http://www.youtube.com/watch?v=4tRQHsXujpo&feature=player_embedded

Can someone fill in some missing info for me.

As best I can tell, this is amendment 1367 to HR 2918. That is, this is being discussed in the Senate as amending a bill from the house. Is it normal they will refer to the other houses bill in this matter rather than giving it their own number? For instance, this amendment is based on HR1207 and S604 created by Ron Paul to audit the Fed. Why are there two different numbers for the same bill in the latter case?

Also, is there any way to look up who is in the committee during some of these sessions? That is Kay Hagan as the presiding officers, right?

I'm trying to write her about this but I want to make sure that is indeed her before I go firing off a letter.

7/8/2009 7:56:53 PM

Don't be silly, the government doesn't have the power to regulate the government. Only the government can do that.

7/8/2009 9:52:36 PM

Quote :

"Don't be silly, the government doesn't have the power to regulate the government. Only the government can do that."

While Congress is busy doing about 87,424 things that they have no right to do....they specifically ignore one of the few things they're actually told to do:

Quote :

"The Powers of Congress..... To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

7/8/2009 10:50:18 PM

looks like they got rid of that amendment

Quote :

"An amendment to H.R. 2918: Legislative Branch Appropriations Act, 2010. Offered: Jun 25, 2009 Sponsor: Sen. Jim DeMint [R-SC] Actions: Jul 6, 2009: Amendment SA 1367 proposed by Senator DeMint to Amendment SA 1365. Jul 6, 2009: Point of order raised in Senate with respect to amendment SA 1367 (for violating rule 16). Jul 6, 2009: Amendment SA 1367 ruled out of order by the chair. "

http://www.govtrack.us/congress/amendment.xpd?session=111&amdt=s1367



here is what i found for the Senate Committee on Banking, Housing, and Urban Affairs which is what S604 is in, I dont know if that what you were looking for (I dont see Kay hagan listed)



http://www.govtrack.us/congress/committee.xpd?id=SSBK

7/9/2009 9:53:57 AM

This can't be any worse than Cheney's 4th branch of government.

7/9/2009 10:21:06 AM

also interesting is Bernanke's fear mongering to try and raise opposition to some of these bills/amedments

Quote :

""My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the independence of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.”"

http://www.lewrockwell.com/blog/lewrw/archives/028422.html

7/9/2009 11:05:47 AM

^ The ironic thing about that statement is that Congress taking over Fed policy is the only explicitly authorized takeover / regulation etc that congress would make in this entire bail out debacle.

7/9/2009 12:40:52 PM

Quote :

"would be highly destructive to the stability of the financial system, the Dollar and our national economic situation."

I don't see how he can say this with a straight face.

WHERE THE FUCK WAS THE FED WHEN INTEREST RATES WERE KEPT TOO LOW FOR TOO LONG????

The value of the dollar has eroded nearly 64% since I've been alive. HOW IS THAT NOT DESTRUCTIVE YOU DEBT MONGERING FUCK FACE.

7/9/2009 1:08:06 PM

and you think CONGRESS would do better?

7/9/2009 1:10:49 PM

^^ and ^^^ Agreed. I think its indicative of how twisted our government/economic system is right now. I really think one of these bills needs to pass, we deserve to see how they are managing (manipulating?) our economy as we taxpayers are the ones that are usually getting screwed when they eff it up.




^I think that congress could make more of the policies public and transparent, and atleast we can vote out congresspeople we dont agree with (in theory).

[Edited on July 9, 2009 at 1:14 PM. Reason : arrers]

7/9/2009 1:12:17 PM

Quote :

"and you think CONGRESS would do better?"

Do better at what? Managing the policy? Running the Fed?

7/9/2009 1:13:57 PM

i just don't think that politicizing the fed would help anyone.

7/9/2009 1:15:46 PM

Here is a video of some inspector General that is supposed to know what is going on . . . clueless

http://www.campaignforliberty.com/blog.php?view=19980

Also, HR1207 now has 242 cosponsors! Doesnt that almost guarantee it will pass?


^I think these bills allow for more oversight and transparency rather than actually allowing congress to make policy

[Edited on July 9, 2009 at 1:32 PM. Reason : *]

7/9/2009 1:30:09 PM

Quote :

"i just don't think that politicizing the fed would help anyone."

How about auditing the fed, which is what the bill is about?

7/9/2009 1:33:52 PM

and what do you think that would turn into?

7/9/2009 1:37:05 PM

outrage and street rioting?

7/9/2009 2:23:37 PM

Quote :

"and what do you think that would turn into?"

If the Fed is well capitalized...nothing.

If the Fed is as underwater (and using the taxpayer for a backstop) as many think they are...also, probably nothing.

