Dylan Ratigan Discusses The "Audit The Fed" Support Letter
The pressure on both Geithner and Bernanke is finally reaching a crescendo. Fixing the US economy would start with the departure of Geithner (forced or otherwise) and the full audit of the Fed. Everything else is smoke and overleveraged, uncollateralized mirrors (perfectly acceptable in the Fed's discount window). An interview by Dylan Ratigan of Ryan Grim and Naomi Klein makes this point loud and clear. The castration of Ron Paul's bill must not occur if America does not want to end up in the same financial collapse gutter it found itself in 2008. Mel Watt and others have to look beyond their immediate financial gain and consider what is critical for the American people.
DYLAN RATIGAN: How is the Federal Reserve trying to basically game this Ron Paul amendment which looks like it will pass, and then chop its head off just as soon as it makes it into the room?
RYAN GRIM: This is an immensely consequential debate that’s going on in the House right now, and it also tells you a little bit about how Congress works.
The Ron Paul/Alan Grayson bill has enough support to pass. So instead of trying to kill it, which they can’t do any more they come in with what they call a “compromise.” A serious with a capital “s” amendment, but if you look at the fine print of it, it actually just extends the secrecy of the federal reserve, and as you said it’s backed by prominent economists at the fed and formerly at the Fed. They didn’t say that they that they were wit the Fed when they sent a letter around backing it, but a Google search checking their resumes show that these are Fed bankers behind it.There is really unprecedented and very meaningful opposition to the Federal Reserve that has come together from the left and the right kind of opposing the center that is trying to hold.
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on Thu, 11/19/2009 - 13:03
#135959
It's amazing, and gratifying, to see all political labels fall away in this search for truth. Too bad Obama does not see that this is the real meaning of "bipartisan."
on Thu, 11/19/2009 - 13:04
#135962
Economists opposing Fed audit bill have undisclosed Fed ties
http://www.gata.org/node/8048
on Thu, 11/19/2009 - 13:40
#136044
http://www.huffingtonpost.com/2009/09/07/priceless-how-the-federal_n_278805.html?view=screen
Priceless: How The Federal Reserve Bought The Economics Profession
http://www.lewrockwell.com/north/north757.html
on Thu, 11/19/2009 - 13:05
#135963
Wish I had the money to buy billboard space along I-85 in Mel Watt's district.
on Thu, 11/19/2009 - 13:07
#135968
damn Tyler, when you get on a roll...you get on a roll...awesome
on Thu, 11/19/2009 - 13:11
#135980
Here is a link to where you can put your name on the letter.
Warning, a request for a $ contribution will be made.
http://action.firedoglake.com/page/s/fedrejectwatt?source=fdlemail111909%20
on Thu, 11/19/2009 - 13:22
#136001
be careful asking for Timmay's resignation......not that he's doing a great job but the reality is that we'll get Summers sooner rather than later.
Wouldn't change a thing if Timmay went.....the next stooge would be placed and the cycle continues.
MS
on Thu, 11/19/2009 - 13:27
#136011
Don't worry Timmy. There are plenty of jobs in either the food service or housekeeping industries.
And H&R Block hires all it's seasonal "preparers" in January.
on Thu, 11/19/2009 - 13:30
#136021
That's the best I've heard today...lol.
on Thu, 11/19/2009 - 13:34
#136029
He comes with extensive "FICA" expertise, too.
on Thu, 11/19/2009 - 13:49
#136064
He can't even figure out Turbo Tax...
on Thu, 11/19/2009 - 14:06
#136079
http://www.youtube.com/watch?v=dPxRGCaABg0&feature=player_embedded#
3:04 Bill Black accurately states:
"Tim Geithner has a record of being a failure at every step of his career"
I can't think of any other statements I have heard this year that I can agree more with.
on Thu, 11/19/2009 - 13:34
#136028
I believe we have hit the tipping point for the American people on the banking, wall street, Fed fiasco.
Let's step it up and keep the snowball rolling.
Geithner must go...now.
Bernanke must go...now.
Summers must go...now.
The Fed must be audited completely. The TBTFs must be restructured to reduce the enormous risk to the USA.
