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FrankRep
09-01-2009, 01:44 PM
Don't Punish Fed With Audit (http://useconomy.about.com/b/2009/09/01/dont-punish-fed-with-audit.htm#commentform)


Kimberly Amadeo | About.com
September 1, 2009


Is the Federal Reserve hiding the identities of banks who received up to $2 trillion in loans in the last year? Representative Ron Paul (R:TX) and now Representative Barney Frank(D: MA) think the Fed should be audited to reveal the names of these foreign and domestic banks. Federal Reserve Chairman Ben Bernanke opposes Paul's audit bill, saying it would make it seem like the Fed was no longer setting interest rates independently of political oversight. This perception alone would increase inflation. However, the real threat is even worse than that.

The Federal Reserve has acted quickly and creatively to pull the economy back from the brink of a major depression. It did so because of its ability to act swiftly without going to Congress for approval. Secrecy was needed last year to allow banks to apply for liquidity from the Fed without fear they would be tagged as failing banks. Congressional auditing ability would seriously hamper the Fed's ability to act at a time when this creatively and innovation is needed the most. The economy is still on the brink of a falling back into serious recession. Now is not the time to tie the hands of one of the few institutions with the ability to quickly inject needed liquidity into the financial system.

Representative Paul's motives are suspect. This bill is coincidentally timed to pass the House in October, the same time Paul's book, End the Fed, will publish. Representative Paul has always wanted to abolish the Fed. Perhaps he now sees the weakened economy, and the Fed's innovative and timely actions during the crisis, as his chance to get his wish.


SOURCE:
http://useconomy.about.com/b/2009/09/01/dont-punish-fed-with-audit.htm#commentform

FrankRep
09-01-2009, 01:45 PM
Leave a Comment:

http://useconomy.about.com/u/ua/monetarypolicy/fed_audiit.htm

axiomata
09-01-2009, 01:49 PM
I'm sure Obama wanted to become president to sell his books too.

I can't believe some people are so dense. Perhaps, just as Obama's books were to sell the idea of his presidency, Paul's book is to sell the idea of Ending the Fed.

amy31416
09-01-2009, 01:50 PM
Leave a Comment:

http://useconomy.about.com/u/ua/monetarypolicy/fed_audiit.htm

I would, but I don't like giving them traffic.

FrankRep
09-01-2009, 01:51 PM
I would, but I don't like giving them traffic.

It's about.com, they get tons of traffic.

Theocrat
09-01-2009, 01:52 PM
Representative Paul has always wanted to abolish the Fed. Perhaps he now sees the weakened economy, and the Fed's innovative and timely actions during the crisis, as his chance to get his wish.

Gee, you think? Some people just don't get the obvious...

Cowlesy
09-01-2009, 01:54 PM
It's a conspiracy!

acptulsa
09-01-2009, 02:01 PM
All rightie then. Bawney Fwank wants to help Ron Paul sell his book, public perception alone is enough to affect the value of the Federal Reserve Note yet we know more than enough about what goes on, and the main purpose of the secrecy is to ensure the public doesn't find out failing banks are failing. Yet we should support all of this?

Gee, I thought this was a free country with a free market and an appreciation of the free flow of information. I guess I was wrong.

If you are worried about Ron Paul making a buck on his book, don't buy it. Buying the book but failing to audit the Fed just won't help, folks.


P.S. Submitted. Any bets on whether or not it appears on the site?

pcosmar
09-01-2009, 02:02 PM
Wow,
Ya think Pelosi and Frank have just been holding this up till the book gets published?

God help us, there are some real dense folks out there. :(

Austin
09-01-2009, 02:09 PM
Yeah, I mean.. Ron has never introduced bills on ending / auditing the fed in the past. Certainly not for the past 3 or 4 decades.

:rolleyes:

JoshLowry
09-01-2009, 02:12 PM
Well, now that she put it that way, Ron Paul is just a money seeking opportunist. That sneaky book selling bastard.

