Reuters columnist: It's time to audit the Fed, Chicago Tribu: Who's watching over Fed

[emazur]

http://www.guardian.co.uk/business/feedarticle/8561527
http://www.chicagotribune.com/business/columnists/chi-tc-biz-burns-regulation-0617jun18,0,7638030.column
http://digg.com/business_finance/Who_s_watching_over_the_Fed

[Matt Collins]

Glad to see some of our ideas are picking up traction.

[thechitowncubs]

Isn't it a little shady this is all coming thru to the masses?

Odd

[not.your.average.joe]

Isn't it a little shady this is all coming thru to the masses?

Odd

I agree. It makes me worry about them coming up with some type of "global" solution to stabilize the economy. Such a solution would probably include an agreement in which our constitution would be minimized... Some type of international law/agreement.

Hey BTW, I was just in Chitown to see the Twins beat up on the Cubbies!:D Had a great time..

[PaulaGem]

Obama wants to give more control to the Fed - so in order to do that without seeming to be a total tool he has to "oversee" the Fed.

There will be a push to pass limited oversight (Kucinich bill) and call the job done.

People have to start to understand that the problem starts at a much higher level and FULL OVERSIGHT, as in HR-1207, is needed.

[roho76]

I smell a Fed Czar coming. Probably someone like Hank "The Tank" Paulson.

[muh_roads]

I'm worried this whole audit the fed thing will work against us. They'll show some BS numbers and the media will praise them as gods stating that they've known what they were doing all along, nothing to worry about here...move along.

[shocker315]

Sadly… I share some of the pessimism. While I fully support the cause of additional congressional oversight of the Fed, since it will bring further awareness of the Fed's centrally planned role in the economy to public and congressional consciousness. I suspect an audit will find few surprising actions; and even less likely to find anything deemed illegal. Afterward, I suspect a chorus of congressmen from the House and Senate Banking Committees to give press conferences exclaiming that no wrongdoing was found within the Fed, and that has been given a "clean bill of health". They will then proceed to extol the purity and virtues of the Fed's role as the US government's central bank.

The problem is not that what the Fed does is illegal...it’s that what it does... has been made legal by its willing accomplices within government. The central banking mechanism of the Fed is so entrenched within the Washington DC central planning power structure that most Congressmen are unable or unwilling to comprehend a federal government without it.

IMHO, the Fed acting as a central bank should be abolished not audited. (Though I recognize those types of drastic moves don’t happen overnight, and require incremental change…HR1207 is a logical step. Replacing entrenched incumbant congressmen with those who understand the nature of a central banking and finance is another.)