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HR 1207 Now Has The Support Of 290 Voters: Guarantees Passage
In a critical development for the future of the Federal Reserve, Ron Paul has confirmed that today HR 1207 has garnered the elusive one vote to bring it to a total of 290, or a two-thirds congressional majority. At this point passage of the bill is guaranteed, and hopefully some long, long overdue transparency into the Wall Street-pandering machinations that occur every day within the Fed's four walls at the expense of the American middle class and unmitigated destruction of the US Dollar will finally become a fact.
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I hate to be a downer, but there's that pesky bank-owned senate still to get through. Sigh.
Good point. Only 25 co-sponsors over there.
http://www.govtrack.us/congress/bill.xpd?bill=s111-604
time to start blazing those telephone wires.
We need a "Go Ahead, Make my Day" petition; If you Mr. Senator screw this up I will finance your opponent. NO ifs, NO ands, and NO buts about it, you will be displaced, this will be your last term.
So go ahead Mr. Senator, MAKE MY DAY.
Do you have more money than Goldman and JPM? Are you ready and willing to spend it on political campaigns? If not, how scary do you think such a threat really would be?
The US has come to resemble a banana republic.
It takes a few million to win a Senate race. We the people can get that done.
Rand Paul is getting there:
837,000 dollars raised to date, No special interests
I hate to rain on the parade, but that you finance an
opponent is no concern to any of them in Congress. They
have the big bank funding. Really, it is time to do what the Colonist did at Concord Bridge.
What did he do?
yar, i thought it was the brits that famously fired the 'shot heard round the world'.? admittedly, it's been a while since i read up on the history.
Is Madame Speaker on board? W/O her ok, it's doubtful the bill will go anywhere.
Yay! Another overpriced Govt program that won't work.
How far is the Senate willing to go to thwart the overtly-expressed will of the people? Let's find out.
To the ends of the earth, or to quote Buzz Lightyear, "To Infinity - and BEYOND!" We may well be the first nation whose government accounting standards require the use of imaginary numbers. Hopefully we won't have greenbacks with denominations of "5x10~-10" too soon.
Good point!
white house will veto unfortunately
How'd you solve the Captcha? 435/290=66.6%
my understanding is that white house can veto unless senate also has 2/3 majority, which I find very unlikely.
and the day when that bill lands on his desk will be the day when our fair leader will have to finally make the fateful decision of whether to side with the bankers or side with the people once and for all.
Huh? When our fair leader will have to finally make the fateful decision of whether to side with the bankers or side with the people? Son, that decision was made long ago. You haven't been following things?
correction: when our fair leader will finally make the decision to fully REVEAL whose side he's really on.
If you guys think this is going to pass the completely corrupted Senate, after clearing the mostly corrupted House; you're crazy.
However, the rejection in the Senate should be an open invitation to the citizens of this country to raise holy hell.
When this doesn't pass the Senate, and it won't, we as a people (at least several million) need to shut down DC. Not a march, a week long camp out, and feel free to openly bear arms when you show up if you want. Shut down DC.
There is no way the powers that be will allow this bill passage, they will fight, and we must too. Bring grandma, bring the kids and the dog and the barbecue, and let's go show these aholes in Washington who is running the show here. They can gan get with the program or they can resign.
Id come to the east coast for that. As long as its during summer. F the snow
That is the exact sentiment I have been expressing online, in both liberal, libertarian, conservative blogs. Most of them on all sides simply don't 'get' it, but those that do are growing in number - with each layoff is a new pissed-off recruit.
The time is now to shut that place down. Block all entry points, I don't care - just bring it down to its knees and make them do the people's bidding.
when you're down there, we thought it might be a neat creative act of civil disobedience for everyone to collect their trash neatly and bring it down to the federal reserve building and dump it at their gate.
why? well, since the FED is a public/private 'partnership' and the private end of the rope has seen it proper to use FED's balance sheet as a toxic waste dump, one could make a logical argument in court that the public has the right to use it a trash dump as well, yes?
even if not, the worst one could get is a ticket for littering.
we'll bring the compost bins.
This is congress you're talking about. There are NO guarantees.
The only guarantee from them you can bank on is that whatever they do..."We the People" will get fucked and have to pick up the tab for "They the Banksters".
And so it goes....
Tyler, can you start and "Abolish The Fed" or "Sound Money" PAC?
the senate will piss all over this parade
Thank you Zero Hedge for your continued support of the Bill. Yesterday was Audit the Fed Mass Action day and thousands of petition signatures were delivered to Senate offices across the country and in Washington. We should see more senate co-sponsors in the coming weeks.
