House passes Ron Paul's audit-the-Fed bill

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House passes Ron Paul's audit-the-Fed bill

16 comments, 175 views, posted 9:58 pm 25/07/2012 in Politics by griffin
griffin has 12956 posts, 1908 threads, 504 points
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House passes Ron Paul's audit-the-Fed bill

By Robert Schroeder
WASHINGTON (MarketWatch) -- A bill that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress passed the House of Representatives on Wednesday. The measure, authored by longtime Fed critic Rep. Ron Paul, was approved on a vote of 327 to 98. The Fed opposes the bill, which would allow audits of the central bank's monetary policy operations. The Fed now releases a summary of its interest rate-setting meetings after three weeks, but does not release a full transcript for five years. The measure faces long odds in the Democrat-controlled Senate.

Extra Points Given by:

Quaektem (10), Flee (5)

Comments

1

12:21 am 26/07/2012

Flee

About time there is going to be some accountability for the Fed.

0

12:28 am 26/07/2012

Quaektem

Not if the Dems get there way!

0

12:53 am 26/07/2012

bytehead

OK, the madman of Texas got his bill passed, although it took some procedures to get it to a floor vote.

I'll wait as the crickets sing as the Senate, let alone the President do absolutely nothing more with the bill.

Personally, I'm not too sure that this would actually change any operations if it did get passed.

0

1:12 am 26/07/2012

z0phi3l

I bet you're practically dancing at the fact that this necessary bill is essentially dead in the water, so much for a "transparent" White House as Dear Leader promissed

0

2:35 am 26/07/2012

Flee

Quote by Quaektem:

Not if the Dems get there way!

Woodrow did sign the Fed into law after all.

2

2:49 am 26/07/2012

griffin

Quote by bytehead:

OK, the madman of Texas got his bill passed

Madman? He is asking that we actually look at the privately held and essentially unaccountable corporation that is at the heart of our national fiscal policy and check up on what they have been up to. The last time they did a partial audit they found the fed pissing money away to bankers (foreign banks too). Aren't you interested in what the fed is doing?

Quote by bytehead:

Personally, I'm not too sure that this would actually change any operations if it did get passed.

Perhaps not. But what they discover may. And even if it changes nothing, even if the fed is doing a stand up boy scout job, why is there such reluctance to examine the fed? There is absolutely nothing wrong with looking at the way the fed is doing their business. I simply do not understand the sacrosanct status of the federal reserve, It's a private company. You have no problem auditing Merrill Lynch or Hewlett Packard, do you?

0

11:56 am 26/07/2012

Quaektem

Quote by Flee:

Woodrow did sign the Fed into law after all.

A Progressive and a Democrat...

0

9:38 pm 26/07/2012

bytehead

Quote by griffin:

Madman?

Yes, madman. How many decades has he been submitting this same legislation? What shenanigans went on to get this bill to move in committee when it obviously hasn't been moving in the past decades? Why is he the only Congressman that voted against anything to do with the CRA on it's 40th? Why does he put pork in spending bills and then vote against them, ostensibly because they contain pork?

Quote:

privately held

And which if it were a real libertarian, wouldn't they be screaming hands off, it's a private company?

Quote:

Aren't you interested in what the fed is doing?

Oh, it might be interesting, but considering I've read auditing reports from government auditors, and I really couldn't make heads or tales if the financial institution was in good shape or not. And that was the previous banking crisis at the time.

The devil, as always, is in the details.

Quote:

And even if it changes nothing,

That'll be a nice 100 million or so wasted dollars.

0

10:48 pm 26/07/2012

Quaektem

After the trillions already wasted, that's just a drop in the bucket

1

10:52 pm 26/07/2012

griffin

Quote by bytehead:

Yes, madman.

Oh dear. You are really narrow minded. Can people even see your head from the front?

Quote by bytehead:

How many decades has he been submitting this same legislation?

Relevance?

Quote by bytehead:

What shenanigans went on to get this bill to move in committee when it obviously hasn't been moving in the past decades?

Whoosh! That's the sound of the whole libertarian movement (and the occupy movement, and much of 'mainstream' republicanism too) passing you by. Nice job making a back handed insinuation of shenanigans with zero to back it up, by the way. Truly awesome job.

Quote by bytehead:

Why is he the only Congressman that voted against anything to do with the CRA on it's 40th?

What on earth is the relevance of this? Go on, provide relevance and I'll answer the question.

Quote by bytehead:

Why does he put pork in spending bills and then vote against them, ostensibly because they contain pork?

To get his constituents' money back.

Quote by bytehead:

And which if it were a real libertarian, wouldn't they be screaming hands off, it's a private company?

It does public business. It should be audited frequently. Considering the important role it plays, it should be under constant rolling audit.

Quote by bytehead:

Oh, it might be interesting, but considering I've read auditing reports from government auditors, and I really couldn't make heads or tales if the financial institution was in good shape or not.

