Audit the Fed Restored in Committee

[Kevin_Kennedy]

Congressman Ron Paul's amendment to restore the language of H.R. 1207 succeeded in committee yesterday. Now it just needs to go up for a vote, hopefully as a standalone bill.

 

[Paulie]

Wow, that's HUGE!

There must be a lot of pressure from constituents otherwise we both know this wouldn't see the light of day.

Is this country actually waking the fuck up just in time?

 

[Polk]

Oy.

 

[Claudette]

Very big. To bad it wasn't restored earlier.

 

[KentuckyThinker]

Very big. To bad it wasn't restored earlier.

Just Tuesday night when I talked to Rand Paul after his speech I said "it's a shame your dad's move to 'Audit the Fed' has been so watered down", and he told me "not so fast."

 

[Oddball]

Good thing.

 

[uscitizen]

When was it suspended? Yes too bad it apparently has not been in effect for many years.

 

[Kevin_Kennedy]

When was it suspended? Yes too bad it apparently has not been in effect for many years.

It's never been in effect, this was an amendment to a piece of legislation, H.R. 1207, in the House of Representatives. Another Congressman, Mel Watt, had introduced an amendment watering down the bill to essentially nothing, but Ron Paul's amendment won in the end.

 

[Kevin_Kennedy]

Also, you may all be surprised that shills for the Fed are out en masse to deplore Ron Paul's amendment passing. Greenspan and Volcker, both former Fed chairman, have lined up in opposition to the bill. Does anyone else find it strange that the most high-profile enemies of this bill seem to be in some way connected to the Federal Reserve itself? Kind of makes you wonder what it is they have to hide from the American people.

Greenspan, Volcker Opposed Ron Paul Audit Provision - Real Time Economics - WSJ

 

[Polk]

Also, you may all be surprised that shills for the Fed are out en masse to deplore Ron Paul's amendment passing. Greenspan and Volcker, both former Fed chairman, have lined up in opposition to the bill. Does anyone else find it strange that the most high-profile enemies of this bill seem to be in some way connected to the Federal Reserve itself? Kind of makes you wonder what it is they have to hide from the American people.

Greenspan, Volcker Opposed Ron Paul Audit Provision - Real Time Economics - WSJ

Or because, you know, the bill is a really retarded idea. If you think Congress does a good job with fiscal policy, you'll love the job they do when this bill hands them control of monetary policy too.

 

[Kevin_Kennedy]

Also, you may all be surprised that shills for the Fed are out en masse to deplore Ron Paul's amendment passing. Greenspan and Volcker, both former Fed chairman, have lined up in opposition to the bill. Does anyone else find it strange that the most high-profile enemies of this bill seem to be in some way connected to the Federal Reserve itself? Kind of makes you wonder what it is they have to hide from the American people.

Greenspan, Volcker Opposed Ron Paul Audit Provision - Real Time Economics - WSJ

Or because, you know, the bill is a really retarded idea. If you think Congress does a good job with fiscal policy, you'll love the job they do when this bill hands them control of monetary policy too.

au⋅dit  [aw-dit]
–noun
1. an official examination and verification of accounts and records, esp. of financial accounts.
2. a report or statement reflecting an audit; a final statement of account.
3. the inspection or examination of a building or other facility to evaluate or improve its appropriateness, safety, efficiency, or the like: An energy audit can suggest ways to reduce home fuel bills.
4. Archaic. a judicial hearing.
5. Obsolete. an audience.

Audit Definition | Definition of Audit at Dictionary.com

Hopefully that clears up what an audit really is.

 

[Oddball]

Funny how the lefty wackaloons want all this "accountability and oversight" of Wall Street, yet poo-poo the same when it comes to the Fed.

 

[Polk]

Having the Fed audited by Congress (which, PS, the Fed is audited every year already by a private firm) is the first step toward applying political pressure to make the Fed take actions favorable to political leaders.

 

[Polk]

Funny how the lefty wackaloons want all this "accountability and oversight" of Wall Street, yet poo-poo the same when it comes to the Fed.

There is already accountability and oversight at the Fed. The President appoints and Congress approves the leadership, and it's audited annually by a private firm.

 

[Kevin_Kennedy]

Having the Fed audited by Congress (which, PS, the Fed is audited every year already by a private firm) is the first step toward applying political pressure to make the Fed take actions favorable to political leaders.

Yes, and this audit doesn't really let us see much of anything does it? That's why we need a broader audit. The first step towards applying political pressure to the Fed? What fantasy world have you been living in? The Fed has been political since its inception.

 

[Oddball]

Funny how the lefty wackaloons want all this "accountability and oversight" of Wall Street, yet poo-poo the same when it comes to the Fed.

There is already accountability and oversight at the Fed. The President appoints and Congress approves the leadership, and it's audited annually by a private firm.

Bullshit there is.

There's scads of evidence to suggest that the Fed is monetizing the debt via the secondary bond market, despite Baghdad Ben's declarations that the Fed won't be doing so.

Accountability and oversight my ass.

 

[Polk]

Because we know handing control of the money supply over to Congress wouldn't result in them monetizing the debt...

 

[Kevin_Kennedy]

Because we know handing control of the money supply over to Congress wouldn't result in them monetizing the debt...

I admire your dedication to spreading this nonsense.

 

[Polk]

Because we know handing control of the money supply over to Congress wouldn't result in them monetizing the debt...

I admire your dedication to spreading this nonsense.

It's not nonsense. You honestly think opening up everything to politicians isn't going to result in pressure for particular political pet projects? If you do, you're naive beyond belief.

 

[Kevin_Kennedy]

Because we know handing control of the money supply over to Congress wouldn't result in them monetizing the debt...

I admire your dedication to spreading this nonsense.

It's not nonsense. You honestly think opening up everything to politicians isn't going to result in pressure for particular political pet projects? If you do, you're naive beyond belief.

Oh but it is, because the Fed is already a political beast. And your refusal to acknowledge this shows your naivete.