I'm done with these forums.

amy31416
09-01-2009, 02:16 PM
Well, now that she put it that way, Ron Paul is just a money seeking opportunist. That sneaky book selling bastard.

I'm done with these forums.

Where's that fascist Cowlesly when ya need him? :D

coyote_sprit
09-01-2009, 02:19 PM
Well, now that she put it that way, Ron Paul is just a money seeking opportunist. That sneaky book selling bastard.

I'm done with these forums.

This forum can go fuck itself. To hell with the admins and the mods. Now I see the light that Ron Paul is just a kook and that I'm a racist for having followed him for so long.

Flash
09-01-2009, 02:22 PM
It's a conspiracy!

http://www.superstrode.com/blog/wp-content/uploads/2009/02/its_a_conspiracy1.jpg

Fuck the Amazonian-Ron Paul industrial complex.

Kylie
09-01-2009, 02:24 PM
This forum can go fuck itself. To hell with the admins and the mods. Now I see the light that Ron Paul is just a kook and that I'm a racist for having followed him for so long.

Uh, dude, I hope your being facitious.

/sarcasm off/ You may want to use that next time.

:D

acptulsa
09-01-2009, 02:26 PM
This forum can go fuck itself. To hell with the admins and the mods. Now I see the light that Ron Paul is just a kook and that I'm a racist for having followed him for so long.

Why are you dragging race into this? :mad: I like Formula One, myself...

http://upload.wikimedia.org/wikipedia/commons/5/56/2005_Brands_Hatch_A1GP_25_Sept_Christian_Glaesel_B rabham_BT49D.jpg

dannno
09-01-2009, 02:27 PM
bump

coyote_sprit
09-01-2009, 02:32 PM
Uh, dude, I hope your being facitious.

/sarcasm off/ You may want to use that next time.

:D

I'm 100% serious RP is a venture capitalist out to sell books.

FrankRep
09-01-2009, 02:34 PM
I'm 100% serious RP is a venture capitalist out to sell books.
He's been fighting the Federal Reserve for a ton of years now and we've been pushing these type of bills through waaaaay before his book.

A book is a great way to educate people.

coyote_sprit
09-01-2009, 02:36 PM
He's been fighting the Federal Reserve for a ton of years now and we've been pushing these type of bills through waaaaay before his book.

A book is a great way to educate people.

That was all prep work to sell millions of copies of his book and buy gold and then put that into a compound that would make him live forever. This is a big conspiracy... Roswell style.

FrankRep
09-01-2009, 02:38 PM
That was all prep work to sell millions of copies of his book and buy gold and then put that into a compound that would make him live forever. This is a big conspiracy... Roswell style.

Either you're joking or you're smoking crack.

Is his 100% Constitutional voting record a conspiracy too?

coyote_sprit
09-01-2009, 02:40 PM
Either you're joking or you're smoking crack.

Is his 100% Constitutional voting record a conspiracy too?

Just more prep work to sell his book. Don't buy into the hype.

acptulsa
09-01-2009, 02:42 PM
Just more prep work to sell his book. Don't buy into the hype.

Yeah, dammit. Guy's so old he probably founded the Fed, just to sell that book! :mad:

FrankRep
09-01-2009, 02:42 PM
Just more prep work to sell his book. Don't buy into the hype.
I wish he wrote more books. Great education tool. Hey G. Edward Griffin, write some more books too!

Flash
09-01-2009, 02:44 PM
End the Fed was an inside job.

coyote_sprit
09-01-2009, 02:45 PM
Yeah, dammit. Guy's so old he probably founded the Fed, just to sell that book! :mad:

You might be onto something there, I have to go relay this to my expert friends.

Cowlesy
09-01-2009, 02:50 PM
Well, now that she put it that way, Ron Paul is just a money seeking opportunist. That sneaky book selling bastard.

I'm done with these forums.

Watch it, brozefine....I have an itchy trigger finger today.

