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Barney Frank Says The House Will Pass HR 1207 In October

Tyler Durden's picture





 

"Under Section 13 (3) the Federal Reserve Act, [the Fed] can lend money to anybody they want. We are going to curtail that lending power. We are going to put some restraints on it. Finally we will subject [the Fed] to a complete order. I have been working 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. 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, and you would have too much impact on the market. Again Ron agrees with that, so we will probably have that data released after a time period of several months, enough time so it wouldn't be market sensitive. That will be part of the overall Fed regulation that we are inducting... The House will pass [HR 1207] in October."  - Barney Frank

 

 


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Thu, 08/27/2009 - 21:42 | Link to Comment tjtakes
tjtakes's picture

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

Fri, 08/28/2009 - 12:43 | Link to Comment VegasBD
VegasBD's picture

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

Thu, 08/27/2009 - 21:46 | Link to Comment Gilgamesh
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).

Thu, 08/27/2009 - 22:20 | Link to Comment MountainHawk
MountainHawk's picture

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

Thu, 08/27/2009 - 23:25 | Link to Comment dnarby
dnarby's picture

Huh.

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

Sat, 08/29/2009 - 14:28 | Link to Comment percolator
percolator's picture

I agree.  BF is playing fast and loose with the truth:

http://www.ronpaul.com/2009-08-28/barney-frank-didnt-say-that-hr-1207-wi...

Thu, 08/27/2009 - 21:47 | Link to Comment Anonymous
Fri, 08/28/2009 - 11:47 | Link to Comment Anonymous
Thu, 08/27/2009 - 21:48 | Link to Comment Anonymous
Fri, 08/28/2009 - 02:20 | Link to Comment Assetman
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.

Thu, 08/27/2009 - 21:48 | Link to Comment crzyhun
crzyhun's picture

This is a crackpot calling the kettle black.

UGH!

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

Thu, 08/27/2009 - 21:52 | Link to Comment Anonymous
Thu, 08/27/2009 - 22:55 | Link to Comment Lets_Eat_Amen
Lets_Eat_Amen's picture

funniest thing i've heard all day.

Fri, 08/28/2009 - 13:56 | Link to Comment iphone (not verified)
Fri, 08/28/2009 - 16:07 | Link to Comment snorkeler
snorkeler's picture

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

Thu, 08/27/2009 - 22:06 | Link to Comment MinnesotaNice
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. 

Thu, 08/27/2009 - 23:01 | Link to Comment Anonymous
Thu, 08/27/2009 - 21:58 | Link to Comment Zro
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

Thu, 08/27/2009 - 22:00 | Link to Comment Crook County
Crook County's picture

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

visit http://www.auditthefed.com/ 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.

 

 

Thu, 08/27/2009 - 22:01 | Link to Comment glenlloyd
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.

Thu, 08/27/2009 - 22:03 | Link to Comment andrew123
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.

Thu, 08/27/2009 - 22:04 | Link to Comment Cursive
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.

Thu, 08/27/2009 - 22:05 | Link to Comment Gordon_Gekko
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.

Thu, 08/27/2009 - 23:25 | Link to Comment Anonymous
Thu, 08/27/2009 - 22:05 | Link to Comment percolator
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.

Thu, 08/27/2009 - 22:09 | Link to Comment Cursive
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?

Fri, 08/28/2009 - 08:35 | Link to Comment Marshal Ney
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.

Fri, 08/28/2009 - 09:56 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:00 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:16 | Link to Comment They steal from...
They steal from us everyday's picture

Fuck kennedy the drunk liberal and all the gangster liberals.

Fri, 08/28/2009 - 16:10 | Link to Comment snorkeler
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.

Sat, 08/29/2009 - 00:05 | Link to Comment Cursive
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.

Thu, 08/27/2009 - 22:14 | Link to Comment VegasBD
VegasBD's picture

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

Thu, 08/27/2009 - 22:17 | Link to Comment AN0NYM0US
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 -

Thu, 08/27/2009 - 22:21 | Link to Comment Rex Havoc
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"

Thu, 08/27/2009 - 22:26 | Link to Comment Edward King
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?

Thu, 08/27/2009 - 22:27 | Link to Comment Cursive
Cursive's picture

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

Thu, 08/27/2009 - 22:30 | Link to Comment deadhead
deadhead's picture

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

Thu, 08/27/2009 - 22:44 | Link to Comment Anonymous
Sat, 08/29/2009 - 14:33 | Link to Comment percolator
percolator's picture

You're right.  This is what BF is really up to:

http://www.ronpaul.com/2009-08-28/barney-frank-didnt-say-that-hr-1207-wi...

