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Grayson Post-Mortem On Last Night's Historic Fed Transparency Victory And The Revelation Of Barney Frank's Hypocrisy
After the historic defeat of Fed anti-transparency amendments, and the most recent disclosure that despite all his posturing Barney Frank is, as expected, deep in the pockets of the Wall Street and Fed kleptocracy, here are some post-mortem observations from Grayson, Spitzer and Ratigan.
From the ever colorful Grayson:
"We are in Emerald city right now, Toto has just run underneath the curtain, and we are about to see who is that man behind the curtain and what he's up to... Capitalism requires rewarding success and punishing failure.... So far we have seen plenty of reward for success on Wall Street but no punishment for failure, not when the Fed is handing out blank checks."
And Spitzer chimes in:
"Unfortunately we just saw who is behind the curtain, it was Tim Geithner, and what we saw what Tim Geithner did with AIG, it failed, it was wrong, it was a disaster. We need that scrutiny of the Fed. There is a way to do what Paul Volcker says which is to protect the information about individual institutions but still bare to the world what the Fed is thinking. They have been wrong, other than when Paul Volcker was there, understand that Alan Greenspan got it fundamentally wrong over and over again. That's why they don't want us to see what they've been doing. The bailouts have been wrong, the macro policies have been wrong, until we put this on the table, we can't correct it."
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This will either be the beginning of the end, or a new beginning. I for one am scared shitless of what they will find.
I, for one, am waiting with bated breath to see how they fund the Primary dealers (what their cut is on all POMO action) and "Caribbean Banking Centers"
I'd be more concerned about what they DON'T find.
The FED has likely been shredding documents like the guy in
"FARGO" shredded his accomplice.
LOL
my hope is that congress takes back responsibility for the monetary system & gets rid of the fed. my fear is what congress creates in response. congress has yet to demonstrate any intelligent or ethical dealings with what money they have appropriated in the past. congress has historically ignored the Constitution which is a pretty damn good guidline for what they should have been doing (or not) all along.
Bank of North Dakota works. California should immediately use that model except every Calif. worthless legislator is owned by finance sector campaign bribes...
There were several periods in US history where there was no private central bank. Congress authorized the Treasury to issue currency.
After all we have 10 Fed facilities nationwide to confiscate as illegal profit pending criminal charges... The new US Bank would operate with strict reserve ratios, tax receipts and federal property, military bases, infrastructure are the assets.
Then the US Treasury with a brain in charge, not a retard, can operate the Fed infrastructure properly. Hire Volcker like traditional bankers, no Ken Lewis, TAngelo Mozilo's need apply... The firewall to keep Congress away is something like the Comptroller of the Currency. An insulated position with a very strict banking charter. Again Bank of ND has been run successfully since 1919.
All tax receipts are deposited in the US National Bank. As Treasury notes and bonds mature they are reamed by USNB issuing credit or currency to replace them. No disruption in the money supply.
There are a couple of really good books on he subject of the history of US currency, periods of no private central banks and mechanisms for winding down the current Fed.
Check out Whitney Bank of LA with Cayman Branch...
ND banks?
that's like saying texas snow plows run great... who knows, cares or even uses them?
while Cali banks are like coked up playmates lost in vegas.... fucked in every way possible
Gold plated tungsten.
Nice to see a Congressman who understands finance.
The real shocker is hearing him allude to secret
Fed Bank Bailouts.
Are these on top of what we already know?
Could we have a bank holiday soon?
Love the tie-in to L.Frank Baum's classic fable about gold and silver. He is snickering in his grave right now.
Oz = Ounce indeed
Someone wrap me up in tinfoil.
I sell tin foil hats at a discount. Some might offer you gold ones. And while gold is good, it's kind of hard to carry them around in you pocket. Ours are light weight and can be carried in your pocket for those emergency moments we all seem to need today.
Special discounts available on orders for 10 or more.
no accounting for taste...
cash 4 tinfoil anyone?
My wig is lined with the stuff. And the room I rent on 1537 Paper Street is wallpapered with it so I don't have to wear it at night. That's when they usually get you: when you are asleep and helpless.
