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In reply to the discussion: Harry Reid wisely dumps Ron Paul's ridiculous Audit the Fed bill [View all]sabrina 1
(62,325 posts)37. How about Bernie Sanders and Alan Grayson, are they 'always whining also'?
The reason no one had a problem with the Fed is because no one knew what they were doing.
Thanks to a bill passed a short time ago, there was an audit of the Fed about a year ago. See the outrageous results of that audit here on Senator Bernie Sanders website:
http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. "As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world," said Sanders. "This is a clear case of socialism for the rich and rugged, you're-on-your-own individualism for everyone else."
Among the investigation's key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. "No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president," Sanders said.
The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.
For example, the CEO of JP Morgan Chase served on the New York Fed's board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed's emergency lending programs.
So Reid is going to prevent any further oversight of the Federal Reserve? That makes no sense considering those findings. If anything Reid himself should have been the one calling for audits and a lot more oversight of the Fed.
What an outrage, no wonder people have totally lost faith in this government.
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Harry Reid wisely dumps Ron Paul's ridiculous Audit the Fed bill [View all]
banned from Kos
Jul 2012
OP
You're mistaken. But I have learned that trying to explain the Fed to bank griefers
banned from Kos
Jul 2012
#3
Ah the Fed. And only you understand. A private company that has the power to use our treasury to
rhett o rick
Jul 2012
#31
Here is a pdf of their latest audit - if you need a sleeping aid it works well
banned from Kos
Jul 2012
#5
I downloaded it. I hope it puts me under. I get tired of the gotcha's from people about this who
freshwest
Jul 2012
#7
That was from a previous full GAO audit done due Sanders adding text to a bill
PoliticAverse
Jul 2012
#23
Okay, yeah, that was news to me when I read that there. Kinda took the wind outta the sails...
freshwest
Jul 2012
#25
So Bernie referes to the audit as the "First" top to bottom audit of the Federal Reserve....
midnight
Jul 2012
#34
That would bring the foreign aspect into it.. And there goes Romney borrowing money abroad... Making
freshwest
Jul 2012
#24
Sounds good to me. Wonder if his cultists feel betrayed since grandpa decided to not speak in Tampa?
freshwest
Jul 2012
#9
I'll take your word for it. I'd rather move into the business of auditing corporations. nt
Comrade_McKenzie
Jul 2012
#12
If the GAO truly audits the fed annually why would people object to this bill,
PoliticAverse
Jul 2012
#13
By all means - lets not EVER let the public know what they did with taxpayer money
Ruby the Liberal
Jul 2012
#19
Forget about Ron Paul. I asked about Sanders and Grayson. And this bill passed
sabrina 1
Jul 2012
#45
Put it this way, I have never met anyone on DU who does not know who Bernie Sanders is
sabrina 1
Jul 2012
#54
What are they hiding? The Senate Dems are to close to the big banks to regulate them properly.
limpyhobbler
Jul 2012
#28
Given the maturity and wisdom with which Congress has addressed fiscal and budgetary questions,
Nye Bevan
Jul 2012
#30
So you are saying that no one should oversee the Fed? Bullshit. Just because Ron Paul said
rhett o rick
Jul 2012
#33
The Libertarians are always spewing anti-Semitic paranoid tin-foil BS about the Fed.
Odin2005
Jul 2012
#43
Bernie got his piece of the "audit" in Dodd Frank where they revealed all the
banned from Kos
Jul 2012
#51
'fun posters'. You mean not easily manipulated so more of a challenge, than say,
sabrina 1
Jul 2012
#57