;)

Theocrat
09-01-2009, 02:58 PM
The title "Don't Punish Fed With Audit" is so dubious. It assumes auditing the institution which is in sole control of our nation's money supply and economic/financial stability is somehow evil. The intent of an audit is not to "punish" the institution it examines. It's supposed to ensure efficiency, accountability, and purity of the thing it assesses by a standard or code. Otherwise, the institution could do whatever it wants by its own whims, for good or for ill. Of course, the Fed is doing the latter.

2young2vote
09-01-2009, 03:06 PM
Maybe Ron made that website to right a hit-piece on himself to get us angry so we are more likely to buy the book. Sounds possible.

JoshLowry
09-01-2009, 03:09 PM
The title "Don't Punish Fed With Audit" is so dubious. It assumes auditing the institution which is in sole control of our nation's money supply and economic/financial stability is somehow evil. The intent of an audit is not to "punish" the institution it examines. It's supposed to ensure efficiency, accountability, and purity of the thing it assesses by a standard or code. Otherwise, the institution could do whatever it wants by its own whims, for good or for ill. Of course, the Fed is doing the latter.

You should copy this post onto the blog comment section.

Bruno
09-01-2009, 03:25 PM
Ron went back in time, created the Fed, talked about ending the Fed for a few decades, then flashed forward through a worm hole to 2008 and caused an economic collapse single-handedly in order to profit from his book which was timed perfectly by Barney Frank to coincide with the water-down version of the bill he is releasing from committee.

Mighty clever of him. Can't wait for my copy...

FreedomRings
09-01-2009, 04:08 PM
Representative Paul's motives are suspect. This bill is coincidentally timed to pass the House in October, the same time Paul's book, End the Fed, will publish. Representative Paul has always wanted to abolish the Fed. Perhaps he now sees the weakened economy, and the Fed's innovative and timely actions during the crisis, as his chance to get his wish.


I don't think it was the author's intention to argue that Ron Paul is only doing this "to sell books", but rather "as a first step towards implementing his actual goal, which is ending the Fed completely", the proof for these intentions being that he is selling a book called "End the Fed".

Original_Intent
09-01-2009, 04:15 PM
Who says an audit is "punishment"? :eek:

I mean, is she arguing we have no right to know where OUR money went???:rolleyes::mad:

amy31416
09-01-2009, 04:16 PM
The title "Don't Punish Fed With Audit" is so dubious. It assumes auditing the institution which is in sole control of our nation's money supply and economic/financial stability is somehow evil. The intent of an audit is not to "punish" the institution it examines. It's supposed to ensure efficiency, accountability, and purity of the thing it assesses by a standard or code. Otherwise, the institution could do whatever it wants by its own whims, for good or for ill. Of course, the Fed is doing the latter.

Well-said Theo.

dannno
09-01-2009, 04:22 PM
Maybe Ron made that website to right a hit-piece on himself to get us angry so we are more likely to buy the book. Sounds possible.

Not just possible, but probable

Flash
09-01-2009, 04:26 PM
One day I swear to god I will expose Ron Paul as the shapeshifting reptile he really is:

LiveLeak.com - Is Ron Paul a reptilian humanoid? (http://www.liveleak.com/view?i=cf4_1222807317)

jm1776
09-01-2009, 05:19 PM
Yep, that RP is one sharp cookie. No doubt he has promised a share of the book profits to the bills hundreds of cosponsors too. Probably via some type of elaborate ponzi scheme.

paulitics
09-01-2009, 05:27 PM
Don't Punish Fed With Audit (http://useconomy.about.com/b/2009/09/01/dont-punish-fed-with-audit.htm#commentform)


Kimberly Amadeo | About.com
September 1, 2009


Is the Federal Reserve hiding the identities of banks who received up to $2 trillion in loans in the last year? Representative Ron Paul (R:TX) and now Representative Barney Frank(D: MA) think the Fed should be audited to reveal the names of these foreign and domestic banks. Federal Reserve Chairman Ben Bernanke opposes Paul's audit bill, saying it would make it seem like the Fed was no longer setting interest rates independently of political oversight. This perception alone would increase inflation. However, the real threat is even worse than that.

