Wall Street Pares Losses

Closes Difficult Session With Late-Day Rebound; Fed Foresees Slower Economic Growth

(CBS/AP)  Wall Street closed another difficult session lower but well above its worst losses Thursday after a late-day rebound in financial shares lifted many other stock sectors.

Investors still kept their distance from technology shares after a lackluster forecast from Cisco Systems Inc.

Stocks fell after Federal Reserve Chairman Ben Bernanke warned that a raft of economic troubles could dent business growth and after Cisco's comments touched off unease about business spending.

Bernanke, appearing before Congress' Joint Economic Committee with the Fed's economic forecast, warned of threats to the economy but didn't offer solid evidence the bank is prepared to further cut interest rates.

He stressed that the central bank was keeping all options open, saying the Fed would be closely watching economic growth and the threat of inflation.

Going forward, Bernanke said the Fed would not be "dogmatic" in what it might do.

"We will try to make judgments over time as we get more information," Bernanke said, adding at another point that there were a "lot of uncertainties" at present.

The slide seen during much of Thursday's session -- at one point the Dow had fallen another 200 points -- came a day after stocks tumbled amid concerns about continuing credit woes, a weakening dollar and rising oil prices.

There is a crisis of confidence from foreign investors losing faith in the U.S. economy and selling the dollar, which tumbled again today, and a crisis in housing that is only deepening, reports CBS News correspondent Anthony Mason.

"Unless we deal with the subprime crisis and the dollar, we can't save the economy from recession," said Peter Morici, an economist at the University of Maryland.

Investors had fresh reason for concern Thursday about toxicity within the credit markets. Morgan Stanley issued a detailed accounting of its exposure to subprime debt, pleasing investors by eliminating some of the uncertainty that has wracked Wall Street to varying degrees in recent months. But Morgan said late Wednesday its fourth-quarter profit could be reduced by $2.5 billion in write-downs related to troubles in the credit market, a reminder of the widespread damage from soured loans.

According to preliminary calculations, the Dow Jones industrial average fell 33.73, or 0.25 percent, to 13,266.29. The decline comes a day after the blue chips fell 360.92; Wednesday's decline was the third drop of more than 350 points in a month, offering the latest sign of how jittery many investors remain.

Broader stock indicators also came off their lows. The Standard & Poor's 500 index fell 0.85, or 0.06 percent, to 1,474.77, and the technology-heavy Nasdaq fell 52.76, or 1.92 percent, to 2,696.00.

Declining issues outnumbered advancers by more than 8 to 7 on the New York Stock Exchange, where volume came to a heavy 2.17 billion shares compared with 1.66 billion traded Wednesday.

[omega39-2009]

Bernanke: Business growth is set to slow.

Translation, "we''ve outsourced every job possible to increase revenues but the resulting decimation to the middle class means no one has any money to buy our products".

[finewoven]

my . . my -- it''s all pie in the sky!

[condumism]

never buy stocks on their way down. why? wall street floor traders are too hyped up on meth and have no clue when to stop buying after years of upward trending markets.

[gmcnally2]

Wealth is not destroyed in these shifts, it is merely re-distributed to those who already have it. In fact, they are created as a means of ''shearing the sheep'' and taking profit by the wealthy. The FED is a private bank that causes these fluctuations to enrich its patrons. Shut down the Fed, end this fleecing of America. A real government controlled bank could end all this and return all that interest to the taxpayer. ($928B annually, and growing).

[lochlan-2009]

"Stocks Look To Rebound After Sell-Off" It''s a bounce, investors get in after big sell-off''s ride the little rise back up and then sell off again for a quick couple % in a day. They do it all the time.

Is the dollar rising, the mortgage crisis over, Iran switch their currency for oil back to the dollar from the Euro, China not looking to diversify into a stronger currency? No, no, no and no.

