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Middle Class Being Wiped Out
Posted on September 20, 2013
Ron Paul: We Are Witnessing The Wealthy Get Wealthier, The Poor Get Poorer, And The Middle Class Being Wiped Out
RON PAUL: Im not surprised, but the markets were certainly surprised yesterday, but I think it's a major admission by Bernanke that things arent good. The fact that hes doing this and all the markets anticipated, well maybe the economy hasn't improved. Hes literally saying we're in bad shape, but the markets didn't interpret it that way. The markets are reflecting just that easy money going into stocks. It doesn't help those 99% or at least a large middle class and the poor, it won't help them one bit. Theyre still going to have trouble getting jobs, so there's a lot of disconnect here. but I think it was a very, very bad, you know, announcement yesterday that the economy is a lot worse off and I think in time it will prove to be the case.
KATTY KAY: Arent we in the situation where if the fed cut this stimulus money we might be worse off?
RON PAUL: It can't get worse. To continue to destroy our currency is always bad. Always bad. It always destroys the middle class and the wealthy get wealthier. This is the prediction of Austrian economics for 100 years. This is exactly what we're witnessing, those predictions that the wealthy get wealthier, the poor get poorer, and the middle class gets wiped out. So, no. All inflation is bad, and this idea that the fed can create money out of thin air to satisfy special interests and the politicians who like to spend money, it always leads to trouble, except on the surface a lot of people feel good about it. During the bubble phase, a lot of middle class people felt good about it. They were buying houses, and house prices were going up, so the inevitable bust came, the wealthy got bailed out and the average person lost a job and lost their house. So it's never good even if you feel good for a while. Right now, only the rich are feeling good and the poor aren't doing well, and the middle class is getting much poorer.
Ron Paul: We Are Witnessing The Wealthy Get Wealthier, The Poor Get Poorer, And The Middle Class Being Wiped Out | RealClearPolitics
Posted on September 20, 2013
Ron Paul: We Are Witnessing The Wealthy Get Wealthier, The Poor Get Poorer, And The Middle Class Being Wiped Out
RON PAUL: Im not surprised, but the markets were certainly surprised yesterday, but I think it's a major admission by Bernanke that things arent good. The fact that hes doing this and all the markets anticipated, well maybe the economy hasn't improved. Hes literally saying we're in bad shape, but the markets didn't interpret it that way. The markets are reflecting just that easy money going into stocks. It doesn't help those 99% or at least a large middle class and the poor, it won't help them one bit. Theyre still going to have trouble getting jobs, so there's a lot of disconnect here. but I think it was a very, very bad, you know, announcement yesterday that the economy is a lot worse off and I think in time it will prove to be the case.
KATTY KAY: Arent we in the situation where if the fed cut this stimulus money we might be worse off?
RON PAUL: It can't get worse. To continue to destroy our currency is always bad. Always bad. It always destroys the middle class and the wealthy get wealthier. This is the prediction of Austrian economics for 100 years. This is exactly what we're witnessing, those predictions that the wealthy get wealthier, the poor get poorer, and the middle class gets wiped out. So, no. All inflation is bad, and this idea that the fed can create money out of thin air to satisfy special interests and the politicians who like to spend money, it always leads to trouble, except on the surface a lot of people feel good about it. During the bubble phase, a lot of middle class people felt good about it. They were buying houses, and house prices were going up, so the inevitable bust came, the wealthy got bailed out and the average person lost a job and lost their house. So it's never good even if you feel good for a while. Right now, only the rich are feeling good and the poor aren't doing well, and the middle class is getting much poorer.
Ron Paul: We Are Witnessing The Wealthy Get Wealthier, The Poor Get Poorer, And The Middle Class Being Wiped Out | RealClearPolitics
