Audit FED !!!

AUDIT THE FED - NOW! http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/ http://www.globalresearch.ca/index.php?context=va&aid=14356 FROM THE HISTORY OF MONEY (http://www.xat.org/xat/moneyhistory.html) “Let me issue and control a nation’s money and I care not who writes the laws.” Mayer Amschel Rothschild, 1790 “When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes… Money has no motherland; financiers are without patriotism and without decency; their sole object is gain.” Napoleon Bonaparte, 1815 ON THE FEDERAL RESERVE ACT: “This act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalised. The people may not know it immediately, but the day of reckoning is only a few years removed… The worst legislative crime of the ages is perpetrated by this banking bill.” Rep. Charles Lindbergh (R-MN) “We have come to be one of the worst ruled, one of the most completely controlled governments in the civilised world - no longer a government of free opinion, no longer a government by… a vote of the majority, but a government by the opinion and duress of a small group of dominant men. Some of the biggest men in the United States, in the field of commerce and manufacture, are afraid of something. They know that there is a power somewhere so organised, so subtle, so watchful, so interlocked, so complete, so pervasive, that they had better not speak above their breath when they speak in condemnation of it.” Woodrow Wilson “The powers of financial capitalism had [a] far-reaching [plan], nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world’s central banks which were themselves private corporations. Each central bank… Sought to dominate its government by its ability to control treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.” Carroll Quigley, Professor, Georgetown University

I just looked up FED, the stock hasn’t traded since November so why do you want to audit it.

Sorry for confusing you - I forgot to mention that this message assumes basic level of critical thinking and reading skills.

No it doesn’t.

^lol

The Fed can already be audited by Congress at any time. The GAO already audits the most important part of the Fed, the balance sheet. The exclusions to the GAO audit, the transactions, is something that shouldn’t be publicly audited in order to avoid politicising the Fed. If anything, Congress should form an oversight committee and require a private audit of the transactions. That is fully within Congress’ power.

I disagree with your statements as in reality the vital information is not being dislosed. Read about FED refusing a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers or not willing to share details of Bank of America Corp.’s purchase of Merrill Lynch & Co.: http://www.bloomberg.com/apps/news?pid=20601087&sid=apx7XNLnZZlc http://www.bloomberg.com/apps/news?pid=20601087&sid=aRWcn.Fvrzys Read Ron Paul’s article where he addresses the point of “avoiding politicising the Fed”. http://www.globalresearch.ca/index.php?context=va&aid=14356

user654 Wrote: ------------------------------------------------------- > I disagree with your statements as in reality the > vital information is not being dislosed. > > Read about FED refusing a request by Bloomberg > News to disclose the recipients of more than $2 > trillion of emergency loans from U.S. taxpayers or > not willing to share details of Bank of America > Corp.’s purchase of Merrill Lynch & Co.: > > http://www.bloomberg.com/apps/news?pid=20601087&si > d=apx7XNLnZZlc > > http://www.bloomberg.com/apps/news?pid=20601087&si > d=aRWcn.Fvrzys > > Read Ron Paul’s article where he addresses the > point of “avoiding politicising the Fed”. > > http://www.globalresearch.ca/index.php?context=va& > aid=14356 What is the exact reason to know that? You know that they are lending, letting people know who they are lending to only undermines the system.

  1. Bank of America Corp.’s purchase of Merrill Lynch & Co -in this case, there is a great concern that FED overstepped its authority and effectively forced shareholders of BAC to assume losses of ML? How comes that in many cases banks with 100+ years of history were sold over the weekend (with guarantees from tax payers and definitely without having time to conduct reasonable valuation)? 2) TARP - if you are using tax payer’s money ($2 trillion) then tax payer should now who is receiving it and what is the quality of collateral. Why US government is not accepting properties in negative equity as collateral when collecting taxes from individual citizens - of course, at 100% of the valuation established during the peak of real estate market? This clearly demonstrates that what FED is running is far from transparent, robust and fair system and is rather based on meddling of major banks alumni at the expense of American tax payer.
  1. Bank of America Corp.’s purchase of Merrill Lynch & Co -in this case, there is a great concern that FED overstepped its authority and effectively forced shareholders of BAC to assume losses of ML? How comes that in many cases banks with 100+ years of history were sold over the weekend (with guarantees from tax payers and definitely without having time to conduct reasonable valuation)? 2) TARP - if you are using tax payer’s money ($2 trillion) then tax payer should now who is receiving it and what is the quality of collateral. Why US government is not accepting properties in negative equity as collateral when collecting taxes from individual citizens - of course, at 100% of the valuation established during the peak of real estate market? This clearly demonstrates that what FED is running is far from transparent, robust and fair system and is rather based on meddling of major banks alumni at the expense of American tax payer. Also, let’s not forget that this is Congress (House Oversight Committee) asking for information - would you like to suggest that they do not know what to/have right to ask on behalf of tax payers?

