Senate OK's one time audit-the-fed measure...FINALLY

[blackangst1]

It looks like this may be one of the most important measures the senate has done in years. As most of us know, the fed has NEVER been audited, and answers to no one. but now, maybe we can get some understanding as to the why...if you want a grasp of how important this is, watch The Fall of The Republic.

http://www.marketwatch.com/story/senate-oks-one-time-audit-the-fed-measure-2010-05-11

Senate OK's one-time audit-the-Fed measure


WASHINGTON (MarketWatch) -- A controversial measure requiring the government to conduct an unprecedented one-time audit of the Federal Reserve's economic crisis response programs was approved with overwhelming bipartisan support Tuesday by the Senate as part of sweeping bank reform legislation. The amendment also calls for releasing the names of institutions that received in total more than $2 trillion in loans from the central bank during the peak of the financial crisis. The provision received a vote of 96-0, with many lawmakers agreeing to back it following a compromise reached late Thursday. "This makes it clear that the Fed can no longer operate under the kind of secrecy it has been operating under," said Sen. Bernie Sanders, I-Vt., the measure's author

 

[juiio]

You do realize that the bill got gutted and is essentially worthless now, right?

 

[blackangst1]

You do realize that the bill got gutted and is essentially worthless now, right?

Meaning? Are you saying this is false?

The proposal from independent Senator Bernie Sanders would order congressional investigators to conduct a single audit of the U.S. central bank's use of its emergency lending authority since December 2007. It would require the Fed by December 1 to disclose which banks received its help.

 

[TruePaige]

Like it means anything. It's a program audit, not a full institutional audit.

 

[ElFenix]

It looks like this may be one of the most important measures the senate has done in years. As most of us know, the fed has NEVER been audited, and answers to no one. but now, maybe we can get some understanding as to the why...if you want a grasp of how important this is, watch The Fall of The Republic.

http://www.marketwatch.com/story/senate-oks-one-time-audit-the-fed-measure-2010-05-11

Senate OK's one-time audit-the-Fed measure


WASHINGTON (MarketWatch) -- A controversial measure requiring the government to conduct an unprecedented one-time audit of the Federal Reserve's economic crisis response programs was approved with overwhelming bipartisan support Tuesday by the Senate as part of sweeping bank reform legislation. The amendment also calls for releasing the names of institutions that received in total more than $2 trillion in loans from the central bank during the peak of the financial crisis. The provision received a vote of 96-0, with many lawmakers agreeing to back it following a compromise reached late Thursday. "This makes it clear that the Fed can no longer operate under the kind of secrecy it has been operating under," said Sen. Bernie Sanders, I-Vt., the measure's author

the bolded is bullshit and you know it.

 

[juiio]

Meaning?

Monetary policy decisions, discount window operations, and agreements with foreign central banks are all exempt from the audit.

 

[blackangst1]

Monetary policy decisions, discount window operations, and agreements with foreign central banks are all exempt from the audit.

Hm OK. so its a token vote then. Im still looking for the bill.

 

[ayabe]

Monetary policy decisions, discount window operations, and agreements with foreign central banks are all exempt from the audit.

In other words, everything that matters. No wonder it passed 96-0.

 

[WhipperSnapper]

I can't wait to hear a news report about S-E-X and the F-E-D.

"Last week an audit revealed that high ranking Federal Reserve employees spent up to 8 hours a day downloading porn..."

 

[werepossum]

I hate to see the Fed politicized, but we very much need a full, institutional audit of every nook and cranny. No one and nothing with that much power should be completely independent of at least rudimentary oversight, and no organization built by man is immune to corruption.

 

[ElFenix]

I hate to see the Fed politicized, but we very much need a full, institutional audit of every nook and cranny. No one and nothing with that much power should be completely independent of at least rudimentary oversight, and no organization built by man is immune to corruption.

the fed chairman is called into congress more often than practically anyone else. where did this fallacy that congress operates no oversight of the fed come from? it's a complete lie and easily refuted.

 

[HumblePie]

I can't wait to hear a news report about S-E-X and the F-E-D.

"Last week an audit revealed that high ranking Federal Reserve employees spent up to 8 hours a day downloading porn..."

I guess that's worse than reading about them spending up to 8 hours a day posting on Anandtech Politics and News forum as many around here seem to do?

 

[blackangst1]

the fed chairman is called into congress more often than practically anyone else. where did this fallacy that congress operates no oversight of the fed come from? it's a complete lie and easily refuted.

ElFenix: you want to see what the chairman of the fed think of congressional oversight? Watch the vid in my sig and see for yourself when asked by senators.

Cliffs: lol we do what we want

 

[heyheybooboo]

It's a start. We don't need to crawl up their anus but the thought of a little sunshine in there would make 'em pucker-up.

I hope we see a little Maiden Lane action to find where the worst of the 'toxics' came from --- it would be nice to uncover how much capital Goldman sucked-up when they converted to a bank holding company.

Any news on "The Volcker Rule"? If they won't bust up 'too big to fail' at least they should get traditional banks out of speculative investment ventures.





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[TruePaige]

Actually, I'm not in favor for anything resembling a full audit of the Fed at this time. Any negative information that comes out from something like that could negatively impact the financial standing of America in the global community.

