DATE: Friday, December 14th at 6PM ET
PROGRAM: "Mad Money w/Jim Cramer"
The following is the unofficial transcript of a CNBC interview with Congressman Ron Paul on CNBC's "Mad Money w/Jim Cramer" today at 6 PM ET. All references must be sourced to CNBC.
In the interview, Paul discusses his position on the Fed and being a YouTube sensation, his presidential campaign and mortgage issues, among other topics.
JIM CRAMER, host: You know I am no fan of the Federal Reserve these days. You know that I think the Fed has hurt this stock market and this US economy. Frankly, I think the Federal Reserve has run amok. It's become totally unaccountable. Tonight, I think I've found a fellow traveler, Congressman Ron Paul, who's running for president as a Republican and has been highly critical of the Federal Reserve. I'm inviting all the candidates to swing through MAD MONEY to talk about your money. Congressman Paul's position is so important on the Fed and his method of spreading his message for his campaign is so different from everyone else's that we're thrilled to have him on the show tonight.
Welcome, Congressman Paul.
Congressman RON PAUL: Thank you very much. Nice to be with you.
CRAMER: Great to have you. Look, one of the things that's changed, and you're changing it, caucuses and kissing babies, they don't cut it anymore on the campaign trail. This is 2007. YouTube is king in so many ways. I never thought we would have so much in common, Congressman Paul, but you and I have struck a chord and become YouTube sensations. And it's about an unlikely topic. It's about the Federal Reserve, and we know even the younger people--younger people--are into it. Why is it that your message, my message, somewhat critical--absolutely critical of the Fed, is just reaching home to so many young people and actually everyone throughout the country?
Mr. PAUL: Well, to me it's utterly amazing, when I go to the college campuses, I get the loudest applause when I criticize the Fed and indicate that I don't even like the Fed and think we should talk about getting rid of it. So it is an important issue and I think this is the first time in over 100 years that it's become an issue in a presidential campaign. So I'm really excited about it because the monetary issue is something that has driven me to get involved in politics for a long time.