Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

House pushes for sweeping audit of the Fed
AP ^ | 9/25/09 | ANNE FLAHERTY

Posted on 09/25/2009 10:45:34 AM PDT by Palin Republic

House lawmakers want to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit.

The effort is overwhelmingly bipartisan. Hardline conservatives and liberal Democrats have banded together in their criticism of the Fed as a major power broker in the financial system that doesn't answer to Congress.

Friday's debate comes as lawmakers consider a proposal by President Barack Obama that would give the Fed new powers to prevent another economic crisis.

"Nobody in my district thinks that the Fed has done such a wonderful job of running the economy that we should continue to cloak them with secrecy for the purpose of protecting them from second-guessing criticism," said Rep. Brad Sherman, a California Democrat.

The Fed is pushing back, warning that its ability to stabilize prices and monitor interest rates would be compromised if it knew politicians were looking over its shoulder.

The House proposal would "cause the markets and the to public to lose confidence in the independence and the judgments of the Federal Reserve," Scott Alvarez, the board's top lawyer, told the House Financial Services Committee in testimony.

The legislation is championed by Rep. Ron Paul, a Texas Republican whose extreme libertarian bent usually doesn't generate consensus in Congress. But as of Friday, Paul's legislation had attracted 295 co-sponsors with a range of political philosophies, including Hawaii liberal Rep. Neil Abercrombie and Rep. Jeb Hensarling, an outspoken conservative from Texas.

(Excerpt) Read more at google.com ...


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections
KEYWORDS: 111th; audit; auditthefed; barneyfrank; bawneyfwank; earlsholley; fed; federalreserve; hr1207; probe; ronpaul
Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 201-203 next last
To: parsifal

I’ve said it before, but the cognitive dissonance of the neo-Conservative mindset is stunning. Personal behaviour (sex, drugs, and rock and roll) must be tightly regulated because the human beast cannot be let loose to behave in a way that might be destructive to the social fabric. But put that same human beast in the boardroom, and he should be left alone to do as he pleases, and the rest of us are expected to clean up the mess.


61 posted on 09/25/2009 5:08:36 PM PDT by Wolfie
[ Post Reply | Private Reply | To 53 | View Replies]

To: Wolfie
I’ve said it before, but the cognitive dissonance of the neo-Conservative mindset is stunning.

Do you have a list of those neo-Conservatives here on FR?

62 posted on 09/25/2009 5:18:48 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 61 | View Replies]

To: Wolfie

You have put it better than anyone else I have read in quite a while. Kudos! I bet ACORN has gotten a hundred times the attention that Wall Street has from most conservatives. But that being said, maybe people are waking up.

parsy, who hopes so


63 posted on 09/25/2009 5:34:30 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
[ Post Reply | Private Reply | To 61 | View Replies]

To: Palin Republic

“House lawmakers want to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit.”
++++++++++++

And who will do a sweeping audit of the House of Reps? - why WE WILL...that’s who...and it’s starting now and concluding in 11/2010, and 11/2012...


64 posted on 09/25/2009 5:43:17 PM PDT by SeattleBruce (God, Family, Church, Country - Keep on Tea Partiers - party like it's 1773!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Toddsterpatriot
Excellent proof that the bill is bad for America and good for the clowns in Congress.
++++++++++++++++

Yeah, I wanna know who's going to audit those clowns spending our and our kids precious trillions??

Now it may be intriguing to audit the Fed, and I'll take a closer look, but it also strikes me as completely hypocritical for the marauding drunken sailors to audit the ones drinking in the clubs in town...without turning themselves into the drunk tank to sober up first.

65 posted on 09/25/2009 5:49:41 PM PDT by SeattleBruce (God, Family, Church, Country - Keep on Tea Partiers - party like it's 1773!)
[ Post Reply | Private Reply | To 57 | View Replies]

To: parsifal; Wolfie

I bet ACORN has gotten a hundred times the attention that Wall Street has from most conservatives. But that being said, maybe people are waking up.
+++++++++++++++++

Fine and dandy - at least Wall Street has societal oversight - called Board of Directors and stock holders and the market itself.

Unlike the drunken socialist congress or ACORN/COI and those rigging election votes...

You can’t tell me that Tamany Hall or the Chicago Machine were less corrupt than the companies they did business with, can you?


66 posted on 09/25/2009 5:52:35 PM PDT by SeattleBruce (God, Family, Church, Country - Keep on Tea Partiers - party like it's 1773!)
[ Post Reply | Private Reply | To 63 | View Replies]

To: Palin Republic
Grayson is a national treasure.

WTF? Grayson is a national disgrace. He's a left wing lunatic and a scumbag -- but then I'm being redundant. He knows nothing about economics, especially money and banking, which is why he thinks this is a good idea. His real purpose is to take over managing the money supply so he can give even more money to his cronies and other sloths that don't have the ability (or the intention) to pay it back.

Yeah, what could possibly go wrong with Barney Frank, Chuck Schumer, Chris Dodd and Charlie Rangel managing the supply of money? That some here see this as a good idea is a sad commentary on conservatism. Or maybe it simply highlights the ignorance of some "conservatives."

67 posted on 09/25/2009 6:00:12 PM PDT by Mase (Save me from the people who would save me from myself!)
[ Post Reply | Private Reply | To 19 | View Replies]

To: SeattleBruce

No. That’s the point. The problem isn’t just the gov’t. It’s also Wall Street. That will be very important as some in Congress try to clean up the regs. Wall Street will try to disrupt this process. Conservatives need to stay on top of their people so this doesn’t get politicized.

parsy, the prepared


68 posted on 09/25/2009 6:07:25 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
[ Post Reply | Private Reply | To 66 | View Replies]

To: Toddsterpatriot
Whatever Fed problem you think this audit will fix will instead only benefit the real trouble makers, Congress.