[forthepeopl1]

SO GO AHEAD AMERICANS BE WEAK, THIS IS COMMING....IT IS TIME FOR A REVOLUTION,TIME TO STOP BUSH/CHENEY


The violence broke out after an estimated 80,000 ant-iBUSH demonstrators - led by university students - marched peacefully to the Supreme Court to protest constitutional changes that would greatly expand BUSH/CHENEY power if voters agree to the changes in December. Unrest, if it continues, could mar a Dec. 2 referendum on the controversial reforms
The amendments being protested would abolish presidential term limits, give the president control over the Central Bank and let him create new provinces governed by handpicked officials.
The protesters demand the referendum be suspended, saying the amendments would weaken civil liberties and give BUSH AND CHENEY unprecedented power to declare states of emergency.
``Don''''''''t allow AMERICA to go down a path that nobody wants to cross , during the march to the Supreme Court.
BUSH, who was first elected in2000, denies the reforms threaten freedom. He says they would instead move AMERICA toward what he calls ``21st century socialism.''''''''''''''''
In televised comments prior to the unrest, BUSH urged ALL AMERICANS to turn out en masse to vote for the reforms. In reference to the opposition, he said: ``Don''''''''t go crazy.''''''''''''''''

SO GO AHEAD AND VOTE HER IN AMERICA, AND SEE WHAT WILL HAPPEN. THIS IS EXACTLY WHAT THEY WANT...

WITH 250 MILLION AMERICANS THEY CANT KILL US ALL..TIME FOR A REVOLUTION.

[alphaa10-2009]

This is the priceless moment when our free-market capitalists go into hiding. Gone is their brass band and confetti parade. Once again, they must acknowledge Killer Capitalism.

They blame it all (of course) on the feeding frenzy of speculation, of being the last in the herd, and first to be set upon by market mechanics. "Too bad," Bernanke says. "How unfortunate."

But fortune has little to do with it. Capitalism is not a benevolent system in the raw, and everyone knows it is kill-or-be-killed (often zero-sum) by design.

While those who still can play the market claim ours is the greatest country and economic system in the world, they cannot account for a huge and widening gulf between a monied minority, and what is left of the American middle class.

Nor can they explain why third-world scenes haunt our major cities, with people eating garbage and sleeping over grates (if they are lucky). Or why Americans spend 2.5 times more than EU citizens for what is called "healthcare"-- yet our infant mortality lags behind Cuba.

Capitalism is not a doctrine delivered on golden tablets from above, but a system whose imperfections require constant effort to overcome. To the True Believers of left and right goes this challenge-- we must renovate the American economic system to benefit all Americans by something far better than promises of "rising tides" and trickledown effects.

[radiob-2009]

Good post Ozzy, this is reminescent of the early eighties in some respect low economic growth, inflation rising back in to the picture brought about by high oil prices. It took over 7 years to pull out of the last major recession 80-87, lets hope their is no repeat of history. If the fed raises rates like they did in the eighties we will be in a worse shape now than we were then. Any one remember 12% bonds? 10% interest rates?

[terrapin78]

Didn''t the Idiot praise the strength of the US economy last week?

[alphaa10-2009]

CBS reports, "(Bernanke) stressed that the central bank was keeping all options open, saying the Fed would be closely watching economic growth and the threat of inflation."
---
Just about now, I can see Bernanke pulling Greenspan''s old Ouija board from his desk drawer. And from below on the street comes Greenspan''s quavering shout, "Yo! Get yer irrational exuberance here... ! Irrational exuberance, what do I hear?

Ladies and gentlemen, please fasten your seatbelts. We are flying headlong into some turbulence.

As even Greenspan now admits, Bush jumped into the tarbaby of Iraq without a second thought-- though his advisers had plenty. Iraq is about Bush and Cheney''s scarcely concealed oil greed and their appalling policy.

And now that policy has come home to haunt us. At the last, most empires in decay shoot themselves, but always with some idiot at the helm who cannot spend money that he does not have, fast enough.

"Borrow and spend, borrow and spend", goes the Bush mantra on Iraq-- and to provide tax breaks for that miniscule group of his wealthiest friends, whom he dubs the "Havemores". Meanwhile, he cannot spare even enough to help states insure some 9.5 million American kids without health insurance.

[prinzowhales]

Americans, dumb animals that most of them are, are learning--as their grandfathers learned--what happens when you let a gang of international bankers run your money system. Greenspan set you up, Bernanke is knocking you down.