7/9/2009 3:54:08 PM

and the Bloomberg article he refers to:

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok

8/11/2009 5:48:51 PM

It's pretty scary how the Fed is more or less running the country now. And they've done such a good job of it that even Washington doesn't realize they are no longer in charge.

8/11/2009 9:07:46 PM

Quote :

"i just don't think that politicizing the fed would help anyone."

And why not?

The Fed was created by politics. It exists to prop up political over-spending. We've already experienced the failings of a Central Bank and got rid of it once before.

It is a total political entity..run by politicians for the benefit of politicians.

8/12/2009 12:09:31 AM

Quote :

"According to a recent poll by Rasmussen Reports 3 out of 4 Americans, from across the spectrum of age, race, political affiliation and income, agree with Ron Paul and the 279 cosponsors of his bill (H.R. 1207) in the House of Representatives that the Federal Reserve should open its books to an independent audit."

http://www.politicallore.com/writers/shaun-booth/75-of-americans-agree-with-ron-paul-audit-the-federal-reserve/1113

8/13/2009 2:42:25 PM

good news finally!

8/13/2009 2:57:03 PM

in Tyler Durden we trust
http://www.zerohedge.com/article/federal-reserve-balance-sheet-update-week-august-12

8/14/2009 12:48:57 AM

Quote :

"The Fed was created by politics. It exists to prop up political over-spending. We've already experienced the failings of a Central Bank and got rid of it once before. It is a total political entity..run by politicians for the benefit of politicians."

The Fed was created by money interests to further their interests. Politicians didn't create it so they could overspend, bankers created it so that entire nations would be in their debt.

8/15/2009 6:45:21 PM

More Bernanke Propoganda

http://www.forbes.com/2009/07/21/federal-reserve-congress-business-washington-bernanke.html

8/25/2009 11:05:26 AM

The good news is a judge upheld a FOIA request so it will be possible to "audit" the Fed this way now that case law is established. I can kinda see how national security matters could be exempt from FOIA requests, but it's more or less madness that there is anything about our banking system that should be kept secret. If we've gotten so far down that rabbit hole that the money trusts don't want us to see what goes on behind the scenes, we're more or less fucked.

8/25/2009 1:58:17 PM

nice, just searched for it so now im more caught up.


Im assuming this means that, barring an appeal (seems likely), we can expect the FED to hand over documents in 5 days (isnt that what FOIA requires or am i misreading?)

Didn't Obama just reappoint Bernanke?, This could get good quickly.

[Edited on August 25, 2009 at 2:17 PM. Reason : im actually slightly excited to see what they find]

8/25/2009 2:16:25 PM

I mean this is just madness

http://www.zerohedge.com/article/giethner-fed-audit-would-be-problematic-country

I really don't get the whole "don't politicize the Fed" thing. Why shouldn't it politicized? This is essentially saying this private bank, the Federal Reserve, is beyond arms reach of those we actually elect to run the country.

8/25/2009 9:00:33 PM

I think the problem is that if we were to know what was going on with the Federal Reserve, people would quickly learn exactly how fucked we are. Run on the banks, people trying to get out of the dollar, and all that...it would be chaos. At this point, they're just doing damage control, hoping that somehow things will get better.

Like someone mentioned, if they're trying to keep things secret...it's probably worse than we could have even imagined.

8/25/2009 9:09:57 PM

^that could possibly happen

but I, for one, am tired of our "leaders" telling us: "if we dont do this" or "if you do that" then "really terrible things could happen" when most of the time they are speculating. Its the exact same line they used for the bailouts.

The only damage control I see is the banking leaders ensuring that they will continue to be able to manipulate our economic system for their own gain by staying in control. I for one think the FED and commercial banks are a little too friendly with each other. Banking has grown into a huge part of our economy, and its very lucrative. The bankers would like nothing more than to maintain the status quo so that they can continue to rake in millions, while our taxes are used to help them out if they get into trouble. Fuck that.

I think they are hiding something, and I cant wait to find out what it is.


[/moonbat anti-banker rant]

8/26/2009 2:46:25 PM

http://www.zerohedge.com/article/fed-enabling-foreign-central-banks-swap-out-their-agency-debt-treasuries

Most likely reason the Fed doesn't want people poking around is they'll find out just how much debt monetization is going on. The fact that the dollar has been getting steadily creamed over the past few weeks probably means some people already know about it. Goldman knows, which is why they up their S&P 500 targets at more or less the same time the dollar started getting whacked a few weeks ago.

One big shell game is all. Socializing losses and attempting to preserve the wealth of the richest. This is the "free market" we live in.

