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Thread: MSNBC Front Page: Ron Paulís bipartisan attack on the Fed

  1. #1

    MSNBC Front Page: Ron Paulís bipartisan attack on the Fed

    http://www.msnbc.msn.com/id/31784137...s-us_business/

    Ron Paulís bipartisan attack on the Fed
    His proposed audit has drawn on widening anger with central bank
    By Chadwick Matlin
    The Big Money
    updated 7:42 a.m. ET, Wed., July 8, 2009
    Ron Paul's legislative history is a lesson in principled failure. Among the bills he has co-sponsored: ending U.S. cooperation with the United Nations, a repeal of antitrust law "to restore the inherent benefits of the market economy," and stripping the government of the right to set a minimum wage. Just last week, he again introduced a bill "to repeal the Gun-Free School Zones Act of 1990," which would presumably make schools less safe but which would reinforce our right to bear arms. For Paul, ideology almost always trumps politics.

    None of these bills, I should note, have picked up much support. And Paul's track record with economic legislation isn't any better. His perennial efforts ó shifting the country back toward a gold standard, abolishing the personal income tax, and dismantling the Federal Reserve ó are nonstarters. They so change the very fabric of this country that Paul can't marshal his colleagues to his side.

    Which is why Paul's most recent legislative accomplishment is so impressive. He has rallied the majority of the House to support his new cause: an audit of the Federal Reserve. Legislators are sick of not knowing what's going on inside Bernanke's fortress, especially as the Fed becomes further enmeshed in the nation's fiscal policy. Paul's little bill has become emblematic of a larger movement, one that could spell trouble for Obama's troubled regulatory plan. Ron Paul ó always an enemy of regulation ó is now an enemy of Obama. And a mighty powerful one at that.

    Paul wants to audit the Fed primarily because he wants to destroy it; the audit bill is just the latest chapter in Paul's lifelong crusade against it. His vendetta is fueled by the belief that the Federal Reserve is unconstitutional, a central bank within a country that doesn't allow central banks. That the Fed can manipulate the currency and "create legal tender out of thin air" is heresy. And so Paul attempts to dismantle it the only way he can: through legislation.

    Thus we come to the audit. For Paul it's a foot in the door to a much larger goal. To the 244 co-sponsors ó 74 of them Democrats ó it's a way to show their constituents that they're worried, too, about where taxpayer dollars are going. It's an amusing dissonance between the leader of the rebellion and his revolutionaries. The two parties are after entirely separate goals, one (transparency) vastly more achievable than the other (the end of the Federal Reserve).

    This again makes Paul's coalition all the more remarkable. The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle. Congress' frustration was evident last month when Bernanke got roasted in front of Congress, putting his future as Fed chairman and the health of Obama's regulatory plan in doubt.

    Obama's proposal is to make the Fed a super-regulator; one that can both intervene and responsibly interfere whenever necessary. It would keep tabs on all the financial institutions that are too big to fail ó banks and insurers, mainly ó and, theoretically, keep the economy safer from major shocks like the one we just went through. But critics say that the Fed is partly to blame for getting us into this mess, and its track record when trying to cushion a bank's fall is suspect.

    This is where the trouble begins. The Obama administration hasn't promised to make the Fed any more transparent despite making it all the more powerful. Already over the past year the Fed's role has become as large as the financial crisis was urgent. Yet we don't know anything more about how the Fed does its business now than we did before it started guaranteeing trillions of dollars of assets. The Fed's responsibilities have matured, but its personality has not. It is still the gifted child that can do whatever it wants ó and its parents are still so in awe of its intelligence that they don't ask any questions.

    The audit bill would change that; Obama's regulatory plan would not. The Obama administration has offered typical platitudes about accountability but doesn't have specifics about how it would work. Ironically, a regulatory plan that's all about increased openness and transparency for the markets may fail to apply the same standards on its newly empowered regulator.

    And so we're building toward a very interesting clash within the financial and political communities. Think of it as a math proof: Because of Ron Paul and the audit bill, we already know that Congress doesn't like the Fed. It feels this way because of the relationship between two variables: power and accountability. The Fed has too much power and too little accountability. Congress believes the two variables should have equal values. They do not, so Congress does not approve. Now, if you give the Fed more power but not more responsibility, this is going to make Congress upset. So upset that they may not pass the new regulatory legislation.

