Will be up for a vote tomorrow and will need 2/3 majority to pass. While people will have disagreements over monetary policy, I think most people should agree it is important to have transparency at our nation's private central bank and controller of our currency. Thoughts?
Transparency would have led to certain banks failing due to huge pressure on the short side. It's the reason why TARP included banks that nominally didn't need the money, and why most banks don't take discount cash from the Fed (at least openly)---because it's a huge sign that you're weak. And when you're weak, markets devour you. Could the Fed be more open? Perhaps. But it is not as black and white of an issue as some will paint it. There are good reasons for why the Fed keeps some things under the curtain, and not many of them have to do with global domineering.
Also, just as an aside, Bernanke has been notably more transparent than Greenspan, who seemed to just to like to confuse people. For example, Bernanke's Fed has clarified (finally) the role Taylor's rule plays in Fed decision-making. People have this opaque view of the Fed as some huge secret-keeping institution, probably because they're not quite too sure what a discount window is.
Wrong Democrats be fightin. Republicans be trying to get it through with he help of a small number of Dems. Here are the cosponsors for the bill. Bunch of Repubs.
Republicans are inherently contradictory beasts. You attach a nice word to anything and they will leap to proclaim their allegiance. You attach a bad word like regulation to it, and they jump off the boat. http://www.bloomberg.com/news/2011-...owing-from-discount-window-during-crisis.html I would bet a thousand dollars on the fact that most of those law-makers could not tell the difference between conventional and unconventional monetary policy.
IMHO much of the problem is that a lot of what the public has deemed "opaque" about monetary policy is in fact posted publicly on the Fed website (such as the "evil trillion dollar secret bailout to banks" via the discount window). That said, I have no problems with increased transparency or better public explanations of why the Fed is performing certain actions.
Care to explain why it is important to audit the Fed? Auditing the Fed will not help people undestand what it is the Federal Reserve does. You can visit their website or buy one of the thousands of books written about the Federal Reserve to figure out what it is they do.
In addition, can anyone here actually explain what auditing the Fed means to them and what information they hope to gather? A lot more Fed information is public than I think most people actually think.
It's a Bi-Partisan bill... Though there are more republicans on it them democrats it still reached enough to qualify as bi-partisan
How many families own the fed, like 8-12 or something heh 8-12 families print our money. That makes sense to me... They also decided to print 17 trillion to give to their foreign friends If you don't know what that means, it means my dollar is worth much much much much much MUCH less. Now, I would rather have someone who represents me make that decision then some people I already do not trust and the audit? Why are you fighting against the audit if you don't have anything criminal to hide?, all we want to do is figure out the reasons as to why they keep lowering the value of our dollar and to find out who is making money off our money (who exactly it goes too) Auditing the fed doesn't mean we run the fed or that it's ended, all it does is shed light on exactly where the money that is being printed and decreasing our value is going to exactly and the justifications for it. I don't see what the big fuss is over The fed has been run secretly for far too long and has put us in far too much debt.. Our debt isn't just because we borrow more it's also because they secretly keep printing more un-accounted for. <iframe width="420" height="315" src="http://www.youtube.com/embed/H5vrlzbe1Zs" frameborder="0" allowfullscreen></iframe> Kucinich throwin down Not to mention the constitution clearly states that congress should handle our currency, and while technically congress handed that authority over to the fed this bill isn't over that thats another subject. This bill isn't over who controls what, the fed still controls it, this bill is over congress being able to look at what they are using that control for and I just don't see how any sane person can argue against more transparency- the government SHOULD know where and how much money is being printed and that's what this is over, not who has the power to make those choices.
No, it's not. That's not what it's for. If it was, then they would just use the other audits on the Fed which exist already. What this audit for is that it's going on a witch hunt to find some mistake the Fed has done ( which it obviously has, since it is made of humans). Maybe it's not even a mistake, because that certainly doesn't stop the populists and the goldtards who act like they know economics. And they'll use this mistake to harp on their "End the Fed" crusade. LOL. Just.....LOL.
Yeah sure Maj, while small businesses go under during times of financial crisis because of a crunch with capital available to them, are the big boy corporations and their political connections getting more favorable treatment? Or, is the playing field fair related to commerce and monetary policy for all? All money in our system is created from debt. Does debt flow freely to everyone or just some [obviously taking into account some underwriting criteria]? This issue {at least to me} is more about fundamentals to our financial system than anything else. Based on the results of the audit, this is what I would try to understand rather than relying on the corporately biased rhetoric free flowing from MSNBC & Fox News.
This is just a bunch of rhetoric. "Audit" is a generic word that means nothing without context. What specific information would you like from the Fed? My point is that I suspect much of what you want is already available - but first, you need to decide what, specifically, you are looking for.
THIS is why I am against this bill: You quite clearly know nothing about what the Fed does and how it does it and what is public to make silly statements like this. An audit will do nothing to help you, except give you more ridiculous claims to make without understanding. What specific information are you looking for that is currently not public? Keep in mind where money goes and all of that is already available. (PS - Your dollar hasn't lost value in recent years. If anything, it's gained value) Already public. That's not what this bill does. Except it's not secret.
Partial audits are a joke Thats like Dahmer allowing the police to look everywhere in his apartment except the fridge even though thats where the smell is coming from whats there to hide? The smell is coming from the one part they have been defending to not allow anyone to look at for decades.
I would personally like to know details of all their transactions with foreign banks. I know that during the crisis of 2008 they helped to bail out a foreign bank that was partially owned by the government of Libya...
One thing off the top of my head, are there strings attached to the funds given in times of crisis that would allow bigger players more favorable outcomes than smaller players? If no, show me proof through such transactions [executed and proposed] and terms available. Why you down on internal transparency of a govt/plutocracy agency? The actions of so few directly impact the savings and earnings of hundreds of millions. Should I just calmly accept something because it's posted on a company website? What world do you live in?
This bill has nothing to do with that. I'm not - I'm curious what information people actual want, and what they think this bill actually does. It's quite clear the two are unrelated.
