Obama gives Federal Reserve even more power

[Sstashmoo]

Our President has pulled another dandy. He is now granting even more power to the unconstitutional Federal Reserve/Private Central bank.

""WASHINGTON – President Barack Obama proposed new "rules of the road" for the nation's financial system Wednesday, casting the changes as an essential response to the economic crisis and the greatest regulatory transformation since the Great Depression.
Obama blamed the crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s had been "overwhelmed by the speed, scope and sophistication of a 21st century global economy."
The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit and other abuses that played a big role in the current crisis."


Read up on the Federal Reserve:


http://taxes.suite101.com/article.cfm/what_is_the_federal_reserve

From the above article:

""Today, as reported in the Federal Reserve's annual audit, there are now trillions of dollars missing – which it describes as “undocumentable adjustments”. Otherwise seen as a way of redistributing the wealth.""

[ghettopalmetto]

Oh gee, you're right. We should let the Wall Street investment banks--who caused the greatest global recession in nearly 80 years--keep all the power.

Go shit yourself in your own pants.

[Sstashmoo]

Quote: "Go shit yourself in your own pants"

Sorry if I'm not blindly following a political party or favorite politician.

[MCP-001]

In its entire history, the Federal Reserve has never been audited.

The Fed has never been big on the idea.

Fortunately, there is a bill in the hopper (http://thomas.loc.gov/cgi-bin/query/z?c111:H.R.1207:)to change just that.

[ghettopalmetto]

Quote: "Go shit yourself in your own pants"

Sorry if I'm not blindly following a political party or favorite politician.

It certainly seems you're blindly going against Obama.

It doesn't take a whole lot of thought to identify the source of the current recession. Yet, you attack the president for taking corrective measures to prevent another debacle like this in the future. Which is it? Increased regulations for the public welfare or continuing to allow billionaires to decide when we peons eat?

[oladub]

Thomas Jefferson said, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."

Jefferson also believed that "banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."

Democrat President Andrew Jackson said the following to the assembled governors of the 2nd Bank of America, the Federal Reserve of his time, "Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out."

"The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system." President Obama is no President Jackson. He is more of a President Bush in this matter.


Sstashmoo, The Federal Reserve cannot be audited. It reveals only what it chooses about itself. Congress passed a law in 1947 surrendering it duty and power to audit the Federal Reserve. President Obama had one of his most flamingly disingenuous and corporatist moments when he expanded the powers of this unconstitutional private bankers club to oversee aspects of the US economy. The Federal Reserve does not have transparency yet Obama chose to expand its power over the economy. Amazing.

Fortunately (roll of drums please) a move is afoot to require an audit of the Federal Reserve to find out which countries and bankers it is giving our money away to. HR 107 as of today has 232 co-sponsors - more than any other bill in the house. It was sponsored in the House by Ron Paul and is sponsored in the Senate by the only socialist; Senator Bernie Sanders. The tipping point was reached in the House when Dennis Kucinich signed on as the 218th co-sponsor. Ghettopalmeto has decided to align herself instead with the big banks, Geithner the Tax Cheat, Wall Street insiders, and Republican Senators Grassley and Shelby who are the bankers' point men to derail this legislation. This is a list of the Representative who signed onto HR 1207 today-
Rep Harry Teague, [D, NM-2]
Rep Devin Nunes, [R, CA-21]
Rep Christopher H. Smith, [R, NJ-4]
Rep John P. Sarbanes, [D, MD-3]
Rep Chet Edwards, [D, TX-17]
Rep Mark E. Souder, [R, IN-3]
Rep Mike Coffman, [R, CO-6]
Rep Gabrielle Giffords, [D, AZ-8]
Rep Darrell E. Issa, [R, CA-49]
Rep Parker Griffith, [D, AL-5]
The bankers are going to pull out all the stops to defend their privileges...and I mean all the stops to the point of trotting out the President today. Its going to get nasty. They won't go down without a fight.

The Fed is at the epicenter of monied corruption in this country.

Ghettopalmetto, You should read up on what happened to the last two national banks. You will find it embarrassing to be on the side of insider Republicans and the most paid for Democrats like Frank and Dodd. You would probably be prouder to be in the company of Paul, Kucinich , Sanders, and Nader.

As an aside, your comment to Sstashmoo in Flemish is "Scittin in u brouk". Low German is more succinct for delivering such messages. Just a tip. Roll the 'r' and otherwise make gutteral (not ghettoral) noises while saying this phrase.

Kucinich: Federal Reserve No More "Federal" Than Federal Express!

[4real]

Will he get another tax cheat to oversee it?

