Like I said, it's nothing more than a distraction to take away from all the other spending going on.
http://rawstory.com/news/2008/Paul_Bill ... _0319.htmlRep. Ron Paul (R-TX) yet again went against the grain in Congress when he stood up in the House and argued against a proposal that would tax 90 percent of AIG executive bonuses, saying that it was
a "disgrace," a "distraction" and an "outrage" that undermined the Constitution."I rise in opposition to this rule and the bill because of the problem -- because of the lack of need for this and the disgrace that this has brought upon us," Paul said. "Yesterday, for instance, the Federal Reserve met and they came out and they announced that they would create new money to the tune of $1.25 trillion."Paul, a dark horse Republican candidate for president in 2008 who still enjoys considerable popularity with a base of hardcore supporters,
noted that the value of the dollar went down significantly after that announcement by the Fed."Today...on emergency legislation, we're going to deal with $165 million of bonuses, which obviously shouldn't have never been given, but who's responsible for this?" Paul said.
"It's the Congress and the president who signed this [$787 billion stimulus bill that allowed the bonuses to go forward]. So this is a distraction, this is an outrage."He chided his fellow House members who were considering supporting the new tax legislation for only caring about the millions in bonuses
when they should be concerned with the trillions in deficits the country is facing."So everybody can go home that voted for this bill, say, 'Look, I'm clamping [down] on this $165 million but I don't care about the previous $5 trillion the Fed created and the $1.25 trillion they created yesterday,'" he said. "Think of the loss of purchasing power in less than 24 hours."
Paul urged his House members to support his bill, H.R. 1207, which would change the way the Federal Reserve is audited.
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