Ron Paul : without the FED interest rates will be much much higher

It is a system that has nothing to do with free market capitalism , it has to do with managed economy and central planning the form of price fixing , interest rates fixed by the federal reserve is price fixing and it should have no part in a free market economy , it is a creation of credit and causing people to make mistakes , and also facilitates the deficits here , congress really does not want to challenge the FED because they spent a lot , and without the FED interest rates will be much much higher , so to me it is a threat to us who believe in personal liberty and limited government , and hardly does the process help the average person , the unemployment rate is up at 20% , the little guy cannot get a loan and yet Wall Street is doing quite well " says Congressman Ron Paul
Congressman Ron Paul gives an opening statement at a hearing on Fed bank supervision and monetary policy. Fed Chairman Ben Bernanke and Paul Volcker are in attendance to testify.