Ryan calls Federal Reserve actions 'insidious'
September 15th, 2012
02:19 PM ET
2 years ago

Ryan calls Federal Reserve actions 'insidious'

Oldsmar, Florida (CNN) - Republican vice presidential candidate Paul Ryan called the Federal Reserve's latest effort to stimulate the economy "insidious" during a speech to Floridians on Saturday.

The Federal Reserve this week announced a new round of quantitative easing, the central bank's program to increase the money supply by buying up billions of dollars worth of debt held in mortgage-backed securities.

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The week's move by the Fed, known as "QE3," has become a campaign talking point for Republicans, including GOP presidential candidate Mitt Romney.

Critics say the central bank's effort is inflationary, and argue it's yet another sign that President Obama has failed to turn around the limp economy.

"One of the most insidious things a government can do to its people is to debase its currency," Ryan said at an outdoor rally in Oldsmar, Florida. "We want honest money; that means we want honest government. It's one and the same. Now the secret to prosperity is not more money printing."

Ryan said QE3 might help banks on Wall Street but will do little to help middle-class families.

"We don't need sugar high economics; we don't need synthetic money creation," he said. "We need economic growth. We want wealth creation. We don't want to print money. We want opportunity and growth. And when they do this to our money, it undermines the credibility of our money."

The Obama campaign rejected Ryan's effort to tie the administration to big banks, pointing to independent studies showing that Romney's tax plan favors high-income earners at the expense of the middle class.

"Congressman Ryan has no credibility when it comes to helping the middle class," said Obama spokesman Danny Kanner.


Filed under: 2012 • Federal Reserve • Florida • Paul Ryan
soundoff (42 Responses)
  1. NATHAN WIMBERLY

    Because it might just help the economy and stop the suffering of many Americans. The unhinged GOBP tea potty have fought hard to tank the economy and cut jobs. They can't have that.

    September 15, 2012 02:28 pm at 2:28 pm |
  2. Mike

    I think it's rather more insidious to take away voting rights. And more so to act as a mouthpiece figurehead for the very capatalist run amok forces that are attempting to rule this country.

    September 15, 2012 02:30 pm at 2:30 pm |
  3. ThinkAgain: Mittens 'n' Munster are Liars

    If you're looking for "insidious," look no further than the teabaggers who wanted to skip out on our debt obligations by not raising the debt ceiling, resulting in our country's rating being downgraded.

    September 15, 2012 02:50 pm at 2:50 pm |
  4. John

    Ron Paul and the other knuckle draggers in the Republican party would have you believe that doing away with the Federal Reserve is a good thing. Just look at the history through the 1800s and early 1900s (before the Federal Reserve was formed) and you will see financial crisis about every 10 to 15 years as regularly as sin. Is that what Ron Paul ahd the Republicans want, of course it is. Their friends on Wall Street make billions on each crisis. If they don't the Republicans will have the government bail them out.

    September 15, 2012 02:51 pm at 2:51 pm |
  5. ThinkAgain: Mittens 'n' Munster are Liars

    If Munster is so confident he and Mittens will win in November, then why is he still running for his Congressional seat?

    September 15, 2012 02:52 pm at 2:52 pm |
  6. NOTADEMOCRAT

    Dollar down on the Euro
    Price up on Oil
    Nothing wrong here..., if you live in Europe.

    September 15, 2012 02:52 pm at 2:52 pm |
  7. Common Sensus

    "I'd like to talk to you more, but now I have to go improve on my 2-minute mile time."
    -Paul Ryan

    Obama/Biden '12

    September 15, 2012 02:52 pm at 2:52 pm |
  8. NOTADEMOCRAT

    Banks are now unloading their high voltiality mortgages.., onto taxpayers.

    September 15, 2012 02:54 pm at 2:54 pm |
  9. enuff

    Why is he upset? Because he couldn"t say "NO"? Because Koch's and Adelson won't be getting a kick back from this? Does he not realize the Bernake started under Bush, so he is more republican leaning than for Obama? where is Ryan's/Romney's proof that this won't work? Enough words... show me the beef.

    September 15, 2012 02:57 pm at 2:57 pm |
  10. Luis91

    Ryan: "We want wealth creation" – yeah, for those already wealthy. The rest of you can just endeavor to perservere.

    September 15, 2012 02:59 pm at 2:59 pm |
  11. Bobloblaw

    No where is the bankruptcy of the left more obvious than their continued support for QE money printing. QE is nothing more than trickle down monetary policy. Pump asset prices and hope the rich spend more and that will help the lower classes. Meanwhile, QE causes food and energy prices to sky rocket hurting the middle class. Banks pay 0% on interest further hurting retirees income. Yup but the left supports it.

