A compromise on auditing the Fed?

The Washington Times ^ | July 27, 2009 | Alfred Tella

[expat_panama]

The Transparency Act of 2009 (H.R. 1207), a bill originated by Rep. Ron Paul, Texas Republican, that mandates Government Accountability Office (GAO) audits of the Federal Reserve, has the support of more than half the members of the House of Representatives. In one sense, it's almost comical. The insinuation that Federal Reserve Board Chairman Ben S. Bernanke is against openness is like saying Popeye is against spinach.

Long before he came to Washington, Mr. Bernanke argued for greater Fed transparency in the belief that it would help stabilize markets and that the public has a right to know. At the Fed, he advanced the publication of the minutes of monetary-policy meetings, made available more frequent Fed economic forecasts and added to public information on the Fed's balance sheet and lending programs. He has long been in favor of the Fed announcing a numerical inflation target to reduce uncertainty in financial markets.

Yet it's understandable that in the worst recession of the postwar era, Congress wants to know more about what's happening inside the Fed, especially in light of the big-bucks innovative programs newly created by Mr. Bernanke and his colleagues to ease the financial crisis. Unfortunately, many in Congress aren't making the distinction between optimum transparency and excessive transparency, or what some economists have labeled dangerous meddling.

[snip]

[Tax Government]

There is no such thing as “excessive” transparency. The Fed is a monstrosity that should be 1) audited and 2) disbanded.

[cripplecreek]

Audit.

[1rudeboy]

Finally, a voice of sanity in this mess. Rep. Paul may have the purest of motives, but imagine Rep. Frank holding the hearings.

[bamahead]

The insinuation that Federal Reserve Board Chairman Ben S. Bernanke is against openness is like saying Popeye is against spinach.

Riiiight...then why the heck did he pen an editorial claiming the exact opposite??!?



Libertarian ping! Click here to get added or here to be removed or post a message here!
(View past Libertarian pings here)

[expat_panama]

"...no such thing as “excessive” transparency."

Get rid of that plastic wrap and put some clothes on. 

Good thing you don't live next door where my grandkids would have to look at you.

 

[bamahead]

bump

[bamahead]

bump

[Technogeeb]

Long before he came to Washington, Mr. Bernanke argued for greater Fed transparency in the belief that it would help stabilize markets and that the public has a right to know. At the Fed, he

At the Fed, he stopped publishing M3. The only logical reasons for doing that are all sinister.

[Cheetahcat]

A compromise??? Who in the hell sits around dreaming all this up? No tear it out by the roots

[bamahead]

Sorry - wrong link. “Unsigned” WaPo editorial written by Fed stooge:

http://www.freerepublic.com/focus/f-news/2301147/posts

[cripplecreek]

Bernanke transparency is just like Obama transparency.

[listenhillary]

I thought that pre-dated Bernanke?

[Toddsterpatriot]

Mr. Bernanke has made it clear in recent testimony that he is not against all auditing of the Fed -- just not traditional monetary policy. He doesn't want second-guessing of the Fed's open-market operations or Federal Open Market Committee (FOMC) decisions concerning the federal-funds interest rate, reserve requirements and discount window lending. He has said unequivocally that audits of the Fed's extraordinary new financial programs would not be unwelcome, nor would audits of any new regulatory authority the Obama administration might give the Fed.

But, Jekyll Island, the Bilderbergers, the joooooos!!!!!!

[Toddsterpatriot]

At the Fed, he stopped publishing M3. The only logical reasons for doing that are all sinister.

What do you need from M3 that you can't get from M2?

[camp_steveo]

Did you guys read the comments? :D

“yellow journalism” “sellout”

[Tax Government]

The Fed can fabricate “wealth” out of thin air, and give to whom it will with no accountability. The fake wealth is in direct competition with the wealth of the rest of the world.

That is my definition of tyranny.

[Toddsterpatriot]

The Fed can fabricate “wealth” out of thin air, and give to whom it will with no accountability.

The Fed doesn't give money to anybody.

[theyreallthesame]

Fed transparency = you see what they want you to see. They believe that they exist for the greater good - that which is defined by them.

[1rudeboy]

At the Fed, he stopped publishing M3. The only logical reasons for doing that are all sinister.

You're right. So sinister, in fact, that the Fed announced it before Bernanke was appointed as Chairman. He's an evil mastermind pulling all the strings.