Barney Frank: "Complete Audit of the Fed" to be passed in Oct

[bamacre]

http://www.huffingtonpost.com/...ing-comp_n_271384.html

It's about time, this bill has been in Congress for several months, and now with a whopping 282 cosponsors, the vast majority of the House. It's nice to see Frank use the words "complete audit," meaning the bill wouldn't be neutered, but I think there will be a fight with the Senate on this issue.

 

[MovingTarget]

Well, good. The more information we have, the better. This oughta drive the Ron Paul guys nuts though...

It really is about time... I just wonder what the results are going to do to the markets if/when they are made public...

 

[Craig234]

With a little less concentration of wealth, it wouldn't be such a battle for the government to actually regulate the powerful groups and represent the public interest.

Frankly - no pun intended - I'm not that familiar with the pros and cons of this audit, but it 'sounds like' a good thing insofar as it's Congress exercising oversight.

With the massive economic issues going on and the Fed's role, with its conflicts of interest in Wall Street, trying to protect the public interest is a very good thing.

 

[StageLeft]

When I heard he was working with RP it piqued my interest a little. I assumed RP was generally pointed at laughed at by members of congress (not saying he deserves that, though).

 

[JSt0rm]

When I worked at the fed we didn't really care about oversight.

 

[JS80]

lol shens. it will never happen.

I will bet all my money it will not happen. If it doesn't, I double all my money, if it does happen, doesn't matter my money will be revealed to be worthless.

 

[masteryoda34]

Originally posted by: JS80
I will bet all my money it will not happen. If it doesn't, I double all my money, if it does happen, doesn't matter my money will be revealed to be worthless.

True.

 

[PokerGuy]

I'm generally all in favor of more open information and accountability, bu the fact that idiots like Frank are behind it gives me pause. Maybe there's a good reason not to audit the fed. Barney and his ilk are probably planning to use the guise of an audit to politicize the fed and use it as a tool to implement some crazy agenda.

 

[2Xtreme21]

Originally posted by: PokerGuy
I'm generally all in favor of more open information and accountability, bu the fact that idiots like Frank are behind it gives me pause. Maybe there's a good reason not to audit the fed. Barney and his ilk are probably planning to use the guise of an audit to politicize the fed and use it as a tool to implement some crazy agenda.

Probably.

Or else they're doing what they were elected to do. :roll: Partisan hacks like you are what's wrong with this country.

 

[miketheidiot]

:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

 

[PokerGuy]

Originally posted by: 2Xtreme21

Originally posted by: PokerGuy
I'm generally all in favor of more open information and accountability, bu the fact that idiots like Frank are behind it gives me pause. Maybe there's a good reason not to audit the fed. Barney and his ilk are probably planning to use the guise of an audit to politicize the fed and use it as a tool to implement some crazy agenda.

Probably.

Or else they're doing what they were elected to do. :roll: Partisan hacks like you are what's wrong with this country.

Yeah, or perhaps 200+ years of lousy and/or corrupt congress has made me jaded.

 

[soccerballtux]

Originally posted by: PokerGuy

Originally posted by: 2Xtreme21

Originally posted by: PokerGuy
I'm generally all in favor of more open information and accountability, bu the fact that idiots like Frank are behind it gives me pause. Maybe there's a good reason not to audit the fed. Barney and his ilk are probably planning to use the guise of an audit to politicize the fed and use it as a tool to implement some crazy agenda.

Probably.

Or else they're doing what they were elected to do. :roll: Partisan hacks like you are what's wrong with this country.

Yeah, or perhaps 200+ years of lousy and/or corrupt congress has made me jaded.

Government is blameless. They don't do anything wrong.

 

[FerrelGeek]

Originally posted by: PokerGuy

Originally posted by: 2Xtreme21

Originally posted by: PokerGuy
I'm generally all in favor of more open information and accountability, bu the fact that idiots like Frank are behind it gives me pause. Maybe there's a good reason not to audit the fed. Barney and his ilk are probably planning to use the guise of an audit to politicize the fed and use it as a tool to implement some crazy agenda.

Probably.

Or else they're doing what they were elected to do. :roll: Partisan hacks like you are what's wrong with this country.

Yeah, or perhaps 200+ years of lousy and/or corrupt congress has made me jaded.

Precisely. I think a comprehensive audit of the Fed would be a good idea. I trust Frank about as far as I could throw him uphill into a stiff headwind.

 

[IceBergSLiM]

nice.

 

[K1052]

"If monetary policy is seen as not being independent that could shake people's confidence in the dollar. I mean, we are dealing with a world of nervous people," Frank told HuffPost in June

From that to this....

They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

You may now count me among the nervous people.

 

[IceBergSLiM]

Originally posted by: K1052

"If monetary policy is seen as not being independent that could shake people's confidence in the dollar. I mean, we are dealing with a world of nervous people," Frank told HuffPost in June

From that to this....