8/26/2009 5:15:25 PM

NOOOOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!


http://www.reuters.com/article/ousiv/idUSTRE57R5BE20090828

Quote :

"Judge puts Fed's bailout revelations on hold"

Quote :

"Preska [the presiding judge] directed the Fed's board of governors to file a notice of appeal and an emergency stay application with the 2nd U.S. Circuit Court of Appeals. She also said Bloomberg will not, for now, insist on a search of "official files" at the Federal Reserve Bank of New York, after the central bank's representation that a search would likely be fruitless. "

WTF??11? Is the part about "insisting on searching" about bloomberg harassing the FED with questions while this is being sorted out in court? Is that normal for a judge to ask?

Quote :

"The Fed's board of governors has worried that disclosure would stigmatize the participating banks, threatening both them and the U.S. economy."

damn straight it might threaten them.

8/28/2009 7:30:36 PM

A few calls from the Fed and from powerful interests on Wall street is all it took for her to reverse her opinion.

They have 30 days to figure out the next strategy which will probably involve the turning of appeals judges with generous cash contributions. They'll overturn the FOIA, giving the Fed more time to figure out what move next to take in the hiding of the clusterfuck they created.

8/28/2009 8:26:09 PM

http://news.yahoo.com/s/nm/20090831/bs_nm/us_fed_profitpickup

Fed made $14 billion on discount window loans.

So, let me get this straight. The Fed, a private bank operating by privilege not by right, plays a role in keeping interests rates entirely too low for entirely too long which leads to another asset bubble makes $14 billion profit for it's investors in the ensuing bursting of that bubble?

8/31/2009 8:53:06 AM

^so where does that money go?



Has anyone seen the "audit the fed" or "FOIA the fed" in the TV news?

I dont have TV right now so thats why I ask, but I havent heard many people talking about it and I usually have to google search to find anything. Seems like a lack of coverage on a potentially interesting story (maybe its just interesting to me?)

8/31/2009 11:56:39 AM

Quote :

"i just don't think that politicizing the fed would help anyone."

Seems like the Fed is in just that business as it is

http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html

Quote :

"One critical way the Fed exerts control on academic economists is through its relationships with the field's gatekeepers. For instance, at the Journal of Monetary Economics, a must-publish venue for rising economists, more than half of the editorial board members are currently on the Fed payroll -- and the rest have been in the past."

9/10/2009 12:16:34 PM

So do you really want to set the precedent of congress monkeying around with the Fed?

Do you know why we have an independent central bank?

Would you still think it was ok if this wasn't a big cause of RON PAUL MASTER OF LIBERTY?

I don't necessarily oppose this. I think an independent periodic audit should be in the banks charter, either that or we should scrap it and go to a more decentralized banking system. My problem is with people who are fixated on this as a root problem of financial chaos (like the aforementioned liberty master) and not on the real cause: human stupidity, which would still be carrying out this policy.

[Edited on September 10, 2009 at 1:13 PM. Reason : .]

9/10/2009 1:04:18 PM

Quote :

"So do you really want to set the precedent of congress monkeying around with the Fed?"

How about we just find out what the fuck the Fed is up to as it is. These guys aren't the all knowing all perfect when it comes to monetary policy, is that not evident now? Do you really want this country to end up like Japan?

Quote :

"Do you know why we have an independent central bank?"

Just how independent do you think the bank is when a President and Congress says home ownership needs to be front and center to our economic policy and the Fed keeps interest rates at historic lows...forever...to enable this policy?

Quote :

"Would you still think it was ok if this wasn't a big cause of RON PAUL MASTER OF LIBERTY? "

Of course. It's just simply asinine to be secretive about monetary policy. If the Fed is buying in bulk all the toxic assets off the banks hiding it in off balance sheet line items with the implicit guarantee of the US taxpayer, do you not want to know about that? It isn't like these guys are infallible.

Quote :

"human stupidity, which would still be carrying out this policy."

I assume you mean people taking out loans they can't afford. Here's something that might shock you, humans will continue to be stupid. Humans will continue to speculate. And they'll wreck the economic system despite themselves if they are allowed to.

[Edited on September 10, 2009 at 1:26 PM. Reason : .]

9/10/2009 1:25:55 PM

Quote :

"Just how independent do you think the bank is when a President and Congress says home ownership needs to be front and center to our economic policy and the Fed keeps interest rates at historic lows...forever...to enable this policy?"

so would you be ok with congress setting interest rates directly? doing away with any sort of wall?

why not just coin money and let the interest rates fluctuate with the market?

i'm trying hard to be contrarian here.