Just keep giving a rat''s behind what the banker controlled media--CBSNBCABCCNNPBSFOX-- tells you about the banker controlled economy. The Reagan-nuts unleashed these privateers, letting them create debt money out of nothing...money supply has outstripped productivity as these same monsters removed production abroad and left paper-shuffling, data-doodling and info-tainment and the service industry here....Just try to get an economy going again that has destroyed its own machine tool industry, whose people are too freakin'' stupid to grow ''taters...

...Keep voting for the mainstream...like a drowning man grasping a brick that some joker tosses him...

Cheers!

[omega39-2009]

My question is will the lower value of the dollar make it cheaper for foreigners to buy our goods, raising factory orders, creating jobs and reducing the deficit.
Posted by sillywilly4

It would if our manufacturing base wasn''t in China.

[frankly6]

Gee...maybe running up record deficits and invading Iraq on a pack of lies wasn''t a good idea after all? Perhaps we should give more tax cuts to billionaires. Maybe that would fix things.

[incog-nito]

Stocks aren''t mixed. They''re tanking big time.

[oscarez]

Herbert Hoover Republican the Great Depression 1928-33 (bad)

Dwight D. Eisenhower Republican recession 1957-58 (bad)

Richard M. Nixon Republican recession 1974 (oil shortage and record high oil prices, inflation out of control)

Ronald W. Reagan Republican recession 1982 (inflation out of control, record high oil prices in 1986)

George W. Bush Republican recession 2008 (inflation out of control, record high oil prices in 2007, very week dollar) Some say Bush is Herbert Hoover reincarnated.

Mr. Bernanke cut the interest rate ASAP.

Vote Republican for recession and to make the rich people richer. All Republican hope to become rich that is why they are Republicans.

[lochlan-2009]

"Bernanke Forsees Slower Economic Growth" - That''s one way of saying we''re in for a major recession.

[oscarez]

"a raft of economic troubles" Oh my, are we going to see Black Friday on Wall Street?

[oscarez]

George H. W. Bush Republican recession 1992 (record high oil prices, unrest at home from an economic recession, and rising crime and violence in the inner cities)

Vote Republican for recession and to make the rich people richer. I have to say it would be nice to be rich but I''m a Democrat for ever.

[kingreb09]

Please go to amazon.com and type in the search box,"THE GAME BY JERRY WEBBER" and then purchase the book entitled "THE GAME" by Jerry Webber. This is a must read book for the entire family and will make for an excellent Christmas gift and the proceeds will go to help a homeless. Tell all of your friends to do the same thing as well. Thank you very much.

[tomar0317]

This is why few folks are happy with 401K retirement plans. Washington has allowed big business to get out of the retirement system by pushing 401k''s because our elected reps destroyed social security. With 401k plans being hurt big time with dumps like this, the common folks again are the ones being hurt.

[prinzowhales]

Want to see something funny?--Watch Bernanke raise interest rates to protect the ''value'' of ''dollar'' further on down the line...

What we need to do is open the borders wide, start some foreign wars and give more tax cuts to corporations and the wealthy, raise corporate CEO salaries so we can get the best leadership that money can buy while we export jobs and more of our industrial base abroad...America needs slave labour like that of GAP in India, or in our prisons where a million non-violent drug ''offenders'' work for peanuts...we need to ''grow'' our prison system...we need more NAFTA, more CAFTA, more WTO obeisance...we need to privatize our interstates and charge tolls...raise the price of energy and demonize the gas--CO2--that life on our planet depends upon! Oh, wait...isn''t this what we are doing now?

Cheers! Vote for the Demo-publican mainstream and get more or the same--or vote for Ron Paul, Kucinich, Gravel and the Constitution Party, Libertarians and other Third Parties for real change and JAIL TO THE CHIEFS!

[prinzowhales]

What they want to do is create a debt so huge that America will be hog-tied to it and unable to manuveur...huge amounts of tax dollars will have to go to service the debt...they will justify the sale of our public properties to the Oligarchs. Our taxes will go from our pockets into ''interest'' to the bankers. It is called leverage.

Our enemy is in Washington! Its time to deal with them--and the people and institutions they represent--the international bankers and interests.

