In what could be the biggest news of the day, with potentially historic consequences, Mel Watt's attempt to detour the Fed transparency process has been soundly denied. The vote on the final passage of the bill is delayed, but the critical amendment has passed. Congratulations to Messrs Paul and Grayson.
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on Thu, 11/19/2009 - 17:19
#136415
Hope the audit tells us how many deeds are double counted in their collateral pool.
on Thu, 11/19/2009 - 17:24
#136424
+1
on Thu, 11/19/2009 - 17:28
#136436
Deeds? you assume a lot.
on Thu, 11/19/2009 - 17:30
#136438
grayson gives me the creeps but he gets props for this
on Thu, 11/19/2009 - 17:52
#136480
Agreed. If that guy were my kid's teacher, I'd transfer schools.
But creep or no, he's going after the right targets for now.
on Thu, 11/19/2009 - 17:30
#136440
+2
on Thu, 11/19/2009 - 17:32
#136442
Nice. One hurdle cleared.
on Thu, 11/19/2009 - 17:33
#136444
Who are the 26 who voted against it? Please post those names.
on Thu, 11/19/2009 - 17:53
#136482
agreed, please post. Those who voted against should be widely publicised, as well as who their contributors are. It is time for an end to the cronyism and regulatory capture.
on Thu, 11/19/2009 - 18:08
#136507
Yes, PLEASE post the list of who voted against.
on Thu, 11/19/2009 - 19:14
#136620
A couple youtube clips and the vote list can be found here:
http://www.dailypaul.com/node/115238
on Thu, 11/19/2009 - 19:45
#136665
Here is the list with some video of the festivities:
http://www.dailypaul.com/node/115238
on Thu, 11/19/2009 - 21:31
#136824
Found this on http://news.firedoglake.com/2009/11/19/paul-grayson-audit-the-fed-bill-passes-financial-services-committee/.
Did some quick checking seems to be correct. Look at the end of the line to see how your congressman voted.
AL-06 Rep. Spencer Bachus yay
CA-12 Rep. Jackie Speier yay
CA-22 Rep. Kevin McCarthy yay
CA-27 Rep. Brad Sherman yay
CA-35 Rep. Maxine Waters nay
CA-40 Rep. Edward R. Royce yay
CA-42 Rep. Gary G. Miller nay
CA-43 Rep. Joe Baca nay
CA-48 Rep. John Campbell yay
CO-07 Rep. Ed Perlmutter yay
CT-04 Rep. Jim Himes nay
DE-01 Rep. Michael N. Castle yay
FL-08 Rep. Alan Grayson yay
FL-12 Rep. Adam Putnam yay
FL-15 Rep. Bill Posey yay
FL-22 Rep. Ron Klein nay
FL-24 Rep. Suzanne Kosmas
GA-06 Rep. Tom Price yay
GA-13 Rep. David Scott yay
ID-01 Rep. Walt Minnick yay
IL-04 Rep. Luis V. Gutierrez nay
IL-08 Rep. Melissa L. Bean nay
IL-13 Rep. Judy Biggert yay
IL-14 Rep. Bill Foster nay
IL-16 Rep. Donald A. Manzullo yay
IN-02 Rep. Joe Donnelly nay
IN-07 Rep. Andre Carson nay
KS-02 Rep. Lynn Jenkins yay
KS-03 Rep. Dennis Moore nay
MA-04 Rep. Barney Frank nay
MA-08 Rep. Michael E. Capuano nay
MA-09 Rep. Stephen F. Lynch nay
MI-09 Rep. Gary Peters yay
MI-11 Rep. Thaddeus McCotter yay
MN-03 Rep. Erik Paulsen yay
MN-05 Rep. Keith Ellison nay
MN-06 Rep. Michele Bachmann yay
MO-01 Rep. William Lacy Clay yay
MO-05 Rep. Emanuel Cleaver nay
MS-01 Rep. Travis Childers yay
NC-03 Rep. Walter B. Jones yay
NC-10 Rep. Patrick T. McHenry yay
NC-12 Rep. Melvin L. Watt nay
NC-13 Rep. Brad Miller nay
NH-02 Rep. Paul W. Hodes yay
NJ-03 Rep. John Adler yay
NJ-05 Rep. Scott Garrett yay
NJ-07 Rep. Leonard Lance yay
NY-03 Rep. Peter King yay
NY-04 Rep. Carolyn McCarthy yay
NY-05 Rep. Gary L. Ackerman nay
NY-06 Rep. Gregory W. Meeks nay
NY-12 Rep. Nydia M. Velázquez yay
NY-14 Rep. Carolyn B. Maloney nay