[Edited on September 10, 2009 at 9:03 PM. Reason : /]

9/10/2009 8:59:10 PM

Quote :

"so would you be ok with congress setting interest rates directly? doing away with any sort of wall?"

Well, there is this thing called Article 1, Section 8

Quote :

"The Congress shall have power To...To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;"

I admit I don't know like the back of my hand the history of money and the Federal Reserve like some folks, but the power was originally given to Congress.

Ignoring this and addressing your original question, there were many many many people that called this bubble long before it started happening, example

http://alephblog.com/2009/09/05/waiting-for-the-death-of-the-chicago-school-and-the-keynesian-school-also-redux/

these people would be happy to consult congress about appropriate monetary policy. I really don't know how it would work with Congress setting interest rates. What catastrophic scenarios worse than a near depression can you imagine would be the result of taking this power away from the Fed and giving it back to Congress?

9/10/2009 9:10:50 PM

Well, the way I see it, what's to stop certain congresspersons with little knowledge of monetary policy from depressing interest rates in order to keep people in homes when there's the risk of inflation? Sure, you can have all the advisors you want, but people are ultimately going to act in the interest of their fundraisers, who might not benefit from necessary austere high interest rates.

9/10/2009 9:57:02 PM

I'd much rather the discussion be out in the open where all the cards are on the table than behind closed doors. As it is, many many folks on the right are questioning high deficits something the Fed seems eager to enable via quantitative easing.

If recessions really were mild and bubbles weren't being blown with increasing strength and frequency, I don't think you'd be hearing anyone call for a Fed audit. Just wait until this next bubble (which appears to be commodities) pops and brings the market down again (assuming it isn't beaten by CRE blowing up first) in record time.

9/10/2009 10:18:11 PM

Quote :

"Earlier today, Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced "The Federal Reserve Accountability Act," an attempt to kill HR 1207/S 604 by passing a bill that prevents a full audit and full transparency from America's secretive central bank. While language in this bill would permit a limited audit of the Fed's actions in the Troubled Asset Relief Program (TARP) and similar high profile bailouts, it would not allow an audit to review the Fed's inflation of the money supply or its agreements with foreign central banks, among other shortcomings. Additionally, the names of the institutions who received the funds would not be available until one year after each "emergency" program ended, and you know how quickly the federal government likes to end programs. "

10/21/2009 3:51:59 PM

http://www.youtube.com/watch?v=bPgzPxPwEV8



Mel Watt (D-NC), Chairman of the Monetary Policy Subcommittee,
has sided with banking interests and is working to gut
substantial audit provisions from H.R. 1207. The bill
Congressman Watt has sent to the full Financial Services
Committee contains no audit of the Fed's monetary policy-making
authority or transparency of the Fed's secret agreements with
foreign central banks.

Without these provisions, a so-called "audit" of the Fed would
be worthless.

The full Financial Services Committee is likely to vote on this
bill either later this week or early next.

11/3/2009 6:48:01 AM

starting to get heated

http://online.wsj.com/article/SB125864421370955721.html

Quote :

"House Attacks Fed, Treasury Panel Votes for Tighter Political Rein on Central Bank; Some Call for Geithner to Quit"

Quote :

"At the Joint Economic Committee, a couple of House Republicans called for the resignation of Mr. Geithner, who, as president of the Federal Reserve Bank of New York, played a major role in last fall's moves to prevent the collapse of the financial system. "The public has lost all confidence in your ability to do the job," said Rep. Kevin Brady, Republican of Texas. Mr. Geithner, in an unusual public display of pique, fired back. "What I can't take responsibility is for the legacy of crises you've bequeathed this country," he told Mr. Brady."

11/20/2009 4:33:24 PM

Quote :

"Some Republicans Call for Geitner to Quit"

hard to take a group seriously when they say that every member of an administration is ruining the country.

11/20/2009 6:54:16 PM

Quote :

"Mr. Geithner, in an unusual public display of pique, fired back. "What I can't take responsibility is for the legacy of crises you've bequeathed this country," he told Mr. Brady.""

lol... that is badass. more people need to tell these dumbass senators off like that.

11/20/2009 7:09:14 PM

i love it. "YOU DID WORSE!!!"

11/20/2009 8:11:35 PM

Quote :

""The public has lost all confidence in your ability to do the job," said Rep. Kevin Brady, Republican of Texas."

If there's one thing the public loves, it's the righteous indignation of an asshat politician.

"YOU SUCK!" "NO, YOU SUCK! " "NO, YOU!"... and so on...

11/20/2009 8:39:46 PM

Quote :

"...the legacy of crises you've bequeathed this country,"

Obama has bequeathed this country a tax-cheatin' Treasury Sect'ry.

11/20/2009 10:11:02 PM