But sometimes at the supermarket:
http://www.youtube.com/watch?v=fY2H2kBzOvo
The motorcycle guys with the pipe wrenches are the worst. I don't think they know my pipe doesn't unscrew so you just have to run from them.
"They have been wrong, other than when Paul Volcker was there, understand that Alan Greenspan got it fundamentally wrong over and over again. That's why they don't want us to see what they've been doing. The bailouts have been wrong, the macro policies have been wrong, until we put this on the table, we can't correct it."
When a person, company, government entity or even the Federal Reserve has been this wrong for this long, one must begin to explore what many people consider impossible and crazy conspiracy theory. How can so many people who are considered so brilliant be so consistently wrong for so long?
Maybe what they're doing is exactly what they want to do.
"When you have eliminated the impossible, whatever remains, however improbable, must be the truth. It is stupidity rather than courage to refuse to recognize danger when it is close upon you." -- Sir Arthur Conan DoyleMy entire investment (read "trading") philosophy is based on "Intentional Stupidity" theory.
When otherwise smart individuals in power do supposedly stupid things they reveal their true intentions.
Examples:
a. Lending to people who can never pay back
b. Destroying the value of the dollar with absurdly low rates
"How can so many people who are considered so brilliant be so consistently wrong for so long?"
Because they aren't brilliant, not even smart.
I've been screaming since the late eighties that Alan "the Ayn Rand loving" Greenspan was the DUMBEST person ever listened to and respected. Just like we sat thru this, oh we HAVE to pay CEO's so much because they are SO smart and no one else can do the job. COMPLETE, UTTER, INFURIATING, BULLSHIT, perpetrated and embraced by many on this board.
Greenspan was given unending support by wall street, now he crashed their playground, and suddenly, not so smart. Ken Lay still the smartest guy in the room? Also, I bet I have heard someone mention how smart Lord Blanky is once a day since this fuster cluck began.
This brings up a question for TD, I've always wanted to ask.
I understand what you are doing, and man do I love you for it. But, I can't help but wonder what sent you over the edge? I can't help but think you played this ponzi, and somehow you think it's different than used to be. From an ignorant southern boy perspective, I've always thought the game was rigged. Therefor, I never play. But, you seem to think it's changed. Do you, or did you just grow a conscience? It makes me laugh to think you jumped off the gravy train, because you suddenly felt bad about being part of the scam, so I think you must have been cut from pack, and now you're pissed. Please tell, not that I care, but welcome from those of us who feel it has always been a game of cheats. Like I said, who cares, but sure am glad someone is trying so hard to educate all on the scam.
CD, you have the great comments w/ insight. Keep them coming.
There is nothing free market or remotely Randian about Greenspan's policies while at the Fed.
I'm sure they are referring to Greenspan's Article on the gold std in 1968 (?).
Regardless of his past associations, there is nothing remotely Objectivist about Yoda
I'm sure they are referring to Greenspan's Article on the gold std in 1968 (?).
Regardless of his past associations, there is nothing remotely Objectivist about Yoda
TD is FULD!!!!
You can follow what the Rothschilds and Rockefellers
did with their money. They kept The Economist and
exited Banking, LBMA, Lloyds and bought XOM...
Please elaborate. I fully believe this to be the case, I'm just curious how I could confirm this other than making reference to an anonymous comment on the internet.
They'll find nothing out of place...
It will be a game of pass junk between JP Morgan when its time to open the books.
+2!
cash flow audit in addition to balance sheet.
Who are the idiots in the great Commonwealth of Mass. who keep voting in that dirt bag Barney Franks? aka . Elmer Fudd....sorry Elmer for the comparison. Will Mr. Smith please go to Washington!
Aye Aye, Gimp. I'll be on the next flight.
If you lived here, you'd know. Man oh man, would you know.
Barney is only one of the more, uh, flamboyant examples of a Masshole Congresscritter. They're all bought-and-paid for - the difference being because they all have a (D) after their name they know they're safe electorally so they don't even try to hide it anymore.
My rep (Lynch - MA-9) used to be a pretty reasonable guy. He's now a full-on bankster moonbat. Pity, really. I actually voted for him in 2001. Last time I'll ever do that, of course.
reasonable guy? yuor guy did not pay his taxes and was caught few years ago, but it did not prevent him for being elected
I'm pretty sure Stevie was already "in" by the time that inconvienent news got out - so he was already part of the club and therefore safe.
