Skip to comments.Rep. Paul planning hearing on Fed foreign lending
Posted on 04/02/2011 5:27:34 PM PDT by rabscuttle385
WASHINGTON (Reuters) - Persistent Federal Reserve critic Representative Ron Paul plans to hold a hearing on the U.S. central bank's emergency loans to the branches of non-U.S. banks, his spokeswoman said on Saturday.
"I was surprised and deeply disturbed ... to learn the staggering amount of money that went to foreign banks," Paul said in a statement.
"These lending activities provided no benefit to American taxpayers, the American economy, or even directly to American banks," he said.
(Excerpt) Read more at reuters.com ...
“Arrr, Ron Paul is an isolationist surrender monkey, arrarr!”
Bernanke should resign and Congress should rein in the Fed.
To save everybody the effort I will sum up the usual replies.
Whether you hate him or despise him, you still just have to hope he dies a painful death ASAP.
He should go to jail.
The Fed is a private company/banking cartel and Congress is powerless to do anything to them.
Cue all the Ron Paul haters and Fed lovers.
It isn’t exactly a private company since the president appoints board members. It is better described a fascist-type government/corporate hybrid.
There was some strange stuff going on during Bush’s last few months in office....the stimulus bill was bad enough. So, my question is...how much did the foreign banks get from the 2nd stimulus authorized by O.
Pure flat out flaming goofyness. If this lending was illegal, it would have never happened. And if it were illegal and it DID happen, let’s hear about the prosecuting authority that will step up to the plate and do something about it. None exists. There are no cops and there is generally no enforcement of law in the financial sphere. Like it or not, all those banks and many *not* on the “A” list accessed Fed credit during the worst of the crisis. The idea that Ron Paul is surprised at this has nothing to do with anything whatsoever except what Ron Paul understands. What does what Ron Paul understands have to do with anything? What does it impact? Ans: nothing.
What’s gonna happen if Mr. Paul has his hearings? Will he understand something better that he doesn’t seem to understand right now? Perhaps. Will new laws be drafted? Perhaps. Why would that be a good thing? Enactment of new law simply provides the sponsors of lobbying efforts charged with drafting those laws another opening to insert exculpatory and exclusionary gobbledygook language that protects them. And what’s worse, any such law will contain exactly zero “or else” clauses. IOW, there will not be any penalties enacted for violating these new laws, so what’s the point of drafting them other to appear busy?
Mr. Paul should spend his time trying to pass laws that say turnips should wear socks. It would have the equivalent effect.
Yeah sure. Like any real laws exist anymore. The Framers warned us about a Fed and it was snuck past the public in the middle of the night. I am amazed at how naive some people on FR are.
I love how idiots will sell their liberty and their children out for TV personalities. Witness morons defending Beck and O Reilly who are Obama/Al Waleed puppets.
Has he been able to pass any audit the Fed laws?
Or even better End the Fed laws?
What a joke statement.
Yea,go back to media matters and protest since you love the fed.What did you do in congress this year?NOTHING!
Do people/retards in America not understand the word,”BROKE”?
Which Framers? The ones who created a Central Bank that was signed into law by George Washington?
and it was snuck past the public in the middle of the night.
After months of debate.
I am amazed at how naive some people on FR are.
But enough about you.
Foreign banks got this money? It’s appalling.
Read “The Creature from Jeckyll Island” to learn about the Fed.
Scariest book I have ever read by far.
And when I’m done laughing, what do you imagine I’d learn?