Barney Frank Says The House Will Pass HR 1207 In October

Tyler Durden's picture

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tjtakes's picture

Not sure what this will matter in how the manipulation occurs anyway

VegasBD's picture

Does anyone know where this took place? I reposted this video and now the washington times is asking me...

Gilgamesh's picture

All I hear out of his mouth is lies/revisionist history.  I'll believe this when I see it (an actual real audit, not just the passage of the bill).

MountainHawk's picture

Exactly, I'll belive it when I see it..

dnarby's picture


He actually realizes how bad he screwed up defending Fannie and Freddie, and now he's trying to save his job.

Anonymous's picture

I wonder if Barney Frank will help or hurt Timmy's efforts to get a stay on the FOIA lawsuit. Once we see how he stands on the lawsuit then maybe we can read further into the possibility of the house actually passing HR 1207

Anonymous's picture

I think it has become pretty obvious who Barney Frank works for (hint: not the American people), and we can take for granted that any bill he supports will be consistent with the interests of his employer. What I'll be interested to see is whether Ron Paul capitulates to the watering down of his bill into nothingness.

Anonymous's picture

Wow, I hope Congressman Frank is true to the plain meaning of his words.

Surprising development from Mr. Frank, but I'll take it.

Assetman's picture

Good luck with that, buddy.

By the time Barney Frank gets done carving HR 1207, the bill will be so watered down, even Ron Paul won't recognize it.

Even what he says is true, delaying an audit trail by "several months" is ludicrous.

crzyhun's picture

This is a crackpot calling the kettle black.


Still we need a hardheaded 'audit' of this baby.

Anonymous's picture

I can't understand a word he said, and I speak "drunk street bum" perfectly.

Lets_Eat_Amen's picture

funniest thing i've heard all day.

iphone's picture
iphone (not verified) Aug 28, 2009 1:56 PM

i concur..he's a blathering retard

good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions

snorkeler's picture

Understood. You need to learn to speak and understand "drunk club snob" which is a slightly different dialect.

MinnesotaNice's picture

That is hysterical... "One of the things the audit will show is what the Federal Reserve buys and sells and that will be made public but not instantly, because if that was made instantly you would have a lot of people trading off of that"... like we don't have a multitide of other of financial information that is being traded off of in an inequitable, illegal, and inappropriate way.   

I feel like I am in a crazy cartoon... or watching a SNL skit... you can't write funnier stuff that this. 

Anonymous's picture

crazy cartoon. exactly. these guys are freak scum.

Zro's picture

A single conversation please! just what's with all the background noise. Anyways, something is better than nothing on this one. I'll take it

Crook County's picture

THANK YOU Tyler and all Zero Hedge readers for your continued support for this bill.

visit to sign the petition and get invovled.

September will be Mass Action month for HR 1207 and S. 604.  More information will be posted on the ZH forums as it becomes available.



glenlloyd's picture

Depends a lot on how it's implemented but I hope it will have some teeth...and hopefully consequences too, not just wrist-slapping.

I keep thinking it's Friday and there should be some failed banks....d'oh, it's only Thursday so that won't happen till tomorrow after the market closes.

andrew123's picture

So Bernancke will say we can't disclose what we have bought over the last three months becasuae we are still in the process of buying the same stuff now.  Check back in another 6 months and maybe we think it will be appropriate.

Cursive's picture

Nice. This dumbass of a congressman is talking nonchalantly about why it is important to keep the activities of an arm of the government secret because, if made public, it would be gamed. Nevermind that a government-sanctioned organization is knee deep in securities (and, yes, that includes equities) markets. Too many good men and women have paid their blood for us to let this cancer grow amongst us.

Gordon_Gekko's picture

Hell yeah b**ches!!! OK, OK...I know it's not like we are abolishing the Fed here, but still it's a start, you know - something's better than nothing. Kudos to ZH and the entire online community for fighting the good fight.

Anonymous's picture

Nah, anything this guy (or Ron Paul for that matter) does is suspect. The only way to abolish the Fed is for the army to step in and take the socialists and Communists out of power.

percolator's picture

I don't believe the pickle licker. I'll bet if it does come to a vote it will be so watered down it'll be meaningless.

Cursive's picture

With the passing of Senator Chappaquiddick, are we now entertaining the prospect of having Steve Gobie's Sugar Daddy as the junior senator from MA?

