The Fed needs to be audited by an outside, independent source, IMO...or it's useless.
Posted on 05/11/2010 3:09:05 PM PDT by FTJM
The Senate on Tuesday voted unanimously to require a one-time audit of the Federal Reserve’s emergency actions during and after the 2008 financial crisis as part of broad legislation overhauling the nation’s financial regulatory system.
The amendment, proposed by Senator Bernard Sanders, independent of Vermont, would require the Government Accountability Office to scrutinize some $2 trillion in emergency lending that the Fed provided to the nation’s biggest banks.
The vote was 96 to 0.
“At a time when the Federal Reserve has provided the largest taxpayer bailout in the history of the world, the largest financial institutions in this country, trillion-dollar institutions,” Mr. Sanders said in a floor speech, “the Sanders amendment makes it clear that the Fed can no longer operate in the kind of secrecy that it has operated in forever.”
He added, “For the first time the American people will know exactly who received over $2 trillion in zero or virtually zero-interest loans from the Fed, and they will know the exact terms of those financial arrangements.”
(Excerpt) Read more at nytimes.com ...
>> He added, “For the first time the American people will know exactly who received over $2 trillion ...”
Yeah, whatever. Where’s the money that was returned?
The script has been written, approved, and scapegoats selected. Let the circus of deception begin.
Talk about a misleading title! The Senate voted for the watered down “have the fed tell us it’s OK” version, the real audit the Fed was voted down 62 to 37. What they voted for was just political cover for the masses with the MSM going along for the ride as usual. This kind of stuff just drives me crazy, the congress and the white house are owned by the bankers and the rest of us are screwed. My advise is start looking for hard assets to buy because the dollar will be worthless very soon.
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