user654 Wrote: ------------------------------------------------------- > 1) Bank of America Corp.’s purchase of Merrill > Lynch & Co > -in this case, there is a great concern that FED > overstepped its authority and effectively forced > shareholders of BAC to assume losses of ML? How > comes that in many cases banks with 100+ years of > history were sold over the weekend (with > guarantees from tax payers and definitely without > having time to conduct reasonable valuation)? > > 2) TARP - if you are using tax payer’s money ($2 > trillion) then tax payer should now who is > receiving it and what is the quality of > collateral. Why US government is not accepting > properties in negative equity as collateral when > collecting taxes from individual citizens - of > course, at 100% of the valuation established > during the peak of real estate market? > > This clearly demonstrates that what FED is running > is far from transparent, robust and fair system > and is rather based on meddling of major banks > alumni at the expense of American tax payer. > > Also, let’s not forget that this is Congress > (House Oversight Committee) asking for information > - would you like to suggest that they do not know > what to/have right to ask on behalf of tax payers? This is what I always find humorous about Anti-Fed people, they just never get it right. 1. The Fed didn’t have nearly as much to do about Merrill/BoA as the *TREASURY* did. Paulson was calling the shots, Paulson was the US Treasurer. Get your facts straight. 2. TARP is NOT run by the Fed, it is run by the US Treasury, the $700MM program. The temporary liquidity facilities, such as CPFF, or overnight window, were run by the Fed and were the ones that the Fed didn’t want to disclose, mainly because it was thought that it would create runs on the banks. Now, if you look at the Fed’s balance sheet, those facilities are declining rapidly. CPFF is almost over, as is most other CP facilities and temp liquidity facilities. That’s because one of the Fed’s primary goals is to become the LENDER OF LAST RESORT in order to prevent the capital markets from ripping themselves apart. Now, I know that’s a libertopians wet dream, because you would rather see the system fall apart than prevent it. Mainly because your self hate, and hate of anything beyond 18th century economics (which is what Austrian economics is), leads you to want to see it happen. Sorry, but that isn’t what is good for the US. Did Congress subpoena the information? If not, then they didn’t force the issue. They can but they didn’t. Get your sh!t together before you come back. Spreading FUD around the internet isn’t a smart thing, son.

Unfortunately, I don’t find humorous your obfuscation. "1. The Fed didn’t have nearly as much to do about Merrill/BoA as the *TREASURY* did. Paulson was calling the shots, Paulson was the US Treasurer. Get your facts straight. " As Bloomberg reported: "The move is part of increased congressional scrutiny of the central bank, which helped craft a government aid package enabling Bank of America to absorb Merrill Lynch in January. Lewis told New York state investigators in February that he was pressured in December by Bernanke and former Treasury Secretary Henry Paulson to complete the Merrill acquisition amid mounting losses at the brokerage firm. " Let me help you with analysis of this sentence - it says that Bernake along with Paulson have pressured Lewis to buy ML. It doesn’t matter who pressured Lewis more, whether Bernake or Paulson, the important thing is that Bernake was accused of doing such thing in the first place. The point is to know what was the role of FED/Bernake in this case. "2. TARP is NOT run by the Fed, it is run by the US Treasury, the $700MM program. The temporary liquidity facilities, such as CPFF, or overnight window, were run by the Fed and were the ones that the Fed didn’t want to disclose, mainly because it was thought that it would create runs on the banks. " I accept the critique that TARP is not the correct name of the emergency loan facility programme ran by FED, however, as Bloomberg reported: "The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP. " Thus, 11 Fed lending programs are de facto continuation of TARP. “The Fed lent cash and government bonds to banks that handed over collateral including stocks and subprime and structured securities such as collateralized debt obligations, according to the Fed Web site.” Tax payers have right to know what was accepted as collateral, at what value and which companies needed/benefited from this money. The fact, that those facilities are declining is a separate question. I’m not libertopian so the rest of your statement is just false accusation and speculation. What is good for the US is a question for every citizen and therefore there are elections in democratic societies. FED accountability is currently questionable and therefore HR 1207 has already 271 co-sponsors in Congress - these are representatives of citizens. I’m not your son and I advise you to get your information together first.

Are we talking about k-fed? cause i wont let you audit my man r-fed

I think user654 belongs on a yahoo finance blog.

