As a speechwriter..
Last night, as is traditional, President Obama's State of the Union told the story of several Americans who have overcome adversity or benefited from the President's policies. One of the stories he told was that of Rebekah and Ben Eherler:
Seven years ago, Rebekah and Ben Erler of Minneapolis were newlyweds. She waited tables. He worked construction. Their first child, Jack, was on the way.
They were young and in love in America, and it doesn’t get much better than that.
“If only we had known,” Rebekah wrote to me last spring, “what was about to happen to the housing and construction market.”
As the crisis worsened, Ben’s business dried up, so he took what jobs he could find, even if they kept him on the road for long stretches of time.Rebekah took out student loans, enrolled in community college, and retrained for a new career. They sacrificed for each other. And slowly, it paid off. They bought their first home. They had a second son, Henry. Rebekah got a better job, and then a raise. Ben is back in construction — and home for dinner every night.
"If only they had known....." If only they had listened to Ron Paul, who warned that America was in the midst of a Fed-created housing bubble that was distorting the housing market, and that when the bubble eventually burst, people like Ben would suffer...and since Ben and Rebekah are not considered "too big to fail," they would not get bailed out by the Treasury or the Federal Reserve.
President Obama did not mention the role the Fed played in Ben and Rebekah's plight -- in fact, he did not mention the Federal Reserve at all, even though changing our nation's monetary policy is the key to fulfilling Obama's proclaimed goals of helping the middle-class, addressing income inequality, and ensuring future generations enjoy a prosperous economy.
Campaign for Liberty is working to make sure President Obama can no longer ignore the Fed by passing Audit the Fed through both houses of Congress and putting it on President's Obama's desk.
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PDFTags: Audit the Fed, Barrack Obama