The Federal Reserve has acted quickly and creatively to pull the economy back from the brink of a major depression. It did so because of its ability to act swiftly without going to Congress for approval. Secrecy was needed last year to allow banks to apply for liquidity from the Fed without fear they would be tagged as failing banks. Congressional auditing ability would seriously hamper the Fed's ability to act at a time when this creatively and innovation is needed the most. The economy is still on the brink of a falling back into serious recession. Now is not the time to tie the hands of one of the few institutions with the ability to quickly inject needed liquidity into the financial system.

Representative Paul's motives are suspect. This bill is coincidentally timed to pass the House in October, the same time Paul's book, End the Fed, will publish. Representative Paul has always wanted to abolish the Fed. Perhaps he now sees the weakened economy, and the Fed's innovative and timely actions during the crisis, as his chance to get his wish.


SOURCE:
http://useconomy.about.com/b/2009/09/01/dont-punish-fed-with-audit.htm#commentform

lmao. The guy has been talking about this for years, and has brought this same bill up numerous times to no avail. Ron Paul, that crazy greedy capitalist!! lock him up.

dr. hfn
09-01-2009, 05:39 PM
she defends corporatism which mussolini recognized as fascism.

Mini-Me
09-01-2009, 08:28 PM
I don't think it was the author's intention to argue that Ron Paul is only doing this "to sell books", but rather "as a first step towards implementing his actual goal, which is ending the Fed completely", the proof for these intentions being that he is selling a book called "End the Fed".

Posted a comment...or tried to. It hasn't shown up yet:

Considering Ron Paul has been trying to end (or at least audit) the Fed for decades, it's pretty disengenuous to claim he's timing his bill to sell his book. More importantly, he doesn't even have any control over the timing! Barney Frank has been shelving HR1207 for months, even while it's had hundreds of cosponsors, and now there's talk of watering it down or attaching it to a bill that will rubber stamp even more undeserved powers for the Fed.

Now, is Ron Paul wanting to audit the Fed as a first step towards ending it? Of course he is, but it's not like he's being secretive about his intentions. Besides, there's only one reason why auditing the Fed would be a first step towards its demise anyway, and that's if the Fed is neglecting its mission and instead operating for its own gain and the gain of its friends. After all, if the Fed were truly on the up and up and doing such a great job, an audit would only inspire greater confidence in it, correct?

Everyone opposing an audit is already presupposing that the Fed is behaving both competently and benevolently, assuming without cause that it should be given free reign over monetary policy. When it comes to unaccountable institutions with coercive power or special privileges, neither competence nor benevolence are good assumptions; after all, politicians and government bureaucrats (and people involved in quasi-governmental institutions like the Fed) have the same exact selfish incentives as the most cutthroat of capitalist CEO's. The only real difference is, bureaucrats, officials, etc. don't have any competition or consumer-based check on them limiting their power or the amount of damage they can do. Because there is not even a threat of competition (let alone actual competition), these people have no material incentive to do right by the public. In fact, incompetence and corruption are incentivized, partially [but not nearly entirely] because underperforming government agencies and quasi-governmental agencies are given MORE money and power when they're performing poorly. Let's not even get into the fact that these positions of power naturally attract and favor narcissists and psychopaths above all others. Anyone favoring the status quo - a never-ending grant of trust without any accountability - is relying on circular logic at best, or has a serious conflict of interest at worst.

You say, "Secrecy was needed last year to allow banks to apply for liquidity from the Fed without fear they would be tagged as failing banks." News flash: They actually were failing banks, and they deserved to fail. They should have failed. We would all be ultimately better off if they had failed. That would have meant greater business for responsible banks in time, but instead, we're killing ourselves to save banks run by idiots who don't deserve our help. I'm sure THAT will encourage them to be more responsible in the future, won't it? Have you never heard of moral hazard, and do you have no understanding of the way incentives work? "When you subsidize something, you get more of it."

