thank you for allow me to join you todai to share some thought about the futur of our countri __PUNCT__
todai __PUNCT__ more american ar without job __PUNCT__ and for longer period of time __PUNCT__ than at ani time in our histori sinc the great depress __PUNCT__
we have seen a collaps in home price on a scale wors than dure the great depress __PUNCT__
on out of everi four american home is now worth less than it mortgag __PUNCT__
home in the atlanta area ar now worth no more than thei were at the end of __NUM__ __PUNCT__
and there ar some sign home price mai continu slide __PUNCT__
there ar nearli __NUM__ million peopl __PUNCT__ nearli on in seven american __PUNCT__ current receiv food stamp __PUNCT__ the highest number in histori __PUNCT__
we spent __MONEY__ billion on unemploy compens last year __PUNCT__ again __PUNCT__ the highest figur in histori and over seven time what we were spend just a decad ago __PUNCT__
the pain inflict by the obama depress run deep __PUNCT__
beyond the __NUM__ million american who ar __PUNCT__ offici __PUNCT__ unemploi __PUNCT__ anoth __NUM__ million american have becom disillus and have given up look for job altogeth __PUNCT__
the unemploy rate for african __PUNCT__ american youth look for work wa a stagger __NUM__ __PUNCT__ in mai __PUNCT__
the job crisi is an histor nation crisi and the obama administr ha onli made it wors by pursu job __PUNCT__ kill polici after job kill polici __PUNCT__
thi is why i will spend everi dai of my campaign and then everi dai of my administr __PUNCT__ if elect __PUNCT__ work for econom polici that help creat job __PUNCT__ not kill them __PUNCT__
we need to replac the __PUNCT__ food stamp presid __PUNCT__ with a __PUNCT__ paycheck presid __PUNCT__
i truli believ we can overcom thi crisi __PUNCT__
i believ we can creat job and get america on the right track __PUNCT__
but renew america will requir the commit __PUNCT__ persever __PUNCT__ and hard work __PUNCT__ not of ani on man or woman __PUNCT__ but of american from everi walk of life who ar unit by a belief in freedom and self __PUNCT__ govern __PUNCT__
last month __PUNCT__ i wa the first presidenti candid to put forward a job and prosper plan __PUNCT__
it start with cut tax __PUNCT__ cut spend __PUNCT__ cut burdensom regul __PUNCT__ and enact an effect american energi polici __PUNCT__
we must make america onc again the most desir countri in the world for job creat invest __PUNCT__
to do thi we need a bold seri of four tax cut __PUNCT__
we should elimin the capit gain tax and the death tax __PUNCT__
we should reduc america corpor tax rate __PUNCT__ now the second highest in the industri world __PUNCT__ to __NUM__ __PUNCT__
and we should allow for __NUM__ __PUNCT__ expens of invest in new equip __PUNCT__
we should also not rais current tax rate now __PUNCT__ or in the futur __PUNCT__
i will block ani propos tax increas in __NUM__ and beyond __PUNCT__
it make no sens to rais tax and kill more job in a deep recess __PUNCT__
the obama approach on energi ha been to erect barrier that prevent us from take advantag of our vast american natur resourc __PUNCT__
in the process __PUNCT__ the price of a gallon of ga ha gone up by nearli two dollar sinc he took offic __PUNCT__
we need an american energi polici that favor less expens gasolin __PUNCT__ diesel __PUNCT__ natur ga __PUNCT__ and electr __PUNCT__
we also need sever pro __PUNCT__ growth regulatori reform that remov obstacl to job creation __PUNCT__
thi begin with repeal obamacar and replac it with a pro __PUNCT__ job __PUNCT__ pro __PUNCT__ respons plan that focus on patient power and put doctor and patient in charg of health decis instead of bureaucrat __PUNCT__
the gingrich job and prosper plan will be a dramat revers of the polici of the obama administr __PUNCT__
it take respons out of washington and put it in the hand of american entrepreneur and consum __PUNCT__
you can find all the detail of the gingrich job and prosper plan at __URL__
howev __PUNCT__ there is littl hope that these tax and regulatori chang will sustain long __PUNCT__ term econom growth if thei ar not also accompani by a fundament reapprais and restructur of the feder reserv and the repeal of the dodd __PUNCT__ frank legisl __PUNCT__ which ar the focu of my remark todai __PUNCT__