[ccbatson]

Sstashmoo...welcome to the "right" side of this argument.

[rb336]

Jefferson also believed that "banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."


Jefferson also believed in a taxing system that would increase on a geometric scale so as to wipe out any form of entrenched wealth

Kucinich and true librerals everywhere should be against giving any more power to an industry-controlled, unaccountable body

Obama showing his corporatist-light colors again (of course, no where near as gaudy as dubya or reagans, even less showy than clinton, but he is still more of one than bush 1)

[oladub]

Rb. How can you be against transparancy and be siding with private mega-banker interests? Bush 1 is more of a corporatist than Kucinich? Methinks someone laced your Wheaties this morning.

HR 1207 is being addressed in the Daily Kos. http://www.dailykos.com/storyonly/2009/6/12/741435/-Audit-Ben-Bernanke-Bill,-H.R.-1207,-Now-Has-222-Co-Sponsors (http://www.dailykos.com/storyonly/2009/6/12/741435/-Audit-Ben-Bernanke-Bill,-H.R.-1207,-Now-Has-222-Co-Sponsors)!

"The Fed, when it was created in 1913, actually the money creation power of the Country was removed ... to private hands. This is something that most Americans don't have any clue about. So the Federal Reserve, first of all, needs to be held accountable within their sphere of activities now, because they played a role in looking the other way when the sub-prime loan scandal was burgeoning. They played a role in looking the other way not regulating activity in hedge funds, and the speculators on Wall Street. And they played a role in looking the other way with respect to the practises of the financial community .. which essentially they've taken a laissez-faire approach. You know, the Fed at least should be reformed, and at best there should be a repeal of the 1913 authorization, and we need to look at the money power issues in order to reclaim our democracy.
I have long believed that the debt-based nature of our monetary system, has a lot to do with way in which wealth accumulates and accelerates upward."
--Dennis Kucinich, -Democratic Congressman, OH

[rb336]

Rb. How can you be against transparancy and be siding with private mega-banker interests? Bush 1 is more of a corporatist than Kucinich? Methinks someone laced your Wheaties this morning.


no, i'm not doing any of those things. I don't think it is wise to let the fed, whch isn't accountable, act as a watchdog for its buddies. it would be like allowing the FDA to simply take Big Pharma's word on it that their tests are on the up and up, and that the new drugs are safe. what? the bushie corporatists did that? and Obama hasn't stopped it?

no, i want true transparancy and a truly independent watchdog.

Obama is more of a corporatist than Bush 1 is what i said. Clinton was as well. I stand by those comments, until Obama does something that makes me think otherwise

[ccbatson]

True to form, increase the cause of a problem in an attempt to resolve it....At least he (Obama) is consistent.

[rb336]

True to form, denying the root cause of a problem because it disproves his dogma

[ccbatson]

Who? I did not deny anything in my argument. Do you mean Kucinich?

[oladub]

HR1207 and its Senate version S604 are a one page bill requiring an audit of the Federal Reserve. Bernanke and Geithner are resisting its passage and the Empire is striking back. The Wall Street Journal has come out against the audit. The Federal Reserve has even hired a lobbyist to prevent the audit. "Linda Robertson currently handles government, community and public affairs at Johns Hopkins University in Baltimore, and headed the Washington lobbying office of Enron Corp.." (http://www.bloomberg.com/apps/news?pid=20601103&sid=aZjQKyLci1AM&refer=us)

Here is Senator Bernie Sanders (Independent socialist) asking Bernanke where over $2T went. Bernie has sponsored this bill in the Senate where it now has 17 co-sponsors. The House version now has 277 co-sponsors. 290 would make it veto proof. Barnie Frank is not a sponsor and heads the House committee looking at this bill. http://www.youtube.com/watch?v=OC5uQx1W87I&feature=related 2min36sec

Where have the Democrats been hiding this guy? This is Rep. Alan Grayson (D-Orlando) ripping Bernanke apart in the softest voice while smiling. If you only have time to watch one of these, watch Grayson.
Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know." (http://www.youtube.com/watch?v=n0NYBTkE1yQ) 5min11sec

Congressman Kucinich (D-Cleveland) Questions Ben Bernanke (http://www.youtube.com/watch?v=C1aPeARj3JQ&feature=related) 7min41sec

Congresswoman Kaptur (D-Toledo) Compares Federal Reserve To Counterfeiters! (http://www.youtube.com/watch?v=_OgzyROQ638) 6min45sec.

[ccbatson]

Sanders doesn't realize that this is all by the design of the most radical socialist President in our history. Soon, he (Sanders) will have an aha moment and he will no longer object.

