Senate debating amendment to audit the Fed - CSPAN 3

[Thrashertm]

Great discussion!

http://www.cspan.org/Watch/C-SPAN3_wm.aspx

So far Senators Conrad, Sanders, and Bunning have argued in favor of auditing the Fed, and finding out who the Fed gave $$$ to during this last crisis.

Sen. Gregg (former Treasury Sec. Nominee) has been arguing in favor of maintaining the Fed's secrecy.

[Bruno]

That surprises me on Gregg, but then he initially wanted to be part of the Obama team, so I guess not.

Great to hear the debate is happening!

[MRoCkEd]

wow, that sounds great

[theoakman]

isn't it ironic that the "we need more regulation" crowd are the ones in favor of secrecy?

[anaconda]

What's the argument for secrecy?

[theoakman]

What's the argument for secrecy?

the fed claims if you know who they loaned out money to, the public would instantly make a run on the banks that they did because they would be viewed as troubled. Complete nonsense.

[Thrashertm]

the fed claims if you know who they loaned out money to, the public would instantly make a run on the banks that they did because they would be viewed as troubled. Complete nonsense.

Yes, that is what Gregg parroted.

[SWATH]

What's the argument for secrecy?

The benevolence of the FED shall not be questioned.

[dannno]

the fed claims if you know who they loaned out money to, the public would instantly make a run on the banks that they did because they would be viewed as troubled. Complete nonsense.

Isn't that what the FDIC is for :rolleyes:

[Deborah K]

:confused: There needs to be a debate about this???

[theoakman]

Isn't that what the FDIC is for :rolleyes:

stop it, you are making too much sense. Washington doesn't like that.

[theoakman]

:confused: There needs to be a debate about this???

You are living in the twilight zone. Russia and China are capitalists. America is embracing socialism. European's are mocking Americans for adopting socialism. Every economist that advocated freedom is dead. We give Nobel Prizes to kooks. At the present time, information is free, we can obtain nearly any published paper or book in digital form through the internet. Regardless, the American public has never been as ill informed and ignorant. In fact, the only way we've even been able to bring people to our side is by making youtube videos.

I used to go crazy trying to figure out why Europe was such a wasteland for 2000 thousand years compared to the Roman and Greek empires that existed before Christ. Now, it's obvious. Any society that achieves prosperity through capitalism and freedom cannot sustain it because it's inhabitants are content to become lazy and ill informed.

[Deborah K]

You are living in the twilight zone. Russia and China are capitalists. America is embracing socialism. European's are mocking Americans for adopting socialism. Every economist that advocated freedom is dead. We give Nobel Prizes to kooks. At the present time, information is free, we can obtain nearly any published paper or book in digital form through the internet. Regardless, the American public has never been as ill informed and ignorant. In fact, the only way we've even been able to bring people to our side is by making youtube videos.

I used to go crazy trying to figure out why Europe was such a wasteland for 2000 thousand years compared to the Roman and Greek empires that existed before Christ. Now, it's obvious. Any society that achieves prosperity through capitalism and freedom cannot sustain it because it's inhabitants are content to become lazy and ill informed.

Well said. We seriously need to get back on track in this country.

[Bern]

Looks like I missed it. Anyone know where I can find an archive/transcript/synopsis?

[Texan4Life]

Looks like I missed it. Anyone know where I can find an archive/transcript/synopsis?

me too... maybe a youtube?

[beerista]

:confused: There needs to be a debate about this???

Up for debate later today on the Senate floor:
Sky: blue?
Water: wet?

[ItsTime]

Gregg is a POS neo-trash. That is why Obama wanted him.

[DamianTV]

So heres a question on the Fed: All they do is print money out of thin air, nothing to back it, and we pay with our property. Why cant we just do this ourselves (IE government, not you and me printing money) without interest, like the Constitution demands?

What exactly do we need the Fed for at all?

[tmosley]

So heres a question on the Fed: All they do is print money out of thin air, nothing to back it, and we pay with our property. Why cant we just do this ourselves (IE government, not you and me printing money) without interest, like the Constitution demands?

What exactly do we need the Fed for at all?

So those in Congress don't have to think, and so they don't have to take responsibility, as they had to during the Financial "Panics" of the century before the Federal Reserve Act was passed.

[Deborah K]

So heres a question on the Fed: All they do is print money out of thin air, nothing to back it, and we pay with our property. Why cant we just do this ourselves (IE government, not you and me printing money) without interest, like the Constitution demands?

What exactly do we need the Fed for at all?

I think I read somewhere that Ron Paul said the Fed was created so that the gov't could borrow and spend and grow without having to raise taxes. That may have been the case in the beginning, but now they do both.

[georgiaboy]

This debate is really eye-opening.

Sure would be nice if one of the opposers to this bill would say, "well, you know the Fed is actually a private institution, so we have no real authority to audit it".