Monday, Oct 6, 2008
Texas Congressman Ron Paul has warned that the amended bailout legislation that passed Congress on Friday is not only far worse than the original bill but is also unconstitutional.
Paul speaking just minutes after leaving the floor of the House on Friday, explained that the tax portion of the bill was written by the Senate, when under the Constitution only the House can originate tax bills.
“That in itself was unconstitutional but it’s been done before and it will be done again.” The Congressman said.
Paul highlighted that the passage of the bill defied logic because it was even worse than the original rejected version:
“It’s amazing, you take a very very bad bill, appropriating $700 billion, you can’t get enough votes to pass it so you take it back out, you make it much worse and take it up to over $800 billion.” Paul commented.
- A d v e r t i s e m e n t
“Today is an even sadder day that on Monday,” Paul stated, “Here today when the special interests got their two cents in, or their $10 million worth of lobbying in, the members switched their vote.”
The Congressman decried the fact that 57 members, mostly so called conservatives, switched their votes on Friday. He urged that those who have destroyed the economy and our freedoms not be allowed to dictate how the system is rebuilt in America.
Paul also compared the economic situation to that of the Soviet Union in 1989, urging that the current economic meltdown stems from empire building foreign policy, and that we are now dealing with the bankruptcy of the United States.
Watch Ron Paul’s reaction to the passage of the bailout:
Earlier in the day Ron Paul had taken the floor in the House to express his opposition to the bailout, stating that it represents an evasion of the real problem and more of the same inflationary practices that have caused the crisis in the first instance.