__PUNCT__ remark join in progress __PUNCT__ __URL__ instead of think cut govern spend by __MONEY__ trillion is a detriment __PUNCT__ it a bless __PUNCT__
it a help __PUNCT__
it would be spent __PUNCT__ the monei would be spent more wise __PUNCT__
and the alloc of credit would be the same thing __PUNCT__
todai __PUNCT__ the feder reserv doe everyth to sai that thei will alloc credit to their friend in the bubbl format and to their friend when the bubbl burst and thei need their bailout __PUNCT__
at the same time individu __PUNCT__ middl class peopl __PUNCT__ peopl who don't want to specul in the stock market and thei want to assum respons and save monei __PUNCT__
so __PUNCT__ what do thei do __PUNCT__ thei put their monei in a c.d __PUNCT__
and bernank liter laugh at peopl and sai __PUNCT__ well __PUNCT__ the fact thei onli get __NUM__ percent or __NUM__ percent __PUNCT__ that unfortun __PUNCT__
but we have to take care of those of those who ar go to stimul the economi and give the monei to the banker __PUNCT__
so __PUNCT__ what we need __PUNCT__ the alloc of credit should come from the marketplac __PUNCT__
and peopl should be encourag to save __PUNCT__ but there no encourag todai __PUNCT__
what do thei do __PUNCT__ thei take monei and sai __PUNCT__ we ar go to take care of the elderli when thei retir and we go to have social secur benefit __PUNCT__
at the same time __PUNCT__ thei were wish for and thei deliber debas the currenc __PUNCT__ which is a moral and econom issu __PUNCT__
so the peopl receiv benefit right now __PUNCT__ ar thei keep up with the cost of live __PUNCT__ no __PUNCT__
thei lose __PUNCT__
but if you ask bernank and crew over there __PUNCT__ thei sai __PUNCT__ oh __PUNCT__ no __PUNCT__ inflat is onli __NUM__ percent or __NUM__ percent __PUNCT__
don't worri about it __PUNCT__
but what if your inflat is __NUM__ percent or __NUM__ percent __PUNCT__ somebodi steal from you __PUNCT__
it theft __PUNCT__
the founder call it counterfeit __PUNCT__
__PUNCT__ applaus __PUNCT__ but becaus the govern is too big __PUNCT__ we have to ask a coupl of question __PUNCT__
we have to ask __PUNCT__ what should the role of govern be __PUNCT__ should it be to oper an entitl system __PUNCT__ a lot of peopl in thi countri have come to believ that entitl is equival to have a right __PUNCT__
and we should sort that all out __PUNCT__
you have a right to your life in a natur wai __PUNCT__
you don't get your life or your liberti from the govern __PUNCT__
you get them in a natur wai __PUNCT__
and we should sai that the entitl system is not a moral right __PUNCT__
entitl mean the govern is go to give you someth for free __PUNCT__
oh __PUNCT__ the govern can give you free educ __PUNCT__ free food __PUNCT__ free hous __PUNCT__ free medic care __PUNCT__
but where is the govern __PUNCT__ where is the govern get __PUNCT__ thei never produc a thing __PUNCT__
the onli thing govern can do is steal it from product individu and give it to anoth on __PUNCT__
it total destruct __PUNCT__
__PUNCT__ applaus __PUNCT__ where we have a right to our own life and should have the right to the product of our labor __PUNCT__ you don't have a right to your neighbor wealth __PUNCT__
you can't go in and steal from your neighbor just becaus thei have more than you do __PUNCT__
__PUNCT__ applaus __PUNCT__ but you shouldn't have the right to send a politician or a congressman to go into your neighbor hous and take what thei have becaus you want it __PUNCT__
it not right __PUNCT__
it not fair __PUNCT__
and it doesn't work __PUNCT__
__PUNCT__ applaus __PUNCT__ but if we want to give those who want the redistribut of wealth __PUNCT__ you know __PUNCT__ the benefit of the doubt mani of them ar well __PUNCT__ motiv __PUNCT__
thei realli care about the poor and thei don't understand econom __PUNCT__
thei don't understand how govern destroi the product of wealth __PUNCT__
so __PUNCT__ thei realli want to help peopl __PUNCT__
and take for instanc the hous __PUNCT__
well __PUNCT__ it nice __PUNCT__ everybodi should have a hous even if thei can't afford it __PUNCT__ you know __PUNCT__ so __PUNCT__ thei devis a system __PUNCT__ print a lot of monei and pass out the monei and have you know affirm action program __PUNCT__ you forc bank to give loan to peopl who don't qualifi and then give special benefit to organ like fanni mae and freddi mac where their execut make hundr of million of dollar __PUNCT__
and then everybodi will get a hous __PUNCT__
and the number of peopl who had hous actual went up __PUNCT__
but also __PUNCT__ there were a lot of peopl make a lot of monei on thi __PUNCT__ the peopl who were churn the credit __PUNCT__ the peopl in the mortgag market __PUNCT__ the peopl in the build trade __PUNCT__ the peopl that got into the deriv busi __PUNCT__
and thei were do great and the hous kept go up in price __PUNCT__
it like a perpetu monei machin __PUNCT__
how could it ever go wrong __PUNCT__ the peopl could keep borrow against the rise price __PUNCT__
except for on thing __PUNCT__ the austrian free market knew exactli what wa go on __PUNCT__
thei understood it clearli and sai it will not last __PUNCT__
thi is an artifici bubbl creat by the feder reserv and the u. __PUNCT__ congress and it would collaps and it did __PUNCT__
__PUNCT__ applaus __PUNCT__ a characterist of systemat debas of a currenc if that all you ar deal with is just a debas of a currenc and devalu the middl class suffer __PUNCT__ the wealthi benefit becaus there a transfer of wealth __PUNCT__
the peopl in the middl class get to us the monei last when it ha less valu and the price go up and thei pai the inflat tax __PUNCT__
but to the peopl who get the monei first __PUNCT__ the govern __PUNCT__ the politician who get to us it __PUNCT__ big busi and big bank and the militari industri complex __PUNCT__ thei get to us the monei first __PUNCT__ so thei have an advantag __PUNCT__
but what happen when the bubbl collaps __PUNCT__ becaus thei ar so in charg __PUNCT__ becaus the special interest have so much charg of the monetari system and the system of our foreign polici __PUNCT__ thei will yell and scream and thei sai there a depress come __PUNCT__ there a depress come __PUNCT__ and we need bailout __PUNCT__
if you don't do thi __PUNCT__ we have a depress __PUNCT__
and thei were right about on thing __PUNCT__ there would have been a depress for the rich peopl __PUNCT__
thei would have gone bankrupt __PUNCT__
and instead __PUNCT__ thei got the bailout and we got the bankruptci __PUNCT__
__PUNCT__ boo __PUNCT__ so the middl class bore the burden of assum the debt and the big bank got bail out __PUNCT__
but it still in process __PUNCT__
thei still want to do thi __PUNCT__
the onli limit factor right now is the fact that there go to be an econom limit to how much __PUNCT__ how mani dollar can be print __PUNCT__
we ar __PUNCT__ we did in the bailout __PUNCT__ you know __PUNCT__ the congress appropri __MONEY__ trillion __PUNCT__
that get to be a fair sum of monei __PUNCT__
but the fed wa involv with __MONEY__ trillion or __MONEY__ trillion of churn credit and bail out their friend __PUNCT__ domest and intern __PUNCT__ intern govern and bank __PUNCT__
and thei still in a posit to do thi and thei behind the scene promis europ __PUNCT__ well __PUNCT__ we be there __PUNCT__
the dollar will take care of it __PUNCT__
the dollar is __PUNCT__ and our credit is devalu onc alreadi __PUNCT__
it get readi to devalu again __PUNCT__
and peopl ar start to wake up and sai __PUNCT__ you can't keep print monei and spend monei on our own debt and think you can bail out the world __PUNCT__ no more than we can be the policeman of the world __PUNCT__ we can't be the financi caretak of the world either __PUNCT__
__PUNCT__ applaus __PUNCT__ so __PUNCT__ we have to be prepar for what happen and __PUNCT__ fortun __PUNCT__ the peopl in thi countri ar steer __PUNCT__
and thi elect is chang a tone __PUNCT__
it the first time in __NUM__ __PUNCT__ year histori of the feder reserv that the feder reserv ha becom an issu in thi campaign __PUNCT__
__PUNCT__ applaus __PUNCT__ but if we reject the notion of the fail polici of the entitl welfar state which we ar in the midst and peopl ar realiz it fail __PUNCT__
even those on the receiv end ar get pretti worri __PUNCT__ too __PUNCT__ becaus thei know thi can't continu __PUNCT__
but we also have to ask our question about the foreign polici __PUNCT__
the constitut is rather clear __PUNCT__
the presid is the command __PUNCT__ in __PUNCT__ chief and we should have a strong nation defens __PUNCT__
we should defend our countri __PUNCT__
we should have __PUNCT__ you know __PUNCT__ protect of nation secur __PUNCT__
and that is a precis function that we should have __PUNCT__
but that is on area where we don't have to worri veri much right now becaus we have the strongest militari in the histori of the world __PUNCT__
there no power in the world even if thei all got togeth __PUNCT__ we ar so power becaus we have more weaponri than everybodi els put togeth __PUNCT__
so __PUNCT__ we ar not go to be attack __PUNCT__
nobodi is on the verg of invad us __PUNCT__
and yet what ar we do __PUNCT__ we have distort thing by distort our defens __PUNCT__ becaus not onli do we allow our presid to go to war __PUNCT__ we allow our presid to go to war under nato and u.n __PUNCT__ resolut __PUNCT__
that wrong __PUNCT__
__PUNCT__ boo __PUNCT__ but what we have to do is decid that how much engag we should have around the world __PUNCT__
i think we should have plenti __PUNCT__
it should be engag with trade and friendship and travel and express of idea __PUNCT__
__PUNCT__ applaus __PUNCT__ i alwai find it interest that those who will challeng our view on nonintervent in foreign polici will sai __PUNCT__ oh __PUNCT__ you gui ar a bunch of isolationist __PUNCT__
actual __PUNCT__ it the opposit of isol __PUNCT__
we don't want to build fenc and border and terrorist and all thi __PUNCT__
thei usual ar the on who want to put on the sanction and the terrorist __PUNCT__
and then thei call us the isolationist __PUNCT__
matter of fact __PUNCT__ i don't know if you have listen to the debat __PUNCT__ i have been veri explicit about who the real isolationist ar __PUNCT__
it the on who ar resist our effort to open up diplomat relationship and trade with cuba __PUNCT__
that what we need to be do __PUNCT__
__PUNCT__ remark continu but no addit transcript is avail __PUNCT__