NY-25 Rep. Dan Maffei yay
NY-26 Rep. Christopher Lee yay
OH-01 Rep. Steve Driehaus yay
OH-06 Rep. Charles Wilson nay
OH-15 Rep. Mary Jo Kilroy nay
OK-03 Rep. Frank D. Lucas yay
PA-06 Rep. Jim Gerlach yay
PA-11 Rep. Paul E. Kanjorski
SC-03 Rep. J. Gresham Barrett yay
TX-05 Rep. Jeb Hensarling yay
TX-09 Rep. Al Green nay
TX-14 Rep. Ron Paul yay
TX-15 Rep. Rubén Hinojosa yay
TX-19 Rep. Randy Neugebauer yay
TX-24 Rep. Kenny Marchant yay
WI-04 Rep. Gwen Moore nay
WV-02 Rep. Shelley Moore Capito nay
on Thu, 11/19/2009 - 18:14
#136524
Names & UBS account numbers if possible
on Thu, 11/19/2009 - 17:37
#136451
I hope the scumsuckers in the senate know that if they don't get behind S604, then they can start packing to get out of office and go work for their privately held federal reserve boss in their promised position in a financial service firm.
on Thu, 11/19/2009 - 17:56
#136490
Amen, agrotera and if my lousy Florida senators don't support this bill, then they're going to face a firestorm of angry voters at the next election cycle including me. Senator Nelson & LeMieux, if you want to keep your seat, then you WILL support this bill.
on Thu, 11/19/2009 - 17:39
#136455
Legislative bitch slap for Watt.
on Thu, 11/19/2009 - 17:48
#136471
that calmed down the atmosphere more than trillion breathable CO2 credits.
on Thu, 11/19/2009 - 21:01
#136782
+10
on Thu, 11/19/2009 - 17:50
#136473
WooHoo. We may yet get an accounting of the "dirty deeds done dirt cheap" Ben and the Boyz have been doing for their Wall Street GANGSTER BANKSTER buds.
on Thu, 11/19/2009 - 17:51
#136475
huzah!!!!
on Thu, 11/19/2009 - 17:53
#136481
hooray!
on Thu, 11/19/2009 - 17:53
#136484
Oh, it's on, baby!
on Thu, 11/19/2009 - 17:54
#136485
Best news I've had all week.
on Thu, 11/19/2009 - 17:55
#136487
..."the final passage of the bill is delayed"...
There's a surprise. Want to bet it gets 'delayed' long enough till a way can be found to get it defanged?
on Thu, 11/19/2009 - 17:58
#136494
Details on the "delay"? Links anyone? What can we do in the interim to minimize the effects of this "delay"?
on Thu, 11/19/2009 - 18:00
#136495
…It should be noted that an overall final vote on financial regulatory reform from the Committee, expected today, was blocked, chiefly by members of the Congressional Black Caucus, panicked about having to take the vote at a time of double-digit unemployment.
This calls into question whether the House can finish work on the bill on schedule, by the second week of December.
http://news.firedoglake.com/2009/11/19/paul-grayson-audit-the-fed-bill-p...
on Thu, 11/19/2009 - 18:06
#136505
What...they think unemployment is going to go down in the next 3 weeks?
on Thu, 11/19/2009 - 18:12
#136517
Yeah, Barney blames the black guys, how cliché.
on Thu, 11/19/2009 - 19:15
#136621
I'm sure that this has absoltely nothing to do with Mel Watt being a member of the... Congressional... Black... Caucus.
The man must build obstacle courses when he isn't getting campaign contributons from the banking industry.
on Thu, 11/19/2009 - 20:18
#136723
Mel Watt = Clay Davis
on Thu, 11/19/2009 - 21:14
#136800
Thanks for the link! Also from the same post:
UPDATE: OK, there’s something going on here. This comment shows the yeas and nays on the bill. If you check it, you’ll see that practically every member of the Congressional Black Caucus voted against the Paul-Grayson amendment.