They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

You may now count me among the nervous people.

so your all for limitless unchecked power

 

[K1052]

Originally posted by: IcebergSlim

Originally posted by: K1052

"If monetary policy is seen as not being independent that could shake people's confidence in the dollar. I mean, we are dealing with a world of nervous people," Frank told HuffPost in June

From that to this....

They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

You may now count me among the nervous people.

so your all for limitless unchecked power

There should be (and already is) oversight but giving Congress the ability to second guess monetary policy on an almost monthly basis does not make me comfortable in any way.

Frank clearly intends to use this information to tamper with the Fed.

 

[EagleKeeper]

Originally posted by: Craig234
With a little less concentration of wealth, it wouldn't be such a battle for the government to actually regulate the powerful groups and represent the public interest.

Regulate people so they can not make money?

 

[destrekor]

Originally posted by: K1052

Originally posted by: IcebergSlim

Originally posted by: K1052

"If monetary policy is seen as not being independent that could shake people's confidence in the dollar. I mean, we are dealing with a world of nervous people," Frank told HuffPost in June

From that to this....

They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

You may now count me among the nervous people.

so your all for limitless unchecked power

There should be (and already is) oversight but giving Congress the ability to second guess monetary policy on an almost monthly basis does not make me comfortable in any way.

Frank clearly intends to use this information to tamper with the Fed.

I'm sorry, but I completely support an audit of the Fed. What comes from that, who knows. But the Federal Government has grown quite large, and worse, the Federal Reserve is just so damned unchecked.

The Federal Reserve had the dream of being unchecked so that it could be powerless at the same time - leave the control of the economy almost entirely up to the people, only intervene when necessary. It appears some in Congress might be getting a little upset with how far the Fed has gone lately.
While I don't fully approve of Congress completely overpowering the Reserve, I don't think it should be completely unchecked either.
Glad Ron Paul got some serious attention here. He's had some good bills that he has either agreed with or helped start. A lot may look at him as a joke, but in all honesty, he does know his shit. Libertarians just get cracked on because they call themselves libertarians. All a Libertarian is, in this modern day, is the old world Democrat/Republican Party that combated the Federalists. Really seems both damn parties are Federalists these days, with just a few little guys speaking up against federalism.

 

[RyanPaulShaffer]

I am neutral on the whole Fed debate, but if Barney Frank is behind this bill, then I am suspicious of the motives.

 

[MovingTarget]

Originally posted by: miketheidiot
:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

It isn't just the business of the fed, but of the people. Congress has the right to audit the fed. Unless they try to influence the decisions or alter the operations of the fed, then why is there a problem?

 

[masteryoda34]

Originally posted by: miketheidiot
:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

Actually, the US Constitution specifically gives congress the power to do what you are saying they shouldn't.

Article 1 Sect. 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

 

[miketheidiot]

Originally posted by: masteryoda34

Originally posted by: miketheidiot
:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

Actually, the US Constitution specifically gives congress the power to do what you are saying they shouldn't.

Article 1 Sect. 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

ok, idiots, just because they can doesn't mean they should, see the difference? I don't trust congress to do anything, keep it as far from the closest thing we have left to a properly functioning branch of government. Anything that congress touches is political, and politics is the last thing we need in our monetary system.

 

[Appledrop]

Originally posted by: miketheidiot

Originally posted by: masteryoda34

Originally posted by: miketheidiot
:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

Actually, the US Constitution specifically gives congress the power to do what you are saying they shouldn't.

Article 1 Sect. 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

ok, idiots, just because they can doesn't mean they should, see the difference? I don't trust congress to do anything, keep it as far from the closest thing we have left to a properly functioning branch of government. Anything that congress touches is political, and politics is the last thing we need in our monetary system.

yeah, I wouldn't trust congress to serve me a burger, but I would put my life in the hands of the fed :roll:
miketheidiot? seems like it. or maybe mikethetroll, i dont know.

anyway, yeah... I support this bill.
However, after the house, I can't see this passing... As is the case with most anything that goes against the elite, the senate will make sure of that.

 

[miketheidiot]

Originally posted by: Money

Originally posted by: miketheidiot

Originally posted by: masteryoda34

Originally posted by: miketheidiot
:thumbsdown:

unless they have a real reason, congress should stay out of the fed business.

Actually, the US Constitution specifically gives congress the power to do what you are saying they shouldn't.

Article 1 Sect. 8

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

No money shall be drawn from the treasury, but in consequence of appropriations made by law; and a regular statement and account of receipts and expenditures of all public money shall be published from time to time.

ok, idiots, just because they can doesn't mean they should, see the difference? I don't trust congress to do anything, keep it as far from the closest thing we have left to a properly functioning branch of government. Anything that congress touches is political, and politics is the last thing we need in our monetary system.

yeah, I wouldn't trust congress to serve me a burger, but I would put my life in the hands of the fed :roll:
miketheidiot? seems like it. or maybe mikethetroll, i dont know.

anyway, yeah... I support this bill.
However, after the house, I can't see this passing... As is the case with most anything that goes against the elite, the senate will make sure of that.

you seriously trust congress more than the fed?

what sort of reality distorting drugs are you on?