    And so Obama finds himself in a difficult spot. He needs Congress on his side for a host of other legislation, so he may need to appease them here. But if he makes the Fed more accountable, the agency becomes even more a part of the government than it already is. This would be fine, except for the fact that the Fed isn't supposed to be a part of the government. So there's that.

    But something has to give. Paul's Gang of 244 is fed up. They're ready to kill something. It will probably be Obama's regulatory plan. Then again, with Paul leading the charge you never know. It may be something central, something federal, something reserved. Never underestimate Ron Paul. Even if there's no reason not to.

    Copyright Washington Post.Newsweek Interactive
    URL: http://www.msnbc.msn.com/id/31784137...s-us_business/



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  3. #2

  4. #3
    ATTACK?! An audit is only an attack IF there is SOMETHING TO HIDE!

    So does the IRS attack American citizens when they audit them? (well yes they do, but msnbc would not call it an attack)

  5. #4
    If the inflation situaion gets as bad as many think, the FED willbe lucky just to escape with an audit. We are moving in the right direction.

  6. #5
    Sheesh. The mainstream media has to paint him as a failed idealist before they actually address the issue at hand, when it's been so clear that all the past legislation has brought us more failure than any legislation Ron Paul has ever introduced. While I'm happy as a clam that the Federal Reserve is an issue now being talked about more thanks to Ron Paul, this article comes off like it's some sort of begrudging acknowledgment.

  7. #6
    Quote Originally Posted by Brian Defferding View Post
    it's some sort of begrudging acknowledgment.
    that is what it is... score one for the good guys.
    rewritten history with armies of their crooks - invented memories, did burn all the books... Mark Knopfler

  8. #7
    Quote Originally Posted by torchbearer View Post
    that is what it is... score one for the good guys.
    Aye, true

  9. #8
    Just last week, he again introduced a bill "to repeal the Gun-Free School Zones Act of 1990," which would presumably make schools less safe but which would reinforce our right to bear arms.
    Wow I guess Ron Paul just hates kids.



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  11. #9
    Quote Originally Posted by mport1 View Post
    Wow I guess Ron Paul just hates kids.
    Ya, nevermind that our schools are less safe with more guns since the 1990 legislation..
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  12. #10
    Quote Originally Posted by dannno View Post
    Ya, nevermind that our schools are less safe with more guns since the 1990 legislation..
    How many school shootings were there before 1990 and how many after? Those numbers would be staggering I bet.

  13. #11
    Flak increasing from media, we must be over the target, proceed with bomb drop.

    They should rename the article title to 'MSNBC's attack on Ron Paul'

  14. #12
    Quote Originally Posted by JoshLowry View Post
    Flak increasing from media, we must be over the target, proceed with bomb drop.

    They should rename the article title to 'MSNBC's attack on Ron Paul'
    They are not media any more, just straight out propaganda. They are a rag. I am glad comcast canceled their station in my area lol

  15. #13
    "None of these bills, I should note, have picked up much support. And Paul's track record with economic legislation isn't any better. His perennial efforts ó shifting the country back toward a gold standard, abolishing the personal income tax, and dismantling the Federal Reserve ó are nonstarters. They so change the very fabric of this country that Paul can't marshal his colleagues to his side."

    searing indictment of Paul's superficial colleagues

  16. #14
    "Ron Paul ó always an enemy of regulation ó is now an enemy of Obama. And a mighty powerful one at that."

    "The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle."

    "But something has to give. Paul's Gang of 244 is fed up. They're ready to kill something."



    That was an interesting article.

  17. #15
    i like this article, and think it does a lot of good for RP and the revolution. I think people are fed up (pun intended), and are looking for some good old fashioned radicalism.
    The bigger government gets, the smaller I wish it was.

  18. #16
    Quote Originally Posted by LiveToWin View Post
    "Ron Paul ó always an enemy of regulation ó is now an enemy of Obama. And a mighty powerful one at that."

    "The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle."

    "But something has to give. Paul's Gang of 244 is fed up. They're ready to kill something."



    That was an interesting article.
    I found it interesting their choice of words and how they phrased this particular part.