Dr. Paul's new book "End the Fed" comes out this week: http://www.youtube.com/watch?v=amUtCmpwf6A
This criminal institution we call the Federal Reserve should have the most ignominious end. I am hoping HR1207 will speed things up to that end. I wish Ron Paul the very best. Good luck and Godspeed gentlemen!
The dollar should not be the personal plaything of wall street.
It will make it. Many Senators lost big time as did House members. Also, most of the really big losers blame it all on Bernanke. This is not about the Fed, it is about Bernanke.
A delivery of boxes full of markers is on its way to the Senate. If it makes it out of committee, the final version will look nothing like HR 1207 and won't be reconcilable (virtually no one will want to go on record with a No vote).
I think you just got it in a nutshell. An outright veto might be useful in a slap-in-the-face kind of way, but a quiet neutering...
Everyone read the above if you really want to understand what will happen.
The message should be clear. Vote for HR 1207 in its original form or you can forget about getting re-elected.
Vote for anybody but an incumbent whether it be Republican or Democrat.
The message should be clear. Vote for HR 1207 in its original form or you can forget about getting re-elected.
Vote for anybody but an incumbent whether it be Republican or Democrat.
Sorry if this is a double post.
Little BBerg article that popped up.
Goldman Lobbyist Barred From Financial Services Panel Democrats
2009-09-16 18:19:07.959 GMT
By Robert Schmidt
Sept. 16 (Bloomberg) -- The head of Goldman Sachs Group Inc.’s Washington lobbying office has been barred from communicating with the Democratic majority on the House Financial Services Committee as the panel seeks to overhaul financial regulations.
Representative Barney Frank, chairman of the committee, issued the edict in a memo yesterday. Michael Paese, the Goldman lobbyist, was a top staffer on the committee until last September; he was hired by the New York-based bank in April.
“As we move through the regulatory reform process, making sure that former members of our staff here don’t have undue influence is very important to us,” said Frank’s spokesman, Steve Adamske. “He wanted to make things as clear as possible.”
The ban comes as the Financial Services Committee begins next month to put together legislation that would set out the most sweeping changes of Wall Street oversight in 75 years.
Banks, including Goldman, have become a target for lawmakers critical of the excessive risk taking that helped lead to the financial crisis.
In his memo, Frank said that under House rules, Paese had been prohibited from lobbying the panel for one year after his employment there -- a period that expired on Sept. 11. To avoid the appearance of any conflict of interest, Frank said he would extend Paese’s recusal time until the end of the congressional term next year.
“Neither I, nor full committee nor subcommittee staff, will meet, or otherwise communicate with, Michael on any issues related to committee business or jurisdiction,” wrote Frank, a Massachusetts Democrat. “I ask that subcommittee chairs abide by this same rule.”
Frank said he was notifying the Republicans on the committee about the decision.
Goldman spokesman Lucas van Praag and Paese didn’t immediately return calls seeking comment.
After leaving the Financial Services panel as deputy staff director, and before joining Goldman, Paese worked at the Securities Industry and Financial Markets Association as a lobbyist.
For Related News and Information:
On finance: NI FIN <GO>
On the credit crisis: NI CRUNCH BN <GO>
Most-read stories on the U.S. Treasury: TNI MOSTREAD TRE <GO> Credit crunch page: WWCC <GO> Government relief programs: GGRP <GO> Mortgage payment calculator: MP <GO> Winners, Losers in TARP: BTCPP <Index> MRR4 <GO>
--Editors: Brendan Murray, Jeremy Torobin
To contact the reporter on this story:
Robert Schmidt in Washington at +1-202-624-1853 or rschmidt5@bloomberg.net.
To contact the editor responsible for this story:
Chris Anstey at +1-202-624-1972 or
canstey@bloomberg.net
Oh, I wouldn't get lathered up over a little populist showboating by the poseur, Frank, young man. I mean this is "if-we-don't-bail-them-out-the-whole-economy-will-go-to-hell", Barney Frank, right? His deal was cut years ago. Why he probably called the man privately to explain what he was going to do in advance. If Frank were worth two dead flies, his taking this step never would have been necessary, capisce?
What are the chances of the Audit being a watered down white-wash like the bank stress tests? I mean like when Peter Schiff commented the bank stress tests were like running a few gerbals across a bridge and calling the bridge safe.
if Barney Frank has his way, this is exactly what would happen---GOD FORBID!
An audit of the FED will NEVER happen.
After all, what are we trying to prove that the FED is insolvent?
If the Chinese don't know that by now, then they're not as smart as we give them credit for.
