Posted on 01/08/2014 4:02:48 AM PST by IbJensen
By a vote of 56 to 26, the U.S. Senate confirmed Janet Yellen (shown) as the next chair of the Federal Reserve, following Ben Bernanke’s retirement from the Fed at the end of the month. The Senate vote came Monday evening, January 6, with 18 members failing to vote, most of whom were stranded by weather at airports and unable to get back to Washington in time for the confirmation vote. Eleven Republicans broke party ranks to join a solid Democrat vote in favor of Yellen, who has held various positions at the Fed for more than a decade, most recently as vice chair under Bernanke. (For the Senate roll call vote on the Yellen nomination, see below)
Senator Rand Paul (R-Ky.), who was stranded by weather, arrived after the vote, but delivered a scathing denunciation in the Senate of the Fed’s secrecy and money manipulation:
I rise today in opposition to secrecy, in opposition to the veil of secrecy that clothes the money changing that takes place in the temple of the Federal Reserve. While the money changes hands the moneyed class gets richer and the middleclass gets shortchanged. It is more than time to part the curtain that hides the trillions of dollars that change hands. There is a revolving door from Wall Street to the Treasury to the Fed and back again. We have former Secretaries of Treasury who go from government to Wall Street pocketing hundreds of millions of dollars. I’ve called repeatedly for transparency at the Federal Reserve, so Americans can see what is being done with their money supply. Every time I call for transparency people from both sides have said “transparency would undermine Fed independence.”
This is, in a sense, laundering money from the American people to bail out big banks and Wall Street.
Senator Ted Cruz (R-Texas), who voted against the Yellen nomination, released the following statement on the confirmation vote:
We’re five years into the Federal Reserve’s quantitative easing program, and the economy is stuck in malaise. Printing money by the trillions is dangerous, and working people need real economic growth to get their lives back on track.
Janet Yellen has said she intends to continue current Fed policy, which may help Wall Street but is leaving Main Street with higher prices for gas and food, near-zero interest rates for savers, and stagnation for small businesses that aren’t growing or hiring. Meanwhile, workers' wages remain depressed and most households haven’t recouped their lost wealth from the recession.
I'm also troubled that Ms. Yellen continues to oppose full transparency at the Fed — we need to audit the Fed now, so the American people can fully understand the scope and consequences of its recent extraordinary policies. For these reasons, I cannot support her nomination.
Campaign for Liberty, founded by Rep. Ron Paul, the longtime Federal Reserve critic, released the following statement from C4L President John Tate after the U.S. Senate confirmed Janet Yellen to be the next chair of the Federal Reserve:
As long as Congress allows the Federal Reserve to operate in almost total secrecy, it makes no difference who chairs one of the world’s most powerful institutions. Policy at the Federal Reserve will not change with Yellen at the helm.
Yellen will continue to inflate the currency, bail out Wall Street, and demand these actions be kept secret from the American people. Harry Reid, despite repeatedly calling for an audit of the Federal Reserve throughout his career, has now become the greatest cheerleader for Federal Reserve secrecy by refusing to even allow a vote on legislation supported by nearly 75 percent of Americans.
Campaign for Liberty will continue to mobilize Americans in support of H.R 24 and S.209, our top legislative priorities, in 2014.
H.R. 24, the Federal Reserve Transparency Act of 2013, and S. 209, its Senate counterpart will be major battlegrounds in the fight for liberty in the coming year.