That’s 8-2 against the amendment. At one level they’re backing up their member, Mel Watt.
on Thu, 11/19/2009 - 19:20
#136630
And that way to get it defangled will be the now imminent market crash, at which point the fed will be "too big to fail" and so an audit could endanger the confidence in the fed. Too predictable...
on Thu, 11/19/2009 - 17:56
#136489
ok, we audit the FED. then we find out we owe 100 trillion instead of 12 trillion. what do we do then? do you want to open pandora's box? do you really? i certainly hope the auditors goes to ft knox too..... and assay each pallet of gold bars....or what looks like gold bars....
and say they do that and they find tungsten gold plated bars in there. what then? what are you prepared to do? think before you answer.
on Thu, 11/19/2009 - 18:07
#136506
Gosh, you have a great point. Let's just keep up the charade, we'll all be happier.
on Thu, 11/19/2009 - 18:13
#136522
Ignorance is Bliss.
on Thu, 11/19/2009 - 21:36
#136829
.
on Thu, 11/19/2009 - 18:28
#136548
YGBFSM
on Thu, 11/19/2009 - 20:15
#136716
Red pill or blue pill?
on Thu, 11/19/2009 - 21:22
#136810
Yah you are totally right, I would rather live in the dark and have my wealth stolen from me through inflation and given to the FED and FED lap dogs.
Lets just continue being incentive slaves and chase those dolla bills.
on Thu, 11/19/2009 - 21:40
#136837
You just saved the board another post from me. Could not have said it better. So we want to open pandora's box and if we audited the gold - what would we really find? did you see the Tungsten conspiracy article?
http://fofoa.blogspot.com/2009/11/is-dollar-good-as-tungsten.html
Got this from some other reader here - thanks to whomever it was.
on Thu, 11/19/2009 - 18:01
#136497
Isn't this excellent news? Or is there some kind of catch 22? Will the final passage be flunked? What are the odds of that happening?
How will Geithner, Bernanke and banking lobby react?
I watched on BloombergTV today that Geithner said that he was against reinstating the Glass-Stegall act. What a joke.
on Thu, 11/19/2009 - 18:08
#136511
WILL THE RESULTS BE PUBLISHED?
on Thu, 11/19/2009 - 18:11
#136518
watch for the language from Barack and Co
if they start supporting this even slightly, we'll know that Timmy and Commie Ben are being setup to take the fall on the economy and the mess. After all the illegal activity is almost done, the replacements can pretend they are cleaning up the mess.
Larry will get the Chairman job afterall
Banksters get spanked
Elections will be won
on Thu, 11/19/2009 - 18:45
#136576
You could be right FLETCH... although I still hang on to the hope (however faint) that President Obama could be fighting this beast from within... and that the "Banksters" will finally get "whacked" (figuratively speaking of course)... but then again, I buy lottery tickets too!
on Thu, 11/19/2009 - 19:40
#136655
"... although I still hang on to the hope (however faint) that President Obama could be fighting this beast from within... "
Batten down the hatches!!! We got a Live one!!!
ROTFFLMGDAO!!!!!!!
on Thu, 11/19/2009 - 20:19
#136721
Knew you couldn't resist...
on Thu, 11/19/2009 - 18:14
#136523
Barbed-wire enema time, for the Fed and for the morons who voted against this.
on Thu, 11/19/2009 - 18:25
#136542
Thank you to everyone who helped support this amendment by contacting congress
on Thu, 11/19/2009 - 18:27
#136547
The Fed is already audited. What this bill is about is giving Pelosi, Reed and Franks control of monetary policy. And paul is in their bag.
on Thu, 11/19/2009 - 18:33
#136555
Good. Can you give me a link so I can read the audit?
on Thu, 11/19/2009 - 20:30
#136742
For which regional would you like - or you can just go to each regionals site and look at the audits. The GAO audits have to be requested.
on Thu, 11/19/2009 - 20:35
#136746
Here is a link for the past 10 or 15 years of the New York Fed. 2008's was done by Delloitte...
http://www.newyorkfed.org/aboutthefed/annualreports.html
on Thu, 11/19/2009 - 18:33
#136558
That's another fight for another day. This bill doesn't address monetary policy.
And the Fed is a model of opacity; whatever 'audits' are being implemented currently are highly insufficient.
on Thu, 11/19/2009 - 20:33
#136745
It doesn't "address" monetary policy, it just gives Congress the power to review it as it pleases - review the decisions, which then means they have input/overview - and the control begins.
That and that alone is precisely what this bill is about.
on Fri, 11/20/2009 - 02:16
#137038
so you say. I think Paul and Grayson don't agree with that assessment.