There are many folks outside of Congress who believe the fed manipulates our economy, often with painful results. Many believe the fed is composed of international bankers playing games with our lives and our money.

They intend to see what is behind the iron curtain so this can be settled one way or another.

While your fears are not unfounded regarding our current Congress, it's not an excuse to not audit the fed.

69 posted on 09/25/2009 6:19:51 PM PDT by takenoprisoner (Freedom Watch: fight for freedom with everything you have.)
[ Post Reply | Private Reply | To 47 | View Replies]

To: takenoprisoner
There are many folks outside of Congress who believe the fed manipulates our economy, often with painful results.

Please explain how the Fed does that?

Many believe the fed is composed of international bankers

Many are wrong.

While your fears are not unfounded regarding our current Congress, it's not an excuse to not audit the fed.

They're audited every year. What do you want to know?

70 posted on 09/25/2009 6:24:21 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 69 | View Replies]

To: The Magical Mischief Tour

>>Do we really want this?

Do you want Capitalism, or serfdom?


71 posted on 09/25/2009 6:28:49 PM PDT by LomanBill (Animals! The DemocRats blew up the windmill with an Acorn!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Toddsterpatriot
What do you want to know?

I thought I was clear. I want to know what's behind the iron curtain. And I don't need your explanations.

72 posted on 09/25/2009 6:42:11 PM PDT by takenoprisoner (Freedom Watch: fight for freedom with everything you have.)
[ Post Reply | Private Reply | To 70 | View Replies]

To: Palin Republic

The Federal Reserve, like all private central banks, serves no useful purpose but to chain a government and the taxpayers who support it to an unpayable debt and perpetual inflation. Someone needs to expose the whole debt-money system as the fraud that it is, and this audit is a good first step.

But what really needs to happen next is for someone to clearly explain to the American people that our entire monetary system is based on debt. We cannot create $1 without creating a $1 liability + interest to a bank. We cannot get out of debt because to do so would destroy the money supply. Our only hope is to out borrow our previous borrowing to keep the system afloat.


73 posted on 09/25/2009 6:45:42 PM PDT by Fingolfin
[ Post Reply | Private Reply | To 1 | View Replies]

To: takenoprisoner
I thought I was clear.

Not so much.

I want to know what's behind the iron curtain.

Yeah, from an audit. LOL!

And I don't need your explanations.

I'm sure they'd be over your head.

74 posted on 09/25/2009 6:45:44 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 72 | View Replies]

To: Fingolfin
We cannot get out of debt because to do so would destroy the money supply.

Have you ever paid down a loan? OMG! You just reduced the money supply. Apparently, it wasn't fatal.

75 posted on 09/25/2009 6:47:17 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 73 | View Replies]

To: Toddsterpatriot
Have you ever paid down a loan? OMG! You just reduced the money supply. Apparently, it wasn't fatal.

Not fatal on an individual basis. Getting out of debt on an individual basis is the best financial decision one can make. If everyone did that though, the economy would grind to a halt. Just like what people are doing now - paying off debt, not taking out loans, and defaulting on old ones. That is the real reason our economy is in the toilet. Its like an alcoholic going through chemical withdraw symptoms, the thing that is killing him is his only hope of temporary relief.
76 posted on 09/25/2009 6:58:27 PM PDT by Fingolfin
[ Post Reply | Private Reply | To 75 | View Replies]

To: Palin Republic

Anyone who thinks any part of the government should be unaccountable is either ignorant or benefits from that part of the government.

The ridiculous arguments supporting an “independent” unaccountable federal reserve can easily and obviously be extended to all law-making. Lets keep the congress independent of politics so that they don’t hand out goodies...

Obviously there is no such thing as this retarded concept of “independence” in the federal-reserve sense because if they aren’t accountable to anyone else they can do it for personal gain much more easily. Instead of being accountable to us you want them to be accountable only to their own desires. This is the reason dictatorships don’t work out so well for the dictated-to but very well for those dictating.

Of course the liberals politicians are for the auditing. They want more control in congress. It just so happens that that is where it should be because they are the people we elect. They are people who are accountable to us.

We can choose to be free and know the truth or be slaves to a temporary illusion of safety.

Take your pick.


77 posted on 09/25/2009 6:59:30 PM PDT by evandi
[ Post Reply | Private Reply | To 1 | View Replies]

To: Fingolfin
Not fatal on an individual basis. Getting out of debt on an individual basis is the best financial decision one can make.

Excellent!

If everyone did that though, the economy would grind to a halt.

What makes you think everyone can or wants to pay off all their debt?

78 posted on 09/25/2009 7:04:28 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 76 | View Replies]

To: Toddsterpatriot
I'm sure they'd be over your head.

Like a race baiter, when all else fails, insult their intelligence. Who taught that? Alinsky or Obama?

79 posted on 09/25/2009 7:16:28 PM PDT by takenoprisoner (Freedom Watch: fight for freedom with everything you have.)
[ Post Reply | Private Reply | To 74 | View Replies]

To: evandi
Anyone who thinks any part of the government should be unaccountable is either ignorant or benefits from that part of the government.

You are correct, except that the Federal Reserve is not a part of the US government. It is a private bank whose shares are owned by the largest commercial banks in the US.
80 posted on 09/25/2009 7:17:14 PM PDT by Fingolfin
[ Post Reply | Private Reply | To 77 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 41-6061-8081-100 ... 201-203 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson