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Thread: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

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    Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Ron Paul has been pushing for the Fed to be audited for years, and has claimed that massive wrongdoing will be revealed under an audit of the Fed. Surprisingly, one of the most Liberal Democrats in Congress has now joined the push, and as the chairman of the Finance committee, he may be able to get it done.

    Now I don't think much of Barney Franks' politics, but in my eyes, he has just hit a home run. I don't care if he is a Liberal. The Fed is out of control, and needs to be held accountable for it's reckless conduct.

    Politics makes strange bedfellows, and in this case, the bedfellows are particularly strange. A Liberal and a Paleoconservative Libertarian. Who would have thunk it? But as strange as it is, I am all in favor of what they are pushing for. Kudos to Ron Paul and Barney Frank for teaming up and doing the right thing. More than half the Republicans are now on board, and now it looks like enough Democrats are going to put partisanship aside and join them, and make this happen. It is times like this that I am proud to be an American.

    Article is here.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    The Fed was basically the only thing keeping us from having a fullblown depression last fall...and now Ron Paul wants to nerf their power and somehow managed to convince other congressmen to go along with it. This demonization of the Fed is ridiculous. Most people who reflexively oppose the Federal Reserve have absolutely no idea what it is or what it does.

    Hopefully this dies in the Senate, or Obama vetoes it.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    I am interested in what this "audit" and I use "audit" loosely will find. I'm not even sure how the hell you'd even audit something like the fed. What criteria would you use? How would you test the balances? Given how a financial audit works and how the fed works, this may be a giant waste of time.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Will Charles Rangel be involved in any way?
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Its time the people saw into the Fed.
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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by Kandahar View Post
    The Fed was basically the only thing keeping us from having a fullblown depression last fall...
    How ironic, considering it was the Fed's expansionary monetary policy that fueled all the malinvestment and wreckless speculation which led to the giant asset bubble in the housing market.

    ...and now Ron Paul wants to nerf their power and somehow managed to convince other congressmen to go along with it.
    Nerf their power with an audit? How does that work?

    This demonization of the Fed is ridiculous. Most people who reflexively oppose the Federal Reserve have absolutely no idea what it is or what it does.
    It creates bubbles in a futile attempt to manage the business cycle.

    Hopefully this dies in the Senate, or Obama vetoes it.
    Yea, no need to look into those balance sheets. The FOMC has it covered.

    [ame="http://www.youtube.com/watch?v=n0NYBTkE1yQ"]YouTube - Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."[/ame]

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by obvious Child View Post
    I am interested in what this "audit" and I use "audit" loosely will find. I'm not even sure how the hell you'd even audit something like the fed. What criteria would you use? How would you test the balances? Given how a financial audit works and how the fed works, this may be a giant waste of time.
    The important questions to answer from the fed would be along the lines of : how much money has the fed created and who received that money...

    One can only imagine what will be found if the fed were made to be the proper level of transparent ... (unlike 'transparent' as Bernanke might sugges, ie: so transparent as to be invisible.)

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    believe it when i see it

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    Quote Originally Posted by jallman View Post
    How the hell did you just tie in a retroactive reparative measure with a proactive preventative measure. Not even close to being the same thing.

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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    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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    Re: Rep. Frank: House will pass Ron Paulís Ďaudit the Fedí bill this year

    Quote Originally Posted by obvious Child View Post
    I am interested in what this "audit" and I use "audit" loosely will find.
    Why does it have to find anything? Can't it be just for oversight purposes? Why not do it?

    I'm not even sure how the hell you'd even audit something like the fed. What criteria would you use? How would you test the balances? Given how a financial audit works and how the fed works, this may be a giant waste of time.
    I'd assume that the Fed keeps records of its financial transactions. The Congress could simply examine them. That's it.

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