    September 15, 2012 02:59 pm at 2:59 pm |
  12. TAK

    Romney-Ryan would just fiddle as the U.S. economy collapses. At least the Reserve is doing SOMETHING.

    September 15, 2012 02:59 pm at 2:59 pm |
  13. onlyfacts

    Well Ryan you have already proven to us, you won't be bringing honest government if you are elected to the WH. We also know if you and Robme wins and the Fed makes a move that will boost "your" economy we won't hear any complaints. So your not fooling everyone.

    September 15, 2012 03:07 pm at 3:07 pm |
  14. Namejkane sfl a vote for the gop will cut your moms medicare and soc sec .can you afford to pay for them???

    I trust the fed before I would trust you lyin Ryan and how about that 60,000 dallar payoff or bribe that you had to returned in your home state because your name turned up in a federal investagation ,, please explain?????

    September 15, 2012 03:08 pm at 3:08 pm |
  15. NVa Native

    Ryan has lst all credibility with moderates or independents – never had any with progressives – after all the fabricated lies and faux facts. He is the poster boy for what the GOP has truned into – a steamy swamp of greedy and selfish people who are afraid of their own shadow.

    September 15, 2012 03:10 pm at 3:10 pm |
  16. Yonni

    Lyin nomination to the VP of the US is an "insidious"

    September 15, 2012 03:12 pm at 3:12 pm |
  17. Guido56

    Such a lightweight!

    September 15, 2012 03:14 pm at 3:14 pm |
  18. Larry L

    "Lyin Ryan" needs to tell people the truth for a change. His economic plan is a gift to the already rich and a curse for everybody else. He would kill Medicare and Social Security. The working folks would get hammered!

    September 15, 2012 03:15 pm at 3:15 pm |
  19. Thomas

    They should have done this two years ago , they would have made money buying cheep! Look at at all the big corporations that bought and are now renting !

    Ryan is the kind of guy who needs to understand he can't have it both ways !

    This coming from a Ryan who used to lick GW Bush's shoes for a photo op , he makes me ill !

    September 15, 2012 03:16 pm at 3:16 pm |
  20. Namejkane sfl a vote for the gop will cut your moms medicare and soc sec .can you afford to pay for them???

    The new gop key words ate sugar high ,both the gop goof party cansdates have used it this week . I think there both high on creak if they think their going to win this election .and what about the 60,000 dallar bribe Ryan ,sounds like you have your own federal reserved ???

    September 15, 2012 03:17 pm at 3:17 pm |
  21. NVa Native

    Ryan is a career politician goof-ball who can't stay with the truth and/or facts. So yea, he's GOP.

    September 15, 2012 03:21 pm at 3:21 pm |
  22. Anonymous

    Paul Ryan need to understand, there are voters out there who don't give a hoot how valuable a dollar is, they just want a job to get some of those dollars. There are also voters out there who don't care how much taxes they need to pay, they just want a job, and hope they make enough money to pay any kind of taxes. They are hoping they make enough in one year to pay $ 50,000. in taxes. Paul Ryan's problem is his advisors, he acts like he is talking to millionaires, they are the only ones who know anything he is talking about or even care. Most feel, let the dollar depreciate, I don't have enough to even worry about. The only people who care about what Ryan is talking about, is Billionaires and they are already indoctrinated into his way of thinking. Sorry Paul, the truth hurts, but it has got to be told.

    September 15, 2012 03:24 pm at 3:24 pm |
  23. Jason

    I wonder if Mr Ryan would be so up in arms if the Fed had promised another tax break for the "job creators"

    September 15, 2012 03:25 pm at 3:25 pm |
  24. uggugg

    Paul Ryan need to understand, there are voters out there who don't give a hoot how valuable a dollar is, they just want a job to get some of those dollars. There are also voters out there who don't care how much taxes they need to pay, they just want a job, and hope they make enough money to pay any kind of taxes. They are hoping they make enough in one year to pay $ 50,000. in taxes. Paul Ryan's problem is his advisors, he acts like he is talking to millionaires, they are the only ones who know anything he is talking about or even care. Most feel, let the dollar depreciate, I don't have enough to even worry about. The only people who care about what Ryan is talking about, is Billionaires and they are already indoctrinated into his way of thinking. Sorry Paul, the truth hurts, but it has got to be told.

    September 15, 2012 03:26 pm at 3:26 pm |
  25. Stephen Bibb

    It is so easy to sell FEAR tatics to the people and sell them on the notion that our economy will collapse because of the Federal Debt and the Gov is to large and trying to take our freedoms away. That is such none sense. What about Corporate Monopolization, Deregulation and disparity of wealth in this country. What about that? That are what the problems are not size of gov or Federal Debt.

    September 15, 2012 03:37 pm at 3:37 pm |
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