let start with the feder reserv __PUNCT__
the oper of the feder reserv have an extraordinari impact over our everydai live __PUNCT__
the fed influenc how much monei is circul in the economi __PUNCT__ the valu of the dollar __PUNCT__ and what we pai to borrow from bank in the form of interest rate __PUNCT__
sinc the enact of legisl in __NUM__ known as the humphrei __PUNCT__ hawkin act __PUNCT__ the fed ha had a dual mandat __PUNCT__ maximum employ and stabl price __PUNCT__
these two goal ar incompat __PUNCT__
as a part of a thorough reapprais of the role of the feder reserv system __PUNCT__ congress should immedi narrow the focu of the fed to the sole goal of stabl price __PUNCT__
senat bob corker mai have said it best when he describ the fed as have todai a __PUNCT__ bipolar mandat __PUNCT__ thi mean that the same polici that the fed us to encourag job and econom growth ar also the mechan that most danger weaken the valu of the dollar by promot inflat __PUNCT__
for exampl __PUNCT__ the fed might increas the monei suppli substanti in the belief that such monetari expans will spark econom growth __PUNCT__
but a fed that flood the economi with new dollar in an attempt to stimul econom growth and new job is a fed that decreas the valu of everi dollar in everi american pocket through higher inflat __PUNCT__ make everi american poorer __PUNCT__
look at what ha alreadi happen __PUNCT__
todai we have a dollar that is stunningli weaker than it us to be __PUNCT__ and the price of everyth from gasolin to groceri is steadili drift upward __PUNCT__
a dollar in __NUM__ onli bui what __NUM__ cent did in __NUM__ __PUNCT__
the euro and dollar were at pariti in __DATE__ __PUNCT__ todai __PUNCT__ the dollar onli bui __NUM__ euro cent __PUNCT__
that right __PUNCT__ even as the greek economi crumbl __PUNCT__ threaten a domino effect across southern europ __PUNCT__ the euro is still worth nearli __NUM__ percent of the dollar __PUNCT__
histor low interest rate made possibl by fed polici over the past decad fuel an inflationari hous bubbl __PUNCT__
home price explod due in part to the avail of cheap credit onli to collaps disastr in __NUM__ and __NUM__ __PUNCT__
as a result __PUNCT__ the averag american home is worth no more than it wa a decad ago __PUNCT__
the fed dual mandat also neg affect job creation __PUNCT__
to put it briefli __PUNCT__ we will never be abl to achiev sustain long __PUNCT__ term job creation in thi countri if the fed continu to artifici affect the level of interest rate __PUNCT__
artifici interest rate distort invest decis all across the economi __PUNCT__ result in a misalloc of product resourc that cannot be sustain over the long term __PUNCT__
eventu __PUNCT__ artifici low rate lead to an econom bust and widespread job loss __PUNCT__
onli when interest rate ar no longer manipul can busi and entrepreneur determin the right invest that can in turn lead to sustain job creation throughout the economi __PUNCT__
__PUNCT__ dure the __NUM__ financi crisi __PUNCT__ the power of the feder reserv took center stage __PUNCT__
in the heat of the crisi __PUNCT__ the fed made thousand of emerg loan to bank and other larg institut for reason that ar not entir clear __PUNCT__
these loan total at least three trillion dollar __PUNCT__
at the time __PUNCT__ all of thi monei wa lent out with complet secreci __PUNCT__ with no oversight from our elect repres in congress __PUNCT__
we ar onli begin to learn about the true natur and scope of the lend __PUNCT__
what we ar discov is shock and infuri __PUNCT__
if that were not bad enough __PUNCT__ feder reserv chairman bernank then spent the next two year fight to make sure the american peopl did not know who actual receiv ani of thi monei __PUNCT__
now __PUNCT__ thank in part to a tenaci effort by bloomberg and the fox busi channel __PUNCT__ along with commit legisl __PUNCT__ the fed ha begrudgingli made two round of disclosur about who got the monei and how much between __NUM__ and __NUM__ __PUNCT__
the truth is shock __PUNCT__
for exampl __PUNCT__ between __NUM__ and __NUM__ the fed extend dozen of loan __PUNCT__ total at least five billion dollar __PUNCT__ to the arab bank corpor __PUNCT__
