Wednesday, August 26, 2015

Ron Paul: Federal Reserve, Congress to Blame for Market Bubble

The Federal Reserve and Congress are "99 percent" responsible for the stock market swings this week because the Fed constantly creates "bubbles" to try to help the economy and Congress overregulates, former Texas Rep. Ron Paul tells Newsmax TV.

Federal Reserve board chairmen on numerous occasions have said it isn't aware bubbles in the economy exist until they burst, but that isn't true, Paul told "Hard Line" host Ed Berliner on Tuesday.

"You know it's there because the Federal Reserve creates the bubbles, and many times on purpose," Paul said. "They go from NASDAQ bubbles to housing bubbles to whatever they need to bail out the economy."