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Thread: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    This is the fed's current chairman


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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Ron Paul nails Bernanke in a lie!


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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by Thunder View Post
    what do you imagine they may be "hiding"?

    Well, they were hiding the real interest rates for one. The other is where the TARP money went and what it was originally intended to do. There's probably more they're hiding but we'll never know until **** hits the fan again and then their political droogies will distract us with abortion or gun rights or whatever until the **** hits the fan again and then wash, rinse, repeat.
    Last edited by Moot; 07-26-12 at 08:06 PM.

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by Hicup View Post
    And that would be a profound misunderstanding of just what and how interest rates affect economies. Keeping interests rates low (By the way under Obama they've been the lowest in more than 70 years) does not a bubble create. Banks don't want to lend money at low rates, it makes it more difficult to sell the asset. No, what they really like is high interest rates. You can blame your government for the housing bubble mostly. The Fed had really nothing to do with it.

    Tim-
    You are so misinformed it's not even funny.....

    Following the September 11, 2001 attacks, the Federal Open Market Committee voted to reduce the federal funds rate from 3.5% to 3.0%.[60] Then, after the accounting scandals of 2002, the Fed dropped the federal funds rate from then current 1.25% to 1.00%.[61] Greenspan stated that this drop in rates would have the effect of leading to a surge in home sales and refinancing. Besides sustaining the demand for new construction, mortgage markets have also been a powerful stabilizing force over the past two years of economic distress by facilitating the extraction of some of the equity that homeowners have built up over the years.[61]

    However, according to some, Greenspan's policies of adjusting interest rates to historic lows contributed to a housing bubble in the US.[62] The Federal Reserve acknowledges the connection between lower interest rates, higher home values, and the increased liquidity the higher home values bring to the overall economy.

    "Like other asset prices, house prices are influenced by interest rates, and in some countries, the housing market is a key channel of monetary policy transmission." — Board of Governors of the Federal Reserve System, September 2005.[63]

    In a speech in February 2004,[64] Greenspan suggested that more homeowners should consider taking out Adjustable Rate Mortgages (ARMs) where the interest rate adjusts itself to the current interest in the market.[65] The fed own funds rate was at a then all-time-low of 1%.

    A few months after his recommendation, Greenspan began raising interest rates, in a series of rate hikes that would bring the funds rate to 5.25% about two years later.[66] A triggering factor in the 2007 subprime mortgage financial crisis is believed to be the many subprime ARMs that reset at much higher interest rates than what the borrower paid during the first few years of the mortgage.

    Alan Greenspan - Wikipedia, the free encyclopedia
    There is a two year lag between the Feds adjusting interest rates and their effect on the economy. In 2001, Greensapn started lowering interest rates. By 2003 the housing bubble had started. In 2005, after recommending people buy adjustable mortages when the interest rates were at their lowest ever, a few month later he started raising interest rates. By 2007, the housing bubble started to burst and people started losing their homes because of the ARM loans that Greenspan had recommended they buy.

    Yes indeedy, Greenspan is at the very top of the list for causing the economic crisis.
    Last edited by Moot; 07-26-12 at 09:50 PM.

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by Moot View Post
    Well, they were hiding the real interest rates for one. The other is where the TARP money went and what it was originally intended to do.....
    where it went?

    it went to banks and companies.

    the VAST majority of all loans were paid back, especially to banks.

    maybe $300 billion still needs to be paid back.

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by Thunder View Post
    where it went?

    it went to banks and companies.

    the VAST majority of all loans were paid back, especially to banks.

    maybe $300 billion still needs to be paid back.
    Yeah, it went to banks alright .....

    “TARP wasn’t supposed to be just a bank bailout,” said Christy L. Romero, the special inspector general for TARP, in an interview. “It was specifically designed with the goal of helping homeowners, and our concern is that that goal may not be met.”