a major sharehold of the arab bank corpor is the central bank of libya __PUNCT__ which is control by muammar gaddafi regim __PUNCT__
other exampl show that while the treasuri wa bail out the american auto industri __PUNCT__ the fed wa busi purchas secur from foreign competitor __PUNCT__ includ german firm bmw and volkswagen __PUNCT__ and japanes firm toyota and honda __PUNCT__
it is a fact that the fed also purchas hundr of billion of dollar worth of secur from foreign bank __PUNCT__ includ germani deutsch bank and switzerland credit suiss __PUNCT__
and dure thi time the fed extend billion of dollar in commerci credit to american corpor giant __PUNCT__ such as gener electr __PUNCT__ verizon __PUNCT__ caterpillar __PUNCT__ and mcdonald __PUNCT__ in late __NUM__ and earli __NUM__ __PUNCT__
with so much activ go on behind the close door of the feder reserv in washington and new york __PUNCT__ we must undertak a full __PUNCT__ scale and comprehens audit of the feder reserv __PUNCT__
we should never again have to go to court and beg to find out what action the politician and bureaucrat ar do that risk depreci the dollar and expos the taxpay to enorm loss __PUNCT__
it is our right to know now who got the monei and why __PUNCT__
a few bold measur by congress and media outlet have begun to shed light on exactli what happen dure the crisi __PUNCT__ but we deserv the whole stori __PUNCT__
a comprehens audit of the feder reserv and a narrow of it statutori mandat should onli be the begin of reassess the role of the feder reserv __PUNCT__
decis by unelect and larg unaccount feder reserv bureaucrat natur leav american feel outrag and helpless __PUNCT__ especi when these decis have as a consequ the debas of our currenc and the bail out of favor interest __PUNCT__
unfortun __PUNCT__ thi idea that we would want a dramat more limit feder reserv is not veri popular in washington __PUNCT__
and let me sai in thi regard that there is no elect offici who ha done a greater job of bring to public attent the veri seriou problem rais by the oper of the feder reserv than texa congressman and presidenti candid ron paul __PUNCT__
we all ow him a debt of gratitud for focus our attent on the veri real eros of american freedom and prosper caus by the action of the feder reserv __PUNCT__
__PUNCT__ the second subject of my remark todai concern the legisl known as __PUNCT__ dodd __PUNCT__ frank __PUNCT__
i believ that the dodd __PUNCT__ frank legisl is the most destruct assault on busi in a decad __PUNCT__
thi legisl posit discrimin against independ and commun bank and buri them under a blizzard of red tape and regul __PUNCT__ make it hard for them to surviv __PUNCT__
yet __PUNCT__ independ and commun bank ar the veri lifelin to american small busi __PUNCT__ which ar themselv the engin of american job creation __PUNCT__
these independ and commun bank support over half of the small busi loan made in america __PUNCT__
fewer independ and commun bank mean fewer small busi loan __PUNCT__ which mean fewer job and rise unemploy __PUNCT__
it is a job kill equat that that author of dodd __PUNCT__ frank appar never bother to evalu __PUNCT__
becaus dodd __PUNCT__ frank is legisl that kill job __PUNCT__ it must be repeal __PUNCT__
it is yet anoth exampl of the left overreact to a crisi by alloc massiv new regulatori power to bureaucrat __PUNCT__ the same bureaucrat who claim to have been in control immedi prior to the crisi __PUNCT__
we saw thi same faith in bureaucraci phenomenon in __NUM__ with the passag of the sarban __PUNCT__ oxlei act __PUNCT__ which place prohibit expens complianc burden on publicli trade firm and erod american competit and which is still kill job todai __PUNCT__
accord to the u. __PUNCT__ chamber of commerc __PUNCT__ dodd __PUNCT__ frank contain __NUM__ mandat rulemak __PUNCT__ anoth __NUM__ suggest rulemak __PUNCT__ and provid for __NUM__ report and __NUM__ studi __PUNCT__
dodd __PUNCT__ frank harm small independ and commun bank in two princip wai __PUNCT__
first __PUNCT__ it creat two class of bank __PUNCT__
big bank that have the back of the feder govern __PUNCT__ and small bank that do not __PUNCT__