 

[LegendKiller]

ElFenix: you want to see what the chairman of the fed think of congressional oversight? Watch the vid in my sig and see for yourself when asked by senators.

Cliffs: lol we do what we want

Congress does audit the Fed through the GAO, which is, albeit, limited. However, a full audit should not be undertaken as it does nothing more than fully politicize something that shouldn't be politicized. Furthermore, the Fed chairman isn't going to go out there and spill all of his guts, its silly to think he should.

Notice how Blankfein seemed like a complete moron in the Goldman hearing? There's a reason for that. Do you think a complete moron could get to be the head of Goldman? Not likely. The guy is brilliant at looking unbrilliant.

The only problem is that senators, especially the fuckwits the public seems to like (Palin, Bachmann, Biden...etc) are complete morons who use soundbites to look brilliant.

It's pitting fools against non-fools. Bankers win because they are smarter. The public needs to realize this and vote in smarter people. The biggest problem is that the smartest go to where the money is, banking. Add to that the amount of shit a politician needs to deal with, the scrutiny and attacks, it's little wonder why smarter people don't go into politics.

Look at what I face on here. I am far more rational than most people here and a damn sight smarter, yet I'm constantly called a "shill" and even, more recently, a "lovely human" by one "patriot".

 

[bamacre]

Because I don't think it's been posted here yet, and I found it rather entertaining...

http://www.youtube.com/watch?v=pE3oiKuU8UI

 

[TruePaige]

Congress does audit the Fed through the GAO, which is, albeit, limited. However, a full audit should not be undertaken as it does nothing more than fully politicize something that shouldn't be politicized. Furthermore, the Fed chairman isn't going to go out there and spill all of his guts, its silly to think he should.

This is what I was saying.

 

[bamacre]

Bankers win because they are smarter.

I should add that to my sig, directly after your other comment I sig'd.

 

[TruePaige]

I should add that to my sig, directly after your other comment I sig'd.

You do have to admit, a lot of them are.

The issues come mostly from the fact that when the bets are hedged if you are looking out for the overall health of the economy instead of just your own bottom line you will lose.

They function with a high win:loss ratio within the system they participate in.

 

[Darwin333]

the fed chairman is called into congress more often than practically anyone else. where did this fallacy that congress operates no oversight of the fed come from? it's a complete lie and easily refuted.

There are plenty of youtube videos of the very same chairman of the Fed flat out lying to Congress. That is something us little folk would be charged with this thing called perjury if we attempted the same.

The Fed holds Congress at gunpoint, not the other way around and nothing has changed with this bill.

 

[JEDIYoda]

It looks like this may be one of the most important measures the senate has done in years. As most of us know, the fed has NEVER been audited, and answers to no one. but now, maybe we can get some understanding as to the why...if you want a grasp of how important this is, watch The Fall of The Republic.

http://www.marketwatch.com/story/senate-oks-one-time-audit-the-fed-measure-2010-05-11

Senate OK's one-time audit-the-Fed measure


WASHINGTON (MarketWatch) -- A controversial measure requiring the government to conduct an unprecedented one-time audit of the Federal Reserve's economic crisis response programs was approved with overwhelming bipartisan support Tuesday by the Senate as part of sweeping bank reform legislation. The amendment also calls for releasing the names of institutions that received in total more than $2 trillion in loans from the central bank during the peak of the financial crisis. The provision received a vote of 96-0, with many lawmakers agreeing to back it following a compromise reached late Thursday. "This makes it clear that the Fed can no longer operate under the kind of secrecy it has been operating under," said Sen. Bernie Sanders, I-Vt., the measure's author

Comprehension is not one of your strong suits....

 

[bamacre]

You do have to admit, a lot of them are.

The issues come mostly from the fact that when the bets are hedged if you are looking out for the overall health of the economy instead of just your own bottom line you will lose.

They function with a high win:loss ratio within the system they participate in.

Oh, I didn't sig it because I disagreed with it. Not necessarily of course, "smart" is relative. But I understand what he meant, and in that regard, no, I don't disagree with him.

 

[werepossum]

the fed chairman is called into congress more often than practically anyone else. where did this fallacy that congress operates no oversight of the fed come from? it's a complete lie and easily refuted.

Being called before Congress is NOT an audit, it's usually political grandstanding. That testifying before Congress is considered oversight is how we got into the crash in the first place, with one side defending a failing system for political gain and the other side (at least mostly) attacking it for political gain and any truly concerned Congresscritters lost in the noise. True oversight is done out of public sight, with CPAs and computer techs and lawyers and actuaries and other financial gurus, and it's increasingly replaced with cronyism and politics.

 

[ElFenix]

Being called before Congress is NOT an audit, it's usually political grandstanding. That testifying before Congress is considered oversight is how we got into the crash in the first place, with one side defending a failing system for political gain and the other side (at least mostly) attacking it for political gain and any truly concerned Congresscritters lost in the noise. True oversight is done out of public sight, with CPAs and computer techs and lawyers and actuaries and other financial gurus, and it's increasingly replaced with cronyism and politics.

it's not an audit but it is oversight (which is what you claimed isn't done). it's not the fed's fault (or any other bureaucracy run by intelligent people) that the majority of the overseers have not the first clue what that bureaucracy does and don't really care to know.


what, exactly, do people hope to accomplish by auditing the fed?