House passes Ron Paul’s ‘audit the Fed’ bill

[doom&gloom]

Now watch that asswipe Harry Reid stomp on it...

http://www.washingtontimes.com/news/...udit-fed-bill/

In a move that serves as a capstone to Rep. Ron Paul’s colorful career, the House on Wednesday approved a bill that would let Congress’s chief investigators conduct a full audit of the Federal Reserve’s shrouded decision-making process.

The overwhelming 327-98 vote sends the bill to the Senate where Majority Leader Harry Reid, Nevada Democrat, has previously expressed support for an audit — though it’s unclear he’ll carve out time for the legislation this year.

*snip*

Fed Chairman Ben Bernanke doesn’t like the prospect of such a broad audit, calling it a “nightmare scenario” last week and saying it will lead to politicians second-guessing his decisions.

*snip*

Yeah Bennie, that IS your WORST nightmare, when the sunshine hits the fraud for all the world to see...

[Fiat Currency]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Dr. Paul has certainly been a tireless champion of many issues and freedoms.

So what do you Americans think here ... does it just die & get killed in the Senate?

[lektrode]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

we or EYE anyway

WANT TO SEE THE ROLL CALL ON THIS VOTE

and want to know who - PRECISELY - voted _against_ it

otherwise this could be The Best News Story of The Millenium
(altho i'm sure the lamestream media will ignore or downplay/bury it)

[lektrode]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Dr. Paul has certainly been a tireless champion of many issues and freedoms.

So what do you Americans think here ... does it just die & get killed in the Senate?

guess that depends on what asswipe... uhh... i mean ole harry does - but this is instructive on whats likely to occur:

Opposition in Congress came chiefly from Democrats who said they doubt the bill ever becomes law — but worried about sending a signal to financial markets that lawmakers want to intervene in financial affairs.

“It seems to me what we’re talking about is taking some fake punches at the Federal Reserve but not doing anything serious,” said Rep. Barney Frank, the ranking Democrat on the House Financial Services Committee.

The bill would grant the Government Accountability Office, which is Congress’s chief investigative arm, the power to retroactively review the Fed’s decision-making — particularly on monetary policy.

Congress established the Federal Reserve nearly a century ago. The system, which consists of a board of governors and 12 regional banks, act as lenders of last resort to the country’s banking system, and it is charged both with fighting inflation and with promoting economic growth and employment.

The interest rates it sets have a direct impact on the rates charged by banks to consumers, but Congress shielded the board’s decision-making from view in order to give it independence.

After the recent financial collapse, many lawmakers have begun to question the Fed’s decisions and want a closer look at what it’s been doing.

Mr. Frank, though, said giving GAO powers to look at monetary policy is a precursor to Republicans trying to change the Fed’s mission overall to focus solely on monetary policy, not employment.

well... surprise, SURPRISE!!????

1st off, its NO surprise to this former resident of The Live Free or Die State (that would be NH)
that its the dems who voted against it

and 2nd, its no surprise that barney frank, who is apparently confused about a lot of things - would be against forcing the 'federal' reserve to PICK ONE mandate: monetary policy or employment - because having two mandates is a direct policy conflict (which is apparently not a problem for... uhhh... guys like frank)

it also confirms - for me anyway - that TA DA!!!!
the dems are The Party of The Banksters (along with The Party of Tax and SPEND )

it also answers Why There Have Been NO PROSECUTIONS OF THE BANKSTERS

are there any questions - any questions, NOW - at all?

[lektrode]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

and at 1915 edt, there's still nuthin about this at:

http://online.wsj.com/home-page
or
http://www.bloomberg.com/

funny huh?
one would think this would be among The Top News items for the day, for at least these 2?

but i guess this one - about the extension of the taxcuts, for those below 200k = The Big Item:
http://www.bloomberg.com/news/2012-0...-tax-cuts.html

oh but wait!
we do have an op/ed:

http://www.bloomberg.com/news/2012-0...n-the-fed.html

Ron Paul Finally Gets His Fed Audit


By Josh Barro 2012-07-25T20:51:57Z

Ron Paul’s “Audit the Fed” bill passed the House of Representatives today by an overwhelming margin: 325-99. As Kate Nocera of Politico notes, the bill has come a long way from being one of Ron Paul’s lonely crusades to being a measure with broad bipartisan support.

Even though the audit doesn’t directly constrain the Fed’s power -- or abolish it, as Paul would really like to do -- the Fed has been resistant because it sees an audit as undermining its independence from Congress. The key question is, how independent do we want the Fed to be?

The point of central bank independence is to allow the bank to make good policy decisions that politicians might object to. In the early 1980s, this meant keeping interest rates high in order to bring down inflation, despite businesses and politicians who would have liked cheaper borrowing in order to encourage more investment in the short term.