    As of the end of 2011, the Hardest Hit Fund had spent $217.4 million out of its $7.6 billion budget, the report found. The program is intended to reach homeowners who are unemployed, or living in areas with high unemployment rates or steeply falling home values.....
    http://www.nytimes.com/2012/04/12/bu...ners.html?_r=2
    Banks getting government loans to pay back government loans?

    "Of the 707 banks that received taxpayer money from the government's Troubled Asset Relief Program starting in 2008, also known as TARP, about half have repaid the Treasury.

    However, 137 of those banks used a government-loan program to repay their taxpayer debts, according to the quarterly report to Congress of the Office of the Special Inspector General for TARP.

    Of the 325 banks still propped up with taxpayer money, 203 have missed dividend or interest payments, with some missing as many as 13 payments since receiving capital injections at the height of the financial crisis, the report said.
    TARP banks use fed loans to repay government - Business - US business - NBCNews.com
    Treasury Department buying banks troubled assets for two or three times what they are really worth?

    ...In a report dated February 6, 2009, the Congressional Oversight Panel concluded that the Treasury paid substantially more for the assets it purchased under the TARP than their then-current market value. The COP found the Treasury paid $254 billion, for which it received assets worth approximately $176 billion, for a shortfall of $78 billion. The COP's valuation analysis assumed that "securities similar to those issued under the TARP were trading in the capital markets at fair values" and employed multiple approaches to cross-check and validate the results. The value was estimated for each security as of the time immediately following the announcement by Treasury of its purchase. For example, the COP found that the Treasury bought $25 billion of assets from Citigroup on October 14, 2008, however, the actual value was estimated to be $15.5, creating a 38 percent (or $9.5 billion) subsidy.[19]...
    Troubled Asset Relief Program - Wikipedia, the free encyclopedia
    Treasury Department preventing regulators from doing their job....

    “The suspicions that the system is rigged in favor of the largest banks and their elites, so they play by their own set of rules to the disfavor of the taxpayers who funded their bailout, are true,” Mr. Barofsky said in an interview last week. “It really happened. These suspicions are valid.” ....

    http://www.nytimes.com/2012/07/22/bu...pagewanted=all
    I don't think anyone really knows where the money is or has gone. Except maybe Geitner and the Federal Reserve. Which is why an audit would probably be a good idea and then next good idea would be to indict Geitner.

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Geitner is corrupt, here is a pic of this unsavory character.
    Attachment 67131533

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by Moot View Post
    Well, they were hiding the real interest rates for one. The other is where the TARP money went and what it was originally intended to do. There's probably more they're hiding but we'll never know until **** hits the fan again and then their political droogies will distract us with abortion or gun rights or whatever until the **** hits the fan again and then wash, rinse, repeat.
    The really strange thing is that the almost all the major banks did not even want TARP - Paulson had to literally threaten them to get them to take it.

    'Documents Reveal How Paulson Forced Banks To Take TARP Cash'

    Read more: Documents Reveal How Paulson Forced Banks To Take TARP Cash - Business Insider

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    Quote Originally Posted by DA60 View Post
    The really strange thing is that the almost all the major banks did not even want TARP - Paulson had to literally threaten them to get them to take it.

    'Documents Reveal How Paulson Forced Banks To Take TARP Cash'

    Read more: Documents Reveal How Paulson Forced Banks To Take TARP Cash - Business Insider
    Check this out....



    There is no way that a massive electronic run on the money markets to the tune of $550 billion in a one hour time frame was coming from the public at large. So if Paulson was threatening those nine banks, then I suspect they were likely the ones trying to collapse the economy.
    Last edited by Moot; 07-27-12 at 01:52 AM.

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    Re: House easily approves Paul's 'audit the Fed' bill in 327-98 vote

    The Fed is a central bank except it's a central bank with no accountability. It needs to be nationalized and put under the purview of the congress as per the constitution being that the congress has the power of the purse. Then all of it's dark hidden corners will be a matter of the public record.
    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

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