From a congressional hearing, July 16, 2008:
"Our government tells us, well, there is no recession so things must be all right. A lot of people are very angry....
"From my viewpoint, what we need is a world-class dollar, you know, a dollar that is sound, not a dollar that continues to depreciate and not a system where we perpetually just resort to inflation and deficit-financing to bail out everybody. And this is what we've been doing.... The handwriting on the wall is, there's a limit to how many times we can bail the dollar out, because conditions are so much worse today than they have ever been.
"You know, we talk a lot about predatory lending, but I see the predatory lending coming from the Federal Reserve – interest at 1 percent, overnight rates, loaning to the banks, encouraging the banks and investors to do the wrong things, causing all the malinvestment."