Anyway, it's ridiculous to claim that the Fed "acted quickly and creatively to pull the economy back from the brink of a major depression." Oh, so some of its buddy banks it spent all of OUR money saving are doing okay now (for now...). That's just dandy. Does that really mean they saved the economy, or did they just save a few of their rich buddies' hides? It goes without saying that spending trillions of dollars is bound to save SOMEONE, but that comes at the obvious expense of others. Real economic indicators are still horrendous. Just to start with, how's unemployment doing? Sure, unemployment is among the last things to recover, but what about commercial property loans and rentals? How are they doing? (Hint: The Fed didn't save anything worth saving, and the worst is most likely yet to come.)

On top of all that, let's not even speak of the national debt. Just keeping up with the interest on our national debt is costing hundreds of billions in taxes annually ($412 billion last year, if I'm not mistaken), and we're quickly approaching the point of no return. It was already likely to crush us, but it's now becoming an inescapable doomsday scenario thanks to the last twelve months of utter insanity.

Besides, no matter who the Fed bailed out, its actions were the exact opposite of what the economy needed in the first place. We didn't need to restart the credit bubble, because that's exactly what got us into this mess: People and businesses are over-indebted to the point where they can't pay their bills, and it's the result of a pervasive inflationary monetary system and monetary policy that punishes saving and provides perverse incentives to borrow and spend incessantly. This pattern is completely unsustainable, and it leads to unnecessary and painful booms and busts. Sooner or later, the bills come due. Even if we managed to postpone that day of reckoning yet again (and we're not out of the woods yet), we're going to have the greatest financial crisis of all time on our hands next time, and that's before factoring in the national debt.

...but yeah, you're right, Ron Paul just wants to sell his book, and we should indefinitely let the Fed do whatever they want without ever holding them accountable, just like we have for the past ninety-six years.

Kylie
09-01-2009, 08:40 PM
We can be audited for no particular reason by the IRS. They can delve into all aspects of our lives and how we spend OUR money, and if they don't think they stole enough of it then they will take more.....but that's not a punishment to us for being hardworking people.

But if you try to do the same thing to a Corporation that has taken hold of all of our money and does with it what they choose, then WE are the bad guys?

Call me what you want then.....I'll be your huckleberry. I want the Fed audited, and thoroughly. Then, when you dumbasses who think it's a bad thing to audit find out what they've really done with all of our money and you are just as pissed as we are.....I'll tell you to sit back, have a coke and a smile and shut the fuck up.

You can't win with some people. :rolleyes:

james1906
09-01-2009, 08:41 PM
I'm done with this place, I'm off to the Hannity forms where 'Great Americans' like Hannity aren't in it for the money.

RSLudlum
09-01-2009, 08:49 PM
Hmm, I dont' recall ever hearing this one: "Don't vote for Obama, he's just trying to sell his book!!!"

Kylie
09-01-2009, 09:03 PM
I'm done with this place, I'm off to the Hannity forms where 'Great Americans' like Hannity aren't in it for the money.

I can't believe that people are letting this tripe actually get through to their brains, man.

It would be different if Ron Paul had just decided to start with the End the Fed stuff, but he's been pretty consistent for, oh, about 30 years or so.

Did you guys ever think that Mr. Frank did this just to sway you guys into thinking that Mr. Paul is in it for the money?

And if Mr. Paul were in it for the money, then why would he be the only one to give money back to the government that he didn't use in his office? You know, the idea of "spend it, otherwise we won't get it next year"? He doesn't do that, so please explain to me why you would think he did all this months ago, just to sell a book?

I mean really....I need to know your reasoning because I'm just not getting it.

http://www.runemasterstudios.com/graemlins/images/sigh.gif

JoshLowry
09-01-2009, 09:29 PM
It's a joke Kylie.

He did it for the lulz.

Kylie
09-01-2009, 09:38 PM
It's a joke Kylie.

He did it for the lulz.

K.....you guys were really starting to freak me out for a minute.

