Flashback 2000: Ron Paul Warns Of Fannie and Freddie Dangers

In honor of Fannie and Freddie being downgraded today, it's time to look back.Flashback 2000 to Ron Paul's warning on November 13,2000:

Even in the midst of our great imaginary budgetary surpluses, there has been no effort to cut. Once the economy tends to slow and more problems are apparent, expenditures are going to soar not only because of future problems but because of the new programs recently initiated. A huge financial bubble has been created by the GSEs, such as Fannie Mae and Freddie Mac. The $33 billion of shareholder equities in these two organizations has been leveraged into $1.07 trillion worth of assets- a bubble waiting to be pricked. The Congress has reacted to all these events irresponsibly by increasing spending, increasing tax revenues, doing nothing to reduce regulations, and being totally apathetic toward the dollar and monetary policy. We in the Congress have a moral and constitutional obligation to protect the value of the dollar and to understand why it is so important to the economy that a central bank not be given the unbelievable power of inflating a currency at will and pretending that it knows how to find tune an economy through this counterfeit system of money.

Would you rather listen to Ron Paul or Nobel Prize winning economist Joseph Stiglitz who said the risk of Fannie and Freddie blowing up and costing tax payers any money was "effectively zero." ???