dodd __PUNCT__ frank propon claim that it end __PUNCT__ too big to fail __PUNCT__ the practic of the govern guarante that it will us taxpay dollar to save a fail bank __PUNCT__ so long as it is big enough __PUNCT__
howev __PUNCT__ the govern will be give special attent to the big bank that it deem to be __PUNCT__ system import __PUNCT__ as my former colleagu at the american enterpris institut peter wallison point out __PUNCT__ these big bank mai be scrutin more heavili than other __PUNCT__ but thei will also have implicit guarante for govern support that other will not have __PUNCT__
__PUNCT__ the __PUNCT__ dodd __PUNCT__ frank __PUNCT__ dfa chang the competit environ for financi servic in the unit state by provid for differ regul of larg firm than small on __PUNCT__
in effect __PUNCT__ the firm that ar design as system import have been declar too big to fail __PUNCT__
while the act also provid that these firm cannot be bail out in the event of their failur or financi distress __PUNCT__ it give the feder deposit insur corpor enough author and discret to save most if not all of their creditor from loss in the event of their failur __PUNCT__
thi __PUNCT__ togeth with the fact that these firm will be special regul by the fed __PUNCT__ will creat moral hazard __PUNCT__ the creditor of these compani will believ that thei face lower risk of loss than the creditor of other compani __PUNCT__
for thi reason __PUNCT__ the compani design as system import will like have a lower cost of fund than their smaller competitor and thu an unfair competit advantag that will suppress competit from smaller firm __PUNCT__ with govern back __PUNCT__ these big bank will have substanti competit advantag over their smaller competitor who will be left to fend for themselv __PUNCT__
major investor will put their monei in govern guarante too big to fail bank and avoid small independ bank which will be starv of major depositor __PUNCT__
second __PUNCT__ dodd __PUNCT__ frank will creat stagger new cost that bank will have to pai in order to compli with all of the new regul __PUNCT__
as with ani new regulatori burden __PUNCT__ smaller institut ar at a sever disadvantag compar to larger institut when it come to complianc __PUNCT__
goldman sach will be abl to hire __NUM__ lawyer in order to compli with new rule without much of a problem __PUNCT__
but for smaller bank that serv commun __PUNCT__ even bring in on new employe to deal with complianc could make the differ between turn a profit and go out of busi __PUNCT__
commun bank have been urg to keep substanti more capit on hand in order to pai for the new regul in dodd __PUNCT__ frank __PUNCT__
thei have been told that thei mai have to merg or els risk shut down complet __PUNCT__
thi would be a tragedi __PUNCT__ and devast for anyon who want to start or expand a small busi and creat job for the __NUM__ million american current unemploi __PUNCT__
and the bureaucrat rulemak goe on __PUNCT__
regul ar now consid a rule aris from dodd __PUNCT__ frank that would penal bank for make home loan to anyon except borrow will to put a __NUM__ percent down payment on a new home __PUNCT__
such a propos rule reflect a fundament misguid worldview that prevail in washington __PUNCT__ that bureaucraci know best __PUNCT__ that bureaucraci ar capabl of effect central econom plan __PUNCT__ that bureaucraci and their rulemak ar superior to the price and practic that aris from the give and take of a free market __PUNCT__
when we have a greater home price reduct than in the great depress doe it make ani sens to make it even harder to bui a hous thu further depress hous valu __PUNCT__ when on out of everi four american home is worth less than it mortgag doe it make ani sens for our govern to make a hous reviv even more difficult and even further awai __PUNCT__ of cours not __PUNCT__
two major step toward a recoveri in job and hous valu ar clear __PUNCT__
first __PUNCT__ repeal the dodd __PUNCT__ frank law immedi __PUNCT__
second __PUNCT__ audit and reform the feder reserv system __PUNCT__
these ar action washington can take to clear the path to creat job and rais home valu __PUNCT__
these ar action we should all demand that washington take now __PUNCT__
thank you __PUNCT__
