“Ron Paul Questions Chairman Bernanke On Bailout Plan”

Bernanke: “And that has been delegated to the Federal Reserve…”

Translation: ‘I don’t care about the Constitution’s intent, I have the power now and plan to use it to “save” the economy from depression despite the fact that I can be implicated in bringing it to this point.’

More needless borrowing and inflation; exactly what the American people don’t need when we already have a trade and fiscal deficit, massive existing debt liability for every citizen, job losses, income stagnation, and a devalued dollar that each day purchases less goods and services.

The reason why these assets the Federal Reserve and Treasury will be purchasing can’t be valued is because they are essentially worthless paper. In a free market the paper would eventually run its course and our market would learn to reprice securities appropriately against risk going forward. Here we are essentially price fixing to support a flawed system that will only perpetuate malinvestment and moral hazard.

http://digg.com/users/Daamien

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