Senate Votes 96-0 To Audit The Fed

[one...two...tree 2,762]

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Reporting by Brian Beutler.

link

[Obama 2012 1,714]

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Reporting by Brian Beutler.

link

Complete horseshit that is all for show now.

The Fed is the largest criminal organization in the United States and one of the largest in the world (if not the).

It's a flippin' joke and it has been since its inception.

[one...two...tree 2,762]

Complete horseshit that is all for show now.

The Fed is the largest criminal organization in the United States and one of the largest in the world (if not the).

It's a flippin' joke and it has been since its inception.

The Panic of 1907

[Obama 2012 1,714]

The Panic of 1907

yup, so let's create a system that does well for the bankers and not so well for the people.

Let's create a system to where the country will always be in debt and where there's no hope of ever paying it off.

The Creature From Jekyll Island the Federal Reserve is indeed.

The dangers truthfully really aren't the in Federal Reserve itself necessarily, but the effect it brought forth in moving us into a Fiat monetary system. No nation can spend relentlessly like we have been over the course of the last century and expect to remain at the top of the herd. It's just not possible. It's all 'fake.'

There's a reason why that money in the constitution had to be backed by commodities and not by the paper it was printed on. The founders knew from lessons before there the dangers of such a system and here they are today being proven right once again...

[one...two...tree 2,762]

yup, so let's create a system that does well for the bankers and not so well for the people.

Let's create a system to where the country will always be in debt and where there's no hope of ever paying it off.

The Creature From Jekyll Island the Federal Reserve is indeed.

The dangers truthfully really aren't the in Federal Reserve itself necessarily, but the effect it brought forth in moving us into a Fiat monetary system. No nation can spend relentlessly like we have been over the course of the last century and expect to remain at the top of the herd. It's just not possible. It's all 'fake.'

There's a reason why that money in the constitution had to be backed by commodities and not by the paper it was printed on. The founders knew from lessons before there the dangers of such a system and here they are today being proven right once again...

Paul, I know you like to think you've got all the answers that even great Americans from the past couldn't figure out, but the Federal Reserve wasn't created out of a vacuum. Its creation had its merits.

[I AM NOT THAT GUY 5,715]

The Senate today voted overwhelmingly to adopt an amendment,

It's mostly showboating, but good for them. Chances are it will get weakened further by the time it becomes law, and the results of the final audit will be lucky to make the back page of a Saturday edition sometime after the next election.

[Heracles 417]

but the Federal Reserve wasn't created out of a vacuum. Its creation had its merits.

agreed..

[Obama 2012 1,714]

Paul, I know you like to think you've got all the answers that even great Americans from the past couldn't figure out, but the Federal Reserve wasn't created out of a vacuum. Its creation had its merits.

Merits in who a Central Bank benefitted, which surely isn't the little guy.

Sure the system has merits, as does not having the system as well.

There are plenty of arguments for and against the Federal Reserve and as I noted, the problem isn't necessarily the Federal Reserve itself, but the ultimate problem it led to.

The panic of 1907 was caused by a variety of economic factors and was true of the situation at the times of a market effected by those factors. There were and always will be factors which cause an ecnonomy to go up and to go down.

There were plenty of panics before 1907 and there have been far worse ones since the inception of the Federal Reserve system.

It's privately owned, privately held by its stockholders (which includes many sources not within the United States that don't have our best interest at hand) and goes against the constitutional functionality of what our monetary system is supposed to be. While its board might be appointed, that board usually comes from questionable backgrounds which are looking out for their best interests rather than that of the country. It's a bank and its job is to make money. Nothing more and nothing less. It chooses to lend money to the United States or not and we have been indebted to the Federal Reserve ongoing since World War II. - now that's something to think about.