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Ron Paul: Federal Reserve is why Americans are protesting on Wall Street

Rep. Ron Paul (R-Texas) said Wednesday that as Americans find out what the Federal Reserve is up to, it is “no wonder they are up on Wall Street raising Cain because they know the system is biased against the average person. 

Speaking at the National Press Club, the presidential hopeful said, “The Federal Reserve is bigger and spends more money than the Congress does,” with approximately $15 trillion worth of transactions. 

Herman Cain, another challenger for the Republican nomination, said he believes the ongoing Occupy Wall Street protests were “orchestrated” to help President Obama, and denounced the protesters during an interview published by The Wall Street Journal

“I don’t have facts to back this up, but I happen to believe that these demonstrations are planned and orchestrated to distract from the failed policies of the Obama administration,” Cain said. 

Democrats are rallying behind the Occupy Wall Street movement, with several lawmakers endorsing the protests in New York City that have begun to spread to other cities.

Several liberal House lawmakers endorsed the protests Wednesday, and the leaders of the Congressional Progressive Caucus said they had been inspired by demonstrators who have been arrested and pepper-sprayed during altercations with police.

“We share the anger and frustration of so many Americans who have seen the enormous toll that an unchecked Wall Street has taken on the overwhelming majority of Americans while benefitting the super wealthy,” Democratic Reps. Raul Grijalva (Ariz.) and Keith Ellison (Minn.) said in a news release.