The Fed Is Already Transparent (Fed bankers attack Ron Paul, say audit will "stifle the recovery")

The Wall Street Journal ^ | 2009-11-10

[rabscuttle385]

The central bank doesn't need more political interference as it decides when to move against inflation.

BY ANIL K. KASHYAP and FREDERIC S. MISHKIN

Under the banner of increasing Federal Reserve transparency, Congressman Ron Paul has sponsored a bill that would subject the Fed's monetary policies to an audit by the Government Accountability Office (GAO). The bill is a veiled attempt to undermine the Fed's independence. If it passes, it will cripple policy making—particularly when it comes to inflation.

It is completely appropriate to hold the Fed accountable for its decisions. But the Paul bill, H.R. 1207, will only produce redundancies: Congress already has multiple ways of finding out what the Fed is doing and why.

[rabscuttle385]

[rabscuttle385]

But the Paul bill, as originally written, won't help with these goals and will only stifle the recovery.

End the Fed!

[TheVitaminPress]

PING

[rabscuttle385]

*Ping!*

[dr_who]

LOL! You forgot to put a puddle underneath Bernanke!

[djsherin]

Ping

[djsherin]

***If it passes, it will cripple policy making***

Considering that interest rates are at 0%, that is probably a good thing.

[MamaDearest]

The only thing a fed audit will stifle will be fed corruption.

Every business that handles money that I've ever worked for has had AUDITS. That the fed is so vigorously contesting theirs is a sign they need time to cover up something......

[TigerLikesRooster]

Of course, you cannot subject to scrutiny the esteemed comrades of Fed who are ‘by definition’ more equal than others.

[dalereed]

” If it passes, it will cripple policy making—particularly when it comes to inflation.”

exactly what is needed!

Quit printing and giving out money and bring on the depression!

[cripplecreek]

AUDIT.

[Frantzie]

The Fed is laying a smokescreen. Ron Paul is right.

I hope his son wins. The conservative GOP and doctors should try to get 10 docs in the House and a few in the Senate in 2010. Ditto with former military conservatives in the house or senate. No dhiminis like General Casey.

[1010RD]

That’s right. Keep the kittens out of the curtains.

[jiggyboy]

Congress already has multiple ways of finding out what the Fed is doing and why.

Now that is comedy gold my friends. It hinges on us pretending that we don't remember how FL Representative Alan Grayson (yes yes I know, more recently known and hated here as the "Die Quickly!" guy) grilled the Fed's Inspector General and made it clear to all that she has no idea whatsoever what's going on there.

http://www.youtube.com/watch?v=cJqM2tFOxLQ

[Publius]

What they fear most is an audit of the basement of the New York Fed, the alcoves where much of our gold -- and the world's gold -- is supposed to be stored.

[Drill Thrawl]

They doth protest too much, methinks.

[Drill Thrawl]

I wonder if I can use the same arguement when the IRS wants to audit me.

[KoRn]

I don’t want them to be ‘transparent’, I just want them all replaced. The Fed seems to be far too politically motivated. That isn’t their place.

Thanks to our irresponsible government, we would be just as well to abolish the dollar, and adapt blades of grass for our new currency. Boxes of bullets would be recognized as ‘supernotes’.

[_Jim]

AUDIT.

Are you unaware of the audits that 'they' have had?

[FromLori]

Democrats gutted his bill we really need to END THE FED not audit them.