Troops Home Now! to join a War on Usury! The enemy are in the boardrooms of the Bank of England, the FED, CITIBANK, CHASE...They are at the Carlyle Group, Halliburton, Merck, Morgan, Exon, Standard, GM and Deutsche Bank...They are at the Hong-Shang...they creep and crawl through Wall Street...and are at home in the CITY. It is time to restore honesty and integrity to government...to face this enemy and to destroy it!

[fstop100]

No problem, we are in good hands, George and *** have it all under control.....NOT

[starleo146]

My question is will the lower value of the dollar make it cheaper for foreigners to buy our goods, raising factory orders, creating jobs and reducing the deficit. China has had a weak currency for years and their goods are bought everywhere on the cheap, their economy is doing well. Of course I know they have cheaper labor. Is this the plan or the excuse?

Posted by sillywilly4 at 12:27 PM : Nov 08, 2007

I think you hit the nail on the head, scare us, then corporate says no raise, put in a raise freeze, and new employers will go for lower wage.

[starleo146]

You know what is taking a beating 401k''s I think this is a bad way to save.

[antoniof123]

My question is will the lower value of the dollar make it cheaper for foreigners to buy our goods, raising factory orders, creating jobs and reducing the deficit. China has had a weak currency for years and their goods are bought everywhere on the cheap, their economy is doing well. Of course I know they have cheaper labor. Is this the plan or the excuse?

Posted by sillywilly4 at 12:27 PM : Nov 08, 2007

I think you hit the nail on the head, scare us, then corporate says no raise, put in a raise freeze, and new employers will go for lower wage.

Posted by starleo146 at 03:04 PM : Nov 08, 2007

Not completely correct China is a controlled economy. They don''t have to compete they set the competition. Common urban legend. The open market only works in a closed market because other countries and other areas have different goals. If you look the only thing that has gone down in recent years is our economy while wages have remained low across the board.

Problem what to do things are working out the way they said they would.

[denn034]

Is it a coincide that our economic troubles picked up after the Democrats took over Congress? In any event, I think we need a new fed boss that understands how sensitive investors are to his rhetoric.

[fizzal-2009]

their will always be economic termoil when public officals point there fingers and blame banks in collusion for inflating prices of a home when a home is priceless because nobody is gona work for a bunch of monkey beleivin monkey teachin monkey worshpin an idol on top of the city in Philadelphia

[tburzio]

Hey! I don''t know if anybody noticed, but the market is almost back to par, and things are fine again! "Happy days are here again, the skies above are blue again..." You can go nuts watching this thing. "The only thing you have to fear is.. fear itself!"

[logicanada]

If the Bush/Saudi connection controls as much of the worlds oil output as is believed, I think the rising oil prices are their way of picking the carcass clean before the upcoming elections. Bush and his cronies know they won''t get another repub government in place in their lifetimes so they are going to take all they can while the getting is good. All you have to ask is who is profiting from this war and high oil prices. What does it profit them to drag the middle class and poor into the toilet?
Personal wealth is relative to the wealth of the population at large. This is their way of gaining as much as they can and widening the gap so they can afford to lobby future governments into granting their longterm agenda.

[ioweign]

My question is will the lower value of the dollar make it cheaper for foreigners to buy our goods, raising factory orders, creating jobs and reducing the deficit. China has had a weak currency for years and their goods are bought everywhere on the cheap, their economy is doing well. Of course I know they have cheaper labor. Is this the plan or the excuse?

Posted by sillywilly4 at 12:27 PM : Nov 08, 2007

I think you hit the nail on the head, scare us, then corporate says no raise, put in a raise freeze, and new employers will go for lower wage.

Posted by starleo146 at 03:04 PM : Nov 08, 2007

Not completely correct China is a controlled economy. They don''''t have to compete they set the competition. Common urban legend. The open market only works in a closed market because other countries and other areas have different goals. If you look the only thing that has gone down in recent years is our economy while wages have remained low across the board.

Problem what to do things are working out the way they said they would.

Posted by antoniof123 at 03:14 PM : Nov 08, 2007

The dollar is dropping making our goods look good for exporting to foreign buyers but also making all that U.S. debt held by China decease in value - a backdoor method to get the Chinese to increase the value of their currency.

