Ryan calls Federal Reserve actions 'insidious'
September 15th, 2012
02:19 PM ET
11 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. Anonymous

    Just yesterday Romney said we need to put money into the economy. No surprise that is another flip flop of his. Most economists agree the Fed's action was right. It gets more money in the economy, banks lend, businesses borrow, businesses hire, people get jobs. What a disfuctional campaign. Romney and Ryan can't even agree.

    September 15, 2012 04:00 pm at 4:00 pm |
  2. doug

    Ryan gives us the facts, and as Democrats the Obama admin responds back with baseless attacks.

    Sure, for the hate filled dishonest Democrat base these fact-less attacks are red meat, but the rest of America, the non-Democrats, are good people who aren't filled with lies and hate.

    Honest, fair-minded, good hearted Americans have a moral obligation to vote Republican. Time and time again, each time the Democrat opens its mouth or types it just supplies more proof of this. No good person would ever support this administration or the Democrat party, dems are in direct contradiction to our moral interests.

    September 15, 2012 04:01 pm at 4:01 pm |
  3. Indy

    It is "Insidious" to get on stage with your Mommy and spew outright lies. I really did have some respect for Paul Ryan but he has sunk to rock bottom since getting the nod for VP and has by far based his pep rallies on lies rather than truth.Since the day Paul Ryan brought his Mother on stage and started lying he just has not stopped lying and has made it very clear he is not out there to support Romney but he is out there for himself and will lie at every opportunity he gets

    September 16, 2012 09:21 am at 9:21 am |
  4. mb2010a

    "Congressman Ryan has no credibility when it comes to helping the middle class..." Truer words were never spoken...

    September 16, 2012 09:22 am at 9:22 am |
  5. brook

    The best way to ease the middle-class's economic burden is soley up to each and every one of us. Take control of your personal finances. Tighten your belts and stop spending money! Keep your cars, stop buying all of the new gadgets, pay off your debts and live within your means. If you do this, you will build your own personal wealth. Budget your money and live like no one else!!

    September 16, 2012 09:35 am at 9:35 am |
  6. Denny

    Regarding this new stimulus money: does anyone know why the government can't just divide the extra billions amongst the American citizens and let us stimulate the economy by purchasing houses, cars, furnishings, etc? We'd pay down mortgages which would feed the banks and give to charities and pay lots of taxes. Instead our tax money goes to the government and so much of it disappears into thin air (or goes to banks anyway). How about giving a lot of it back to us and we'd grow the economy so fast it could become a yearly thing.

    September 16, 2012 09:37 am at 9:37 am |
  7. g

    republicans love housing scams ,banking scans insurance scans -easy money -no work required

    September 16, 2012 09:40 am at 9:40 am |
  8. Lyin Ryan

    More tall tales from the Grimm Old Party

    September 16, 2012 09:47 am at 9:47 am |
  9. jaimie

    Romney and Ryan .......... Laurel and Hardy of the 21st century

    September 16, 2012 09:53 am at 9:53 am |
  10. Anonymous

    "We don't need sugar high economics"

    Says the candidate whose political party has advocated nothing but sugar high economics for the past 30 years.

    September 16, 2012 09:58 am at 9:58 am |
  11. Mike d

    Doug you have to get off fox news more often. The nickname Lyin Ryan did not appear out of thin air for no reason. I'm not going to waste my time recounting why when the information is readily available for any serious citizen to find. To call fact checking baseless attacks is at best lazy, definitely delusional, and at worst, your helping to destroy this country on purpose.

    As far as the hate filled dem base, which party's actions have shown themselves to be warring against women, gays, minorities, the poor, and even the middle class? They only seem to be for old rich guys who want to get even richer. What you term the rest of America seems to be more like 1%, and the 40+% like yourself that simply don't make any sense as your stated policies actually wind up creating an ever growing greater need for socialism.

    Honest, fair-minded, good hearted Americans have a moral obligation to take care of those less fortunate. Are you Christian, Doug? I'm not, yet even I can see this duplicity in your argument.

    September 16, 2012 10:02 am at 10:02 am |
  12. Jim Guinnessey

    Paul Ryan is just another Rick Santorum: two peas in the same rotten pod.

    September 16, 2012 10:07 am at 10:07 am |
  13. deangarr

    Mr. Romney's campaign now has a feeling of desperation.
    This perception drives him to say more and more desperate things.
    It is like an airplane going into a tailspin.
    Very hard to pull out of such a downward spiral.

    September 16, 2012 10:08 am at 10:08 am |
  14. Dave Harris

    The last thing Republicans want is for the government to do anything that actually helps the economy, even though they themselves blame Obama for not having done enough. If unemployment doesn't stay high, if people don't keep losing their houses, if Muslims don't keep attacking us, they can't blame it on Obama. They're probably hoping for a big 9/11-like attack with thousands dead. Whatever's bad for the country is good for Republicans.

    September 16, 2012 10:09 am at 10:09 am |
  15. Mike d

    GOP Deficit spending over the last 30 years has been used for nothing other than to hide the failings of supply side economics. As lower taxes and deregulation have led to more and more money filtering into fewer and fewer hands (away from middle class to the 1%), mounting debt was necessary to give credit to the middle class to have them feel like they were still getting somewhere despite stagnant wealth and wages.

    September 16, 2012 10:15 am at 10:15 am |
  16. Chumlee

    Ryan's mouth is getting him in more trouble as he opens it.

    Ryan is a total fraud, as is Mittens. These two are disgusting extremists who want trouble. They do not want things
    good for America. They want only the bad.

    Obama/Biden 2012

    September 16, 2012 10:16 am at 10:16 am |
  17. Rob

    And lowering revenues via tax cuts are going reduce the deficient ? GOP are quick or criticize but offer no better solutions.

    September 16, 2012 10:21 am at 10:21 am |
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