Did you just say that because you wouldn't understand the results, that it shouldn't be done?

Quote by bytehead:

That'll be a nice 100 million or so wasted dollars.

100 million dollars for an audit?

0

1:28 am 27/07/2012

z0phi3l

Quote by griffin:

Quote by bytehead:

Yes, madman.

Oh dear. You are really narrow minded. Can people even see your head from the front?

Quote by bytehead:

How many decades has he been submitting this same legislation?

Relevance?

Quote by bytehead:

What shenanigans went on to get this bill to move in committee when it obviously hasn't been moving in the past decades?

Whoosh! That's the sound of the whole libertarian movement (and the occupy movement, and much of 'mainstream' republicanism too) passing you by. Nice job making a back handed insinuation of shenanigans with zero to back it up, by the way. Truly awesome job.

Quote by bytehead:

Why is he the only Congressman that voted against anything to do with the CRA on it's 40th?

What on earth is the relevance of this? Go on, provide relevance and I'll answer the question.

Quote by bytehead:

Why does he put pork in spending bills and then vote against them, ostensibly because they contain pork?

To get his constituents' money back.

Quote by bytehead:

And which if it were a real libertarian, wouldn't they be screaming hands off, it's a private company?

It does public business. It should be audited frequently. Considering the important role it plays, it should be under constant rolling audit.

Quote by bytehead:

Oh, it might be interesting, but considering I've read auditing reports from government auditors, and I really couldn't make heads or tales if the financial institution was in good shape or not.

Did you just say that because you wouldn't understand the results, that it shouldn't be done?

Quote by bytehead:

That'll be a nice 100 million or so wasted dollars.

100 million dollars for an audit?

You're forgetting the Democrats will be involved, they will do everything possible to delay the proceedings making it cost more eventually, of course they will just blame the Republicans, but I don't think that outside the hard core Leftists, does anyone else believe what comes out of their mouths

0

1:36 am 27/07/2012

Quaektem

Quote by griffin:

It does public business. It should be audited frequently. Considering the important role it plays, it should be under constant rolling audit.

Correctamundo! All government business (with the exception of wartime military strategy) should be transparent, including the actions of private companies doing public work.

Hell the Fed is the basis for the entire monetary system... and people don't think they should be audited?!?!?!

0

1:45 am 27/07/2012

bytehead

Quote by griffin:

Oh dear. You are really narrow minded. Can people even see your head from the front?

Quite well.

Quote:

What on earth is the relevance of this?

That he's a madman.

Quote:

To get his constituents' money back.

Then his NO vote is a fuck-you vote. Really giving it to the man. Except that he is part of the man he's trying to give it to. But I suspect that you won't have an issue with this.

Quote:

It does public business.

So do plenty of other businesses. Yes, some of them have public audits, and some don't.

Quote:

Did you just say that because you wouldn't understand the results, that it shouldn't be done?

No. I'm saying that even if the audits do happen, it's going to take some hard work to actually get the results simplified just enough for most people to understand, meanwhile no nothings will use whatever they find as ammunition for whatever cause they have. Fox News is a prime example, although all MSM can be found guilty of that every now and then.

But I don't expect it to happen because the powers that be, in this case, the people that write the checks that get candidates elected, don't want to see it happen.

Quote:

100 million dollars for an audit?

Between the court fights and the actual audit, yes.

Quote by Quaektem:

All government business (with the exception of wartime military strategy) should be transparent, including the actions of private companies doing public work.

And when has that ever happened?

1

2:01 am 27/07/2012

griffin

Quote by bytehead:

That he's a madman.

I think we are all done here.

1

2:23 am 27/07/2012

Quaektem

Quote by bytehead:

And when has that ever happened?

Not saying it has happened... saying that it should happen. Then again at one point in time you could walk into the White House and talk to the President...

If you prefer cronyism, government waste, and Guantanamo Bay detention for US citizens... keep fighting for the status quo, some of us would like to try keep the world from falling into a Marxist wet dream.

0

7:43 pm 27/07/2012

bytehead

Quote by griffin:

I think we are all done here.

Sorry that I pissed you off, but I don't see him as sane. My reasons for thinking that are myriad, probably long enough for its own post, and by the time I would put together the documentation, too long for anybody to read. I agree with some of his concerns, possibly for some of the same reasons, but others I am diametrically opposed.

Quote by Quaektem:

Not saying it has happened

Good.

Quote by Quaektem:

If you prefer cronyism, government waste, and Guantanamo Bay detention for US citizens... keep fighting for the status quo,

And this bill has nothing to do with any of that. It will not get passed. It is not a matter of my feelings on the matter (or yours or griffin's), that is a statement of fact. And if it did manage to get passed, even if an audit report showed horrible conditions, it's not going to change anything in the end.

Things need to change, but this isn't a force that will allow such changes.

You act like I have some God damned say in the matter. Really? Because voting for Romney sure isn't the hell going to change anything in the matter if he is elected.

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