[kingreb09]

Please go to amazon.com and type in the search box, "THE GAME BY JERRY WEBBER" then purchase the book entitled "THE GAME" by Jerry Webber. This is a must read book for the entire family and the proceeds will got to help a homeless. Tell all of your friends to do the same thing as well. And thank you very much.

[usayesterday]

CHINA''''s trade exports out matches the US they can build cars/suv for half the price....

Posted by sunsetbillyb at 04:00 PM : Nov 08, 2007
..........

That is true.

China''s largest car builder, "Chery", is exporting around the world and looking to enter into the U.S. market. They just need some dealers to get on board. Their cars will beat the prices of even the Korean car builders, which have typically been known in the U.S. as the low budget/value option for many buyers. The verdict on quality is still out, but year over year, China''s industries are outpacing the U.S. by leaps and bounds. The only industry China does not have any market in, and still relies on the U.S. for, is the large passenger aircraft industry, (Boeing).

Economists around the world had predicted that China will become the world''s second "superpower" within the next 15 to 20 years.

At their current rate of growth, and our current rate of decline, I would expect China to be the ONLY superpower by 2015, easily.

[mediapreachr]

China is still a Third World country,I don''t care if they''re becoming a superpower.Their economy is strictly controlled.We have to get out of doing business with them as soon as possible.

[mediapreachr]

''Wall Street Pares Losses
Closes Difficult Session With Late-Day Rebound; Fed Foresees Slower Economic Growth''
My kid can bring better excuses to the table than the feds.
This will go on for at least more year-as it was intended.Who wins in the elections will pick up the tab.

[vastr-wcon]

.
Given the fact that there is no rational reason for the markets to go anywhere but drastically down - given the plethora of terrible, and worsening, economic conditions - what is the explantion for the fact that they aren''t doing so? Is it just unparalleled greed/stupidity of investors? Is it the fact that the dollar is so far in the toilet that to foreign investors - with valuable currency - the market is the cheapest they''ve seen? Nobody seems to want to truly analyze the bizarre market behavior; just the same-old meaning phrases are used to describe it. Not good enough.

.

[hypnotoad72]

At least India and China (and Russia) will have glorious economies when the day is done. When somebody says "global", reality shows a globe with a big gaping hole where the North American continent is. Everyone else seems to be prospering... so what''s missing?

[bm6005]

Tighten your seatbelts folks. Offshoring finally comes home to roost. When nobody''''s working, won''''t nobody be buying. America, on the fast track to third world country status. Boosh had better retire in South America because if he''''s here there''ll be a line in Crawford Texas...... In fact we can thank almost all of our gov''''t for selling their employers (us) down the drain. I''''ll be here to remind you!

Posted by bm6005

[mcv57]

I firmly belief that even if the Stock Market crashes, the Welfare and Retirement System will hold everything in place (the absence of Social Secrity; and a mega trout is missing in the economic equation). Now, if Wacko Bush can "Wag the Dog" to the reality of the TRUE worth of the U.S. currency, everything will be rosy here in the massively corrupt government system.

[nskduke1]

If the stock market does indeed crash, it will be the result of the dollar value weakening, inflation, credit, and the failure to see that China businesses and imports are ripping us apart.

[lastdance4]

There goes Every-ones - 401K
Social Security
Veterans Benefits

Except : Of course Government Officials - Who will keep their Life-long Pensions

Lastdance

[emma915]

I wonder. . . .should we find comfort in the fact that even Walmart is suffering. . . .

[jetranger7]

Welcome to the "NWO" (New World Order),thanks to the corrupt and Fraudulent politicians and those that attend the Builderberger Group, whos sole intent is to Destroy the US Economy, slowly so very few people catch on till its too late ! Well its here folks, ready to bite you in the keister, hard, soon you''ll lose everything you got and, soon you''ll find yourself trying desperately to hang on to just what you do have !! With out much success, because of the powers that be, the big corportations will want everything you have or they''ll send in their henchmen and take it from you, and leave you out in the streets, Ohh by the way for those of you that don''t know, the Bush Adminstration is getting ready to send 100-million dollars to MEXICO to help them fight the supposed Drug WAR,, WWW.GLENBECK.COM / WWW.LOUDOBBS.COM / WWW.INFOWARS.COM

