By ChrisFederal Reserve insider unfit to lead economic recovery, charges Revolution PAC
Northbrook, IL (PRWEB) October 11, 2011 – From his faulty recession predictions in 2008, to his support of TARP to his resistance to a Federal Reserve audit, GOP presidential candidate Herman Cain is unqualified to shepherd America to honest economic recovery, asserts Revolution PAC.
As conservatives, including Rep. Ron Paul and Newt Gingrich, rally for fiscal transparency, Cain – a former Kansas City Federal Reserve chairman – continues to dismiss the push for a thorough audit of the public-private agency. While Cain asserts in his new autobiography, “I don’t think you’re going to find anything to audit on the Federal Reserve,” Paul’s Domestic Monetary Policy subcommittee has overseen a GAO investigation of the Fed’s crisis response emergency lending that uncovered$16 trillion in emergency loans to foreign banks.
Cain’s pattern of misjudgment and obfuscation is not a recent phenomenon. Just one week before the economic collapse and subsequent banker bailouts in 2008, he went on the record to defend the strength of the financial markets and suggest an “imaginary recession.”
“He was completely clueless about the condition of the economy right up to the moment of collapse,” notes Revolution PAC Chairman Tom Woods.
Cain proceeded to wholeheartedly back, in big government liberal fashion, the controversial Troubled Asset Relief Program, which he deemed a “win-win for the taxpayer.” He flippantly argued, “The ownership by the taxpayers is going to be relatively small and nowhere near the amount needed to be called nationalization. So what’s the problem?”
“We need sweeping, systemic changes, carried out by a real supporter of the free market who sees the whole picture,” Woods urges, “not trivial tinkering by Herman Cain or his friend Mitt Romney, whom he endorsed in 2008.”
Woods continues, “Dr. Paul specifically warned in 2001 that Alan Greenspan and the Federal Reserve, whose NASDAQ bubble had just burst, were in the process of creating a housing bubble. That Ron Paul is the candidate best equipped to lead us back to economic prosperity is nearly undisputed.”
A recent Harris Poll revealed that Ron Paul would prevail over Barack Obama 51 percent to 49 percent in a general election race. Paul stands at 13 percent in New Hampshire, site of the first-in-the-nation primary.
Revolution PAC is bolstering Ron Paul’s consistent, constitutional message with targeted TV advertising campaigns complemented by billboards and radio ads in key primary states. Proceeds will support the airing of game-changing commercials, like the game-changing Plastic Men” in the months to come. Unlimited donations by individuals, businesses and organizations can be made to Revolution PAC.