Talk about fair weather friends, ya know.


I don't doubt that this is exactly what they are trying to do, though. Make it seem like Dr. Paul is out for money, when we all know that this is the opposite of the truth.


Like I said earlier, we need to use : /sarcasm on/-----/sarcasm off/ or something.

:D

james1906
09-01-2009, 09:42 PM
K.....you guys were really starting to freak me out for a minute.

Talk about fair weather friends, ya know.


I don't doubt that this is exactly what they are trying to do, though. Make it seem like Dr. Paul is out for money, when we all know that this is the opposite of the truth.


Like I said earlier, we need to use : /sarcasm on/-----/sarcasm off/ or something.

:D

I thought this was already established in this thread. Regardless, I and all the other freedom lovers are going to the Hannity Freedom Concert. Child pornographer Billy Ray Cyrus and 9/11 mastermind (because by dragging out his old song, he stood to profit the most) Lee Greenwood will be there!

HOLLYWOOD
09-01-2009, 10:57 PM
Here's the Hacks Bio: http://useconomy.about.com/bio/Kimberly-Amadeo-22286.htm

Kimberly was also an urban planner at the Boston Redevelopment Authority.

Well Well...raised/indoctrined in Boston. Must of been on the Socialist side of the tracks? I wonder what Socialist CONgress Critters are from the Boston metro area... Hmm, let'me Dink of 1... BaWaney Fwank... Ewe!!!!

Here's her linked in page: http://www.linkedin.com/in/kimberlyamadeo

Well Kimberly, since your article, WOW, sent shock waves through CONgress! Diane FeinStein was wasting her time funneling millions in contracts to her Husband, Richard Blum. Maxine Waters is having a conniption spending her time racketeering Stimulus funds to the bank her husband is a major stockholder. Charlie Rangel is steaming about his time wasted with Punta Cana and NYC resort rentals. Chris Dodd & Kent Conrad wasting time with legislation written by the banksters, all for discounted VIP mortgages, AND... let's not discriminate... the ORACLE of OPTIMISM and his Million dollar earmarks to the Hospital that employed Michelle Obama for $341K a year for 20 hours work. All they had to do was write books for MILLIONS!

Now why didn't all these other politicians think of this ingenious idea of Auditing the FED legislate and writing a Book on the FED to make millions. Yes... Congress crittersl educated s MDs are such fiscally greedy sociopaths compared to the humanitarian CONgress legislative Attorneys.

Kimberly Amadeo... This Pic's for YOU!
http://s533.photobucket.com/albums/ee332/McLieberman/th_DSC01282.jpg (http://s533.photobucket.com/albums/ee332/McLieberman/?action=view&current=9f0efc88.pbw)

SimpleName
09-01-2009, 11:08 PM
*cough*Time Warner*cough*

TER
09-01-2009, 11:22 PM
I'm fairly sure the writer of this article will read through the comments.

I just hope she learns something from them.

Athan
09-03-2009, 12:37 AM
We should add her to the "do not feed or shelter" list when shit gets bad.

puppetmaster
09-03-2009, 01:51 AM
just shows she doesn't know her ass from a hole in the ground.

Bman
09-03-2009, 01:58 AM
It's about.com, they get tons of traffic.

About.com get lots of traffic. This hack does not.

coyote_sprit
09-03-2009, 02:10 AM
K.....you guys were really starting to freak me out for a minute.

Talk about fair weather friends, ya know.


I don't doubt that this is exactly what they are trying to do, though. Make it seem like Dr. Paul is out for money, when we all know that this is the opposite of the truth.


Like I said earlier, we need to use : /sarcasm on/-----/sarcasm off/ or something.

:D

Fear, uncertainty and doubt (http://en.wikipedia.org/wiki/Fear,_uncertainty_and_doubt)....

PaulaGem
09-03-2009, 07:19 AM
From your WorldMoneyWatch site -

"In 2008, the world's financial system nearly collapsed, creating
the worst recession since 1982. It was caused by deregulation,
super-sophisticated financial derivatives, and human greed.
The extreme nature of the bubble, and the severity of its
bursting, indicates something deeper is going on. It is a
wake-up call."

