Obama gives Federal Reserve even more power

[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/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 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! [[ 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.