HR1207 (Bill to Audit the Federal Reserve) Gets First Congressional Hearing [videos] [Archive] - Nas Forum

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ElCount

09-26-2009, 03:52 PM

3x10^8 m/s

09-26-2009, 04:29 PM

NOW THIS IS A MOTHAFUCKING THREAD!!!

g/l-Will check this out when I go home!

If we can ever bring these cronies down, i'll give obama GOAT president status....

those niggas are THE worst...props to zeitgeist....Michael Moore's new movie, i would imagine touches on the utterly disgusting practice that is the federal reserve...maybe the problem will finally be put in front of mainstream america's face...cuz zeitgeist ain't have the budget.

ONE.

R. Joven

09-26-2009, 04:34 PM

I don't get the true impact of the Fed. I understand the basics of the federal funds rate, but that's about it.

Either way, I'm not so sure that more Congressional oversight is a good thing, either.

3x10^8 m/s

09-26-2009, 04:36 PM

I see my nigga Ron Paul in the cut...that's that dude.

ONE.

3x10^8 m/s

09-26-2009, 04:39 PM

I don't get the true impact of the Fed. I understand the basics of the federal funds rate, but that's about it.

Either way, I'm not so sure that more Congressional oversight is a good thing, either.

http://www.zeitgeistmovie.com/

watch and you'll understand....it's the last 3rd of zeitgeist part 1...and in zeitgeist part 2 (addendum), it's damn near the whole thing...

if u just want to learn about how absolute perverted the federal reserve is, just watch the second one, cuz actually it repeats what was at the end of the first one and add on to it....the first one also focuses on religion and 9/11...but do watch the second one if you're interested in the money...

ONE.

ElCount

09-26-2009, 05:03 PM

I don't get the true impact of the Fed. I understand the basics of the federal funds rate, but that's about it.

Either way, I'm not so sure that more Congressional oversight is a good thing, either.

It's not congressional oversight really. It's more public oversight and I don't see how the public shouldn't know how it's money is being manipulated.

Light speed, I appareciate your emphatic enthusiasm on this topic (never knew you cared about the Fed this much lol) but I'd caution you to take everything in those movies with a grain of salt since they are loaded with propoganda and have been challenged on all fronts in terms of accuracy. However, I do recall the segment on fractional reserve banking as being spot-on-balls accurate. I'll just say that the Zeitgeist films are only as informative as the individual research and due diligence done by the viewer.

As far as Obama supporting this, I think he will probably only do it if public support becomes very strong and the bill passes in the House, which is still difficult despite having over a 2/3 majority co-sponsoring it. If Obama or Pelosi really wanted this to pass she could bring it to the floor on Monday and it would pass as it stands. Unfortunately, the establishment doesn't want that. And Obama's still-in-the-works financial reform plan includes arming the Federal Reserve with numerous powers so it's somewhat at odds with this legislation.

R. Joven

09-26-2009, 05:03 PM

http://www.zeitgeistmovie.com/

watch and you'll understand....it's the last 3rd of zeitgeist part 1...and in zeitgeist part 2 (addendum), it's damn near the whole thing...

if u just want to learn about how absolute perverted the federal reserve is, just watch the second one, cuz actually it repeats what was at the end of the first one and add on to it....the first one also focuses on religion and 9/11...but do watch the second one if you're interested in the money...

ONE.

^I'd rather read up on it... than watch a documentary...

Anything relatively concise?

ElCount

09-26-2009, 05:12 PM

SEPTEMBER 26, 2009

Fed Weighs Naming Borrowers

By SUDEEP REDDY

The Federal Reserve, under pressure from Congress to be more transparent, is "giving serious consideration" to releasing the names of firms that receive loans from the central bank, a top Fed official said Friday.

At a House hearing, Fed General Counsel Scott Alvarez struck a conciliatory tone when a top lawmaker indicated that he wanted more information revealed about the Fed's loans.

Rep. Barney Frank (D., Mass.), chairman of the House Financial Services Committee, said the central bank's loans and securities transactions should be disclosed, with a lag to avoid a short-term influence on financial markets. He said he wanted to include a provision to do so in coming legislation.

"You don't have a right to go to a federal agency, borrow money [and] keep it secret forever," Mr. Frank said of financial institutions.

"We don't want public entities buying and selling securities with nobody ever knowing," he said. "We want there to be publicity. We don't want there to be a market effect in the near term."

The Fed has long resisted identifying borrowers from its regular lending programs -- such as the discount window, which provides short-term loans to banks -- fearing disclosure could discourage use of the programs by firms that need support.

But the central bank, after drawing attention for its rescues of American International Group and Bear Stearns, is trying to respond to lawmakers who want a more comprehensive accounting of who receives the Fed's money and under what conditions.

Asked if the Fed would work with Congress on establishing provisions for disclosure, Mr. Alvarez said, "We'd be happy to work with you on it."

The hearing addressed the implications of a bill from Rep. Ron Paul (R., Texas) that would open more of the central bank's operations to audits by the Government Accountability Office, the investigative arm of Congress.

The Fed's monetary-policy operations -- such as interest-rate decisions and loans to banks through its discount window -- are blocked by law from GAO review. The GAO audits most other central-bank operations, such as bank supervision and consumer regulation.

Top Fed officials strongly oppose repealing the GAO exclusions. They say audits directed by lawmakers would undermine markets' belief in the Fed's independence and raise concerns that monetary policy could be influenced by political considerations. "These concerns likely would increase inflation fears and market interest rates and, ultimately, damage economic stability and job creation," Mr. Alvarez said.

Mr. Frank said lawmakers don't want to give "the impression that we are somehow in a formal way injecting Congress into the setting of monetary policy."

Still, several lawmakers pushed back against the Fed's suggestion that GAO reviews of monetary policy would hinder the Fed's effectiveness. "How many audits does the GAO perform?" Mr. Paul asked. "In any agencies of government, in the State Department, in the [Defense Department], nobody's ever charged the GAO for altering policy."

Write to Sudeep Reddy at sudeep.reddy@wsj.com

Printed in The Wall Street Journal, page A2

http://online.wsj.com/article/SB125389264645141251.html

R. Joven

09-26-2009, 05:18 PM

Thanks for the article.

I think firms that truly need support from the Fed's programs would continue to use them. At the end of the day, those firms would have to make the determination that the market's reaction to their use of the programs would be worse than the situation that led to the consideration of the programs in the first place. If weak firms make that determination, then that's on them, I guess...

3x10^8 m/s

09-26-2009, 06:12 PM

^I'd rather read up on it... than watch a documentary...

Anything relatively concise?

it's actually more complicated IMO to try and read about it...the explanation of it is in like the first 30 minutes...it's your choice kid...i could only lead u to the water.

I don't think the article did it justice...the zeitgeist dudes presented it in a very thought out, logical, simple way. I hope michael moore does the same...or if he can even dumb it down some more for America, that would be great. The danger in the system is that it relies on its complication for the average american to be bothered with exploring it.

ONE.