Greenspan, Volcker Opposed Ron Paul Audit Provision (say audit endangers price stability)

The Wall Street Journal ^ | 2009-11-19

[rabscuttle385]

Former Federal Reserve chairman Alan Greenspan and Paul Volcker wrote the House Financial Services Committee earliy this month that they opposed a provision, backed by Rep. Ron Paul (R., Texas) that would expand the congressional Government Accountability Office’s audits of the Fed. The committee, ignoring the pleas from the two, endorsed the provision Thursday.

Greenspan and Volcker, in a letter sent to the committee’s chairman and ranking Republicans, warned that the provision threatened the ability of the Fed to foster price stability independent of political interference.

[rabscuttle385]

Price stability? *WHAT* price stability?!

[rabscuttle385]

The Fed is corrupt. Audit its books, and then rip up its charter.

Afterwards, we can move on to a cleansing of the Federal government, as well as multiple assorted States.

[FlyVet]

Yeah, last I checked, if the IRS audits me, that threatens my price stability too.

[KarlInOhio]

Pay no attention to the printing press behind the curtain.

[Republican Wildcat]

Surprised this actually made it through the committee. Good news for a change.

[org.whodat]

How is that a CD paying 1.5 % and banks charge 20% on their credit cards called price stability. And the fed shovels it out the door to any company willing to say they are a bank, at 0%, except in the case of AIG, where it seems they do what Goldman wants.

[org.whodat]

How is that a CD paying 1.5 % and banks charge 20% on their credit cards called price stability. And the fed shovels it out the door to any company willing to say they are a bank, at 0%, except in the case of AIG, where it seems they do what Goldman wants.

[cripplecreek]

More threats from unelected scumbags protecting the fed.

[guitarplayer1953]

When they audit the fed they need to go back to it's inception in the early 1900 and see how much damage it has done including the first depression and all subsequent recessions that have been caused by it's policies.

[jcsjcm]

hahahaha

Very, very funny....

[KoRn]

"The Fed is corrupt. Audit its books, and then rip up its charter.Afterwards, we can move on to a cleansing of the Federal government, as well as multiple assorted States.

Sounds like a great plan to me! Too bad most of the so-called "conservative" politicians in DC wouldn't see it that way. They are all bought, and paid for by the REAL "special interests" that even fake 'reformers' like McCain won't even speak of. Entrenched power is what we have in place with the Federal Reserve. They, and others like them, won't hold on to that power forever though. Eventually it's going to get pretty bad for our average citizens, and these #@*#ers will be decorating lamp posts along the beltway when it's all said and done. Eventually they are going to run out of people to bend over for tax revenues, and it will be a downward spiral from there. I think that process is well underway. The breaking point will come when countries wise up and stop purchasing our soon to be worthless treasury bonds, and the government tries to compensate for the lost revenue with massive tax increases on those that are still employed.

[Leisler]

"...foster price stability independent of political interference."

Hahahahahahah....God! That was funny. Thanks!

[4rcane]

Those who vote Nay are enemies of the people. May include many GOP in there too, I haven’t checked

AL-06 Rep. Spencer Bachus yay
CA-12 Rep. Jackie Speier yay
CA-22 Rep. Kevin McCarthy yay
CA-27 Rep. Brad Sherman yay
CA-35 Rep. Maxine Waters nay
CA-40 Rep. Edward R. Royce yay
CA-42 Rep. Gary G. Miller nay
CA-43 Rep. Joe Baca nay
CA-48 Rep. John Campbell yay
CO-07 Rep. Ed Perlmutter yay
CT-04 Rep. Jim Himes nay
DE-01 Rep. Michael N. Castle yay
FL-08 Rep. Alan Grayson yay
FL-12 Rep. Adam Putnam yay
FL-15 Rep. Bill Posey yay
FL-22 Rep. Ron Klein nay
FL-24 Rep. Suzanne Kosmas

