Ron Paul discloses housing bailout bill's money and power grab

Submitted by cpowell on 11:21PM ET Wednesday, July 23, 2008. Section: Daily Dispatches

2:11a ET Thursday, July 24, 2008

Dear Friend of GATA and Gold:

In a videotaped statement Wednesday, U.S. Rep. Ron Paul, R-Texas, disclosed some shocking details of the housing bailout legislation being rushed through Congress:

-- The two troubled federal mortgage agencies, Freddie Mac and Fannie Mae, will be given unlimited access to the U.S. Treasury without requiring any further approval from Congress.

-- The U.S. national debt ceiling will be raised by $800 billion, which suggests that the bailout is expected to cost a lot more than the country is being told.

-- All credit card transactions will have to be reported to the Internal Revenue Service, as if the country isn't under enough government surveillance already.

You can watch Paul's statement at GoldSeek here:

http://news.goldseek.com/RonPaul/121...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.