HR 1207 (Audit the Fed)...

[zerojunkie]

Originally Posted by david austin

Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate t

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Absolutely ZERO COVERAGE of this today.

Wouldn't it be up to the SEC to investigate the primary dealers?

[thumpcbd]

Originally Posted by david austin

Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate t

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Absolutely ZERO COVERAGE of this today.

LOL the Senator's mannerisms and facial expressions reminded me a lot of Steve Martin. Though I have to agree with his line of questioning and find the lawyers dogging and weaving, or tying to, amusing and disturbing.

[SeedfulMusic]

Originally Posted by david austin

Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate t

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Absolutely ZERO COVERAGE of this today.

WOOOWWWWWWW!!! This is crazy. I like the part where he questions the dealers? And than additionally, that "the Fed" purchased American assets... not America borrowing money to pay of its toxic assets. We owe them money we cant pay back... NUCKKINNNG FUTTTSSS!!!

[zerojunkie]

Originally Posted by SeedfulMusic

that "the Fed" purchased American assets... not America borrowing money to pay of its toxic assets. We owe them money we cant pay back... NUCKKINNNG FUTTTSSS!!!

What? Care to elaborate?

[SeedfulMusic]

Originally Posted by zerojunkie

What? Care to elaborate?

This is what the lawyer said...

"Most of the increase in our balance sheet, has been the purchase of US Government securities..."

Considering that the Fed prints and makes money out of thin air, it is backed by nothing, which makes this illegal. They are offering no form of "consideration" in return for said securities to begin with. How the hell are they purchasing ANYTHING from us?! Maybe its the way that hes wording it that throws me off, but they shouldnt be purchasing anything...


And what is this Dick Cheney savings and loan?!?! Dick Cheney with a Swiss bank account?! Someone please educate me on this... this is the first ive heard of this.

Sidenote: I really love the fact that Grayson is wearing a tie with $$ all over it. Purely comical... what a great way to poke fun at the people your grilling. Hes a true American!

[david austin]

Originally Posted by SeedfulMusic

And what is this Dick Cheney savings and loan?!?! Dick Cheney with a Swiss bank account?! Someone please educate me on this... this is the first ive heard of this.

That was purely an example that was supposed to come across as a joke.

[PETA]

It may be useful to recall (whether or not the wisdom at the time still remains valid) the FED was designed to be outside the scope of governmental control in order to avoid it becoming a policy tool of the administration then in power. That isn't to say that cooperation should not exist, it is to say that it should be beyond the control of the federal gov't.

Originally Posted by thumpcbd

I have to agree with his line of questioning and find the lawyers dogging and weaving, or tying to, amusing and disturbing.

Nathan Thurm interviewed by Robert F. Kennedy Jr.

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[SeedfulMusic]

Originally Posted by PETA

It may be useful to recall (whether or not the wisdom at the time still remains valid) the FED was designed to be outside the scope of governmental control in order to avoid it becoming a policy tool of the administration then in power. That isn't to say that cooperation should not exist, it is to say that it should be beyond the control of the federal gov't.

Nathan Thurm interviewed by Robert F. Kennedy Jr.

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That was effin hilarious! LOL.

[david austin]

Except for the fact that they can hide trillions of dollars on their balance sheets that cannot be audited under the current rules.

Like I have said before. When it comes to deciding interest rates and basic money flow policies I like the fact that we have a somewhat non political agenda entity in charge.

When it comes to being the shadow bank to prop up the value to worthless assets while allowing a fake rally to destroy our dollar then I have a problem.

The issues at hand in the 30s are vastly different than they are today.

And I will state again... the GAO cannot audit M3 balances, foreign swaps/loans, and the ability to back end purchases by montetizing debt.

[PETA]

Originally Posted by david austin

Except for the fact that they can hide trillions of dollars on their balance sheets that cannot be audited under the current rules.

Like I have said before. When it comes to deciding interest rates and basic money flow policies I like the fact that we have a somewhat non political agenda entity in charge.

When it comes to being the shadow bank to prop up the value to worthless assets while allowing a fake rally to destroy our dollar then I have a problem.

The issues at hand in the 30s are vastly different than they are today.

And I will state again... the GAO cannot audit M3 balances, foreign swaps/loans, and the ability to back end purchases by montetizing debt.

In no way suggesting the set up doesn't come with obvious problems

[zerojunkie]

Originally Posted by david austin

Except for the fact that they can hide trillions of dollars on their balance sheets that cannot be audited under the current rules.

Like I have said before. When it comes to deciding interest rates and basic money flow policies I like the fact that we have a somewhat non political agenda entity in charge.

When it comes to being the shadow bank to prop up the value to worthless assets while allowing a fake rally to destroy our dollar then I have a problem.

The issues at hand in the 30s are vastly different than they are today.

And I will state again... the GAO cannot audit M3 balances, foreign swaps/loans, and the ability to back end purchases by montetizing debt.

I read an article which summed up my opinion on this pretty well. I'm paraphrasing but it said that some of the decisions the fed has made were terrible, but congress' track record has been many times worse. If what we're in now is a calamity letting congress decide monetary policy would've been disastrous. Now I realize this bill isn't to abolish the fed, but what's the end game? It's no secret what the bills author wants to do with the fed.

[zerojunkie]

Originally Posted by david austin

prop up the value to worthless assets

Go on...was this a gold standard argument or were you talking about the MBS's?

[tricky]

[david austin]

Originally Posted by zerojunkie

Go on...was this a gold standard argument or were you talking about the MBS's?

MBS, CMBS, POMOs... the list goes on to the tune of several trillion dollars (with an unknown risk estimated to be in the 20+trillion range).

All courtesy of the printing press and our toilet paper... i mean... dollar.

[zerojunkie]

Originally Posted by david austin

MBS, CMBS, POMOs... the list goes on to the tune of several trillion dollars (with an unknown risk estimated to be in the 20+trillion range).

All courtesy of the printing press and our toilet paper... i mean... dollar.

And you think all $20+ trillion of that risk is actually going to turn into a loss?