It seems in all of your advanced studies you missed the part about "sudden contraction of the money supply" being responsible for all of the "depressions" or severe "recessions" in history. This is achieved by those who have international control of fiat currency - currently the Federal Reserve is the chief mechanism for them to manipulate the money supply.

Yes, the derivitaves were there - but it was the contraction which caused the crisis which permitted them to pass TARP and rob the U.S. people.

But I bet you already know that, it just isn't what your handlers want you to say.


I left this comment, wanna bet it doesn't make it past the editors?

acptulsa
09-03-2009, 07:31 AM
Well, they didn't publish mine, though Mini-Me's looks good. Lol at Tom's 'letter from Robert Mugabe' (#5).

catdd
09-03-2009, 07:36 AM
They lose half a trillion dollars and have no idea where it could be and these schmucks don't think they should be audited...

Matthew Zak
09-03-2009, 09:17 AM
This is the comment I attempted to leave:


Imagine, if you will, that a neighbor (Fred) knocks on your door and says, "I have been selected by the government to control how much money you get to spend, how much it's worth, and essentially, what you get to spend it on. Now hand over your credit cards, wallet, cash, etc."

After doing so, you discover a few years later that your savings, which you were going to send your children to college with, was gone. Not only that, but your credit was shot, as all your cards were maxed out, and some time ago you started missing payments. "To whom..?" you wonder. But you won't know because guess who does all the talking? That's right, Fred.

Curiously, you discover that your purchasing power has dwindled, for what used to cost $100 now costs $900, for the same product.

Finally, after all your savings, purchasing power, credit, and heck, reputation went out the window, you corner Fred and ask him, "Fred, what the heck is going on?"

Then suddenly some idiot hands you a piece of paper, entitled, "Don't punish Fred..."

Andrew-Austin
09-03-2009, 09:31 AM
The Federal Reserve has acted quickly and creatively to pull the economy back from the brink of a major depression. It did so because of its ability to act swiftly without going to Congress for approval.

It moronically created yet another bubble that can at best only delay the inevitable. Huzzah comrades, our rulers are so farsighted.

acptulsa
09-03-2009, 09:34 AM
It moronically created yet another bubble that can at best only delay the inevitable...

...at the cost of delaying the recovery even longer. And why? So the rich could have time to set up gold buying companies where we can trade our gold for their "hard" :rolleyes: cash.

Mahkato
09-03-2009, 10:29 AM
http://i141.photobucket.com/albums/r67/nurdburd13/LOL%20Cats/lol.jpg at this thread.

PaulaGem
09-04-2009, 11:11 AM
It seems some of our comments have been enshrined in a "reader response" article.


http://useconomy.about.com/u/ua/monetarypolicy/fed_audiit.htm

acptulsa
09-04-2009, 11:35 AM
It seems some of our comments have been enshrined in a "reader response" article.


http://useconomy.about.com/u/ua/monetarypolicy/fed_audiit.htm

Love this one:

Ben SAVED us from economic collapse. He said so. That's all you need to know. Do you want inflation? Audits CAUSE inflation. Look at history all runaway inflation has been cause by audits. My roommate works in accounting and does audits. They have a whole pen behind their building to keep the extra inflation. Sometimes the inflation gets loose and then we try to shoot it with a crossbow.
—Guest Hell No

catdd
09-04-2009, 11:43 AM
"The Federal Reserve has acted quickly and creatively to pull the economy back from the brink of a major depression"

bwwwwwwwaaaaaaaaaaaaahahahahahaha

Feenix566
09-04-2009, 12:22 PM
There's one point on which I can agree with Kimberly. She called the Fed "creative". It certainly does take a lot of creativity to claim that an audit would cause inflation, and printing $2 trillion doesn't!