Rahm....you better get crackin' because America is going to throw your team out in 2010.
on Thu, 11/19/2009 - 13:48
#136059
To that I i will add: Obama must be IMPEACHED...now.
on Thu, 11/19/2009 - 13:35
#136032
Outstanding,Tyler, outstanding.
on Thu, 11/19/2009 - 13:43
#136048
If this isn't it, then it's already over...
on Thu, 11/19/2009 - 13:44
#136051
"it's not about the banks, it's about the politicians letting this happen."
merci, naomi.
leave it to a woman to speak the truth.
on Thu, 11/19/2009 - 13:59
#136068
Even as a gangstar, I can see the fallacy of blaming the cops for a criminals behaviour. Sure you can blame them for their own criminal actions, but lets not single out one group. The politicians are spineless "yes" men that is all, either they say yes to the people or they say yes to the lobbyists.
If you want to go down that road, best blame the people for not keeping their politicians in check.
on Thu, 11/19/2009 - 15:34
#136227
...and then, let's blame the politicians for buying votes with ever-expanding corporate and social welfare...and so on.
End the Fed
Free the markets
Eliminate moral hazard
Shrink the government
on Fri, 11/20/2009 - 07:57
#137115
"If you want to go down that road, best blame the people for not keeping their politicians in check."
i believe that's CD's central hypothesis actually (though his point is much more complex & eloquent than summarized). nonetheless, politics is the fulcrum. can you expect anything else from wall st. actually? listen to some of hank paulson's testimony -- he admits when he was head of GS that it was his job to work around regulation.
in some ways, modern-day bankers can be thought of as hackers, exploiting the weaknesses of the system. most of everything that we gripe about around here was perfectly legal. immoral & destructive, yes, but 'legal'. (of course, much of it wasn't, but who's there to enforce & prosecute what wasn't?)
who writes the laws? who votes those people in to write the laws?
naomi is not as naive as people think. you may not agree with her, fine. you may not like her ideology, that's your choice. but she honed in on a simple & elegant solution to all of this -- campaign finance & lobbyist reform.
without this, we're all just pissing in the wind and might as well as sit back with a gin martini and a cuban and watch it all crumble in on itself in slow motion.
on Fri, 11/20/2009 - 09:52
#137215
Your statement does not refute the fact the there is no need to single out any one group, hold all responsible for there actions. NO EXCUSES!
on Fri, 11/20/2009 - 17:31
#137904
you know what, you're absolutely right. thanks for the bitchslap.
on Thu, 11/19/2009 - 17:24
#136423
"it's not about the banks, it's about the politicians letting this happen."
That's the most naive thing I've heard all day! Who controls the politicians? The vocal constituents(sheeple too busy watching Dance w/ Stars), or lobbyists who represent the banks?
If you look at the fast track for ex-high level .gov employees they all expect jobs at Goldman.
Leave it to Naomi to be completely naive.
Dylan is a limp wrist who does not know how to push issues.
on Fri, 11/20/2009 - 08:04
#137117
"The vocal constituents(sheeple too busy watching Dance w/ Stars)"
look in the mirror anonymouse. you're a part of 'we the sheeple' like it or not.
now what are you going to do about it? continue to criticize other people who are voicing possible solutions to the problem without offering up an alternative solution to the problem?
"If you look at the fast track for ex-high level .gov employees they all expect jobs at Goldman."
okay, i agree, this is part of the problem, how would you suggest it be resolved?
on Thu, 11/19/2009 - 13:46
#136052
Make no mistake, the bankers are (appropriately, I might add) scared shitless of this bill. They are not as all-powerful as they want you to believe. The main source of their power is your ignorance. When your ignorance dies, their power dies with it and no amount of guns can change that outcome.
on Thu, 11/19/2009 - 17:32
#136443
Ooooh "Make no mistake". A Bush power phrase. Mission accomplished GG.
Large Banksters are afraid of not.