[oladub]

The Federal Reserve is owned by the nation's largest banks and richly blesses them. Why would Sanders condone it as a socialist? As the primary sponsor of S406, Sanders isn't about to join up with the corporatists.

[ccbatson]

Once it is clear that Obama is the puppetmaster, then Sanders will clam up in his criticism.

[thatguy123]

So where is this "ghettopalmeto" person to comment lately? They claim someone is "blindly going against" Obama, yet anyone on either side of the isle knows something is very wrong when it comes to the Federal Reserve. The only type of person who would make such a comment no matter if they are liberal or conservative that would make that comment would be a blind follower of the president.

It is one thing to be excited about someone of a particular race that is elected for the 1st time ever. It is totally another if you are being extremely overzealous on any issue they bring up especially when you obviously do not have much knowledge on the said issue.

Clearly the excitement of a history making election has put the blinders on many and that is saddening indeed with the country in the state it is in. There is a lot that could be done but will not be because so many on both sides of the support look at the president as a race and not a person who has both good and bad ideas.

[ccbatson]

Welcome thatguy123...keep it up.

[Gistok]

It is one thing to be excited about someone of a particular race that is elected for the 1st time ever. It is totally another if you are being extremely overzealous on any issue they bring up especially when you obviously do not have much knowledge on the said issue.

Clearly the excitement of a history making election has put the blinders on many and that is saddening indeed with the country in the state it is in.

Yes welcome to the forum thatguy123...

You made some very thought provoking comments above... but alas it's also one that a lot of folks have also been asking about... during the 8 years prior to Obama...

Granted a lot of folks are still starstruck by Obama... but what on earth posessed so much of the countrys populace to overlook the "nitwittedness" of George W. Bush??? :confused:

[oladub]

The Federal Reserve has not been a good job according to the majority of Americans polled in a recent Gallup Survey. Why expand its role and prevent an audit of the Fed under those circumstances?
http://sas-origin.onstreammedia.com/origin/gallupinc/GallupSpaces/Production/Cms/POLL/gh9mxawhpksplmd_exti9g.gif
http://www.gallup.com/poll/121886/CDC-Tops-Agency-Ratings-Federal-Reserve-Board-Lowest.aspx

[rb336]

The Federal Reserve has not been a good job according to the majority of Americans polled in a recent Gallup Survey. Why expand its role and prevent an audit of the Fed under those circumstances?
http://sas-origin.onstreammedia.com/origin/gallupinc/GallupSpaces/Production/Cms/POLL/gh9mxawhpksplmd_exti9g.gif
http://www.gallup.com/poll/121886/CDC-Tops-Agency-Ratings-Federal-Reserve-Board-Lowest.aspx

the vast majority of Americans don't have a clue what the fed does. ignorance of the masses should never drive policy. or are you one of those for whom ignorance of the masses IS the policy?

[oladub]

the vast majority of Americans don't have a clue what the fed does. ignorance of the masses should never drive policy. or are you one of those for whom ignorance of the masses IS the policy?

Congress doesn't even know what the Fed does. That's why 277 Representatives have co-sponsored HR11207 and 20 Senators have co-sponsored S604 to require an audit of the Fed. Bernanke told Rep. Grayson that he didn't know which FOREIGN banks received $500,000,000,000 of Fed money. Bernanke wouldn't tell Sen. Sanders what happened to an additional $2,000,000,000,000 of Fed money. He refused. Its those who stand in the way of a Fed audit who are making ignorance, rather than transparency, a policy.

http://research.stlouisfed.org/fred2/data/BASE_Max_630_378.png (http://research.stlouisfed.org/fred2/graph/?s[1][id]=BASE)
http://research.stlouisfed.org/fred2/series/BASE
Audit questions might include where all the money came from and where it went.

[jiminnm]

Oladub, I don't have a problem with an audit of the Fed. After all, it's a creation of Congress and Congress has the right to order an audit. I'm not at all sure, however, that anyone in Congress has a clue as to understanding the results.

I'm also not a big fan of the Fed, but I would be deathly afraid of turning control of the money supply, interest rates and our economy in general over to Congress. If the last 9 years has shown us anything, it should be that Congress has repeatedly failed that test. I do think that Bernanke should be reppointed as Fed chair. He has a tremendous understanding of the Great Depression and what worked and didn't work to get us out. He is also a strongly anti-inflation. We will desparately need that trait when the huge and growing deficits come back to bite us.

[ccbatson]

Better yet, phase the Fed out of existence as you diminish the scope of government down to the constitutionally derived limits set for it.