And obviously you have to have a very elastic definition of "reasonable" when dealing with MA pols. Wish it weren't so, but it is.
The level of corruption and just outright filth is staggering. If the electorate continues to look the other way, we are doomed as a nation.
I am talking about all levels of government.
he represents mostly poor towns south of Boston, the people that were more than happy to get into expensive house with 0 down
Did anybody see the article in today's NYT about the 3 guys in their 20's who managed to scrape together $33,000 between them and "bought" a 2 unit apartment in Manhattan for over $900K with a 96.5% FHA insured loan? The FHA limit is up to a $934,000 loan on a 2 unit residence.
http://www.nytimes.com/2009/11/20/business/20limits.html?ref=business
There's another article in the NYT about the bad debt problem at FHA:
http://www.nytimes.com/2009/11/20/business/20mortgage.html?ref=business
<The number of loans insured by the Federal Housing Administration that are at least one month past due rose to 14.4 percent in the third quarter, from 12.9 percent last year. An additional 3.3 percent of F.H.A. loans are in foreclosure.
The mortgage group’s survey noted, however, that the F.H.A. was issuing so many loans — about a million in the last year — that it had the effect of masking the percentage of problem loans at the agency. Most loans enter default when they are older than a year.
When the association removed the new loans from its calculations, the percentage of F.H.A. mortgages entering foreclosure was 30 percent higher.>
What's Barney Franks' answer? Grow the Ponzi! From the first article I linked:
<A few weeks ago, Congress extended the higher lending limits for another year. Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee, said in an interview that he planned to introduce legislation next year raising the maximum F.H.A. loan by $100,000, to $839,750.
His bill would make the new limits permanent.>
Did anybody see the article in today's NYT about the 3 guys in their 20's who managed to scrape together $33,000 between them and "bought" a 2 unit apartment in Manhattan for over $900K with a 96.5% FHA insured loan? The FHA limit is up to a $934,000 loan on a 2 unit residence.
The mortgage group’s survey noted, however, that the F.H.A. was issuing so many loans — about a million in the last year — that it had the effect of masking the percentage of problem loans at the agency. Most loans enter default when they are older than a year.
Reminds me of a great Dilbert cartoon that to mitigate risk basically recommends buying a whole herd of diseased cows rather than just one diseased cow. It does work that way, doesn't it?
http://i35.tinypic.com/2liwwvn.jpg
Ah, but only when the politicians have full control over monetary policy will the world be righted for all.
We are the peasants supporting a new, shining Versailles.
In other words "Careful what you wish for, you might get something that at first sounds like what you want, but then it turns out to be a way for politicians to manipulate things so that even more of their favorite favored receive a larger slice of a pie they will not let grow." But to that I say, well, what do we have now? You can fear that they will cavort in the open someday, but we KNOW they are able to now in the dark. It's also pretty evident that they do. So, while you may be right in suggesting there is no perfect solution, and also right to suggest that government auditing the government is less efficient than say.. shrinking the government, you can't always assume the bad guys are going to win every time.
What we have now is an institution that is totally autonomous and not held accountable for the actions it has taken. How's that been going for us over the past decade?
You wanna question the Fed buying MBS? Your response is going to be "screw you... we don't have to tell you anything... we are saving the financial sytem". The Fed is essentially exempt from the normal checks and balances that were (rightly) imposed on our other branches of government.
Now, I actually do want to have a Federal Reserve independent to make decisions on interest rates the way they see fit. And there are real downsides for Congress taking control of central banking functions, though they technically have that authority. But allowing an institution to totally run amok with no effective controls on how it operates and to whom it serves is... just plain insanity defined.
"...we all know that, and we're all kind of confused why the gov't is not dealing with it..."
Game, Set, and Match...
again--
Every generation needs a new revolution.
and
Every citizen should be a soldier. This was the case with the Greeks and Romans, and must be that of every free state.
Thomas Jefferson
"So far we have seen plenty of reward for success on Wall Street but no punishment for failure, not when the Fed is handing out blank checks.""