Too, ignorance never dies as it is the bedfellow of convenience and sloth. As .gov makes our lives more convenient we repay them with compound ignorance and dependency.
on Thu, 11/19/2009 - 14:10
#136082
U.S. Citizens get 99% of the Vote
We have the power and can seize it if the media stops trying to keep America from swallowing the Red Pill.
on Thu, 11/19/2009 - 14:22
#136103
Does anybody have the list or link of opposing congressmen/senators to the audit?
on Thu, 11/19/2009 - 14:37
#136134
http://globaleconomicanalysis.blogspot.com/2009/11/audit-fed-needs-your-help-again.html
on Thu, 11/19/2009 - 14:52
#136169
Kevin Brady asks Timmy to pack it in.
http://www.washingtonpost.com/wp-dyn/content/video/2009/11/19/VI2009111902091.html
on Thu, 11/19/2009 - 15:07
#136190
This shit makes me sick to my stomach. I've never been an activist before, but I swear I'm going to rally against Watt and all the vipers in the corrupt nest next fall.
on Thu, 11/19/2009 - 15:24
#136209
The Gata list is nothing but pure cheap shot. Most of those were previous employees - how many of you have a 'blinding allegiance' to your previous employers and the 'visiting scholars' don't get paid, or are paid only for expenses.
The simple fact is that the vast majority of economists oppose politicizing the fed and giving control of monentary policy to pelosi, reed, frank and the other politicans - who largely through misregulation, political correctness, willful neglect and creation of moral hazard - put in place the seeds of this current economic crisis.
In addition, the transanctions of the Fed are already audited, just like any other major corporation.
on Thu, 11/19/2009 - 15:49
#136259
Alright Judge. Your point about who should actually hold the purse strings is relevant. But please answer this: if the Fed transactions are already audited (thereby suggesting that the Fed should have nothing to fear from a public audit) then why exactly does the Fed so vehemently oppose exactly such an audit? Hmm?
on Thu, 11/19/2009 - 16:39
#136337
That's a fair question, and the concern is that the only thing that isn't audited are the 'decisions' of the fed. No CPA can 'audit' the executive decisions or policy of corporate execs. They can only audit the books, so this bill is somewhat misnamed, as the books of the fed and the regionals are already audited by the GAO and independent autitors. The concern by those opposed to the bill is that congress will be reviewing every fed decision, causing premature leaks and exerting pressure on the govenors to set policiy that is accomodative to the political whimsy of the party in power rather than trying to maintain a stable monentary policy. We've see this past two years how ridiculious policy can get when paulson and geither are putting pressure on the fed - it will only get worse if this bill passes - it will be the congress doing it. The Fed may need some reforms, i personally think it's directive to insure full employment forces it to ignore asset bubbles - which is what we've witnessed, but change the law regarding the Fed's directive, don't throw the baby out with the bathwater - OR make the argument that having pelosi, reed, franks etc making monentary policy is better than an appointed and largely independent group.
We had the political arrangement pre-1917 - it failed miserabley, and that is why the politicans then thought it better to set up a agency that is somewhat insulated from political whimsy. Paul is simply trying to tear down this wall, he hates the Fed. He has no valid option to put in it's place, but he's hell bent on destroying the Fed, damn the consequences.
on Thu, 11/19/2009 - 17:48
#136468
I think he has a pretty good idea of the consequences.
In fact it's pretty evident that the Fed was created by damning the consequences.
...what 'baby' do you see, that would be thrown out with the bathwater? The Fed does nothing that a free market with sound money couldn't do better, with the added benefit of making government expenditures more sane, transparent, and of direct concern to taxpayers.
on Thu, 11/19/2009 - 18:25
#136544
Lol.. what idea - what has he proposed - nothing.
If you think that is why the Fed was created, then you willfully ignore history. This has nothing to do with 'sound money and making gov't expenditures more transparent' it has only to do with giving Congress control over monetary policy.
Ron Paul is not only Congress' biggest hypocrite, but it's biggest idiot.
on Thu, 11/19/2009 - 18:49
#136577
"...it has only to do with giving Congress control over monetary policy..."
And please correct me if I'm wrong xudge, which is absolutely their right according to the Constitution of the United States of America.
on Thu, 11/19/2009 - 20:56
#136777
Actually the Constitution, if you read the rest of the Article, stipulates that Congress may delegate the responsiblities as necessary - that is why we have a Bureau of the Mint - so Congress doesn't have to 'print' the actual money or coins.
And if you really think having Pelosi and Franks control monetary policy is best... well, you must love the Subprime Crisis. It will pale in comparison to what would come....
on Thu, 11/19/2009 - 21:24
#136805
"...so Congress doesn't have to 'print' the actual money or coins..."
Of course the inverse is also true, they don't have NOT to either.?
If they so choose, then that is their right. I'm glad we've established that.
"...if you really think having Pelosi and Franks control monetary policy is best..."