GA-06 Rep. Tom Price yay
GA-13 Rep. David Scott yay
ID-01 Rep. Walt Minnick yay
IL-04 Rep. Luis V. Gutierrez nay
IL-08 Rep. Melissa L. Bean nay
IL-13 Rep. Judy Biggert yay
IL-14 Rep. Bill Foster nay
IL-16 Rep. Donald A. Manzullo yay
IN-02 Rep. Joe Donnelly nay
IN-07 Rep. Andre Carson nay
KS-02 Rep. Lynn Jenkins yay
KS-03 Rep. Dennis Moore nay
MA-04 Rep. Barney Frank nay
MA-08 Rep. Michael E. Capuano nay
MA-09 Rep. Stephen F. Lynch nay
MI-09 Rep. Gary Peters yay
MI-11 Rep. Thaddeus McCotter yay
MN-03 Rep. Erik Paulsen yay
MN-05 Rep. Keith Ellison nay
MN-06 Rep. Michele Bachmann yay
MO-01 Rep. William Lacy Clay yay
MO-05 Rep. Emanuel Cleaver nay
MS-01 Rep. Travis Childers yay
NC-03 Rep. Walter B. Jones yay
NC-10 Rep. Patrick T. McHenry yay
NC-12 Rep. Melvin L. Watt nay
NC-13 Rep. Brad Miller nay
NH-02 Rep. Paul W. Hodes yay
NJ-03 Rep. John Adler yay
NJ-05 Rep. Scott Garrett yay
NJ-07 Rep. Leonard Lance yay
NY-03 Rep. Peter King yay
NY-04 Rep. Carolyn McCarthy yay
NY-05 Rep. Gary L. Ackerman nay
NY-06 Rep. Gregory W. Meeks nay
NY-12 Rep. Nydia M. Velázquez yay
NY-14 Rep. Carolyn B. Maloney nay
NY-25 Rep. Dan Maffei yay
NY-26 Rep. Christopher Lee yay
OH-01 Rep. Steve Driehaus yay
OH-06 Rep. Charles Wilson nay
OH-15 Rep. Mary Jo Kilroy nay
OK-03 Rep. Frank D. Lucas yay
PA-06 Rep. Jim Gerlach yay
PA-11 Rep. Paul E. Kanjorski
SC-03 Rep. J. Gresham Barrett yay
TX-05 Rep. Jeb Hensarling yay
TX-09 Rep. Al Green nay
TX-14 Rep. Ron Paul yay
TX-15 Rep. Rubén Hinojosa yay
TX-19 Rep. Randy Neugebauer yay
TX-24 Rep. Kenny Marchant yay
WI-04 Rep. Gwen Moore nay
WV-02 Rep. Shelley Moore Capito nay

[Fingolfin]

An audit it good, but what really needs to happen is a leveling with the America people as to what the Federal Reserve really is (a private bank), who owns it (large commercial banks), and what its primary functions are (monetizing government debt, creating money from thin air, holding the American people in perpetual debt-slavery).

[rawhide]

Can someone explain to me how this audit can affect price stability? I can just hear a major company claiming tactic to the IRS?

[Pelham]

Right, then we can go back to letting banks print their own currency once again. And JP Morgan can fill the void left by the Fed’s demise, just as it was doing before 1913.

[VicVega]

Milton Freedman proved the Fed Reserve caused the Great Depression. We allow them to continue and they will cause the end of the Nation as we know it.

Another hurdle will be on the 1st of Dec. Expect an all out assult on Paul and the audit.

The Private Fed has hired some big PR firms to take their case to the people and scare the living crap out of them.

[Fingolfin]

What about a debt-free, government-issued, fiat currency like Lincoln's Greenbacks? According the the US Constitution, Congress has the right to issue our money, and cannot delegate it to someone else. We have been conned into borrowing our own money, thus incurring an unpayable debt and tax burden.

[guitarplayer1953]

I've been reading creature from Jekyll island and it is an eye opener for the shell game that the fed is running.

[PGalt]

Another good unaccountable-financial-oligarch/bad unaccountable-financial-oligarch routine?

Eliminate the FED.