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The net effect of all this new funding has been to pump hundreds of billions of dollars into the financial system and bail out banks whose poor decision making should have caused them to go out of business. Instead of being forced to learn their lesson, these poor performing banks are being rewarded for their financial mismanagement, and the ultimate cost of this bailout will fall on the American taxpayers.

Already this new money flowing into the system is spurring talk of the next speculative bubble, possibly this time in commodities. Worst of all, the Treasury Department has recently proposed that the Federal Reserve, which was responsible for the housing bubble and subprime crisis in the first place, be rewarded for all its intervention by being turned into a super regulator.

The Treasury foresees the Fed as the guarantor of market stability, with oversight of any financial institution that could pose a threat to the financial system.

Rewarding poor performing financial institutions is bad enough, but rewarding the institution that enabled the current economic crisis is unconscionable.

US Congressman Ron Paul of Texas enjoys a national reputation as the premier advocate for liberty in politics today. The leading spokesman in Washington for limited constitutional government, low taxes, free markets, and a return to sound monetary policies based on commodity backed currency, Dr.Paul is now standing for the Republican candidacy in the 2008 presidential elections. He is known among both his colleagues in Congress and his constituents for his consistent voting record in the House of Representatives. Dr. Paul never votes for legislation unless the proposed measure is expressly authorized by the Constitution. In the words of former Treasury Secretary William Simon, Dr. Paul is the one exception to the Gang of 535 on Capitol Hill.

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