Ryan criticizes Federal Reserve at Florida rally

Associated Press
Republican vice presidential candidate, Rep. Paul Ryan, R- Wis. speaks at the Values Voters Summit in Washington, Friday, Sept. 14, 2012.  (AP Photo/ Evan Vucci)
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Republican vice presidential candidate, Rep. Paul Ryan, R- Wis. speaks at the Values Voters Summit in Washington, Friday, Sept. 14, 2012. (AP Photo/ Evan Vucci)

OLDSMAR, Fla. (AP) — Republican Vice Presidential candidate Paul Ryan thinks the Federal Reserve is making a mistake in its new effort to prop up the economy.

Ryan spoke to a rally along Tampa Bay's shore Saturday. He said the Federal Reserve's plan to spend $40 billion a month to buy mortgage bonds in an effort to keep interest rates low won't work.

He said it will help banks and Wall Street but not people. He called the idea "sugar-high economics." Ryan's comments came during a speech that often criticized President Barack Obama's economic policies.

The Wisconsin congressman and top budget writer in the House said Obama inherited a bad situation and made it worse.

He stressed how important Florida, with its 29 electoral votes, is in electing GOP nominee Mitt Romney.

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