View Full Version : Wash Post Claims: Victory for Audit the Fed (David Weigel)

05-11-2010, 01:17 PM
One year ago, I remember talking to Sen. Jeff Sessions (R-Ala.) at the Conservative Political Action Conference when a polite volunteer for Rep. Ron Paul's (R-Tex.) Campaign for Liberty edged in, bearing a clipboard, and asked the senator to back legislation to "audit the Federal Reserve." Sessions gave the inoffensive, talk-to-me-later answer that usually greets all young people bearing clipboards. Why would the Senate grab onto a Ron Paul idea and "audit" the Federal Reserve?

Today, the Senate did just that in a 96-0 vote. Ben Smith has more on the coalition that formed to support this (a similar coalition was built, but failed, to stop the re-confirmation of Fed Chairman Ben Bernanke). It's not all that Paul wanted, but his Campaign for Liberty was asking for support as recently as this morning, and it's a substantial win just a week before Paul's son faces a U.S. Senate primary.

"I'm in favor of accountability," Sen. Bob Casey (D-Penn.) told me, as the amendment's Senate sponsor, Sen. Bernie Sanders (D-Vt.), was congratulated by colleagues. "The way that Sanders amendment ultimately was crafted, it was targeted, instead of being so broad-based that it could complicate things."http://voices.washingtonpost.com/right-now/2010/05/victory_for_audit_the_fed.html

05-11-2010, 01:38 PM
Everybody remember... that all these media contacts, receive their Mass Media "Fire Wires" from the US Senators, and/or Lobbyists, PACs, Institutions, Foundations, Blogos, and the well crafted "WAR ROOM" of the FEDERAL RESERVE operatives.

How well all of this Very Well Crafted Sanders Bill #2 changes and the related Press/Public propaganda release for the politicians and their Allied MSM to run with. The average American will think this is a major victory by their elected officials.

I'm waiting for the Washoington Independent for their coverage/press release to see if they truly cover what has transpired.

05-12-2010, 04:04 AM
I'm waiting for the Washoington Independent for their coverage/press release to see if they truly cover what has transpired.

Here is the Wash Independent coverage

Ron Paul Slams Fed Audit Compromise

By Annie Lowrey 5/11/10 9:22 AM

Rep. Ron Paul (R-Texas) has for the past 30 years argued for a comprehensive audit of the Federal Reserve’s books (as well as a gradual unwinding of the country’s central bank). Today, the Senate will vote on a watered-down version of his proposal — a one-time audit, rather than continual audit, of most of the Fed’s facilities. And Paul does not like it.

On his personal website, he writes:

The new language of the Sanders Amendment requires a one-time disclosure from the Fed of 13(3) facilities, foreign currency swaps and mortgage-backed securities. Basically, their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms. This would be good, but its not nearly enough.

Taxpayers are sick and tired of bailing out privileged, dysfunctional institutions that should be allowed to fail in order to stop their ability to wreak havoc on our economy. Perpetuating these corporations at taxpayer expense is not just wasteful, it is actively harmful. It would be good to know what went on in the past, but what about accountability in the future? A one-time disclosure now will not do us a lot of good down the road when the cycle repeats itself and friends of the Fed find themselves in trouble again.

More importantly, agreements with foreign central banks are not touched by the new Sanders Amendment language. At a time when Greece, Portugal, Spain and other countries are experiencing dire financial crises and have their hands out to the international community, we need to know if our Federal Reserve is at all involved in bailing them out. As weary as we are of bailing out companies, the American people would not stand for bailing out entire countries. Our government is wasteful enough in its own affairs without contributing to the waste of other countries. Yet the Fed currently has the tools it needs to do just this, and to do it
in secret.