JaylieWoW
09-04-2009, 12:24 PM
Rather than give Kimberly Amadeo undeserved traffic for her obviously obtuse remarks with regards to the fed, why not visit an article written by her colleague in rebuttal. Thus far the following rebuttal to Kimberly's "opposition" to a fed audit has ZERO comments! That simply should not stand! Let's get on over there

The Fed Should Be Audited (http://forextrading.about.com/b/2009/09/02/the-fed-should-be-audited.htm)
by John Russell

My colleage Kimberly Amadeo wrote a blog in opposition to an audit of the Federal Reserve. Kimberly’s main concern in her blog is that an audit of the Fed basically amounts to punishing them for their response to the economic crisis.

I agree with that assesment, an audit of the Fed shouldn’t be about punishing them. It should be about finding out the truth. This is a controversial issue, people either fall strongly to one side or the other. I think the bottom line to the issue is that too much has been hidden from the tax paying public for too long. The bailout bills were passed despite overwhelming public opposition, not to mention the final version of the bill was laced with pork that had nothing to do with “saving the economy”.

On top of this, the Fed has handed over numerous trillions of dollars to these same banks in the form of various acronyms. I think it’s fair to ask where the money went and who has what. The argument that the banks could be harmed by the information becoming public is well founded, but in my opinion that is a consequence that is well deserved. I don’t really find it reasonable that there are these zombie banks out there sucking up capital through all these programs and having the ability to keep it a secret. Not to mention, they are able to make investments with this invisible money and pay huge bonuses based on those investments. They are having a laugh at the expense of everyone.

At minimum, people have a right to know what banks have the money and whatever else the Fed has been up to for the past few decades. Multiple bubbles have been blown in the economy, decisions made behind closed doors, there are so many questions that need to be answered.

The Federal Reserve, is not federal at all, yet it carries out official duties for monetary policy, that should be based on government decisions. You might argue that the government isn’t competent for such a task. My argument would be, at least we can elect who is in government, we have no control over who runs the Fed.

There are many changes that need to be made in the US Government. It’s a mess. The Fed is not soley to blame for these issues, but it’s a good place to start. The system needs an overhaul. People in govnerment are protecting this old failed system, instead of looking for real solution. If we are truly in an era of “change”, we should audit the Fed, TARP, and whatever else the government has been cooking up over the past few years. True solutions can only be based on truth and until an audit of the Fed happens, there won’t be any truth.

acptulsa
09-04-2009, 12:28 PM
Jaylie, your link goes to a bio on Amadeo.

newbitech
09-04-2009, 12:36 PM
Maybe she would rather punish the Fed with Tar and Feathers instead. I'm cool with that.

JaylieWoW
09-04-2009, 02:04 PM
Jaylie, your link goes to a bio on Amadeo.

Me and my lousy cut/paste job (was flipping back and forth)!

LINK FIXED ooopsie the Jaylie!!! :o

Feenix566
09-04-2009, 02:19 PM
Rather than give Kimberly Amadeo undeserved traffic for her obviously obtuse remarks with regards to the fed

The media will print whatever gets them ratings. When they start seeing articles about the Fed getting big hit counts, they'll publish more of them. That means more people will see them and more people will start thinking about the Fed. That's a good thing for our cause.

The Fed's biggest weapon is their stealth. The fact that the vast majority of Americans have no idea what the Fed does or how it operates is the best thing they've got going for them. The last thing they want is for everybody to start having a public debate about them.

So directing more clicks onto any story about the Fed - for or against - is ultimately good for us.

JaylieWoW
09-04-2009, 02:30 PM
The media will print whatever gets them ratings. ......

So directing more clicks onto any story about the Fed - for or against - is ultimately good for us.

I so <3 it when someone points out a "positive" negative!

Great point, but along the same lines, unless they really pay close attention to the comments, I would think an article supporting the audit of the fed getting more comments might have an impact as well.

I left a comment but it has not shown up yet. Has anyone else left a comment? I'm tempted to email him personally and tell him to check his comments on his article and get to approving them!