The American people have a right to know where their money is going, and for what purpose it is going there. The American people may need to go to some extra measure to ensure that this information is forthcoming. There is a blooming willingness to do so.
I have spoken with staff in both Texas senators' offices and both support the Senate bill. Of course, Texas is like a whole 'nuther country.
It used to be but what has happened to it? It looks like Perry is more fascist than the Feds.
What a bunch of defeatists.
It has to get out of committee to even come up for a vote. Does Barney Frank gay it up first?
Unless the senate got the dreadful "Pitchfork" warnings from every direction, there will be no transparency anywhere near Federal Reserve.
It is high time to let the Senate decide: Pitchfork or audit.
Will the puppets find a way to turn control on their masters? Boy, that has to be awfully tempting to some of these career pols. Probably time to proactively bring out an example of what happens if you try; let's say, Spitzer?
Curious to see about tracking some incoming illegal contributions for life. The Senators have to feel like 5 year-old kids thinking about what they want for Christmas from their step-father who was just accused of abuse.
Gentlepersons:
SPX was ~ 1.3 points higher at the close than at ~ 2 PM and only ~ 4.3 points higher than the afternoon low. Not the usual ramp.
Could it be that someone is beginning to become concerned with all the recent attention?
Keep it coming ZH team!
The FED is sitting on the largest collection of worthless junk in the world - (I've just done the audit for you). The real numbers will never see sunshine - that's way too cleansing. Most people think the FED is the government anyway and working in the best interest of the common man. The BILL may pass but will be missing any authority to audit.
I've read much about "The Black Swan" and have come to think of it more as "Murphy's Law" - the market casino is crazy but I see so much gold advertising that it's in bubble mode as well. Nothing will be fixed because the next election cycle is coming followed quickly by the next election cycle.
That's the real issue.
wise anon,
your audit is full of juicy metaphors we find tasty.
if you could, please answer us this:
of this worthless junk, how much you think is backed by at least partial ownership of land (give or take say 10%)?
agreed, nothing will be fixed because americans will be electing the next batch of politicians, equally tainted, into congress; there's just no way out guys, except kill the system or ship out. probably easier to do like jim rogers, have your children learn mandarin and hindi
Ron Paul may die before the bank owned Senate passes a real audit of the Fed, Mint or Treasury...
Hopefully they installed fire sprinklers in the Reichstag...
People don't care, all the new primetime shows are back on.
What is the status of the Bloomberg FOIA request? Has the Fed filed an appeal yet?
goddess bless crinkly cagey doc paul for continuing to stick the needle in.
darn good soap there doc
Want to know about the FED? Find info on this book!!!
VERY IMPORTANT READ THIS BOOK!!!
The Creature from Jekyll Island: A Second Look at the Federal Reserve
I believe the bill will be watered down enough to the point where no real auditing of the Fed will occur. Maybe some vague and broad data but nothing specific. For example, Fred's nonperforming home loan is sitting there in the electronic vault of the Feds asset side and will remain there for perpetuity.
Regarding the Senate, i have always been curious as to how the big players control it. I know there is implied control by threatening to withdraw campaign funds if the senator doesnt do as the player wants him to. However, my guess is that there is a group of 10 to 15 senators that are "in" with the elites. These 10 to 15 senators exert a certain amount of control over other senators and keep the senate in line with regards to the elites wishes.
Not to sound too conspiratorial but there is obviously some element of control of the senate by behind the scenes persons and industries. How centralized and systematic it is i dont know. I would say that the Fed is largely controlled by the wall street kings. I think the senate in general is too stupid to have much knowledge about the inner workings of complex and highly illegal finance. Most of these congressmen are self centered fools that are happy to be part of the popular Washington club.
They get to attend meetings with high level people, eat at the best hotels, get to fly around in jets, and will live rather wealthy lives. Some of them are ideologically motivated while others just like being in the club. Others believe they have a duty to america. Very few of them really know what is going on with the economy and wall street in particular. So the elities basically tell them to do (enact) or not to do certain things and this is basically how they control the senate.
In the end, the people can still win over the banking elite and the main reason is because the bankers dont have control over the military, believe it or not, the president does. Were the president to ever break out of his bankster induced spell, he could turn on the Fed and have the marines confiscate all papers and documents and there is nothing any lawyer could do about it. The odds of this happening are 1/100000000
Civil Disobedience 2009-style: Publish a list of names and home addresses of all WS lobbyists in Washington. Add to it home addresses of all Congresspeople and their staff.
Let the People know where they can go to 'discuss' their differences.
America isn't just for lobbyists anymore.
Congress will pass it. FED will engineer market crash . Senate would use that excuse for not passing