Jumpin' the gun there Jesse James... I don't think the current administration; legislative, executive or otherwise, is positioned to do anything other than bicker call names and point fingers. I have oft considered the possibility that what RP really wants is monetary policy in the hands of congress, that's a lot more power, and that's all politicians really want right?
But I think we all know from the feds posturing with Bloomberg, that once it's in the hands of the Gov't, FOIA becomes very relevant. And that's all I think anyone really wants... Information...
If the truth will destroy the system, I would argue that the system is already destroyed.
on Fri, 11/20/2009 - 08:10
#137123
"If the truth will destroy the system, I would argue that the system is already destroyed."
yes, perhaps all we're doing know is poking through the remains.
on Fri, 11/20/2009 - 02:29
#137045
Wow. I can't compete with that level of bitter cynicism. See ya, have a nice life.
on Thu, 11/19/2009 - 18:59
#136597
"OR make the argument that having pelosi, reed, franks etc making monentary policy is better than an appointed and largely independent group."
That argument is not for you or I to make, it is what is written in the Constitution.
We can debate changing the Constitution, but first the Constitution should be followed.
As for Ron Paul being an idiot, I suppose you think Thomas Jefferson and Andrew Jackson were idiots too?
on Thu, 11/19/2009 - 22:38
#136896
JUDGE not lest ye be JUDGED -
Ron Paul an idiot - yeah , right.
on Thu, 11/19/2009 - 15:29
#136219
"Mel Watt and others have to look beyond their immediate financial gain and consider what is critical for the American people."
LOL. As if.
on Thu, 11/19/2009 - 15:51
#136265
Ok so the current administration has hired a scapegoat treasurer to take the heat for any failure of their Stimulus Plan. SOP. And if that doesn't buy off the Vandels then they throw Bernanke under the bus.
Well they've got the Circus part down pretty well. It's just that we're a little short of Bread.
on Thu, 11/19/2009 - 16:17
#136308
The bailed out banks and companies (I'm talking to you, AIG and CITI) were in much much worse shape than anyone knew or has since said. Example: Morgan found out Lehman was much worse than they had been admitting after it was on the sales block. And you all saw what happened after Lehman went down. Now, do you really think the Fed and all those companies want the world to know how bad they were and still are? No one would believe a 10Q or annual report again.
Besides, the Fed's legal guidelines say that they are only able to accept investment grade securities for collateral. So they have all the CDOs and CRE bonds in their pocketbook. CDS' do not appear to meet that legal requirement so the other firms are probably still holding them. Who wants to admit to that, too?
Sure, the obstruction to the bill may be to hide something sinister. But it's probably more like epic, criminal stupidity and breathtaking financial malfeasance
on Thu, 11/19/2009 - 16:22
#136315
I haven't believed a 10Q or K in years?
Man am I out of touch! I thought those were used as toilet paper???
Jeez, Who knew?
on Thu, 11/19/2009 - 18:11
#136516
I suspect those doc aren't writen for someone like you. They're sales docs for the ppl selling these turkeys to other turkeys.
on Thu, 11/19/2009 - 18:20
#136535
Yea well I used to write them, then I came to my senses and got a different life.
I had a hard time getting along with the people who lying came natuarally to.
on Thu, 11/19/2009 - 16:40
#136343
Make no mistake, the bankers are (appropriately, I might add) scared shitless of this bill. They are not as all-powerful as they want you to believe. The main source of their power is your ignorance. When your ignorance dies, their power dies with it and no amount of guns can change that outcome.
Salient GG. Just salient.
on Thu, 11/19/2009 - 16:59
#136376
LOL. Naomi Klein is an idiot. Look at what she had to say about Austrian Economics in The Shock Doctrine.
Nonetheless, good to have her on board.
on Thu, 11/19/2009 - 17:42
#136462
"LOL. Naomi Klein is an idiot."
I'm with you.
Except, It's not good to have a windsock on board. You know she'll be the first to jump when the breeze blows from the east.
Is it my imagination or did both Naomi and Dylan gain some weight? They're both enlarging their jowls somehow.
http://cindratee.files.wordpress.com/2008/01/jowls.jpg
on Fri, 11/20/2009 - 08:24
#137131
what she attacked is a bastard child of austrian economics. her error was confusing it for the real thing. personally, i think that if she read the road of serfdom, she would find much to agree with in it.