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Rep. Frank: House will pass Ron Paul’s ‘audit the Fed’ bill this year

apdst said:
This has every potential to become a political witch hunt. Dig in the books, cook them to fade any wrong doing of one party and highlight any wrong doing of the other party.
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Huh?

How are members of Congress going to cook the Fed's books?
 
Redress said:
This is a Ron Paul idea, which should tell you it is nutty and not real bright.
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Most of the time I'd be with you. 99% of what Ron Paul says I perceive as crazy. However, this audit needs to be done. I don't see any harm that could come out of a simple check-up - after all, if they have nothing to hide, what harm would it do to simply find that out?

The Fed has simply become too powerful; it needs to be checked.
 
Kandahar said:
Monetary policy is different than many other issues, in that the average person (even the average well-educated person) has absolutely no idea what they are talking about.
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Based on recent performance, do you think they know what the hell they are doing?


That includes congresspeople. It takes years of studying economics to really get a grip on monetary policy.
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That same thing can be said about many areas; military strategy, healthcare, energy policy, ...

Should there be specialist rulers set up in all areas where the subject matter is not widely understood? I don't think that is necessarily a bad idea for the USA, as relying on the idiots the good citizens elect has not worked out too well of late.

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danarhea said:
He is balanced out on the other side by Ron Paul, who would not let him get away with it. This will be an honest audit, with both Democrats and Republicans keeping each other honest. No conspiracy theories here.
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Ron Paul may not have enough stroke to prevent anythng, if the audit is run by the Dems. The Dems can do it their way, or can the whole idea. I mean, what are the Reps going to do, vote it down?
 
TOJ said:
Based on recent performance, do you think they know what the hell they are doing?
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Yes, the Fed has done an outstanding job recently. I am truly impressed by Bernanke's performance.

TOJ said:
That same thing can be said about many areas; military strategy, healthcare, energy policy, ...
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Military tactics (not strategy) are another area that I agree should not be politicized.

Military strategy, health care, and energy policy are areas that can at least affect people's day-to-day lives, which makes them at least marginally qualified to offer an opinion on them.

TOJ said:
Should there be specialist rulers set up in all areas where the subject matter is not widely understood?
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Yes.
 
Kandahar said:
Yes, the Fed has done an outstanding job recently. I am truly impressed by Bernanke's performance.
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Really? Why is the USA in a major downturn?



Military tactics (not strategy) are another area that I agree should not be politicized.

Military strategy, health care, and energy policy are areas that can at least affect people's day-to-day lives, which makes them at least marginally qualified to offer an opinion on them.
....
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So you don't think Fed policy affects people's day-to-day lives? That's interesting... :roll:

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TOJ said:
Really? Why is the USA in a major downturn?



So you don't think Fed policy affects people's day-to-day lives? That's interesting... :roll:

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guess you did not hear the announcement. The recession is over :doh
seriously, they said that
 
Dav said:
Most of the time I'd be with you. 99% of what Ron Paul says I perceive as crazy.
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Why do you find it so easy to reflexively label Ron Paul as crazy?
 
Dav said:
Most of the time I'd be with you. 99% of what Ron Paul says I perceive as crazy. However, this audit needs to be done. I don't see any harm that could come out of a simple check-up - after all, if they have nothing to hide, what harm would it do to simply find that out?

The Fed has simply become too powerful; it needs to be checked.
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The problem as I see it is that with a topic so complicated, the audit won't actually prove anything for any one, and will just provide political ammunition to both sides. It's a waste of time with no good outcome in my opinion.
 
SouthernDemocrat said:
I can't see where its a good idea to politicize monetary policy. God help us if congress ever gets any control over it.

I am against a return to the Gold Standard, but if its between that and congress politicizing monetary policy, the Gold Standard would probably be the lesser of the two evils.
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At least the Government couldn't just print more gold, there by decreasing the value of your gold.
 
DeeJayH said:
guess you did not hear the announcement. The recession is over :doh
seriously, they said that
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Ya, I saw that too 'oh the recession is over, people are still losing their jobs at almost unprecedented rates but it's an improvement'...

If the improvement gets much better, everyone will get to enjoy the vibrant jobless ecnomy. Does anyone actually believe this??
 
BmanMcfly said:
Ya, I saw that too 'oh the recession is over, people are still losing their jobs at almost unprecedented rates but it's an improvement'...

If the improvement gets much better, everyone will get to enjoy the vibrant jobless ecnomy. Does anyone actually believe this??
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I thought a recession was defined by a decrease in 2 quarters
and that the end would be proven by a quarter with increases

than again, we are talking about the same old dolts that 'did not see this economic collapse coming' so why is it they are still experts people listen too??????????
 
