[johobuo]

if you are curious who voted how see here Ron Paul’s Audit the Fed Fails 229-198 | Ron Paul .com

[Zdfjpbth]

Bipartisanship is only important when it is on the majority's schedule.

Continues to illustrate how much of a joke the financial reform bill is.

[kuklame]

Bipartisanship is only important when it is on the majority's schedule.

Continues to illustrate how much of a joke the financial reform bill is.

no thing to hide here . THERE'S NO MONEY OVER HEREthey are an excellent use of expense .
picking who invented the p-nut butter and jelly sandwich.
WHERE WOULD WE BE WITHOUT THEM? ? ?
"THOSE WHO DO NOT STAND UP ARE BOUND TO FALL"
someone please come by and correct my grammer J.O

[eskimosik]

Thats freakin hilarious.

[masteryxisman]

Yes we control a financial system that basically affects the entire world. Nah, it would really be a waste of time for someone to come in and figure out what we do with billions of dollars.

Oh hey!!! Look over there!!! Isn't that a Toyota that won't stop?

[Uzezqelj]

The government is broken.

[courlerwele]

Bipartisanship is only important when it is on the majority's schedule.

Continues to illustrate how much of a joke the financial reform bill is.

Why aren't the Ds in favor of this?

[somozasayre]

Why aren't the Ds in favor of this?

Because it would expose massive fraud and they are in the driver's seat right now. However, this whole mess was about a 30 year bipartisan effort...

This is the kind of stuff they don't want you to know about or at least be confirmed/substantiated....an audit would obviously reveal how fleeced the taxpayer has been by the likes of Bernanke and Geithner (Paulson-Greenspan before them)....Obama's point men in trying to fix the problems they helped create.

People need to wake up to the workings of private Central Banks......

Fed Made Taxpayers Unwitting Junk-Bond Buyers


Federal Reserve Chairman Ben S. Bernanke and then-New York Fed President Timothy Geithner told senators on April 3, 2008, that the tens of billions of dollars in “assets” the government agreed to purchase in the rescue of Bear Stearns Cos. were “investment-grade.” They didn’t share everything the Fed knew about the money.

The so-called assets included collateralized debt obligations and mortgage-backed bonds with names like HG-Coll Ltd. 2007-1A that were so distressed, more than $40 million already had been reduced to less than investment-grade by the time the central bankers testified. The government also became the owner of $16 billion of credit-default swaps, and taxpayers wound up guaranteeing high-yield, high-risk junk bonds.

By using its balance sheet to protect an investment bank against failure, the Fed took on the most credit risk in its 96- year history and increased the chance that Americans would be on the hook for billions of dollars as the central bank began insuring Wall Street firms against collapse. The Fed’s secrecy spurred legislation that will require government audits of the Fed bailouts and force the central bank to reveal recipients of emergency credit.

“Either the Fed did not understand the distressed state of some of the assets that it was purchasing from banks and is only now discovering their true value, or it understood that it was buying weak assets and attempted to obscure that fact,” Senator Sherrod Brown, an Ohio Democrat and member of the Senate Banking Committee, said in an e-mail when informed about the credit quality of holdings in the Maiden Lane LLC portfolio. The committee held the April 3 hearing.

Fed Made Taxpayers Unwitting Junk-Bond Buyers - Bloomberg RELATED: http://www.philadelphiaspeaks.com/fo...t-aig-cds.html

[mealiusarses]

The government is broken.

The system is broken....the system is comprised of government AND private enterprise....in other words political-economy.

[Poowssnople]

Why aren't the Ds in favor of this?

The policy reason is that they say the only way to make sure the Fed does its business without political interference, is to make it unaccountable to politicians via reporting.

Of course that is like saying the only way to prevent oil gushers in the Gulf is to make sure to not inspect equipment.

The more behind the scenes answers seems to be that if the Fed reported everywhere it lends money to and the rates (in particular with TARP and all the economic recovery legislation), it would be significantly embarrassing to a lot of important and influential people/companies throughout the world as well as elected officials.

