Posted by Tina
Legislation is being proposed in the House by Rep Ron Paul that would call for an audit of the books at the Federal Reserve. One California Democrat, Brad Sherman had this to say about the proposal's purpose, "Nobody in my district thinks that the Fed has done such a wonderful job of running the economy that we should continue to cloak them with secrecy for the purpose of protecting them from second-guessing criticism." According to the AP story linked below the concern centers around the Feds protected status in light of it's huge balance sheet, "Most alarming to lawmakers is the Fed's $2 trillion balance sheet after invoking emergency powers during last year's market crisis to lend money to companies outside the financial sector and buy up mounds of short-term commercial debt."
"House lawmakers push for sweeping Fed audit," by Anne Flaherty - AP, The Washington Times
You might also enjoy the following regarding the Fed:
"Should We Abolish the Federal Reserve?" by Jennifer Schonberger - Motleyfool
Thomas E. Woods, Jr. - Testimony in Support of HR 1207, The Federal Reserve Transparency Act of 2009
On November 10, 2008, Bloomberg News ran the following headline: "Fed Defies Transparency Aim in Refusal to Disclose." The story pointed out that the Fed was refusing to identify the recipients of trillions of dollars in emergency loans or the dubious assets the central bank was accepting as collateral. When the initial $700 billion congressional bailout was being debated last September, Fed chairman Ben Bernanke and then-Secretary of the Treasury Hank Paulson couldn't emphasize their commitment to transparency strongly enough. But "two months later, as the Fed [lent] far more than that in separate rescue programs that didn't require approval by Congress, Americans [had] no idea where their money [was] going or what securities the banks [were] pledging in return."
$1.2 Trillion Slush Fund: Congressman Alan Grayson Grills Fed Vice Chair Donald Kohn
I knew you would come around one day.
Nope...been here all along. Ron Paul's a good guy but a third party won't work to defeat leftist/Marxist/fascist/progressives it will only give them an advantage.
I wouldn't have said that Ron was the pandering sort. I can't see an audit being of any use in addressing the real problem at the Fed, which is (again dating from the Reagan administration) the tendancy of our policy wonks, who used to spend their careers moving back and forth between Academia and the Fed, now moving several times during a career from the Fed to Goldman Sacks and back again, which seems to blinker their vision ... just a tad.
You're waiting for a political party to fix this?
That explains a lot!!!!!
Oh my God.
Q...instead of spewing your usual snarky bilge why not enlighten us with your superior knowledge and problem solving ability.
Go ahead...dazzle us! The world is waiting to hang on your every word.
I will go you one better than that, honey.
I will let you figure it out yourself.
Close your eyes and analyze the problem. If it helps, go to your room, close your door, and pray on this.
Do NOT go to Heritage.org or any of the other places you frequent because you do not know how to think for yourself. You can learn to think for yourself simply by doing it.
I know as you read this you are already thinking of a "comeback." Forget it! Why don't you work on helping your country today?
Here is a hint.
Over 200 years ago, we were warned about the evils of party. We are witnessing those evils right now. "Party" is NOT in the answer!
Q: "Close your eyes and analyze the problem. If it helps, go to your room, close your door, and pray on this.
Do NOT go to Heritage.org or any of the other places you frequent because you do not know how to think for yourself. You can learn to think for yourself simply by doing it."
OK, professor, I thought on it, and honey, what I see is that, by your logic, if "the problem" is "party" then "third party" isn't the answer.
Now what smart as*?
I thought hard and what I also think is that you are hiding behind that professorial edict, "think for yourself" so that you never have to reveal to anyone what you think.
Knowing some history doesn't solve the problem.
Throwing votes away so that the Marxist gets elected is flat out stupid.
Stubbornly (egotistically?) voting and supporting that "third party" candidate, no matter how worthy, when clearly he could not win has another serious consequence. The only "party" that has a candidate with a chance to win is pulled more toward the very platform you purport to be against.
So tell us...be brave for once in your life! What steps would you take to change the system? Go into your closet and close your eyes if it helps. (Just so you will know I am asking a direct question it's this, what would Quentin do about this "party" problem?
Forget about me...our readers are dying to hear it.