Thu, 08/27/2009 - 22:47 | Link to Comment Anonymous
Thu, 08/27/2009 - 22:47 | Link to Comment Anonymous
Fri, 08/28/2009 - 14:06 | Link to Comment ZerOhead
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?

Fri, 08/28/2009 - 14:09 | Link to Comment ZerOhead
ZerOhead's picture

Sorry... I was wrong again.

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

http://www.financialsense.com/fsu/editorials/kirby/2009/0529.html

Thu, 08/27/2009 - 22:56 | Link to Comment Joe Sixpack
Joe Sixpack's picture
Proclamation on the Federal Reserve System of the United States of America www.RevokeTheFed.com 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.

SO HELP US GOD!

Thu, 08/27/2009 - 22:57 | Link to Comment taraxias
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.

 

Thu, 08/27/2009 - 22:58 | Link to Comment primus
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.

Thu, 08/27/2009 - 23:02 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:03 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:28 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:03 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

I had figured Barney Frank to be as spineless a leader as Obama apparently is.  Perhaps I am wrong about ol' Barney Frank.  Hopefully our representatives see that there is a huge political nuke about to go off, and they will pick their sides early and vociferously.  There is a lot to be gained by outing Bernanke as the crook that he is and getting rid of a Bush legacy.

 

Thu, 08/27/2009 - 23:04 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:07 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:07 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

we will see military on the streets and urban destruction before we will see HR 1207 enacted just like it was written. If he said October; shit will REALLY hit the fan in the next 2-4 weeks. And WHEN it does; don't complain about how no one said it to you.

Thu, 08/27/2009 - 23:31 | Link to Comment dnarby
dnarby's picture

Hey, you might very well get both..!  Wait and see.

Fri, 08/28/2009 - 07:00 | Link to Comment Thoreau
Thoreau's picture

my first thought as well; maybe barney knows that by the end of oct., "the people" will be occupied with far more pressing issues. i don't trust this mf at all.

Thu, 08/27/2009 - 23:07 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:12 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:16 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:33 | Link to Comment Anonymous
Fri, 08/28/2009 - 13:56 | Link to Comment iphone (not verified)
Thu, 08/27/2009 - 23:42 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:03 | Link to Comment Anonymous
Sat, 08/29/2009 - 14:19 | Link to Comment percolator
percolator's picture

Its not a win, its more BS from the pickle licker.  He never said HR 1207 will pass. What BF said is a watered down and meaningless audit of the Fed will be part of an overall financial reform bill that is to be voted on this Fall:

 

http://www.ronpaul.com/2009-08-28/barney-frank-didnt-say-that-hr-1207-wi...

Thu, 08/27/2009 - 23:18 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:26 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

JUDGE; JUDGE where are you 

Thu, 08/27/2009 - 23:31 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:51 | Link to Comment MinnesotaNice
MinnesotaNice's picture

I think he might have high-tailed it out of here after the Racketeering 101 post...

Fri, 08/28/2009 - 02:26 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Funny, I was wondering the same thing, but then I realized it was past work hours on the Beltway.  She will be back at it tomorrow, no doubt.

Fri, 08/28/2009 - 08:01 | Link to Comment Cheeky Bastard
Cheeky Bastard's picture

Judge is  a she ?

Thu, 08/27/2009 - 23:35 | Link to Comment Anonymous
Fri, 08/28/2009 - 08:03 | Link to Comment Rollerball
Rollerball's picture

Yup.  

On the other side of that vault door, your step-daddy ("ladder daddy", for you suits) is "raping" your sister(s).  

Do you hear:  "No (mas)... please don't ..."?  Man-up and get your SWAT on!

Or, do you hear:  "Oh (yes) ... more, more ... give it to me ..."?  Then it's this:

http://www.youtube.com/watch?v=u88kf1J6Kv4

This is a recording ... this is a recording ... this is a recording ...

 

Thu, 08/27/2009 - 23:38 | Link to Comment wolphkaat
wolphkaat's picture

tough crowd is right. something tells me if some of the commentators got everything they ever wanted they would still be a miserable lot. But I'm sure JPMorganChase et al appreciate your self defeatist attitudes as it makes their job that much easier.

Fri, 08/28/2009 - 02:33 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

I'm with you there, as skeptical as I am about politicians, any move is a good move.  Not that it will make a difference, but it will draw attention to the Fed.

The only thing that will make a true difference now is if the public realizes how the Fed has been  responsible for the booms and busts in our economy, how they have enabled the gutting of our manufacturing base by making it unprofitable for anything to be made here.

