E2334 CONGRESSIONAL RECORD — Extensions of Remarks November 20, 2008 

Studs had an irrepressible sense of humor 

and delighted in composing his own epitaph: 

‘‘Curiosity did not kill this cat.’’ 

Studs was as much a part of Chicago as his 

friends Nelson Algren and Mike Royko but like 

Mark Twain he is claimed by all America. We 

will miss him. 

f 

IN HONOR OF ANGELO RUSSO 

HON. DENNIS J. KUCINICH OF OHIO

IN THE HOUSE OF REPRESENTATIVES

Thursday, November 20, 2008 

Mr. KUCINICH. Madam Speaker, I rise 

today to celebrate the wonderful life of Angelo 

Russo, upon the joyous occasion of his 100th 

birthday. 

Mr. Russo was born on November 11, 1908, 

in the beautiful village of Caserta, Italy, where 

he farmed his whole life. In 1933, at the age 

of 25, he married the love of his life, the late 

Michelina. Together they raised four children, 

one girl, Giovanna and three boys, Andrea, 

Gennaro and the late Mario. Angelo and 

Michelina were married for forty years until her 

passing in 1973. With an unwavering love and 

commitment to his family, and the realization 

of Italy’s harsh economic climate, Mr. Russo 

gave his blessings to his sons as they left 

home to journey to America in search of opportunities and possibilities. Mr. Russo remained in Italy until 1993, when he packed his 

belongings and said goodbye to all he held 

dear within the valleys and hills of his beloved 

Italian homeland, and at the age of 85, came 

to live with family in America. 

Although adjusting to life in America was difficult at times, Mr. Russo has enjoyed the renewed closeness with his sons and their families. His love for gardening is evident every 

year, as he assists and directs the planting, 

maintenance and harvesting of the family garden. Remarkably, even as he was nearing the 

age of ninety, Mr. Russo was still an avid cyclist, riding his bicycle throughout Greater 

Cleveland’s west side suburbs for ten to fifteen miles at a time. He continues to enjoy 

gardening, red wine, espresso, homemade 

Italian cooking and most of all, he continues to 

covet the love of his family—his children, 

grandchildren and great-grandchildren. 

Madam Speaker and colleagues, please join 

me in honoring Angelo Russo, as we join him 

in celebration of his 100th birthday. Mr. Russo 

is the foundation of his family in America and 

in Italy—and his wonderful life’s journey continues to shine through his frequent smile, wisdom, and kind heart. His life continues to transcend time and distance—spanning an ocean, 

two continents and one hundred years. We 

wish Mr. Russo, and his family—in Cleveland 

and in Caserta, a beautiful birthday celebration 

e desiderare che lei ama, la pace, la salute e 

la felicita` sempre. 

f 

THE AUSTRIANS ARE RIGHT 

HON. RON PAUL OF TEXAS

IN THE HOUSE OF REPRESENTATIVES

Thursday, November 20, 2008 

Mr. PAUL. Madam Speaker, many Americans are hoping the new administration will 

solve the economic problems we face. That’s 

not likely to happen, because the economic 

advisors to the new President have no more 

understanding of how to get us out of this 

mess than previous administrations and Congresses understood how the crisis was 

brought about in the first place. 

Except for a rare few, Members of Congress 

are unaware of Austrian Free Market economics. For the last 80 years, the legislative, judiciary and executive branches of our government have been totally influenced by Keynesian economics. If they had had any understanding of the Austrian economic explanation 

of the business cycle, they would have never 

permitted the dangerous bubbles that always 

lead to painful corrections. 

Today, a major economic crisis is unfolding. 

New government programs are started daily, 

and future plans are being made for even 

more. All are based on the belief that we’re in 

this mess because free-market capitalism and 

sound money failed. The obsession is with 

more spending, bailouts of bad investments, 

more debt, and further dollar debasement. 

Many are saying we need an international answer to our problems with the establishment of 

a world central bank and a single fiat reserve 

currency. These suggestions are merely more 

of the same policies that created our mess 

and are doomed to fail. 

