View Full Version : Obama Administration Now Supports Fed Audit

05-07-2010, 09:08 AM
It's not what you think. Read all about it here (http://www.msnbc.msn.com/id/37003798/ns/business-stocks_and_economy/).

05-07-2010, 09:09 AM
Curious how you thing any similar legislation wouldn't get taken over like this. :confused:

05-07-2010, 09:12 AM
This is ridiculous. Obama now supports the non-audit that does jack shit, but everyone comes away looking like transparency won out.

05-07-2010, 01:31 PM
Curious how you thing any similar legislation wouldn't get taken over like this. :confused:

Well, we trusted Sanders that he understood how important an audit of the Fed was, since he was the main sponsor of S.604.

You're right, though, that we should have seen it coming that they would either ignore the bill on the Docket or water it down.

Brian Defferding
05-07-2010, 01:32 PM
I want to fucking cry.

05-07-2010, 01:37 PM
Any political movement or event has a mole of opposition implanted to derail the movement or event if necessary.

Old Ducker
05-07-2010, 01:40 PM
It was a brilliant, however nefarious, tactic to have Sanders introduce the bill as well as the amendment as it casts legitimacy on the destsruction of this bill. I think it was pre-meditated from the beginning. Ron really got screwed, as did we all. Again.

05-07-2010, 01:45 PM
The very bill that Ron Paul himself introduced, and got some support behind became polluted with "amendments" that crippled the bill, then gave the bill even more power for the Fed to be uber secret, and I dont believe those additions have been removed, have they?

Is Ron Paul still supporting this bill?

(Im not calling it 'his' bill as it isnt really his any more...)

05-07-2010, 01:50 PM
From the article,

Democrats have proposed an independent bureau within the Federal Reserve to write and enforce regulations that would police lending. The Republican proposal would create an agency within the Federal Deposit Insurance Corp. The FDIC would have to approve regulations and enforcement would be left to bank regulators.

That's like getting the foxes to guard the chicken coop.

The amendment would require Congress' investigative arm, the Government Accountability Office, to undertake a one-time audit of the Federal Reserve's emergency lending to financial institutions in the months leading up and after the financial crisis of late 2008.

Only a one-time audit? I wonder what they'll find...

Thursday afternoon, Deputy Treasury Secretary Neal Wolin voiced the administration's opposition to the audit proposal. But hours later, following negotiations with Sanders, Wolin withdrew the opposition.

"We are confident that the revised amendment proposed by Senator Sanders strikes the appropriate balance: providing full transparency of lending programs while protecting the bedrock principle of central bank independence on monetary policy that has served our nation so well," Wolin said in a statement.

"Full transparency"? Yeah, right, Mr. Wolin. The original language of the bill gave full transparency to the Fed, and not just on a one-time basis. What a crock.

Anti Federalist
05-07-2010, 01:52 PM
Had enough yet?

05-07-2010, 02:06 PM
YouTube - Sanders Amendment Update (http://www.youtube.com/watch?v=7II2diHymv4)

05-07-2010, 03:29 PM
I want to fucking cry.

Awh. Me, too. *hug*