Once people realize the threat the Fed poses to our country, they will take matters into their own hands, and rip their deposits from the Fed's owners.

I am as critical as anyone of the intelligence of the American public, but they are smart enough to realize the need to defend the country, and banking with a local bank or credit union hardly requires any extra effort than banking with one of the TARP 19.

Fri, 08/28/2009 - 08:28 | Link to Comment Anonymous
Thu, 08/27/2009 - 23:47 | Link to Comment Anonymous
Fri, 08/28/2009 - 02:40 | Link to Comment Seth Davis
Seth Davis's picture

Do you have a link to the article or are you just joking around?

 

Fri, 08/28/2009 - 09:47 | Link to Comment Anonymous
Fri, 08/28/2009 - 00:37 | Link to Comment Anonymous
Fri, 08/28/2009 - 02:25 | Link to Comment agrotera
agrotera's picture

Ok all of you, i wish you would be a little more gentile with your language about Mr. Franks publicized sexual preference!  That has nothing to do with his deeds as an elected official.

 

I think he may be the fastest acting policy switcher so far--he knows that yes, the times are a changin, as Dylan said, and he wants to keep his job. (...good luck with that!)

 

It is my understanding that all elected officials know how corrupt the Fed is but because they are afraid and genuinely bought by this machine, nothing has changed.  But with the STRONG understanding that the public is starting to know the truth, they may all jump ship in favor of taking down the FED....  Unfortunately that will be their selling point when they ask for votes to keep their jobs. 

I think an equivalent issue of importance is the maintenance of our republic instead of the massive power grap that is happening to increase the size and power of the government--we need a smaller federal government...thank you, amen.

Fri, 08/28/2009 - 00:50 | Link to Comment Anonymous
Fri, 08/28/2009 - 00:54 | Link to Comment Fritz
Fritz's picture

Yes - They definitely need to delay the release of the information. That way, Goldman Sachs will have more time to profit from it before it becomes widely disseminated.

Fri, 08/28/2009 - 01:22 | Link to Comment Anonymous
Fri, 08/28/2009 - 01:40 | Link to Comment agrotera
agrotera's picture

Yes, and if there will always be a lag in the information flow, GS and the other primary crooks dealers getting orders have plenty of time to prepare two sets of books... 

Fri, 08/28/2009 - 00:57 | Link to Comment Anonymous
Fri, 08/28/2009 - 00:58 | Link to Comment Anonymous
Fri, 08/28/2009 - 13:57 | Link to Comment iphone (not verified)
Fri, 08/28/2009 - 01:34 | Link to Comment Anonymous
Fri, 08/28/2009 - 02:28 | Link to Comment Pizza Delivery Man
Pizza Delivery Man's picture

Hosuing queen.

 

ugh

Fri, 08/28/2009 - 02:29 | Link to Comment Anonymous
Fri, 08/28/2009 - 11:19 | Link to Comment Anonymous
Fri, 08/28/2009 - 02:38 | Link to Comment Seth Davis
Seth Davis's picture

If I may ask did Goldman sachs convert to a bank holding corp. in order to receive T.A.R.P funds or am I mistakend? If not, I wouldnt be  surprised that they[The Fed/Capital Hill] are giving these large institutions time, 7 months I believe he said, to clean up those dirty books they have.

P.S. I wonder which "Financial Blogs" the gentlemen speaking was referring to,[ZH].

Fri, 08/28/2009 - 05:19 | Link to Comment Bushwick Bill
Bushwick Bill's picture

HR 1207 will never make it through the Senate. Barney knows that.

Fri, 08/28/2009 - 05:36 | Link to Comment jm
jm's picture

Any audit will be propaganda, just like the stress tests.  Just like CPI.  Just like these fine Treasury auctions.  On and on.

Sadly, Mr. Bernanke has already assured the destruction of the financial system, and there is nothing that can be done about it, crashing dollar or no.  It is not about liquidity or solvency or inflation or deflation.  This stuff can be fixed.  I'm not sure you can fix the moral hazard.

Ultimately there is a limit on how many mortgages you can write.  If you can't generate income off those mortgages, the Ponzi game falls apart.  After seeing $150 billion (?) cycled through AIG straight to banks, even people with their head in the sand know the system is designed to screw them.  And so they have no qualms about walking away from a mortgage or a c-note.  And this squatter/walker army is just going to get bigger.  Ultimately it will reach the point that it will make no sense for anyone to pay a mortgage no matter who you are.  Until there is a debtor's prison in the United States of America.  Land of the free.        