The darker part is that there was no way the bankers and Wall Street were going to open up that Pandora's box and the Frank's and Dodd's would never shine light on those activities.

Finally, the Obama and the White House was working to kill the audit provisions as well, which means party faithful jumped ship from sponsorship.

[AbeldeldepBug]

The system is broken....the system is comprised of government AND private enterprise....in other words political-economy.

The system isn't broken. The US framework of government is excellent. The people we elect are the problem.

But as the saying goes, we get the government we deserve.

[HomePageOEMfreeSOFTWARE]

The policy reason is that they say the only way to make sure the Fed does its business without political interference, is to make it unaccountable to politicians via reporting.

Of course that is like saying the only way to prevent oil gushers in the Gulf is to make sure to not inspect equipment.

The more behind the scenes answers seems to be that if the Fed reported everywhere it lends money to and the rates (in particular with TARP and all the economic recovery legislation), it would be significantly embarrassing to a lot of important and influential people/companies throughout the world as well as elected officials.

The darker part is that there was no way the bankers and Wall Street were going to open up that Pandora's box and the Frank's and Dodd's would never shine light on those activities.

Finally, the Obama and the White House was working to kill the audit provisions as well, which means party faithful jumped ship from sponsorship.

TARP is peanuts compared to all the other Fed lending facilities that taxpayers have no clue about...not to mention swap facilities (CDS's etc). The billions in TARP are dwarfed by the trillions in the other Fed facilities. All this is without oversight but as they say not all things buried are dead.....

[globjgtyf]

The system isn't broken. The US framework of government is excellent. The people we elect are the problem.

But as the saying goes, we get the government we deserve.

Sure the framework is there...but the system is still broken since the framework has been compromised. It's like a home with a framework but no foundation.

[lollypop]

TARP is peanuts compared to all the other Fed lending facilities that taxpayers have no clue about...not to mention swap facilities (CDS's etc). The billions in TARP are dwarfed by the trillions in the other Fed facilities. All this is without oversight but as they say not all things buried are dead.....

Yes there is more to it than just TARP, but I didn't think going into a full dissertation is what Malloy was looking for. I was trying to keep it concise to answer his question.

[Qnnoshxj]

Yes there is more to it than just TARP, but I didn't think going into a full dissertation is what Malloy was looking for. I was trying to keep it concise to answer his question.

Did I write a dissertation? I just mentioned the other aspects in a concise manner. If he wants to research them further he can.

[aquadayAquaks]

Did I write a dissertation? I just mentioned the other aspects in a concise manner. If he wants to research them further he can.

sorry, for some reason i took your reply the wrong way.

[ligeplodore]

No problem...not that I don't write dissertations. Just didn't this time and maybe that was your frame of reference. Nevertheless, we're more or less on the same page on this although my focus is not solely on collusionary gov't. Takes two to tap dance in this instance...

[ServiceColas]

When or if they finally audit the Fed ... prey you own a lot of physical gold & Silver

Executive Order 11110 supposedly has never been repealed ... if true .. couldn't a President (if he wanted to) just enforce the law?

[ExelePlavisseu]

When or if they finally audit the Fed ... prey you own a lot of physical gold & Silver

Executive Order 11110 supposedly has never been repealed ... if true .. couldn't a President (if he wanted to) just enforce the law?

Lyndon Johnson abandoned it in 1964 and Ronald Reagan specifically reversed it in 1987. So not only is it not in effect, it doesn't even exist anymore and hasn't in 25 years.

[attackDoold]

no thing to hide here . THERE'S NO MONEY OVER HEREthey are an excellent use of expense .
picking who invented the p-nut butter and jelly sandwich.
WHERE WOULD WE BE WITHOUT THEM? ? ?
"THOSE WHO DO NOT STAND UP ARE BOUND TO FALL"
someone please come by and correct my grammer J.O

"grammar." You want them to come correct your "grammar."