In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.
The measure, cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), authorizes the Government Accountability Office to conduct a wide-ranging audit of the Fed’s opaque deals with foreign central banks and major U.S. financial institutions. The Fed has never had a real audit in its history and little is known of what it does with the trillions of dollars at its disposal.
You may think Huffington Post is a liberal-wing-nut-newspaper-destroyer-blog, but sometimes they do a good job deconstructing the facts.
#20 the ‘people’ didn’t make that decision, the corrupt GOP did.
And after that decision was made the people had absolutely no choice in the matter and were stuck with a guy that was almost dead, and a woman that almost had a brain if they wanted to vote conservative.
#20 get real. People didn’t “reject” Ron paul. In fact I endorsed him and sent him campaign money!
The problem with Ron Paul is few know who he is and he’s effectively irrelevant. I wish that were not the case. Ron Paul is sorta like Ross Perot only not as funny looking.
I would have voted for Ron Paul but feared my vote would go wasted. My vote went to fight the Christian Taliban and pond scum from the right.
It’s not enough, it’s a good first step though. What’s really necessary is for all politicians and public servants have their IRS history published on an easily searched well indexed database online.
#7, Actually, it was the last admin that educated me on republicrats in general.
#22, I would have voted for Ron Paul but feared my vote would go wasted.
I hate it when I hear that. How can a vote be wasted if it is cast in good conscious?
#17 Li: “Greyson should be the new speaker of the house, he’s far better at articulating his vision and tearing down the opposition”
Tearing down the opposition is right. Greyson is a loud demagogue, plain and simple.
Ron Paul is my hero! Go, Ron!
The Fed makes the money, and they buy up a lot of government debt when it goes to auction(meaning that they set a floor in the bidding).
I think that, by all measures, big finance is as unstable as when Lehman fell OR WORSE. Most of them are just too dumb to know it, or too smart to admit it.
Wall St. people are easily characterized by an anecdote from, I think, Liars Poker by Micheal Lewis.
Goes like this: A famous investment bank. There is a training session of the incoming recruiting class of the best and brightest. The class leader asks “Would you advise a client that buying equities right now is a good idea?”
Recruit A replies with an amazingly erudite analysis of the the current dangers facing stocks, as well as several sectors which will benefit or at least hold during the coming storm.
The leader looks disgusted and shouts, “WRONG! Anyone else?”
Recruit B confidently states, “It is always a good time to buy equities, if you lock in your positions now your growth potential is unlimited.”
Leader: “Exactly right, any questions?”
The wealthy love secrecy, which is why we should audit.
I’ve never understood why Ron Paul is not more highly respected by the GOP. Much of what he says seems common sense, not just another talking points screed to whip up “the base.” Could that be it? Is he actually more highly regarded by the Dems than his own party? I disagree with a lot of his politics (surprise, surprise), but I don’t feel personally insulted or frightened by the things he says, unlike with so many on the Right.
“Audit the Federal Reserve” he says, and I wonder “where’s the harm in that?” while the GOP and top financial people all but faint dead away — makes one wonder what are they hiding?
And thanks # 16 FDC, we need to be reminded once in a while.
# 14 LHO said, on November 20th, 2009 at 10:37 am
“Will someone explain to me why that piece of shit pedophile bastard is not in prison?”
Barney Frank is openly gay. Where do you get this “pedophile” bulls##t from? Maybe you’re the one with sexual problems.
Liberty Lover -
What is a “conscious”?
#30 Exactly were did you get the “gays cannot be pedophiles” bulls##t from? Maybe you’re the one with problems.
#31, In this particular instance, it is something done with critical awareness or with good intentions.
Voting for the lesser of two evils or voting against something is neither.
#32, pedro,
It would appear you might be the one with the problems. People who live in glass houses shouldn’t throw stones.
How’s that goat thing working out for you?
#34 Coming from the expert in reality avoidance, that’s a huge affirmation. I will only let you go easy because I know you’re conFused.
Congrats to Ron Paul and the Campaign for Liberty movement. There is still much work to do but we’ve jumped a significant hurdle.
Never worry about voting for a third party, you are wasting your vote as much voting for the incumbent (republicrat) then you would a third party. Let your voting voice be heard. Real change isn’t just a banner that states it, and it’s clear that Obama is a fraud. Don’t make the same mistake in 2012.
Who’s Pedro?
#36m Carcarius,
Who’s Pedro?
As Uncle Dave just pointed out, we don’t need whole books reprinted on the pages here so I’ll try to be very brief.
He is a know nothing dweeb operating under several aliases, most of which are solely used to troll looking for hits. The “pedro” handle never posts anything relevant to the topic. He often posts under the editor pseudonym of “Cherman”. His preferred (wide) stance is to use ad hominems> to disparage anyone.
As several commentators loath him, he is subject to constant rebuttal of the same measure he passes on others.
I hope you realize that the brevity of this comment left out quite a bit of information.