Thanks, Ben.  You think people are just one of the aggregated subscripts in a utility function. As standards of living continue trending down, they'll laugh as the country's number one assholes go up in flames even if it burns them too.

Fri, 08/28/2009 - 06:17 | Link to Comment Anonymous
Fri, 08/28/2009 - 06:36 | Link to Comment Zippyin Annapolis
Zippyin Annapolis's picture

Barney Frank will pass this (maybe Not in October)and the rest of the "reg reform" package and the Fed will cut a deal on this Fed language knowing that this "reg reform" package is going nowhere in the Senate.

 

The far more interesting and telling fight is over OTC derivatives regulation peice including "naked" CDS (a truly Stupid meaningless term) .

 

High drama and a front row seat, watching "How Our Laws Are Made".

Hint: the politicos, Ds and Rs Are Not there to implement "Change" or rock the boat or "do the right thing".

They are there to---well take in a lot of cash contributions so they can be reelected.

Chuckle when I read that Schumer and Kaufman are "on to something" for the good of the equity market. Puleeeze! Reelection cold and simple and a former lobbyist staffer going after their next job.

Fri, 08/28/2009 - 06:48 | Link to Comment Anonymous
Fri, 08/28/2009 - 06:50 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

"Boys, this Audit the Fed business is starting to get traction. Some of the House members are telling us they are hearing it from enough of their constituents that they think we'd better do something.  You guys know the drill - once ignoring something as the province of the tin hat and nutjob crowd stops working, you've got to manage the problem - it's not like we haven't done it countless times before.  And no, you can forget the "big diversion" strategy - it's not time yet, according to our Leader. Get that idiot Frank out there to mumble something about doing something - you can count on him to make it perfectly muddy that something will get done. Then, start the process we use to confuse the public so badly they just drop the subject.  It works every time. It will work again.  You know, do something that amounts to nothing -like appointing a Barofsky to be a "tough watchdog" watch the TALP stuff - what a fucking joke that is, eh? -  and our opponents lose as much leverage as they will ever have with the American public. Get writing some watered down bill that essentially restates the status guo in new terms - call it some fucking phony title - get that guy who thought up the title for the Patriot Act, that was fucking great -  And get that goddam new season of American Idol on this fall minus Abdul so we don't have to put up with this crap. Now, get off your ass and get it done. "

Fri, 08/28/2009 - 06:58 | Link to Comment Anonymous
Fri, 08/28/2009 - 07:26 | Link to Comment Terminal Frost
Terminal Frost's picture

Bawney Fwank is a daft fundraiser.  I just heard the Clearinghouse checkbooks open.

Fri, 08/28/2009 - 07:57 | Link to Comment AnonymousMonetarist
AnonymousMonetarist's picture

So the Fed stress test gets leaked beforehand, adding to sell-off's momentum in Sept., and when the actual legislation hits around mid-October all the folks that brayed disaster will then bid up the market in a huge rally.

That sounds familiar.

 

Fri, 08/28/2009 - 08:05 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:27 | Link to Comment iphone (not verified)
Fri, 08/28/2009 - 10:46 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:48 | Link to Comment Anonymous
Fri, 08/28/2009 - 08:38 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:14 | Link to Comment Anonymous
Sat, 08/29/2009 - 14:25 | Link to Comment percolator
Fri, 08/28/2009 - 10:15 | Link to Comment Ruth
Ruth's picture

how about moving that deadline up a year too, we are on a need to KNOW NOW!

Fri, 08/28/2009 - 10:19 | Link to Comment Anonymous
Fri, 08/28/2009 - 10:51 | Link to Comment digalert
digalert's picture

The bezzle will never stop, with or without hr1207. With Oblame-all as god and uncle Ben as heysoos those in charge will merely laugh it off. "So you got a stack of papers there, that don't mean nothin". The masses will still believe that we've been saved from the "brink" of collapse. The informed, in disgust, will be reminded of the jury in the infamous OJ trial, "dat don't mean nuthin, everybody got's DNA".

Fri, 08/28/2009 - 11:17 | Link to Comment knobcreek
knobcreek's picture

The Fed will be audited..suure.  Let me guess, by the newly appointed, ex-GS partner, Fed Audit Czar.

Fri, 08/28/2009 - 15:26 | Link to Comment gridlocked
gridlocked's picture

Ron Paul certainly won't dummy up if the bill is watered down. 

 

There isn't comparable support for this in the Senate so it may not make it to Obama's desk.  If it does make it to his desk there is no guarantee he'll sign it. He seems thick as thieves with Bernanke and his gang.

Thu, 03/03/2011 - 00:37 | Link to Comment george22
george22'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.

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