Hooray! 290!

Audit the Fed Hits 290 Co Sponsors

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Finally. Barney Frank is in a uproar and this is great news. Its time to find out what has been going on.

Hand me a pen, I'll sign the thing.

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GOOGLE© / Coca-Cola© 2012: The Refreshing Change That You Are Searching For!
Always be wary of righties bearing "facts".

The fed was created through the authority of Congress. Congress could revote that if they wanted to. Personally I think that the fed should be run as an independent entity, rather than one that congress manipulates.

However, I also think that the congress has not only the right, but the responsibility to perform audits of it's activity.

Ron Paul gets his hearing on Fed Audit , Friday Morning

Liberty Maven

House Committee:
http://www.house.gov/apps/list/heari...r_092509.shtml

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MSNBC gives Ron Paul some air time to discuss HR 1207.

Ron Paul on msnbc audit the fed 9 24 09

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We are not the product of our environment, we are the result of ourselves.

Interesting video, and it illustrates I think the public sentiment behind this populist bill.

The interviewer, a big supporter of the bill, talks about the Fed being audited, and apparently is ignorant of the fact that the Fed is audited by a big 4 accounting firm and the Govt accounting office every year.

However, more fundamentally, he talks about how outrageous it is that the Fed is using "taxpayer money" to bailout the banks.

This shows a fundamental ignorance, by in this case an NBC reporter, on how the Fed works. The Fed receives not one dime of tax payer money, but in fact pays its profits to the Treasury every year.

The reporter claims to have a financial background, which leads me to suspect he is either lying about that, or if it is true, he deliberately misleads viewers by suggesting that tax dollars are being spent by the Fed.

I suspect this level of ignorance displayed by the reporter is common (based on posts I've read in forums like these) and is a big reason behind the populist scapegoating of the Fed for the economic problems.

Paul says the reporter "is correct" as says the Fed is diluting our money, but doesn't have the honest to point out the reporter is completely wrong to suggest that the Fed uses "taxpayer money". Paul also misleads by suggesting that the Fed is trying to avoid being audited, when it is audited every year.

Pretty deceitful overall. It's how bad legislation is made.

Describe the aspects of the Federal Reserve that are NOT audited.

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Also, Paul says "we need to get the bad assets off the books."

What does Paul think the reason was that the Fed backed up these assets? To get them off the books of the banks to restore confidence to the financial system.