> As Bloomberg reported: > "The move is part of increased congressional > scrutiny of the central bank, which helped craft a > government aid package enabling Bank of America to > absorb Merrill Lynch in January. Lewis told New > York state investigators in February that he was > pressured in December by Bernanke and former > Treasury Secretary Henry Paulson to complete the > Merrill acquisition amid mounting losses at the > brokerage firm. " Anybody can tell you that Paulson was the guy who lead the charge. Everybody on the Street knows that, everybody remotely involved in the process knows that, and Lewis has more or less said it. Bernanke had a secondary role to Paulson. That is fact. It is why Paulson is facing the most heat, because he was the closest, the most important in the process, and the most influential. Accusing the lieutenant for the general’s failure, is laughable at best and intellectually disingenuous at the worst. > > "The Fed stepped into a rescue role that was the > original purpose of the Treasury’s $700 billion > Troubled Asset Relief Program. The central bank > loans don’t have the oversight safeguards that > Congress imposed upon the TARP. " > > Thus, 11 Fed lending programs are de facto > continuation of TARP. > > “The Fed lent cash and government bonds to banks > that handed over collateral including stocks and > subprime and structured securities such as > collateralized debt obligations, according to the > Fed Web site.” > > Tax payers have right to know what was accepted as > collateral, at what value and which companies > needed/benefited from this money. The fact, that > those facilities are declining is a separate > question. > > I’m not libertopian so the rest of your statement > is just false accusation and speculation. What is > good for the US is a question for every citizen > and therefore there are elections in democratic > societies. FED accountability is currently > questionable and therefore HR 1207 has already 271 > co-sponsors in Congress - these are > representatives of citizens. > > I’m not your son and I advise you to get your > information together first. I don’t give a flying fvck through a rolling donut what Bloomberg reported. The Fed facilities were in place BEFORE and AFTER TARP and had absolutely no connection to TARP. Now, I would accept that part of TARP is being used for TALF (another Fed facility), but that isn’t the case for anything else. Your attempt to connect the two is ridiculous and just keeps showing that you really have no idea what you’re talking about. You also ignore the *fact* that the liquidity facilities are far less than what they were previously. The Fed’s balance sheet can be found on many websites, including calculated risk, which shows it on a monthly basis, by asset class. The fact of the matter is that the Fed liquidity facilities were nothing more than what its job was, the bank to banks, making sure the capital markets survived was Job #1 and they did that. You may not like it, but guess what? I don’t give a crap if you don’t, because things could have been MUCH worse, but weren’t, because of that money lent. Sure, the taxpayers need to have oversight of the Fed. However, OPEN audits of the Fed is counterproductive and stupid. Now, as far as the HOUSE bill, you’re yet again, WRONG. ****CONGRESS**** did not push that bill, the HOUSE did. The LOWER chamber of CONGRESS has offered majority support. You’re long on opinions and faux outrage, but most importantly, ignorance and FUD. You’re short on facts, rational thought, and long-term strategic vision. You are more close to a libertopian than anything else.

http://www.youtube.com/watch?v=zpbW64vRrMc http://seekingalpha.com/instablog/226469-steven-hansen/12640-leashing-the-fed http://www.marketoracle.co.uk/Article10497.html http://www.youtube.com/watch?v=Hro6tyGr5N0

spierce: Comparing Bernake to lieutenant is what I consider laughable. As I mentioned before, just because his role was secondary doesn’t mean it should not be investigated/audited. I prefer using sources that one can reference, such as Bloomberg, as opposed to “Street”. The fact that the facilities were in place does not mean they couldn’t be misused. My attempt to connect those two is certainly not ridiculous as the purpose is to basically pump money into banks without enough transparency and oversight and accept any kind of collateral. Please watch this hearing and then tell me about how you can find out these sort of information about off-balance sheet operations on the websites: http://www.youtube.com/watch?v=cJqM2tFOxLQ Your invectives and lack of references make your last paragraph a good description of you.

“I don’t give a flying fvck through a rolling donut what Bloomberg reported.” Nice, never heard that one before. Sorry User, but I didn’t look at any of your links b/c when I saw Ron Paul, I thought this was a joke.

lol @ spierce’s flying f through donut remark

trek7000 - this is not about RP, it is about FED audit. Considering that this forum is targeting cfa candidates/chartholders one would expect that people would exercise diligence and thorougness before making judgment. Not willing to open few links which include articles from bloomberg, markeoracle, seekingalpha and Financial Services Subcommittee hearings is, in my opinion, far from what standard V is talking about. However, if you change your mind and would be willing to look at one of the links then how about this one: http://www.youtube.com/watch?v=cJqM2tFOxLQ After you watch it ask yourself whether you feel comfortable with the answers of Federal Reserve Inspector General.