Redress said:
The problem as I see it is that with a topic so complicated, the audit won't actually prove anything for any one...
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Monetary policy is complicated, therefore an audit won't prove anything for anyone.

I'm not sure I follow.

...and will just provide political ammunition to both sides. It's a waste of time with no good outcome in my opinion.
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Politicians will argue over monetary policy, therefore an audit is a waste of time.

Okay, now I'm really confused.
 
You know, the more I think about it, the more I don't think the gold standard was such a bad idea after all.

I mean, with all this argument over monetary policy, maybe things would just be better if there were no monetary policy....
 
DeeJayH said:
guess you did not hear the announcement. The recession is over :doh
seriously, they said that
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They say a lot of things that are not true.

Last I heard from credible sources, the freefall has abated somewhat, but it is expected to continue the downward trajetory next year.

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Dav said:
You know, the more I think about it, the more I don't think the gold standard was such a bad idea after all.

I mean, with all this argument over monetary policy, maybe things would just be better if there were no monetary policy....
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If you want to return to the era of major depressions every 10-20 years, then by all means, the gold standard is the way to go.
 
TOJ said:
They say a lot of things that are not true.

Last I heard from credible sources, the freefall has abated somewhat, but it is expected to continue the downward trajetory next year.

.
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Unemployment is expected to rise into next year, but the economy as a whole has probably bottomed out already.
 
Kandahar said:
If you want to return to the era of major depressions every 10-20 years, then by all means, the gold standard is the way to go.
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Alright, I'd LOVE to see proof of that.

An explanation would also be nice.
 
Ethereal said:
Monetary policy is complicated, therefore an audit won't prove anything for anyone.

I'm not sure I follow.
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Monetary policy, being extremely complicated, is almost impossible for any one but a few experts to follow. Congressmen are not experts in this area.



Politicians will argue over monetary policy, therefore an audit is a waste of time.

Okay, now I'm really confused.
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Not what I said. What I was saying is that politicians will cherry pick information, both for and against the policy as it was done, and use it to argue their point. Most people will just agree based on the preferences going in with one of the arguments.
 
Redress said:
Monetary policy, being extremely complicated, is almost impossible for any one but a few experts to follow. Congressmen are not experts in this area.
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in your own 'rebuttal' you already identified who should do the audit for the idiots in congress. hell, they dont write their own bills, they don't read bills they vote on, who would actually think they would do the actual audit
 
Redress said:
Monetary policy, being extremely complicated...
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Monetary policy is only complicated for statist Keynesians who think they know how to "manage" the economy.

...is almost impossible for any one but a few experts to follow.
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That's funny, since it was the "experts" who likely caused this whole mess with their expansionary monetary policy.

Congressmen are not experts in this area.
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1. The Constitution specifically delegates the authority to conduct monetary policy to the Congress. Obviously, the Founding Fathers never intended monetary policy to become some secretive exercise in economic central management.

2. There ARE members of Congress with expertise in monetary policy; Ron Paul, for instance.

3. There are specialized committees capable of conducting competent oversight of monetary policy. RE: House Committee on Financial Services.

Not what I said. What I was saying is that politicians will cherry pick information, both for and against the policy as it was done, and use it to argue their point. Most people will just agree based on the preferences going in with one of the arguments.
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So what? That's politics. I could use this same excuse for anything happening in Washington.
 
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Kandahar said:
Unemployment is expected to rise into next year, but the economy as a whole has probably bottomed out already.
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Really? So you are not expecting this will be a double-dipper?

We, and many others we work with, are not willing to bet it will be over anytime soon. I guess we will see. ;)

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Ethereal said:
Monetary policy is only complicated for statist Keynesians who think they know how to "manage" the economy.

That's funny, since it was the "experts" who likely caused this whole mess with their expansionary monetary policy.
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+1

1. The Constitution specifically delegates the authority to conduct monetary policy to the Congress. Obviously, the Founding Fathers never intended monetary policy to become some secretive exercise in economic central management.
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Central management is the problem... but globalization was always about centralized controls, and making each 'region' dependant on others to be sustainable. We were meant to have a free market system, not this crony-capitalist system where all companies are tied, even to their competing companies. (ex : Coke -> Brysto-Myers Squibb <- pepsi (at least a few years ago, this may have changed))

2. There ARE members of Congress with expertise in monetary policy; Ron Paul, for instance.
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If Ron Paul was given a fair shot, he would have been president.

3. There are specialized committees capable of conducting competent oversight of monetary policy. RE: House Committee on Financial Services.
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+1
 
Ethereal said:
2. There ARE members of Congress with expertise in monetary policy; Ron Paul, for instance.
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Just a little side note here, but isn't Ron Paul's expertise in vaginas?
 
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