[oladub]

jiminnm, The above graph is a measure of the money supply. Google 'helicoptor Ben' to find out more. Beyond the graph, I don't think he is the prudent guy you imagine. Also, review the Kucinich quote in red letters above.

Congress is derelict but we get what we vote for. Passing the buck to the Fed allows Congress to sidestep criticism. Congress' specific Constutional duties include raising revenue, paying debt, borrowing money on the credit if the US, coining money and regulating its value, and to make all laws necessary to carry out the above powers. The Constitution also says that "no money may be drawn from the Treasury, but in Consequence if Appropriations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time." Congress is still responsible. It cannot wash its hands. It might as well, at least, know what is going on. It seems to me that the Fed, a private agency owned by large banks, has assumed Congressional responsibilities.

When the Reichstag became redundant, it was sent home. We can't let Congress become redundant and suffer the same fate.

[ccbatson]

Good points Oladub...the fear being that an unelected bureaucracy (the Fed) should not gain more power over the economy.

[rb336]

Congress doesn't even know what the Fed does. That's why 277 Representatives have co-sponsored HR11207 and 20 Senators have co-sponsored S604 to require an audit of the Fed. Bernanke told Rep. Grayson that he didn't know which FOREIGN banks received $500,000,000,000 of Fed money. Bernanke wouldn't tell Sen. Sanders what happened to an additional $2,000,000,000,000 of Fed money. He refused. Its those who stand in the way of a Fed audit who are making ignorance, rather than transparency, a policy.

http://research.stlouisfed.org/fred2/data/BASE_Max_630_378.png (http://research.stlouisfed.org/fred2/graph/?s[1][id]=BASE)
http://research.stlouisfed.org/fred2/series/BASE
Audit questions might include where all the money came from and where it went.

I agree that the fed needs to be audited.

[ccbatson]

Audited? By whom? The corrupt liberals in Washington? Maybe those New Jersey Majors recently indicted could do it in their spare time.

[Detroitej72]

Well, know the corrupt conservatives in Washington won't audit them, since many are on the payroll and care little about any real reform because.

[rb336]

Audited? By whom? The corrupt liberals in Washington? Maybe those New Jersey Majors recently indicted could do it in their spare time.

there are two, maybe three, real liberals in DC, and no, Obama isn't one

[oladub]

75% Favor Auditing The Fed (http://www.rasmussenreports.com/public_content/business/general_business/july_2009/75_favor_auditing_the_fed) 7/29/09

" A new Rasmussen Reports national telephone survey finds that 75% of Americans favor auditing the Federal Reserve and making the results available to the public.

Just nine percent (9%) of adults think that’s a bad idea and oppose it."

Kucinich: the Federal Reserve is paying banks NOT to make loans to struggling Americans! (http://www.youtube.com/watch?v=Gkf8VG3HL_8&eurl=http%3A%2F%2Fcryptogon%2Ecom%2F%3Fp%3D10133&feature=player_embedded) ( newYouTube)

[ccbatson]

Are "real liberals" better than the radical socialist variety best exemplified by Obama and his cronies?

[Detroitej72]

The president is showing that he is defiantly more moderate than many liberals would like. Sometimes, I fear he's going to be in the pockets of corporations as deep as the last 4 presidents were.

[ccbatson]

Moderate isn't even an entity other than what it is not...man up and look at things according to reality.

[oladub]

This isn't a thread about the definitions of liberal, moderates, etc.. In fact, Socialist independent Senator Bernie Sanders agrees with very conservative Senator DeMint on the need for Fed Transparency. This is about finding out what the Federal Reserve has been up to. Congress and even Fox News is being kept in the dark.

"NEW YORK, July 30 (Reuters) - A U.S. judge on Thursday denied a bid by Fox News Network LLC seeking details from the Board of Governors of the Federal Reserve about the central bank's loans to companies affected by the financial crisis.
The owner of the Fox Business cable network made an initial request for documents in November last year under the Freedom of Information Act (FOIA) about the companies and funds they received between August 2007 and November 2008."

Freedom of information Act? Congressional oversight? Transparency? Forget it when it comes to the Federal Reserve.

[rb336]

Moderate isn't even an entity other than what it is not...man up and look at things according to reality.

the first part was not even lucid, the second part is ironic coming from mr. "facts don't matter if they go against my absurd dogma/religion"

[rb336]

Are "real liberals" better than the radical socialist variety best exemplified by Obama and his cronies?

Obama is so far from socialist, he would be considered center-right in the rest of the world

[gibran]

and what is exactly wrong with transparency?

[ccbatson]

Common ground here...real transparency (the absence of deceit and corruption) is highly desirable.

Saying that it is desirable and doing the opposite is what Obama is demonstrating.