At least 90 percent of the cause for the financial crisis can be laid at the doorstep of 

the Federal Reserve. It is the manipulation of 

credit, the money supply, and interest rates 

that caused the various bubbles to form. Congress added fuel to the fire by various programs and institutions like the Community Reinvestment Act, Fannie Mae and Freddie Mac, 

FDIC, and HUD mandates, which were all 

backed up by aggressive court rulings. 

The Fed has now doled out close to $2 trillion in subsidized loans to troubled banks and 

other financial institutions. The Federal Reserve and Treasury constantly brag about the 

need for ‘‘transparency’’ and ‘‘oversight,’’ but 

it’s all just talk—they want none of it. They 

want secrecy while the privileged are rescued 

at the expense of the middle class. 

It is unimaginable that Congress could be 

so derelict in its duty. It does nothing but condone the arrogance of the Fed in its refusal to 

tell us where the $2 trillion has gone. All Members of Congress and all Americans should be 

outraged that conditions could deteriorate to 

this degree. It’s no wonder that a large and 

growing number of Americans are now demanding an end to the Fed. 

The Federal Reserve created our problem, 

yet it manages to gain even more power in the 

socialization of the entire financial system. The 

whole bailout process this past year was characterized by no oversight, no limits, no concerns, no understanding, and no common 

sense. 

Similar mistakes were made in the 1930s 

and ushered in the age of the New Deal, the 

Fair Deal, the Great Society and the supplysiders who convinced conservatives that deficits didn’t really matter after all, since they 

were anxious to finance a very expensive deficit-financed American empire. 

All the programs since the Depression were 

meant to prevent recessions and depressions. 

Yet all that was done was to plant the seeds 

of the greatest financial bubble in all history. 

Because of this lack of understanding, the 

stage is now set for massive nationalization of 

the financial system and quite likely the means 

of production. 

Although it is obvious that the Keynesians 

were all wrong and interventionism and central 

economic planning don’t work, whom are we 

listening to for advice on getting us out of this 

mess? Unfortunately, it’s the Keynesians, the 

socialists, and big-government proponents. 

Who’s being ignored? The Austrian freemarket economists—the very ones who predicted not only the Great Depression, but the 

calamity we’re dealing with today. If the crisis 

was predictable and is explainable, why did no 

one listen? It’s because too many politicians 

believed that a free lunch was possible and a 

new economic paradigm had arrived. But 

we’ve heard that one before—like the philosopher’s stone that could turn lead into gold. 

Prosperity without work is a dream of the 

ages. 

Over and above this are those who understand that political power is controlled by 

those who control the money supply. Liberals 

and conservatives, Republicans and Democrats came to believe, as they were taught in 

our universities, that deficits don’t matter and 

that Federal Reserve accommodation by monetizing debt is legitimate and never harmful. 

The truth is otherwise. Central economic planning is always harmful. Inflating the money 

supply and purposely devaluing the dollar is 

always painful and dangerous. 

The policies of big-government proponents 

are running out of steam. Their policies have 

failed and will continue to fail. Merely doing 

more of what caused the crisis can hardly provide a solution. 

The good news is that Austrian economists 

are gaining more acceptance every day and 

have a greater chance of influencing our future than they’ve had for a long time. 

The basic problem is that proponents of big 

government require a central bank in order to 

surreptitiously pay bills without direct taxation. 

Printing needed money delays the payment. 

Raising taxes would reveal the true cost of big 

government, and the people would revolt. But 

the piper will be paid, and that’s what this crisis is all about. 

There are limits. A country cannot forever 

depend on a central bank to keep the economy afloat and the currency functionable 

through constant acceleration of money supply 

growth. Eventually the laws of economics will 

overrule the politicians, the bureaucrats and 

the central bankers. The system will fail to respond unless the excess debt and mal-investment is liquidated. If it goes too far and the 

wild extravagance is not arrested, runaway inflation will result, and an entirely new currency 

will be required to restore growth and reasonable political stability. 

The choice we face is ominous: We either 

accept world-wide authoritarian government 

holding together a flawed system, OR we restore the principles of the Constitution, limit 

government power, restore commodity money 

without a Federal Reserve system, reject 

world government, and promote the cause of 

peace by protecting liberty equally for all persons. Freedom is the answer. 


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