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

[Appledrop]

Originally posted by: 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?

Sure, I don't trust government in general.. However at least members of congress are publically elected in theory to serve the people...

Unlike the Fed, which I don't consider a government institution, only serves itself and its private member banks and controls the entire economy while having little to no oversight.

 

[JS80]

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.

Frank is using this as misdirection. The bill will not result in a meaningful audit. Look how Frank qualifies it:

At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank's books more widely, but in a way that will not encroach on the central bank's monetary policy independence.

This bill will do nothing and will reveal nothing.

 

[JS80]

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.

Actually, it's dumb asses like you who have voting power are what's wrong with this country.

 

[miketheidiot]

Originally posted by: Money

Originally posted by: 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?

Sure, I don't trust government in general.. However at least members of congress are publically elected in theory to serve the people...

Unlike the Fed, which I don't consider a government institution, only serves itself and its private member banks and controls the entire economy while having little to no oversight.

you act like being elected breeds competency or ethics. If anything, its the opposite, it makes you a whore the the ignorant.

 

[Chunkee]

How about we oversight him and his involvement with the Subprime problem during the buy outs for the Big Dig project?

JC

 

[b0mbrman]

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.

Frank would prefer not to do this, or to do it in a way that preserves the Fed's political independence.

The fact that he and other MCs are moving on it means they were overwhelmed with constituent requests and are acting on their behalf... which is what, among other things, they were elected to do.