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Thread: White House to paint grim fiscal picture: source

  1. #111
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    Re: White House to paint grim fiscal picture: source

    The United States government should have a special division that does nothing except audit the other agencies, and the books and the audits of all non-national security related agencies should be accessible to any citizen with internet access.

    The Federal Reserve should be subject to this auditing commission, first and foremost. The finances of all Congressmen, Senators, Presidents, Department Heads, and their spouses, should be part of this annual audit, and accessible.

    That's what needs to be done if we want to control the rampant corruption in our government.

    Oh, and all criminal activity found must be presented to the Justice Department for prosecution.

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Scarecrow Akhbar View Post
    The United States government should have a special division that does nothing except audit the other agencies, and the books and the audits of all non-national security related agencies should be accessible to any citizen with internet access.

    The Federal Reserve should be subject to this auditing commission, first and foremost. The finances of all Congressmen, Senators, Presidents, Department Heads, and their spouses, should be part of this annual audit, and accessible.

    That's what needs to be done if we want to control the rampant corruption in our government.

    Oh, and all criminal activity found must be presented to the Justice Department for prosecution.

    I agree. However, the first thing to be audited should be the FED.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by j-mac View Post
    I agree. However, the first thing to be audited should be the FED.


    j-mac
    The Fed is already audited.... Do you propose we have it audited by the congress? the same people you claim to be socialist incompetents?
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Goldenboy219 View Post
    The Fed is already audited.... Do you propose we have it audited by the congress? the same people you claim to be socialist incompetents?

    Would the light be a scary thing for you?


    j-mac
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by j-mac View Post
    Would the light be a scary thing for you?


    j-mac
    The light? All it will do is give congress (the same group of politicians you constantly talk against) some political power in regards to monetary policy. Now if we cannot trust them (regardless of political party) to cut spending because they fear it will cost them an election, how can you trust them with the keys to the printing press?

    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Goldenboy219 View Post
    The light? All it will do is give congress (the same group of politicians you constantly talk against) some political power in regards to monetary policy. Now if we cannot trust them (regardless of political party) to cut spending because they fear it will cost them an election, how can you trust them with the keys to the printing press?


    Why don't you be honest here. I said nothing of giving them control of the Fed, I said audit it. Open the books and let us see where the money is going for real. Now, would you like to argue that this shouldn't happen?


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by j-mac View Post
    Why don't you be honest here. I said nothing of giving them control of the Fed, I said audit it. Open the books and let us see where the money is going for real. Now, would you like to argue that this shouldn't happen?


    j-mac
    From the horses mouth:
    In an exchange with Sen. Tim Johnson (D-S.D.) during Bernanke's closely watched confirmation hearing, the chairman noted the Fed is already subject to periodic audits by the Government Accountability Office. He said attempts to extend that oversight to include monetary policy -- which Congress exempted from the GAO's purview in 1978 -- would only jeopardize the Fed's central mission.

    "I believe Congress should have all the information it needs about the Fed Reserve's operations... to have appropriate oversight...," Bernanke told lawmakers.

    So, to be very very clear... I welcome transparency," the chairman added. "I am, however, concerned with the auditing of monetary policy. What that means is that the GAO would be empowered... to look at all the policy materials prepared by staff, to interview members, and to basically second guess the Federal Reserve's decision in short order with very few protections."
    But here is the true concern:
    Bernanke explained those rules could permit lawmakers to order audits whenever the Fed made monetary policy decisions that were politically unpopular or ineffective in the short term, which would hamstring the Fed's capabilities to manage the dollar.
    Now you can argue with the Fed Chairman.

    source
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Goldenboy219 View Post
    Now if we cannot trust them (regardless of political party) to cut spending because they fear it will cost them an election, how can you trust them with the keys to the printing press?
    Congress already has this control.

    Article I Sec 8:5
    Congress shall have the power...
    To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Goobieman View Post
    Congress already has this control.

    Article I Sec 8:5
    Congress shall have the power...
    To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures;
    And they gave that power to the fed due to political pressure. Surely you realize this. Or would you much rather have a democratic majority holding the keys to the printing press?

    Think about it for a little....
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Goldenboy219 View Post
    And they gave that power to the fed due to political pressure.
    The power was delegated; it still ultimately rests with Congress, and remains delegated to the fed at the whim of same.
    Surely you realize this.

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