Marshal Ney's picture

Senator Kennedy was flawed, like everyone, but he spent most of his life trying to make life better for average people. He could have lived the life of idle rich, but he worked very hard at public service. I respect him for that. I have zero respect for a little twirp making Chappaquiddick jokes.

Anonymous's picture

Whether he made life better for average people is questionable.
What does hard work in the Senate look like? It looks like the life of the idle rich, not public service.

Anonymous's picture

Whether he made life better for average people is questionable.
What does the life of the idle rich look like? 47 years in the Senate reducing liberty for all and calling it public service.

They steal from us everyday's picture

Fuck kennedy the drunk liberal and all the gangster liberals.

snorkeler's picture

Ah yes!  A political discussion on an internet blog. Newsvine is fun but be careful. Some of those people try to find out where you live if you get them too pissed.

Cursive's picture

I have zero respect for those who provide cover for murderers.  Kennedy was a playboy (no shock there) and, in one of his frequent trists with another women, he was responsible for her death.  Perhaps you'd like to also defend drunk driving?  You cheapened the words "work" and "public service" when you used them in connection with Teddy.

VegasBD's picture

lets see what they been up to. then end the fed.

AN0NYM0US's picture

If BF is saying that, he is playing to his constituents knowing full well that it will get nuked in the Senate - smart politics on his part - sort of like Sarkozy and his hollow promise to crack down on the banksters -

Rex Havoc's picture

"I have been worked with Ron Paul, the main sponsor of that bill. He agrees that we don't want to have the audit appear as if it is influencing monetary policy cause that would be inflationary and Ron and I agree on that."

Hmmm sounds to me like Mr. Frank patted Mr. Paul on the head and said, "there there Ron, don't you worry I promise we'll take a look at your little bill"

Edward King's picture

Barney's concern in bringing the results of the audit of the Federal Reserve System to the people is that it will result in excessive trading. Jamie Dimon is the Chairman of the Board of the New York Fed and JPMorgan and the other member banks of the Federal Reserve System (the owners of the Federal Reserve System) account for most domestic trading. Presumably the traders already know any information that would be revealed. Why the need to trickle out the results of the audit? Am I missing something?

Cursive's picture

"I have been worked with Ron Paul...."  Is this a fruedian slip?

deadhead's picture

Looks like the Fed will have to unload all those SPYs pretty soon......

Anonymous's picture

If you think this is "a good start"...This is exactly what they want you to think! There will be no audit, which shows ANYTHING!

This POS MF'r is lying to you!!!

If you think he is working in you best interest at all...You are a fool!!!!!!!!!

Anonymous's picture

"have that data released after a time period of several months, enough time so it wouldn't be market sensitive."

And to give enough time for insiders to trade off of it.

Anonymous's picture

Not only will they have to unload all the SPY'S, but i strongly believe that the findings will throw the world into dire straits, possibly a LOT MORE money printed than we are aware of and trace of GOLD in FT. Knox

ZerOhead's picture

My thoughts exactly...

Remember that USGS survey indicating that a cumulative total of around 5,000 tonnes of Gold Products where exported to France and England during 2006 and 2007 I believe... with a total reserve of supposedly 8,000 tonnes... well you do the math.

Gold products category does not include bullion however... but would include the 90% gold coins that the Fed expropriated from citizens when gold standard was imposed...

Updates anyone?

ZerOhead's picture

Sorry... I was wrong again.

It was 2007 and 2008. Looks like they are stealing the silverware on the way out...

Joe Sixpack's picture
Proclamation on the Federal Reserve System of the United States of America March 2008

WHEREAS, Article I, Section 8 of the Constitution of the United States of America authorizes Congress "To coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures";

WHEREAS, on December 13th, 1913 the US Congress enacted the Federal Reserve System;

WHEREAS, the Federal Reserve System is considered an independent agency within the federal government, with oversight of Congress and containing appointed public officials on its board of directors;

WHEREAS, the Federal Reserve System Controls the Federal Reserve Note, the official currency of the great nation of the United States of America;

WHEREAS, there may be controversies regarding the legality and constitutionality of the Federal Reserve System, it is recognized that the said system has operated continuously as the central banking system of the United States since the inception of the Federal Reserve Act of 1913;

