Posted on 05/15/2010 9:43:35 PM PDT by rabscuttle385
It doesn’t come as too much of a surprise that the measure to audit the Federal Reserve is coming under continuous fire from the central bank and its cronies. For the first time since the Federal Reserve was created nearly a century ago, they have hired an actual lobbyist to pound the pavement on Capitol Hill. This is a desperate effort to hang on to the privilege of secrecy and lack of accountability they have enjoyed for so long. Last week showed they are getting their money’s worth in the Senate.
At the very last minute on the floor of the Senate, supposed compromise language was agreed to and substituted in the Sanders Amendment to the Financial Reform Bill. This language was acceptable to the administration, committee leadership, and to the Fed. The trouble is, while it is better than no audit at all, it guts the spirit of a truly meaningful audit of the most crucial transactions of the Fed. In fact, rather than still calling the Sanders Amendment an audit, maybe it should instead be called more of a disclosure at this point.
The new language of the Sanders Amendment requires a one-time disclosure from the Fed of 13(3) facilities, foreign currency swaps and mortgage-backed securities. Basically, their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms. This would be good, but it's not nearly enough.
Taxpayers are sick and tired of bailing out privileged, dysfunctional institutions that should be allowed to fail in order to stop their ability to wreak havoc on our economy. Perpetuating these corporations at taxpayer expense is not just wasteful, it is actively harmful. It would be good to know what went on in the past, but what about accountability in the future? A one-time disclosure now will not do us a lot of good down the road when the cycle repeats itself and friends of the Fed find themselves in trouble again.
More importantly, agreements with foreign central banks are not touched by the new Sanders Amendment language. At a time when Greece, Portugal, Spain and other countries are experiencing dire financial crises and have their hands out to the international community, we need to know if our Federal Reserve is at all involved in bailing them out. As weary as we are of bailing out companies, the American people would not stand for bailing out entire countries. Our government is wasteful enough in its own affairs without contributing to the waste of other countries. Yet the Fed currently has the tools it needs to do just this, and to do it in secret.
If we cannot take away the Fed’s ability to waste trillions of taxpayer dollars on failing companies and failing countries, at the very least, we can take away their ability to do this with no transparency or accountability to the American people. While the Sanders Amendment no longer contains a full audit, Senator David Vitter has introduced an amendment which contains the Audit the Fed language that passed the House last fall. The Senate must pass the Vitter amendment for full disclosure and full accountability going forward.
You’re the one that’s sick ... you sound like a Anarchist, or at worst.. a liberal PLANT.
mlocher has it right on the money!! goes back to my post... no way should the money policy people and the spending policy people.. be the Same people.
Why don’t you PAULTARDS go find your own sandbox and leave us GROWNUPS ALONE!!!
Nice rant. Honesty equals anarchy. Pay your taxes to those who know whats better for you. Man... TWO sick bastards. WTF.
Not a frequent commenter on the benefits of hiding information these days, not a ‘Paul’ supporter either. Is this what this site is now?
If you’re not a PAULTARD ( which I’m sure you are), that would make you either a TRUTHER, or a TROLL..
As for a SICK BASTARD... YOU are, sir.
Tell you what... show me a way to keep the MONEY SUPPLY OUT OF THE HANDS OF CONGRESS... and I’ll bring the sledgehammer to take down the FED.
but.. PAULTARDS haven’t thought that far ahead.
ZOT PLEASE
**Man... TWO sick bastards. WTF.**
No ..just one ... YOU
You want the Fed to take, redistribute it, and hide it because.... You know better. Sick.
HOW STUPID ARE YOU??? You Cannot be as STUPID as you’re playing now.
YOU’D rather CONGRESS be in Control of the MONEY SUPPLY???
Then, you are even MORE STUPID than your Messiah, RON PAUL.
End of discussion..you Paultards are worthless.. you all sound like LIBERALS.
The guy could not set priorities and was easily distracted. Same as you.
I love how FR is turning into a Ron Paul site.
It's already well established as anti-Palin, now's the time to push Paul.
Awesome!!
That beautiful bikini-clad woman that you are ogling while your home is burning is really the devil. By the time you realize it, it will be too late.
I prefer the current Fed to one that is controlled by congress or the president. I also prefer the Bush economy to one that is being controlled more and more by Obama and the dems. I am trying to save my family, as much as I would like to stop and ogle the beautiful girl.
whatever. Paul is a kook and this site supports that more and more. Yea!!
Paul is a kook. In many ways.
Naaaah, he’s a hero! Just ask rab!
Certain points seem to resonate with certain people. This whole unaccountable Fed resonates with me personally. Start getting into other basic common sense issues like national defense and the term kook is rather mild IMO. Suicidal and delusional.
The Fed is currently audited on a regular basis. What information do you think Paul wants that is not already available to him?
A truly sick friggin stance you have there BTW. Not conservative.
Ron Paul isn't interested in any audit. His goal is to eliminate the Fed's autonomy. He wants to turn that autonomy over to political scumbags like Barnery Frank, Chuck Schumer, Chris Dodd and Charlie Rangel. Apparently that's what you want to do too. Please explain how that makes you a conservative in any way, shape or form. Talk about a "sick friggin stance."
Paul is a loon. Anyone who buys into this crap is also a loon.
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