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  20. #17
    Quote Originally Posted by bobbyw24 View Post
    Thus we come to the audit. For Paul it's a foot in the door to a much larger goal. To the 244 co-sponsors ó 74 of them Democrats ó it's a way to show their constituents that they're worried, too, about where taxpayer dollars are going. It's an amusing dissonance between the leader of the rebellion and his revolutionaries. The two parties are after entirely separate goals, one (transparency) vastly more achievable than the other (the end of the Federal Reserve).
    Yes, yes. He's Don Quixote tilting at windmills and can never win. These other people are just jumping on his bandwagon temporarily because it's handy at the moment; we'll be back to calling him a kook next week.

    Of course, if and when we get some Fed transparency, no one but no one is going to like what they see. And then? Funny, msnbc doesn't say...
    Quote Originally Posted by angelatc View Post
    There's not a liberty lover on the planet who isn't called a liberal by the right, and a con by the left.
    Quote Originally Posted by Swordsmyth View Post
    Only Q or a civil war will save us

  21. #18
    i relate msnbc and fox and cnn to the comedy channel. decent entertainment nothing more. there is no news on tv anymore! they are all a joke!!
    2016 gop est business as usual, rules do not apply.

  22. #19
    Quote Originally Posted by speciallyblend View Post
    i relate msnbc and fox and cnn to the comedy channel. decent entertainment nothing more. there is no news on tv anymore! they are all a joke!!
    Fox is ok when a Dem is in office and vice versa for CNN and MSNBC.

  23. #20
    Quote Originally Posted by FSP-Rebel View Post
    Fox is ok when a Dem is in office and vice versa for CNN and MSNBC.
    My fiancee and I were just talking about that. It is pretty much true. BUT all are propaganda and you have to read between the lines.

  24. #21
    Quote Originally Posted by LiveToWin View Post
    "Ron Paul ó always an enemy of regulation ó is now an enemy of Obama. And a mighty powerful one at that."

    "The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle."

    "But something has to give. Paul's Gang of 244 is fed up. They're ready to kill something."



    That was an interesting article.
    Does this mean that Paul is the official front-runner for '12 via the 'powerful enemy' comment?

  25. #22

  26. #23
    It [the Fed] is still the gifted child that can do whatever it wants — and its parents are still so in awe of its intelligence that they don't ask any questions.
    give me a f#cking break
    Last edited by surf; 07-09-2009 at 12:21 AM. Reason: #

  27. #24



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  29. #25

  30. #26

    Lightbulb

    Quote Originally Posted by bobbyw24 View Post
    Ron Paul's legislative history is a lesson in principled failure.
    Bias in the first sentence.



    Quote Originally Posted by bobbyw24 View Post
    and stripping the government of the right to set a minimum wage.
    Government doesn't have rights, only individuals have rights. Government has powers.


    Quote Originally Posted by bobbyw24 View Post
    Just last week, he again introduced a bill "to repeal the Gun-Free School Zones Act of 1990," which would presumably make schools less safe but which would reinforce our right to bear arms. For Paul, ideology almost always trumps politics.
    They say this like it's a bad thing.

    Quote Originally Posted by bobbyw24 View Post
    This again makes Paul's coalition all the more remarkable.
    This guy should've been on the campaign trail with us


    Quote Originally Posted by bobbyw24 View Post
    The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle.
    So upholding one's oath to follow the Constitution is radical



    Quote Originally Posted by bobbyw24 View Post
    This is where the trouble begins. The Obama administration hasn't promised to make the Fed any more transparent despite making it all the more powerful. Already over the past year the Fed's role has become as large as the financial crisis was urgent. Yet we don't know anything more about how the Fed does its business now than we did before it started guaranteeing trillions of dollars of assets. The Fed's responsibilities have matured, but its personality has not. It is still the gifted child that can do whatever it wants ó and its parents are still so in awe of its intelligence that they don't ask any questions.
    That's a good way of putting it. Of course he did kind of bursh over it's Constitutionality.

    Quote Originally Posted by bobbyw24 View Post
    And so Obama finds himself in a difficult spot. He needs Congress on his side for a host of other legislation, so he may need to appease them here. But if he makes the Fed more accountable, the agency becomes even more a part of the government than it already is. This would be fine, except for the fact that the Fed isn't supposed to be a part of the government. So there's that.

