emazur
07-25-2012, 02:29 PM
Honestly, what good do you expect will happen as a result of another Fed audit?
Don't get me wrong, I'm glad the bill passed the House and hopefully the Senate and that it won't be watered down. But really, what good will it accomplish after what we already know:
April 2010
Fed in hot water over secret bailouts - The Fed bailed out Bear Stearns without authorization from Congress or informing the public. (http://www.csmonitor.com/Business/Robert-Reich/2010/0401/Fed-in-hot-water-over-secret-bailouts)
March 2010
As the audit of the now-defunct firm Lehman Brothers continues, more allegations of wrongdoing and illegal practices continue to emerge. The latest is a finding by the auditor that the New York Federal Reserve bought toxic assets from Lehman Brothers, knowing that it was illegal to do so. Since it is illegal to audit federal banks, questions are being raised as to what other assets the New York fed has that shouldn't be there. (http://www.youtube.com/watch?v=XPCVoZfzaCs&feature=related)
May 2011
Federal Reserve Issues Secret Low-interest Loans to Banks (http://www.thenewamerican.com/economy/commentary/item/4013-federal-reserve-issues-secret-low-interest-loans-to-banks)
July 2011
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest (http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts)
Aug 2011
It took a Freedom of Information Act request, months of litigation, and even an act of Congress, but dogged investigators at Bloomberg News finally gained access to the figures, and, after crunching the numbers, concluded that the Fed — unilaterally and with zero congressional oversight — had doled out as much as $1.2 trillion in taxpayer monies. That's about $500 billion more than the separate, hotly contested, and widely publicized $700 billion bailout pushed through Congress at the same time. (http://www.thenewamerican.com/economy/commentary/item/4058-forget-tarp-%E2%80%94-the-real-bailout-came-from-the-fed)
July 2011
The Government Accountability Office found that many employees and contractors of the New York Fed were allowed to keep investments in companies that received Fed assistance.
William Dudley, the current president of the New York Fed but at the time the head of its open-markets group, was granted a waiver to let him retain his shares in American International Group Inc. AIG -1.18% and General Electric GE +0.13% . (http://www.marketwatch.com/story/audit-of-fed-finds-conflict-of-interest-weakness-2011-07-21)
Nov 2011
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress (http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html)
So after all that, and the fact that we know the Fed was founded and controlled by bankers (http://emazur.freeshell.org/Junos_Temple_01.html) and the bankers are still in control (http://www.slate.com/articles/news_and_politics/the_best_policy/2009/05/fed_dread.html)of the Fed today, do anyone honestly think that a full audit that showed that the Fed loaned a few hundred billion to the Central Bank of Bumfuckistan would really make a difference?
From my perspective, the only thing it would accomplish would be to make our "fringe" case that the Fed should be ended slightly stronger, but I do not expect anything whatsoever to happen as a result of another audit. But I'm willing to listen how I might be wrong.
The only other thing it accomplishes is to clearly identify which congressmen deserve even more opposition by evidence of them voting against an audit (remembering of course that there are flip floppers like Kucinich (http://www.campaignforliberty.com/materials/HR1207-Shame-List.pdf) who oppose an audit one day and support one a different day)
Don't get me wrong, I'm glad the bill passed the House and hopefully the Senate and that it won't be watered down. But really, what good will it accomplish after what we already know:
April 2010
Fed in hot water over secret bailouts - The Fed bailed out Bear Stearns without authorization from Congress or informing the public. (http://www.csmonitor.com/Business/Robert-Reich/2010/0401/Fed-in-hot-water-over-secret-bailouts)
March 2010
As the audit of the now-defunct firm Lehman Brothers continues, more allegations of wrongdoing and illegal practices continue to emerge. The latest is a finding by the auditor that the New York Federal Reserve bought toxic assets from Lehman Brothers, knowing that it was illegal to do so. Since it is illegal to audit federal banks, questions are being raised as to what other assets the New York fed has that shouldn't be there. (http://www.youtube.com/watch?v=XPCVoZfzaCs&feature=related)
May 2011
Federal Reserve Issues Secret Low-interest Loans to Banks (http://www.thenewamerican.com/economy/commentary/item/4013-federal-reserve-issues-secret-low-interest-loans-to-banks)
July 2011
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest (http://www.unelected.org/audit-of-the-federal-reserve-reveals-16-trillion-in-secret-bailouts)
Aug 2011
It took a Freedom of Information Act request, months of litigation, and even an act of Congress, but dogged investigators at Bloomberg News finally gained access to the figures, and, after crunching the numbers, concluded that the Fed — unilaterally and with zero congressional oversight — had doled out as much as $1.2 trillion in taxpayer monies. That's about $500 billion more than the separate, hotly contested, and widely publicized $700 billion bailout pushed through Congress at the same time. (http://www.thenewamerican.com/economy/commentary/item/4058-forget-tarp-%E2%80%94-the-real-bailout-came-from-the-fed)
July 2011
The Government Accountability Office found that many employees and contractors of the New York Fed were allowed to keep investments in companies that received Fed assistance.
William Dudley, the current president of the New York Fed but at the time the head of its open-markets group, was granted a waiver to let him retain his shares in American International Group Inc. AIG -1.18% and General Electric GE +0.13% . (http://www.marketwatch.com/story/audit-of-fed-finds-conflict-of-interest-weakness-2011-07-21)
Nov 2011
Secret Fed Loans Gave Banks $13 Billion Undisclosed to Congress (http://www.bloomberg.com/news/2011-11-28/secret-fed-loans-undisclosed-to-congress-gave-banks-13-billion-in-income.html)
So after all that, and the fact that we know the Fed was founded and controlled by bankers (http://emazur.freeshell.org/Junos_Temple_01.html) and the bankers are still in control (http://www.slate.com/articles/news_and_politics/the_best_policy/2009/05/fed_dread.html)of the Fed today, do anyone honestly think that a full audit that showed that the Fed loaned a few hundred billion to the Central Bank of Bumfuckistan would really make a difference?
From my perspective, the only thing it would accomplish would be to make our "fringe" case that the Fed should be ended slightly stronger, but I do not expect anything whatsoever to happen as a result of another audit. But I'm willing to listen how I might be wrong.
The only other thing it accomplishes is to clearly identify which congressmen deserve even more opposition by evidence of them voting against an audit (remembering of course that there are flip floppers like Kucinich (http://www.campaignforliberty.com/materials/HR1207-Shame-List.pdf) who oppose an audit one day and support one a different day)