I have emailed my congressman to support this bill... I hope you do too.
H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)
Ron Paul - Join his war on the Federal Reserve
I have emailed my congressman to support this bill... I hope you do too.
H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)
The Federal Reserve is already audited on a regular basis and the info is public. Without further research I assume this is just Ron Paul doing what he usually does - making shit up for his own political gain.
Your correct that they do get audited... but the audits are limited and preclude audits of certain aspects of monetary policy, foreign transactions or Federal Open Market Committee transactions.Originally Posted by NobleSavage
Some of these limitations have prevented the GAO from auditing certain aspects of the bailout... as an example.
"The connection to the server was reset while the page was loading."
I'll try again later, perhaps it's a busy site
Yeah... I am getting it now too."The connection to the server was reset while the page was loading."
I'll try again later, perhaps it's a busy site
I'm all for transparency and anything to further that is a good thing. However, the Fed has always been fairly open with it's data.
This is all the data that effects their balance sheet:
FRB: H.4.1 Release--Factors Affecting Reserve Balances, Release Dates
If it is open and transparent why are there so many media outlets being ignored for requested information? When they do get some of the info, why has it been redacted? Why have certain reports been stopped over the last decade?(I know I know, if the serfs knew the whole truth...)
IF it is completely transparent, why are so many calling for more transparency?
Ron Paul is making shit up? and for his own political gain? Damn what an idiot. He should have just befriended terrorists.
I know you don't like the way he thinks about money, but he is one of the few on Capitol Hill that has been warning of this collapse for the last 30 years, and being ignored. Some political gain
What information is not being offered?
What has been redacted?When they do get some of the info, why has it been redacted? Why have certain reports been stopped over the last decade?(I know I know, if the serfs knew the whole truth...)
What reports have been stopped?
Ron Paul is making shit up? and for his own political gain? Damn what an idiot. He should have just befriended terrorists.How would being frineds with terrorists help him?
And a broken clock is correct twice a day. Look I'm not saying this bill is bad. I'm all for more transparency, I just want some details.I know you don't like the way he thinks about money, but he is one of the few on Capitol Hill that has been warning of this collapse for the last 30 years, and being ignored. Some political gain
Are you kidding? Thought you were up on all this
Update on Freedom of Information Act requests - BailoutSleuth
hmm.. I'll let my little dig stay where it belongs..
Yeah, that argument can be applied to many on the other side of the coin as well-- Bob LoblawAnd a broken clock is correct twice a day.
The text of the bill can be found via the link in the first postLook I'm not saying this bill is bad. I'm all for more transparency, I just want some details.
I stay current on econ stuff, but I just wasn't sure what Ron Paul is specifically after with that bill.
I can tell you exactly why the Fed doesn't want to give that info out. They are trying to prevent a global panic and run on the banks. The entire fractional reserve system is based on confidence and if that goes were are done. Most likely there is a LOT of damaging info in that data reguarding the banks and they don't want to compound the problem by having traders game the system.
Once things are stable I have no doubt the Fed will release the info. If they don't, then sign me up for the revolution.
My beef with Ron Paul is that he articulates the problems of fractional reserved banking but his solution is to abolish the Fed. This wouldn't change a thing and fraction reserve banking would just continue on without supervision. His other solution, switching to the gold standard is wrongheaded for a long list of reasons.
If Ron Paul wants to outlaw fractional reserve banking, fine. That would be honest as long as people understand what the implications would mean to our economic system. However, if we are going to have fractional reserve banking we need an organization like the Fed to force banks to keep reserve ratios that are sane. We need the Fed to say "no fucking way" when banks want to use something like CDO's for their reserves.
I will give Ron Paul credit in opposing Phill Grahm and the banking deregulation. I actually agree with Ron Paul on many things, but his attacks on the Fed I think are unwarranted.
Last edited by NobleSavage; March 1st, 2009 at 12:17 PM.
Then you really don't understand how the system works. Every dollar that is printed costs us interest... it's a scheme created by bankers to keep us indebted. There is no way to ever pay it back.
oh, for...
here, before the Illuminati show up: FRB: FAQs: Federal Reserve System
When the Fed prints dollars it purchases T-bills. Yes, the government pays interest on the T-bils. However, when the Fed holds T-bills they give the money back to the Treasury. If you like I can actually dig thought the Treasury balance sheets and find it for you.
The reason the Fed buys T-bills is that is when you need to inject massive cash into the economy it's the most rational way to do it. I guess they cold just drop cash from helicopters in Times Square... that would be a lot more fun.
There is no conspiracy.
Haha, could you imagine? People get trampled and killed for sales at Wal-mart-- could only imagine how ugly that scene would be
No conspiracy my assWhat have you done to investigate the off balance sheet transactions totalling 9 TRILLION dollars in the last 8 months?
Uhhhh, we're still in the process of conducting that review.. don't know, will have to look at that... blah blah blah
I think Alan Grayson is grandstanding and not really interested in getting to the truth. I think the inspector was a little nervous and just had now idea what the fuck he was talking about because the Blomberg article is very misleading. Had he said "FDIC" she might have known what he was talking about.
His 9 Trillion figure comes from this article.
U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs (Update1) - Bloomberg.com
That figure is mostly all FDIC. That is not "off balance sheet". The member banks pay for the insurance. Maybe the FDIC fund is shot now, but I'm sure it will be payed back. The FDIC is well audited.
The other 1.7 - 2 Trillion was lent to the commercial banks. I'm not happy about it, but I do think they were doing what needed to be done. Look at the TED spreads during that period. The credit risk to the entire system was off the charts. All the money is accounted for in the Feds balance sheets. They are on the web. They just aren't naming names because that would defeat the entire point - which is to shore up confidence in the individual commercial banks. They don't want traders gaming the system...
Yeah, it sucks, but I don't think there is any evil conspiracy here. If there was a conspiracy it is that the "shadow banking system" was allowed to operate unregulated and operate on margins of 50/1.
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