[trueprophet]

RON PAUL TAKES ON FEDERAL RESERVE CHAIRMAN
Federal Reserve Chairman Ben Bernanke appeared before the Congressional Joint Economic Committee Chairman, Congressman Ron Paul on November 8th, and had to face some tough criticism. Paul accused the Federal Reserve of "robbery," telling Bernanke, "There''s a dollar crisis out there and people''s money is being stolen," Paul said. "People who have saved, they''re being robbed. I mean, if you have a devaluation of the dollar at 10 percent, people have been robbed of 10 percent." Federal Reserve Chairman Ben Bernanke attempted to dispel that notion by explaining, "If somebody has their wealth in dollars and they''re going to buy consumer goods in dollars, then the only effect it has on their buying power is that it makes imported goods more expensive." Paul disagreed, reminding Bernanke, "Yeah, but not if you''re elderly and you have your wealth in CDs. Their cost of living is going-up no matter what your CPI says," adding finally, "Their cost of living is going up, and they''re hurting. And that''s why the people of this country are very upset."

[trueprophet]

RON PAUL IS THE TAXPAYER''S BEST FRIEND
If he is elected President, Ron Paul will work to abolish the Federal Reserve System as well as the IRS, returning our country to the Gold Standard. He believes, as I do, that our current Income Tax System is unconstitutional, because it is a direct tax that is not equally apportioned as The Constitution requires. Whenever taxes are raised by the federal government, it should be done as The Constitution does require--in an indirect way, which is equally apportioned. This system would benefit all of us, creating more individual wealth, and allowing us to make more decisions for ourselves about our lives. As President, Ron Paul will also work to abolish the Federal Reserve, a group of private banks, run by unelected officials, which loans our government unbacked money which they are allowed to essentially print out of thin air, making each dollar in your pocket worth less all the time, and increasing our national debt to these banks. Worse still. Most of our debt is owned by China (25%) and Saudi Arabia who finance our runaway military spending overseas. This is a threat to our nation. We need to bring our troops home from overseas, and use the trillions we would save thereby to reduce our debt, and to re-invigorate our currency. We can use this money to ensure that Social Security and other essential programs will still be solvent in the future. Vote for Ron Paul. He''s written entire books on the topic of sound economics. ronpaullibrary.org

[trueprophet]

HOPE FOR AMERICA: PRESIDENT RON PAUL

-- No more meddling in other country''s political affairs
-- No more aggressive military actions overseas
-- No more torture prisons
-- No more pseudo-wars like the "War on Drugs"
-- No more IRS and unconstitutional income taxes
-- No more Federal Reserve (the group of private banks which owns our government)
-- No more U.N. (one world government) participation
-- No more NAFTA, CAFTA, WTO or GATT
-- No more North American Union
-- No more federal gun control laws
-- No more illegal aliens pouring-in over our country''s borders
-- No more illegal aliens allowed to roam freely in our streets
-- No more federal Laws which are not authorized by The Constitution
-- No more federal erosion of State sovereignty
-- No more unlimited federal government

They don''t call him "Dr. No" for no reason. The Doctor is in! Join us in this 21st Century political revolution at ronpaul2008.com

"Liberty, when it takes root, is a plant of rapid growth."
- George Washington

"Those who expect to reap the blessing of freedom must...undergo the fatigue of supporting it."
- Thomas Paine

"Ron Paul doesn''t represent your Father''s school of political thought. He represents your Founding Fathers."
- Me

[trueprophet]

WHAT''S RON PAUL''S MESSAGE?
The main thing Ron Paul''s campaign has done thus far is to serve as a clearinghouse for voters like me who feel unrepresented by the Fascisct (globalist Republicans) and their Socialist comrades in crime (globalist Democrats). They''re actually one and the same. It''s all a phony, poorly staged left-right paradigm. Most people, though, are too distracted, dumbed-down, or outright brainwashed by mainstream media, which endlessly regurgitates scientifically-crafted streams of information aimed at keeping their eyes closed to the realities of the world around them, that they fail to recognize this. Those currently in power, and those being groomed to take [major] political power, are preselected by the "global elite," and whomever is eventually elected, will ultimately, serve their will, and not ours. People on the right and those on the left have many differences. Maybe irreconcilable ones. But they have a lot of common beliefs too, and their numbers and anger are of a considerable magnitude. No matter what happens in 2008, I personally believe Ron Paul will influence the national conversation about what the role of the federal government is, how much power the government should have over our lives and how much liberty we should give up for security. These are issues that, frankly, no one else is talking about as seriously and sincerely as Ron Paul. What''s for sure is that his growing army of supporters like me will be a force to be reckoned with in 2008.