It's worse than that, we have been rewarding failure.
When you reward failure, you should not be surprised when you get more failure.
Oh... it's even worse than that. We've allowed individals in power to make "God-like" decisions on who wins (Goldman) and who loses (Lehman)-- without holding them accountable for their own questionable decisions.
If the Fed wants to reward failure by writing blank checks, I urge them to look over my way... because, hey, I'm a collossal failure waiting to happen... if you give me that checkbook.
The paper shreads are heating up!
As much as I laughed at Spitzer's foibles, I'm beginning to buy into the conspiracy theory that he knew too much and tptb needed him marginalized.
We admire people for what they do. We love people for their faults, and how they overcome them.
Agreed... Good thing he liked the call girl, otherwise, he might have had an accident.
.....behavior is generally consistent with incentives (monetary and non)...
So what happens now? This thing passed and that's it? I find it hard to believe that there's no other roadblocks. Doesn't the senate need to pass it?
Yes.
Senate version S.604 - Sponsor Sen. Bernard Sanders
And then Obammy hast to sign it..hehehe
Well, he doesn't HAVE to sign it, he can veto it but I'm sure he would rather kill it before it hits his desk, that is why the Black caucus cover story is making the rounds, he's hoping the bros will zap this thing in the house.
Exactly. Let's see if this bill ever makes it out of committee. Looks like they will kill it, if it involves an audit of the fed. Ron Paul's bill should have been a stand alone bill as originally proposed.
I'm guessing they spend all night, and even a day into their "vacation", hammering out "compromises" to finally applaud themselves for getting absolutely nothing accomplished once again.
naw, they won't touch it till AFTER vacation.
These are exactly the type of comments that makes the zero hedge crowd look like fools.
"Surely the racist asshats that are sitting around complaining that they aren't making as much money as the crooks are right.."
Yeah, I think that's pretty much assured...
I'm not excited yet. The senate will most likely find a way to protect the monster that they created. (How ironic the Fed was conceived at a place called Jekyl Island!)
What they'd find was that they've been shoveling money to the bankers, foreign and domestic, since inception. They'd also find they've been buying stocks since 1987. I think at this very minute, they're shredding documents and deleting files like mad. A criminal outfit the likes the world has never seen.
Keep an eye on who is for this bill and who isn't. People like Steve Liesman and a few congressmen think that you - a citizen of this country are too dumb to understand what is going on. The all knowing and good Fed is best left to it's own devices for you benefit. Don't make trouble; accept that these issues are beyond your comprehension, and be grateful that smart people are looking after your money and well being. How dare you question what an independent arm of the government is doing. Quite frankly it's none of your business.
Why do bailed out rat infested institutions deserve a cloak of secrecy as to how much loot they've stolen from the people? Is it perhaps so that insolvent firms can continue to accept deposits and sell worthless stock? I'm sorry but this bill stinks worse than teh fed. They should abolish the fed, not give it more power.
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. Andrew Jackson"The bold effort the present bank had made to control the government
... are but premonitions of the fate that await the American people
should they be deluded into a perpetuation of this institution or the
establishment of another like it." Andrew Jackson, 1836
Milton Friedman's Ghost
LIESman is the biggest piece of shxt lying douchebag, I'm could barely stop myself blowing up with TV screen with shot gun, what with his 50 lies-a-minute tirade on Ron Paul and his bill.
Once the curatin is raised, I predict what is discovered will crash the market (probably because GS is throwing a temper tantrum as well as everyone shuddering in horror at the depth of the corruption...among other things) but this will be a new beginning.
Hopefully Capitalism 2.0 will be less corrupt but I'm not counting on it....
GS put the top on the market back on October 14th...
Does this have any chance in the Senate?
Not with just 30 sponsors and not with House/Senate
Reconciliation...
http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/
OK let's party over a tiny victory this weekend.
BIG QUESTIONS: Who will be doing this audit?
What does the audit program look like?
When the audit is finalized, what disclosures will the public see?
and for all who enjoyed his last appearence, ron paul returns to cnbc
8:40am (est) Monday.
unrelated: Swine flue mutation has been confirmed:
http://www.bloomberg.com/apps/news?pid=20601087&sid=aSX1GIK04VWc&pos=8
elderberry
black elderberry
as non-contagious in Norway where just 21 people have
died...