    But something has to give. Paul's Gang of 244 is fed up. They're ready to kill something. It will probably be Obama's regulatory plan. Then again, with Paul leading the charge you never know. It may be something central, something federal, something reserved. Never underestimate Ron Paul. Even if there's no reason not to.
    Good ending.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  31. #27
    Ron Paul — always an enemy of regulation — is now an enemy of Obama. And a mighty powerful one at that.
    Most Valuable Quote.

    Ron Paul is becoming the leader of the opposition.
    In New Zealand:
    The Coastguard is a Charity
    Air Traffic Control is a private company run on user fees
    The DMV is a private non-profit
    Rescue helicopters and ambulances are operated by charities and are plastered with corporate logos
    The agriculture industry has zero subsidies
    5% of the national vote, gets you 5 seats in Parliament
    A tax return has 4 fields
    Business licenses aren't even a thing nor are capital gains taxes
    Constitutional right to refuse any type of medical care

  32. #28
    I like the last part the best:

    Never underestimate Ron Paul.
    Never underestimate the Austrian side of the force!!

  33. #29
    Quote Originally Posted by Matt Collins View Post
    So upholding one's oath to follow the Constitution is radical
    Isn't it?
    Quote Originally Posted by angelatc View Post
    There's not a liberty lover on the planet who isn't called a liberal by the right, and a con by the left.
    Quote Originally Posted by Swordsmyth View Post
    Only Q or a civil war will save us

  34. #30
    marginalize, discredit, and slander... only to give a slight inkling of accolade, only because Democratic names are co-sponsoring.

    I presume this article had to first be approve by Barry's Economic Advisors... Larry Summers and Jeffery (Mr GE/NBC) Immelt.

    More Socialist Demeaing Horseshyt. "Paul's Gang of 244"

    Here's the Clown: Chadwick Matlin the author of propaganda and manipulations

    Here's Matlin's article on July 2, 2009, one week ago: Ron Paul Strikes Gold by Chadwick Matlin July 02, 2009
    http://molibertynow.wordpress.com/20...-july-02-2009/

    “Paul wants to audit the Fed primarily because he wants to destroy it; the audit bill is just the latest chapter in Paul’s lifelong crusade against it. His vendetta is fueled by the belief that the Federal Reserve is unconstitutional, a central bank within a country that doesn’t allow central banks. That the Fed can manipulate the currency and “create legal tender out of thin air” is heresy. And so Paul attempts to dismantle it the only way he can: through legislation.

    Thus we come to the audit. For Paul it’s a foot in the door to a much larger goal. To the 244 co-sponsors—74 of them Democrats—it’s a way to show their constituents that they’re worried, too, about where taxpayer dollars are going. It’s an amusing dissonance between the leader of the rebellion and his revolutionaries. The two parties are after entirely separate goals, one (transparency) vastly more achievable than the other (the end of the Federal Reserve).

    This again makes Paul’s coalition all the more remarkable. The distrust of the Fed has reached a point at which a majority of House members are following a radical into battle. Congress’ frustration was evident last month when Bernanke got roasted in front of Congress, putting his future as Fed chairman and the health of Obama’s regulatory plan in doubt.”
    Is Chadwick Matlin is full of it... Absolute HATE for RON PAUL

    Los Angeles: Why isn't Congress insisting on an equity position in the financial institutions as a condition to the bailout? If Paulson (or Bernanke, for that matter) were unable to recognize the dangers inherent in the current, unregulated mortgage equity market, how can they claim to be qualified to clean up the mess that the mortgage-backed "securities" have caused?

    Chadwick Matlin: They still might do this, similar to the warrants they hold on AIG. (For an explanation of the inexplicably complicated warrant system, see this article.)

    This probably won't happen en mass, though, because Republicans would call the Democrats Socialists. And a red 'S' may as well be a scarlet letter in this country
    Last edited by HOLLYWOOD; 07-09-2009 at 03:30 PM.
    The American Dream, Wake Up People, This is our country! <===click

    "All eyes are opened, or opening to the rights of man, let the annual return of this day(July 4th), forever refresh our recollections of these rights, and an undiminished devotion to them."
    Thomas Jefferson
    June 1826



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