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Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

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  • #1

    Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

    two links, second more relevant.... via zerohedge.

    " In what could be the biggest news of the day, with potentially historic consequences, Mel Watt's attempt to detour the Fed transparency process has been soundly denied. The vote on the final passage of the bill is delayed, but the critical amendment has passed. Congratulations to Messrs Paul and Grayson."

    http://www.zerohedge.com/article/pau...elmingly-43-26


    Given that I know that we have several activist voters here, the following link has a video with Graysons comments and the list of votes (especially the nays). Wasn't Barney Frank supposedly endorsing this at least publicly? Guess again.

    http://www.zerohedge.com/article/gra...ll-list-voters

    By the way, has anybody seen this development in the MSM? I haven't.
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  • #2
    Re: Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

    Originally posted by WildspitzE View Post
    two links, second more relevant.... via zerohedge.

    " In what could be the biggest news of the day, with potentially historic consequences, Mel Watt's attempt to detour the Fed transparency process has been soundly denied. The vote on the final passage of the bill is delayed, but the critical amendment has passed. Congratulations to Messrs Paul and Grayson."

    http://www.zerohedge.com/article/pau...elmingly-43-26


    Given that I know that we have several activist voters here, the following link has a video with Graysons comments and the list of votes (especially the nays). Wasn't Barney Frank supposedly endorsing this at least publicly? Guess again.

    http://www.zerohedge.com/article/gra...ll-list-voters

    By the way, has anybody seen this development in the MSM? I haven't.

    Reuters got it:

    http://www.nytimes.com/reuters/2009/...grayson&st=cse

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    • #3
      Re: Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

      Originally posted by Chomsky View Post
      Reuters got it:

      http://www.nytimes.com/reuters/2009/...grayson&st=cse
      Guess I need to go to that remedial google class. Thx.

      Comment

      • #4
        Re: Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

        Not much on MSM, wen I looked at the CNN site yesterday it looked like a gossip magazine.

        Must be what Dobbs called middle of the road journalism
        http://www.examiner.com/x-15870-Popu...-are-conducted

        Threatening the Fed's independence

        ...


        The Federal Reserve Transparency Act sounds like something everyone should support. But the legislation, introduced by Rep. Ron Paul (R-Tex.), is not really about transparency. The implications of H.R. 1207 are suggested more accurately by the title of Paul's best-selling book: "End the Fed." If enacted, this bill would subject the Fed's monetary policy decisions and its dealings with foreign central banks to audit by the Government Accountability Office (GAO) -- which normally acts on requests from Congress. Under current law, these aspects of Fed business have been explicitly ruled off-limits (though the rest is auditable).
        Is this extension of the GAO's reach, and hence that of Congress, a good idea? If you believe we'd get better monetary policy with decisions made by Congress in open debate, or heavily influenced by congressional opinion, it certainly is. But how many actually believe that? Very, very few.



        ...


        http://www.washingtonpost.com/wp-dyn...111903472.html

        House Attacks Fed, Treasury

        Panel Votes for Tighter Political Rein on Central Bank; Some Call for Geithner to Quit


        By SUDEEP REDDY and DAMIAN PALETTA

        WASHINGTON -- Political frustration over the rescue of Wall Street and high unemployment erupted in the House Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another trading verbal insults with Treasury Secretary Timothy Geithner.
        The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks. The Fed says the provision threatens its ability to make monetary policy without political interference.


        http://online.wsj.com/article/SB1258...mostcommentart

        Comment

      • #5
        Re: Paul-Grayson Amendment To Audit The Fed Passes Overwhelmingly By 43-26

        I remember in business school the dictum was that an independent Fed was crucial to monetary integrity. In fact there was a study bandied about that the rate of money destruction (inflation) was directly proportional to the degree of political interference within that society's central bank policy making.

        What a difference a few years makes.

        Since money/debt creation is really the source of all power, it will always find itself subject to some sort of control by some segment of society. It would be naive to think otherwise. As to whether that nexus of control should consist of a bunch of elected politicians or a cabal of private bankers, that's really the question.

        As to whether the US Fed's relative autonomy has made it a comparatively chaste monetary authority, hehe.

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