It is the age of transparency....gratus the internet....
Let's use it....
And end the lobbyist system....by making all decisions per
state....local management is always the best hands on
choice...
WS has made a wonderful living off of the lack of
transparency....
BATS has procured the means to a fair first come first
served exchange....
Lets use it....
And make simple direct access electronic accounts available
to anyone ...no minimum balances....
The Chinese are openning more than 100,000 new brokerage
accounts per day....
Next time to end the conflicts .....separate proprietary trading....
Next make information fact based timely wiki format available to all...
The banks....debt destruction has to occur....it is going to occur one way or another.....any other method would be flawed.....as are the current impositions....
Cybersecurity Bill with Trojan Horse allowing Prez to
turn off internet access just passed the House...
http://news.cnet.com/8301-13578_3-10320096-38.html
for those of us not from the US what is the next step?
You folks at ZH need to pat yourselves on the back. There is no doubt that ZH was pivotal in educating the public about what the US Fed is doing with taxpayer money. Politicians need a motivated public and ZH has helped this cause by providing the truth based on facts.
I am a Canadian and am quite concerned about what is going on. I can't imagine how pissed you fellow Americans must be considering it is your tax money that the US Fed is using.
In my humble opinion this world has two choices:
1) Extreme cycles of economic highs and lows
2) Stable and slow (natural) growth (however this second option may not win many elections during the good times)
Happy Thanksgiving.
Buzzsaw, awesome Jackson quote, so well put.
Compare Jackson's insight to stupid thoughts of Congress that fell for the "fact" they had to do the bank bailout or we would have a depression, like somehow we could avoid that.
The pyramid scheme is coming down, one way or another, get over it and face it. Avoiding wiping out some select privleged people's wealth (which of course is someone else's debt) with taxes/debts/interest paid by the citizens of the land is criminal and just delays when that debt will be defaulted on, it does not avoid it.
The thing I think Jackson got and Grayson gets is: not only do we need the cold legal facts via transparency, such as this amendment, but we also need to rip away the unearned respect and deference these selfish jerks get. We have to see them for what they are: selfish, self-centered, arrogant, immoral thieves who have no concern or thought for their fellow countrymen.
In the 'hood, we call such types psychopathic gang members and try to lock them away from society. In DC, we ask them to tell us how to run the country.
Un-freaking-believable what a suit, white face, and expensive clubby college stint will allow you to get away with.
Bernanke is now shitting all colors of the rainbow.
But he & Wall street will now use the suffocation chair on Obama to use his prez powers to override yesterdays proceedings
Bet?
I was thinking about how "elected" officials keep getting elected over and over, again and again. Bring home the bacon!
Yeehaa!
http://action.firedoglake.com/page/s/fedrejectwatt?source=fdlweb1119
November 18, 2009
House Financial Services Committee
2129 Rayburn House Office Building
Washington, D.C. 20515
Dear Chairman Frank, Ranking Member Bachus, and Members of the Committee,
During the past two years, the Federal Reserve dramatically changed its operating procedures. Instead of simply setting interest rates to influence macroeconomic conditions, it rapidly acquired a wide variety of private assets and extended massive secret bailouts to major financial institutions.
There are still many questions about the Fed's behavior in these new activities, including potential cronyism and favoritism in its distribution of many trillions of dollars. As the Special Inspector General for the Troubled Assets Relief Program recently wrote about their bailout of AIG, the Fed's "strategy to pursue concessions from counterparties offered little opportunity for success, even in light of the willingness of one counterparty to agree to concessions."
The Federal Reserve balance sheet expanded to more than $2 trillion, along with implied and explicit backstops to Wall Street firms that could cost even more. Who received the money? Against what collateral? On what terms and conditions? The only way to find out is through a complete audit of the Federal Reserve. That's why we support the Paul-Grayson amendment requiring a complete audit.
The Watt amendment does not repeal the existing provisions that prohibit a GAO audit of the Federal Reserve. In fact, it adds entirely new additional categories of restrictions. Instead of opening up the Fed's secretive activities to public inspection, the Watt amendment cloaks it in further secrecy.
