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View Full Version : Congrats to all: We're directly responsible for the Drudge headline on the Fed!




Libertea Party
12-01-2010, 08:45 PM
And the outrageous disclosures (http://www.drudgereport.com/):

http://img815.imageshack.us/img815/839/drudgefedaudit.jpg

This is a direct outgrowth of the Audit the Fed movement. We didn't get a full audit but the stuff that is coming out is outrageous.

Here's a piece from a slightly left-wing perspective from a former Alan Grayson staffer that gets it mostly right overall and credits the Audit the Fed activism for forcing the disclosures (http://www.themarketfinancial.com/end-the-fed/108727):


On the left, the last few years saw a remarkable grassroots coalition of economists and activists to bring transparency to the central bank, joining a long-sought libertarian crusade. I was a staffer for Rep. Alan Grayson, who was working with that coalition to require an independent audit of the Federal Reserve. Tomorrow, because of provisions put into Dodd-Frank by Senator Bernie Sanders and Congressmen Grayson and Ron Paul, the Federal Reserve will release details of its 2007-2010 emergency loans to the web.
...
(the Palin Tea Party had no involvement in the Audit the Fed fight, the Ron Paul Tea Party was the driving force on the right for that legislation).


Here's the part of the legislation that (I believe) is basically Audit the Fed except for monetary rate decisions and anything before December 1, 2007:


From p. 754 of Dodd-Frank:

(c) PUBLICATION OF BOARD ACTIONS.—Notwithstanding any other provision of law, the Board of Governors shall publish on its website, not later than December 1, 2010, with respect to all loans and other financial assistance provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities pro- gram, foreign currency liquidity swap lines, and any other program created as a result of section 13(3) of the Federal Reserve Act

(as so designated by this title)— (1) the identity of each business, individual, entity, or foreign central bank to which the Board of Governors or a Federal reserve bank has provided such assistance;

(2) the type of financial assistance provided to that business, individual, entity, or foreign central bank;

(3) the value or amount of that financial assistance; (4) the date on which the financial assistance was provided; (5) the specific terms of any repayment expected, including

the repayment time period, interest charges, collateral, limitations on executive compensation or dividends, and other material terms; and

(6) the specific rationale for each such facility or program

HOLLYWOOD
12-01-2010, 09:28 PM
VERY VERY KEWL...

Where's the Grayson link? Be nice to post the original on the NEOCON network and Phony TEA PARTY sites.

Bruno
12-01-2010, 09:34 PM
The times, they are a changin'!

Romulus
12-01-2010, 11:02 PM
Props to Drudge... he's catching on i tell ya!