While the common worry is politicians demanding inappropriately loose monetary policy, today we have the opposite problem: politicians, including Paul, demanding that the Fed tighten when it ought to be loosening more.

Unfortunately, Ben Bernanke and the Fed governors have not been willing to stand up to these voices; they have failed even to meet the Fed's 2 percent inflation target, let alone to raise it, or to adopt a policy like nominal GDP targeting, which would call for higher inflation when it is needed (like today).

On one hand, I wonder what good an independent Fed is when it won't use its independence to undertake unpopular but correct policy. On the other hand, I worry that a Fed more closely overseen by Congress would have allowed even more disinflation over the last few years.

But it doesn't have to be the case that Congress is a voice for bad monetary policy. After Ben Bernanke, the most blame for the Fed's insufficient action belongs with liberal politicians. While conservatives in Washington have demanded hard-money policies that would drive unemployment even higher and GDP growth lower, liberals have been nearly silent on monetary policy.

Looser money and higher inflation (again, not forever, but in our current circumstances) would be good for the economy as a whole, but it would be especially good for the unemployed and the indebted, constituencies that are disproportionately Democratic.

(yeah, and screw The Rest of Us who DIDNT go waaaay out on a limb to buy too much house and DIDNT blow HELOC's on 187" LCD tv's, escalades with $2500 wheels and 1st class trips to dizzyland - who needs US anyway)

It should have fallen to Democrats to counter Republican pressure for hard money, but all the way up to President Obama, they have not done so. So, even if Bernanke had wanted to loosen more aggressively, he would have lacked political cover for doing so.

I expect more Congressional oversight of the Fed to simply mean more opportunities for hard money advocates to use it as a punching bag. That political pressure might mean tighter money and even worse monetary policy. But if liberal members of Congress -- or conservatives who have been reading Ramesh Ponnuru and David Beckworth -- started insisting that the Fed has been too tight, some more Congressional meddling might be a good thing.

this dude sounds like he's taking cues from krugman....
"sure thing, if too much debt was how we got here, EVEN MORE is the way out"

what i want to know is: HOW IS ZIRP HELPING ANYBODY >BUT< THE (mostly NYC) BANKS (and the beltway political class who flatly refuses - since 2007 - to even come up with a budget)

which is why this party-line argument of krugman, et al - that more deficit spending - WITH NO PLAN WHATSOEVER beyond maintaining the status quo??? is now somehow a 'good thing' when it was all bad news all the time, with the previous occupant?

what phreakin BS!

[reggie]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Ho hum... and the destruction of the FED comes about as scheduled, to be replace by new international infrastructures.

[doom&gloom]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Ho hum... and the destruction of the FED comes about as scheduled, to be replace by new international infrastructures.

You believe that honesty and sunlight leads to destruction and global dominion? How so?

[dcarrigg]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Let's see Sen. Reid get out of this one:

[gwynedd1]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

You believe that honesty and sunlight leads to destruction and global dominion? How so?

I believe that EJ did mention that a bad system may indeed be replaced by a worse one.

How about we audit Fort Knox for dessert? I haven't seen the inside of that since Gold Finger.

[lektrode]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

I believe that EJ did mention that a bad system may indeed be replaced by a worse one.

How about we audit Fort Knox for dessert? I haven't seen the inside of that since Gold Finger.

+1
the only problem with that, is ms pussy galore wont be flying overhead to keep em 'quiet'

[doom&gloom]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

Let's see Sen. Reid get out of this one:

if he gets in the way of this bill i can't wait to put this all over the web everywhere I can...

[vinoveri]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

lying, hypocrisy, flip-flopping as the wind blows from our congress-people ? Surprise? No, nothing new here, move along.

[reggie]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

You believe that honesty and sunlight leads to destruction and global dominion? How so?

1. There's no honesty in DC, it's just not in their DNA.
2. This entire system thrives off deceipt.
3. Global domion is the unwavering goal.
4. This latest event does not deviate from the above rules, no matter the propaganda.

[peakishmael]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

we or EYE anyway

WANT TO SEE THE ROLL CALL ON THIS VOTE

and want to know who - PRECISELY - voted _against_ it

http://clerk.house.gov/evs/2012/roll513.xml

THOMAS is a good resource. http://thomas.loc.gov/home/thomas.php

[doom&gloom]

Re: House passes Ron Paul’s ‘audit the Fed’ bill

1. There's no honesty in DC, it's just not in their DNA.
2. This entire system thrives off deceipt.
3. Global domion is the unwavering goal.
4. This latest event does not deviate from the above rules, no matter the propaganda.

so, give up? never question? always surrender?