that.
Was his view on what's -- I did a pretty good as -- And in this sort once again -- the problem what we're just now complacent about but the but the whole thing is.
That they haven't -- any problems but I think is what they've done look at what they did last summer when they had to raise the debt limit they they push it aside they are they pushing aside.
They -- they will.
But.
Well I want isn't so bad economically and that the marked his.
Is it that market is recovering from a lack of liquidity in money in this certain you know in the bank bank they're loaded.
It's a lack of confidence we'll hear they're worried about January.
The blue cover about December what we're not gonna do about it -- -- the into the marketplace I would say it does nothing other than add to the uncertainty of our future.
You know.
In didn't do better at this history -- -- stuff congress and then I'll I'll ever be but.
The one thing I've -- is sort of like the market -- here at fox has a lot of these guys don't respond until.
They're they're staring at market panic in other words there's a free fall in the market.
And that's why -- I think -- rust is oftentimes bad deals bad decisions.
Dave Ross of rescue or -- or whatever because the market has this huge multi hundred point hissy fit.
And they think to calm the savage market -- they cobble together deal that we know is stupid at the time.
Just sit to calm the markets down and only to discover that the markets go right back to a selling spree despite it -- ignore the markets altogether.
They they.
They can pay attention only to do it how -- maintain or get power.
And I think this is what -- Washington.
Good policy.
Does not drive Washington sometimes good policy is a political negatives -- -- yeah they do.
It's an ounce there wasn't -- -- but -- what they do is they respond to the short term gyrations and the markets are just a short term -- I think.
As a lot of -- your colleagues on Capitol Hill that a deal to get its over the -- any deal to avoid a shut down any deal to avoid.
Putting us on the -- will think about some of the ramifications of that later but get a stare as the -- and I think it's -- malls like.
You know.
Fooling around with taxpayer in the meantime and they don't care.
But but they're -- -- there yet I think -- often termed the ceremony and if you look at what the stock market done.
Since the recession hit actually the you -- the 500.
S&P 500 is down six.
67%.
So in terms murder apparel bull bear market in real money.
Even though they put all the money in the go to in the stock go up near the -- -- -- -- -- about a dollar denominated cents you know in the dollar but I don't think that's the real thing because.
If if the true test that may -- entering a value of the currency.
He is a commodity and especially gold.
That means the people who own these stocks.
Aren't aren't wealthier at all but the only way to get well you know -- we are able to trade and anticipate what the bid is going to do it.
And even now trying to sort of thing -- I I don't think didn't when I -- stock market going up like it did immediately after QE3 hundred -- That doesn't.
That the nation should reassure anybody bet a lot of the people in the marketplace.
Actually they probably aren't too interested.
You know in the economic policy is there are -- what's the trading reaction could be at this time.
Exactly right and congress you and -- you and I can remember a time where the markets would not had jumped out of federal bella.
They would have recoiled -- times are different than.
Yeah you know that there have been the whole thing date charitably be could be interpreted exactly opposite perspective he announced QB pretty.
Could've been interpreted why are now he is really exactly.
That is the -- -- like.
Trouble that is a very very important that's over all of -- congressman thank you very very much.
Congress and Ron Paul -- QE3 is you viewers will know very very well.
Quantitative easing when -- when the Fed -- jumps in the market -- and -- notes and bonds.
We can get it's hot little hands on to forcibly keep interest rates below -- furthermore to keep in near zero.
Right through I think what 2015 minutes.
