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Welfarism and excessive spending and deficits and socialism divide us, because everybody has to go to Washington. Those who have the biggest clout, whose who are the best lobbyists, those who go and they grab. And whether it’s the medical industrial complex, or the banking industry, or the military industrial complex, that’s who ends up controlling our government… For so long, conservatives and constitutionalists have lost the argument, they lost the moral highground. Because those who want to give things away, not talking about where they steal it from, but they want to give things and take care of people, they get the moral highground and they come by as being compassionate. And we who believe in liberty, we lack compassion. But the truth is, there’s only one compassionate system known to man, and that is freedom and personal responsibility, then there’s enough wealth, and then we will all have personal responsibility to use this compassion that we have, first to take care of our families and friends and neighbors, and there would be so much wealth that we could spread this wealth around the world.”
  —Ron Paul
 New Hampshire Homeschool Meet and Greet, September 30, 2007

Federal Reserve will implement new tools to avert financial crises, Bernanke says – Tribune

WASHINGTON — Chairman Ben Bernanke said Friday that the Federal Reserve is drafting rules to close large insolvent banks without bringing down the broader financial system, one of many steps regulators must take to prevent another financial crisis.

Bernanke said the absence of a process to deal with systemically important institutions in 2008 left regulators to deal with the “terrible choices of a bailout or allowing a potentially destabilizing collapse.â€� He spoke at a conference sponsored by the International Monetary Fund.

The financial overhaul law passed by Congress in 2010 gave regulators better tools to close down large financial institutions, he said. The Fed and other regulators are working to implement those rules now.

“Our continuing challenge is to make financial crises far less likely and, if they happen, far less costly,â€� he said.

At the IMF conference, Bernanke was asked about whether enormous growth in student loan debt could trigger a financial crisis. He said the debt is a drag on the economy but not a threat to the overall financial system.

Student loans prevented many Americans from buying homes or making other big-ticket purchases, he noted. But the bulk of the debt is backed by the federal government, so financial institutions would not be at risk from widespread defaults, he said.


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