[trueprophet]

THEY DON''T CALL HIM "DOCTOR NO" FOR NO REASON
Congressman, Paul never votes for any Bill which he feels is not authorized by The Constitution, regardless of what it might be named. He feels most Laws should be made at the local or State level: the way our Founders intended. We are a Republic, and we have plenty of State lawmakers who are more than willing to make Laws which best serve their constituents. "Ron Paul is one of the easiest people in Congress to work with, because he bases his positions on the merits of issues," says Barney Frank, who has worked with Paul on efforts to ease the regulation of gambling and medical marijuana. "He is independent, but not ornery." Paul has made a habit of objecting to things that no one else objects to. In 2001, he was one of only three House Republicans to vote against the USA Patriot Act. He was the sole House member of either party to vote against the Financial Antiterrorism Act. In 1999, he was the only naysayer in a vote in favor of casting a medal to honor Rosa Parks. Nothing against Rosa Parks. Paul also voted against similar medals for Reagan and Pope John Paul II. He did, however, offer $100 of his own money to help pay for Reagan''s medal, and invited others in Congress to match his offer, but not one Member took him-up on it. Instead, Congress spent YOUR money. He not only routinely opposes resolutions that are unconstitutional, he votes against Bills which presume to advise foreign governments how to run their affairs.

[trueprophet]

RON PAUL TAKES ON FEDERAL RESERVE CHAIRMAN
Federal Reserve Chairman Ben Bernanke appeared before the Congressional Joint Economic Committee Member, Congressman Ron Paul on November 8th, and had to face some tough criticism from Paul concerning the fact that the Fed has been increasing the money supply while at the same time refusing to raise the Prime Interest Rate in order to curb deflation. Paul accused the Federal Reserve of "robbery," telling Bernanke, "There''s a dollar crisis out there and people''s money is being stolen," Paul said. "People who have saved, they''re being robbed. I mean, if you have a devaluation of the dollar at 10 percent, people have been robbed of 10 percent." Federal Reserve Chairman Ben Bernanke attempted to dispel that notion by explaining, "If somebody has their wealth in dollars and they''re going to buy consumer goods in dollars, then the only effect it has on their buying power is that it makes imported goods more expensive." Paul disagreed, reminding Bernanke, "Yeah, but not if you''re elderly and you have your wealth in CDs. Their cost of living is going-up no matter what your CPI says," adding finally, "Their cost of living is going up, and they''re hurting. And that''s why the people of this country are very upset."

[trueprophet]

RON PAUL IS THE TAXPAYER''S BEST FRIEND
If he is elected President, Ron Paul will work to abolish the Federal Reserve System as well as the IRS, returning our country to the Gold Standard. He believes, as I do, that our current Income Tax System is unconstitutional, because it is a direct tax that is not equally apportioned as The Constitution requires. Whenever taxes are raised by the federal government, it should be done as The Constitution does require--in an indirect way, which is equally apportioned. This system would benefit all of us, creating more individual wealth, and allowing us to make more decisions for ourselves about our lives. As President, Ron Paul will also work to abolish the Federal Reserve, a group of private banks, run by unelected officials, which loans our government unbacked money which they are allowed to essentially print out of thin air, making each dollar in your pocket worth less all the time, and increasing our national debt to these banks. Worse still. Most of our debt is owned by China (25%) and Saudi Arabia who finance our runaway military spending overseas. This is a threat to our nation. We need to bring our troops home from overseas, and use the trillions we would save thereby to reduce our debt, and to re-invigorate our currency. We can use this money to ensure that Social Security and other essential programs will still be solvent in the future. Vote for Ron Paul. He''s published three books on the topic of sound economics. ronpaullibrary.org