SENATE ROLL CALL ON YELLEN CONFIRMATION:
YEA VOTES Alexander (R-Tenn.), Ayotte (R-N.H.), Baucus (D-Mont.), Bennet (D-Colo.), Blumenthal (D-Conn.), Booker (D-N.J.), Boxer (D-Calif.), Brown (D-Ohio), Burr (R-N.C.), Cantwell (D-Wash.), Cardin (D-Md.), Carper (D-Del.), Casey (D-Pa.), Chambliss (R-Ga.), Coats (R-Ind.), Coburn (R-Okla.), Collins (R-Maine), Coons (D-Del.), Corker (R-Tenn.), Donnelly (D-Ind.), Feinstein (D-Calif.), Flake (R-Ariz.), Franken (D-Minn.), Gillibrand (D-N.Y.), Hagan (D-N.C.), Heinrich (D-N.M.), Hirono (D-Hawaii), Johnson (D-S.D.), Kaine (D-Va.), Kirk (R-Ill.), Klobuchar (D-Minn.), Landrieu (D-La.), Leahy (D-Vt.), Levin (D-Mich.), Manchin (D-W.Va.), McCaskill (D-Mo.), Menendez (D-N.J.), Merkley (D-Ore.), Mikulski (D-Md.), Murkowski (R-Ark.), Murphy (D-Conn.), Murray (D-Wash.), Nelson (D-Fla.), Pryor (D-Ark.), Reed (D-R.I.), Reid (D-Nev.), Rockefeller (D-W.Va.), Schatz (D-Hawaii), Schumer (D-N.Y.), Stabenow (D-Mich.), Tester (D-Mont.), Udall (D-Colo.), Udall (D-N.M.), Warner (D-Va.), Whitehouse (D-R.I.), Wyden (D-Ore.),
The Fed, apparently, will remain an enigma within an enigma and continue to work against the economic health (USA is on its deathbed now) of America and its citizens who still work.
http://thenewamerican.com/economy/commentary/item/16728-fed-nominee-yellen-a-staunch-inflationist-and-establishmentarian
The middle class get shortchanged, says Paul
When is anyone going to talk about the youth and drop the Marxist class crap
The youth are not being shortchanged, rather they are being ravaged ripped off and completely taken advantage of after our generation aborted 55 million of their peers who could help them support our addiction to spending,?
It is insane
All the usual suspect republicans voted for Yellen.
A good reporter could follow the money as to why, I’ll bet each one of them has a huge financial stake in the status quo!
Corker has really turned out to be a corker, hasn’t he?
That’s what Tennessee and America gets for elected a mayor from Chattanooga.
Ms Yellen is now the chairman and will make the cryptic announcements. However, are not the Fed policies determined and agreed upon by a group or committee made up of members from the various regional Feds?
That is to say, her leadership might not be a problem if the others put forward policy to the contrary?
We are repeatedly told that we are robbing our grandchildren. This is reassuring to some because it sounds like something bad is going to happen in the distant future. I am 67 years old and I am someone’s grandchild. What I mean by that is that I will live to see the consequences of this policy. “Quantitative Easing” will not be tapered. It will be increased. The is the history of “Quantitative Easing.” Enjoy it while it lasts. The Jeff Neely class know it will come to an end. Until then give me 85 trillion a month to spend as I would like and I will have Tickle Me Elmo elected president.
Dear Mr. President:
I have a deal for you. I will use my HP printer to print out $1,000,000,000,000 and give it to you to spend as you like. You can make it illegal for anyone to reject payment for goods or services that you choose to make with this “currency”.
There are a few points you need to understand:
1. You need to pay me back at some point.
2. You need to pay me $20,000,000,000 a year in interest on this “loan”.
3. I can print up that $20,000,000,000 and loan that to you as well.
4. I get to pay this interest out to my stockholders.
5. You cannot know who these stockholders are.
6. But you can expect these anonymous stockholders to support your party’s reelection campaigns.
— Your friendly Fed Chairman
Years ago I heard; whenever you see the words “Federal Reserve”, substitute the phrase “Banking Cartel”, because that’s what the Fed is. It exists solely to pad the pockets of the big politically connected banks / trading houses (e.g. Goldman Sachs). The Fed has destroyed retiree savings over the past few years and put future generations on the hook for trillions of dollars.
> 1. You need to pay me back at some point.
2. You need to pay me $20,000,000,000 a year in interest on this “loan”.
3. I can print up that $20,000,000,000 and loan that to you as well.
4. I get to pay this interest out to my stockholders.
5. You cannot know who these stockholders are.
6. But you can expect these anonymous stockholders to support your party’s reelection campaigns.
— Your friendly Fed Chairman
That about sums it up.
> The Fed has destroyed retiree savings over the past few years and put future generations on the hook for trillions of dollars.
I can personally attest to that. Pre-0 i had a pretty good amountt of savings put back. Now because of his economic policies I am on the opposite end of the spectrum and I know I’m not alone.
bert — The Federal Reserve and those ‘regional Feds’ are all privately owned banks.
Yellon - all you need to know... Democrat, Jewish, professor, from San Francisco, Keynesian economist, etc...
http://en.wikipedia.org/wiki/Janet_Yellen
I know that but doesn’t their executive board make the decision?
I suspect they’re told what to ‘decide’.
communist.
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