A vote for the Watt amendment is a vote for more secret bailouts. We urge you to support Paul-Grayson instead.
Sincerely,
Dean Baker, Economist, Center for Economic Policy Research
William Black, Professor of Economics and Law
Tyler Durden, Blogger, Zero Hedge
Thomas Ferguson, Professor of Political Science, University of Massachusetts, Boston
James K. Galbraith, Economist, University of Texas
Leo Gerard, President, United Steelworkers Union
Jane Hamsher, Blogger, Firedoglake.com
Rob Johnson, Economist
Naomi Klein, Author, No Logo and The Shock Doctrine
Yves Smith, Blogger, Naked Capitalism
Andrew Stern, President, SEIU
Richard Trumka, President, AFL-CIO
L. Randall Wray, Professor of Economics, Center for Full Employment and Price Stability
+1
Will not be surprised to see Fed BQ...
Excuuuuuse me while I whip this thing out...
how the F do any of you think congress will know a hole from it's arse reading an audited fed balance sheet...congress can't balance a budget and all y'all think with an "oversight" crap can turn back into cash??
Didn't congress vote for TARP??
Talk about the fox guarding the henhouse...this is sham show trial to keep the inner circle complete by "opening" it to congress, ain't a Fing thing going to change
fyi, buy your calls on the dollar when the missles fly in mid east oh by christmas
A-men, brother! You're talking about the same fucked up dolts whose SEC couldn't find their ass with both hands already glued to it!
Question is, are we gonna see real books or the cooked books?
Good luck deciphering that!
The real question is just how is it that the same
people responsible for the problems are still there
given the license to prescribe solutions ?
How can this happen ?
Just watched the video. It is more obvious than before that Ratigan is MSNBC's point man for getting in front of populism. Ratigan referred to the measure that Ron Paul has championed for decades as "your amendment" when speaking to Grayson. He's our (democratic) hero!
So on the one hand, those marxists Olberman, Mattews and Maddow can continue to bash populists as a bunch of teabaggers, but MSNBC can simultaneously run in front of them with a hearty "I'm their leader, which way did they go?"
I applaud Congressman Grayson's efforts; MSNBC, Olberman, Matthews and Maddow can kiss my ass.
Excuuuse me while I whip this out....
I love that movie, might as well watch something entertaining our politicians are sad, corrupt and un-American.
Does anyone have a link to the Russian journalist who wrote about America's drift towards communism before our very own eyes and that the people would not realize it until it was too late?
Article was written back in June or July?
THink it was in Pravda.
I thougth i liked Spitzer, but now i have changed my mind-- I don't like his statement here, because he is critical of the Fed, but not hitting the heart of what is wrong:
"There is a way to do what Paul Volcker says which is to protect the information about individual institutions but still bare to the world what the Fed is thinking."
Bottom line, the privately held Federal Reserve owners won't give a S@#$ if they are audited as long as the money train can keep on keeping on--6% on 1% of all reserves is a big f@#$%^& deal and will get bigger with the need for a "more stable financial system" banks will just have to have higher reserve levels, hence more interest paid to infinity by the US taxpayers to this cartel.
Since JFK signed the executive order to back our country's currency by silver way back in the 60's before he was silenced, I wonder if the United States couldn't sue the privately held federal reserve for their ill gotten gains from the last 46 years, that might help the country's deficit?
http://www.jfklibrary.org/Historical+Resources/Archives/Reference+Desk/John+F.+Kennedy+Miscellaneous+Information.htm wrote, "Executive Order 11110: On June 4, 1963 President Kennedy signed this virtually unknown Presidential decree, which, as an amendment to Executive Order 10289, delegated the authority to issue silver certificates (notes convertible to silver on demand) to the Secretary of the Treasury. Some conspiracy theorists believe this executive order was the cause of President Kennedy's assassination."
According to http://www.thetruthseeker.co.uk/article.asp?ID=7867 ten days before his assassination, in a comment to a Columbia University class on Nov. 12, 1963, President John Fitzgerald Kennedy allegedly said:
"The high office of the President has been used to foment a plot to destroy the American's freedom and before I leave office, I must inform the citizen of this plight."