WHEREAS, the Constitution of the United States of America granted Congress the authority to create the current Federal Reserve System, it also does grant Congress the authority to modify or revoke the Federal Reserve System;

WHEREAS, the actions of the Fedreral Reserve System represent the credit and currency of the United Stated of America to the citizens of this great nation and to the world;

WHEREAS, the Federal Reserve System, acting independently within the federal government allowed, supported, and even promoted parasitical and non-productive uses of the money and credit of the United States of America;

WHEREAS, the United States and likely the entire world's financial system is undergoing massive de-leveraging of the said parasitical and non-productive uses of the credit and money of the United States of America (as well as other nations' currencies);

WHEREAS, the US dollar, the "Federal Reserve Note" is declining in value due to these parasitical activites, as well as potentially other causes;

WHEREAS, it is recognized that the citizens of the United States and other nations did willingly participate at some level in the creation and propogation of said parasitical activities;

WHEREAS, it is also recognized that the United States of America, a sovereign nation, has the legal, moral, and God given authority to take actions to benefit its citizens and to protect its good name, credit and money in times of difficulty;

WHEREAS, it is recognized that the current time is such a time of great difficulty;

WHEREAS, it is recognized the parasitical financial institutions and their activities are at odds with citizens of the United States of America and the good credit and money thereof;

WHEREAS, the current indications are that the Federal Reserve System is acting to preserve the financial system currently flooded with the parasitical activities;

WHEREAS, the current indications are that the neither the Federal Reserve System, nor the Congress of the United States, nor the people of the United States have access to the books of the institutions being preserved by the Federal Reserve, and therefor the degree of inter-connectivity and risk associated with the institutions and other entities cannot be determined;

WHEREAS, the Federal Reserve System is accepting non-performing assets as collateral for credit with ultimate taxpayer responibility to entities not under its legislative mandate;

IT MUST BE CONCLUDED, that the Federal Reserve System is not acting to the benefit of the people of the United States of America, its credit, money, and good name;

WHEREAS, it is recognized that the political will and capability of the government of the United States of America may not be up to the task of prosecuting this proclamation ; It is also recognized that this may be the only hope for the continued survival of the United States of America as the great nation as it has historically existed.

NOW THEREFORE, it is PROCLAIMED by those supporting this Proclamation that the Congress of the United States of America FULLY NATIONALIZE the Federal Reserve System, and take full control of the credit and money of our great nation; The Congress must take whatever action necessary to seperate out, sequester, disown, or otherwise neutralize the effect of the parasitical financial activities which led to the current crisis; The Congress of the United States of America must reorganize, replace, or terminate the Federal Reserve System as appropriate; or otherwise devise a system for creation of the national currency.

IT IS FURTHER PROCLAIMED, that the Congress of the United States of America in cooperation with the Executive of the United States of America contact allied nations and any other nation willing to participate in the overhaul of the failing and parastical financial sytem currently in operation and create new treaties and alliances as necessary to create a sane and productive system of finance with the express goal of supporting a productive national, and by extension and through voluntary cooperation, world economy;

FURTHERMORE, it is PROCLAIMED that it should be the goal of such an international effort to maintain fair international trading practices allowing for protection in national interest of labor, resources, and productive capabilities;

WHEREAS, it is recognized that such a move on the part of the United States of America may result in the necessity of an isolationist policy IF the other developed nations do not follow our lead; If such occurs, so be it.


taraxias's picture

Nonsense, move along folks, nothing here to see.

He's already telling you whatever is released WILL NOT BE MARKET SENSITIVE.

It's a delay tactic, nothing more.


primus's picture

I don't trust one single word that drops from the mouth of babbling, blubbering, blustering Barney Frank. This is the same clown that was the main driver behind Fannie and Freddie to making loans to anyone that could fog a mirror. We all saw how that turned out. My hunch is that in true Orwillian fashion, any 'audit the Fed' legislation is going to do anything but audit the Fed.

Anonymous's picture

When they reveal the Fed is THE counter-party for the entire banking system and the big adjustment in prices that needs to occur, occurs, ZH gets a pulitzer. Watch.

Anonymous's picture

Not only will they have to unload all the SPY'S, but i strongly believe that the findings will throw the world into dire straits, possibly a LOT MORE money printed than we are aware of and trace of GOLD in FT. Knox