Right now our nation is in bad economic shape and further dire consequences could result if we do not elect a President that has a basic understanding of how the economy works and how to fix it. On the surface both Ron Paul and Herman Cain espouse the belief that allowing Free Markets or Capitalism with less but reasonable regulation and taxing structure is the way back to economic prosperity. Both would be correct in this assertion; however only one of these two candidates are truly capable of bringing about this much needed change in our Economy. So let’s break it down.
The Federal Reserve
By now it is pretty well accepted that there are problems at the Federal Reserve, most Republicans, Conservatives, Libertarians, Constitutionalist, TEA Partiers, Independents, some Democrats and heck even OWS supporters agree on this. In short the Fed has been centrally planning the economy through Keynesian economic principles causing the boom and bust cycles with their inflationary and deflationary practices that allow the government to spend us into a $14 Trillion oblivion.
So which candidate has railed against the Fed for decades now? Ron Paul, who has called for an audit of the Fed
Which Candidate has worked for the Fed? Herman Cain as Chairman of the Kansas City branch of the Federal Reserve. He also doesn’t seem to think an audit is necessary. Check out this Exchange between Ron Paul and Herman Cain in the last debate.
“Some people say we ought to audit the Federal Reserve. Here’s what I do know. The Federal Reserve already has so many internal audits it’s ridiculous. I don’t know why people think we’re going to learn this great amount of information by auditing the Federal Reserve…. Here’s the advice I’ve given to people who are worried about an audit of the Federal Reserve. Call them up and ask them! You can stop by and have one of their P.R. people or one of their public relations people explain to you how the Federal Reserve operates. I think a lot of people are calling for this audit of the Federal Reserve because they don’t know enough about it. There’s no hidden secrets going on in the Federal Reserve to my knowledge. And I tell people, we’ve got 12 Federal Reserve Banks. Find out which district you are in, call them up and go from there. We don’t need to waste money with another commission or an audit. That is not necessary because folks, we’ve got a lot of other problems we’ve got to worry about.”
-Herman Cain, December 29, 2010 guest hosting for the Neil Boortz show.
Since then the results of a partial audit have become known in which approximately $16.5 Trillion was secretly “loaned” out, about $5 Trillion of that going overseas.
Herman Cain in his new book has this to say about Paul supporters wanting an audit of the Fed.
“I get the same stupid question at almost every one of these events,” Cain writes. “I know it’s a deliberate strategy. How can a person randomly show up at a hundred events and ask the same stupid question to try to nail me on the Federal Reserve? It’s really becoming annoying more than anything else.”
Who supported the TARP Bailouts and who did not?
Ron Paul did not support the TARP Bailouts.
Herman Cain did.
Here is a column Cain wrote in which he defended the bailouts.
On Tax Policy
Herman Cain has his 999 plan, which we have discussed here before. It’s adding a new tax to our current tax structure and there is no guarantee that the rate for each tax will stay at 9%.
Whereas Ron Paul does not want to add a type of tax but lower taxes and eliminate some taxes. Check out Ron Paul’s ideas on taxes and you will begin to see that Paul thinks you should be able to keep the fruits of your labor not be subjected to some gimmick plan that won’t last.
Here is a more in depth discussion with Norquist on Morning Joe
The Housing Bubble
Who understood the problems with the housing bubble and the economy in general? I think the below clip will prove that one inherently has understood our economic problems for a long time the other needs the right economic advisors around him to help him.
Ron Paul understands the economy and Herman Cain does not.