Ron Paul – House Financial Services Committee Hearing 1/5/09

Ron Paul at today’s House Financial Services Committee “unofficial” hearing concerning the Madoff fraud and financial markets regulation.

Congressman Paul talks about the moral hazard of over-regulation and the irrelevance of the SEC.  He also touches the 3rd rail of politics – correctly naming Social Security as the biggest Ponzi scheme of all.

UPDATE: SEC Said to Examine More Ponzi Schemes After Madoff

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