I don't want Congress to control a central bank (I want the Fed to end), but I don't think it would be worse than what's happened under Greenspan and Bernanke. And with the added benefit of public and congressional knowledge of all the backroom deals the Fed is engaged in, I believe it would end up in moving toward a more sane monetary policy. The Fed has no accountability right now due to the opacity of its actions.
When the Chairman of the Fed can effectively say to Congress "It's none of your business" to questions about who is getting what money, something is wrong.
on Fri, 11/20/2009 - 11:04
#137305
Paul won't directly answer the question... He keeps saying the Fed hasn't been audited and leaves it at that. Again, he simply lies - he has a long track record of his actions not matching his words.
And if you really think pelosi, reed, franks would be better making the calls on expanding the money supply than an independent group of economists from around the country, well, there's nothing I can say to that. I think it's blindingly obvious the harm that would do long term to the country. We've seen what a mess the politicans have made with the CRA/FNMA/FHLMC and I can't imagine giving them more power.... but if that's what you want...
As far as Bernake telling Congress that - you'll have to link it for me. I've only seen him indicate the Fed doesn't want to release which banks are receiving TARP funds ect - and with the Fed's mandates - instituted by Congress - he can't. The Fed is charged with maintaining a healthy banking climate (even when Congress screws it up as they have...) and if the Fed immediately released which banks got bailout funds. that would be liable to create runs on the bank - further stressing the bank's capital, causing more insurance payments from the already strapped FDIC and creating more instability in the system. The receipients will come out with the annual audits of the Fed, as they always have.... but 6 months or a year later, the information won't be as critical to the system.
If you don't want the Fed trying to protect the banking system, then change the law and remove that responsiblity from them.
on Fri, 11/20/2009 - 11:54
#137407
Say goodbye to wonderland alice,
http://www.youtube.com/watch?v=SBLeyNJTls0
on Thu, 11/19/2009 - 18:34
#136559
YGBFSM too.
The Fed is committing YOUR $$ to (fill in the blank). The Fed is committing MY $$ to (fill in the blank). You may not give a shit how your $$ is being spent, but I do.
on Thu, 11/19/2009 - 18:51
#136581
OMG, the Judge is back!!
LMAO!! Coming back to spew more BS about the Fed, are we Judge?
on Thu, 11/19/2009 - 18:35
#136561
Color me skeptical that we get some spines. I hope for the best yet expect the worst of our politicians. Please shine the spotlight on the roaches that voted against it please!
on Thu, 11/19/2009 - 18:44
#136574
Ohhh yee of little faith...seen that new mac vs. pc commercial?
"This time, it'll be different."
on Thu, 11/19/2009 - 18:50
#136578
I never believe that something is "going to happen" in DC until the President's signature is drying at the bottom of the bill.
on Thu, 11/19/2009 - 18:53
#136584
Even then, that a-hole would add a signing statement saying he isn't going to follow the law anyway.
on Thu, 11/19/2009 - 18:56
#136592
In 1910, Lenin said: "The surest way to overthrow an established social order is to debauch its currency."
on Thu, 11/19/2009 - 19:05
#136606
Correct me if I'm wrong, but aren't the Chinese Communists? Is it possible that it was a mistake to tie our utter survival to a Communist dictatorship, and to allow it to stock the shelves of our largest employer?
on Thu, 11/19/2009 - 22:42
#136904
http://www.chinahush.com/2009/10/21/amazing-pictures-pollution-in-china/
on Thu, 11/19/2009 - 18:58
#136595
I could just imagine how strong the equity rally will be when the FED shows them the cooked books instead of the real books.
on Thu, 11/19/2009 - 19:04
#136596
Panel votes to audit the Fed; cap its spending at $4 trillion Measure would audit the Fed's monetary policies such as interest rates
The committee is now poised to pass the entire bill and has scheduled its final vote on the legislation for December 1.
http://www.marketwatch.com/story/panel-votes-to-audit-feds-balance-sheet...
http://endthefedusa.ning.com/
on Thu, 11/19/2009 - 20:08
#136616
If Ben gets threatened by this bill, he'll tank the equity market as a last ditch effort to scare the lawmakers into a corner in order to force them away from supporting the bill.
on Thu, 11/19/2009 - 20:22
#136727
Won't work. Mom and pop are out of this bullshit market. It's just the sharks playing hot potato now.
Just wondering who will be first to take her down, and who will be vulture food.
on Thu, 11/19/2009 - 19:19
#136629
Here's a list of who voted for what, along with clips of the festivities:
http://www.dailypaul.com/node/115238
on Thu, 11/19/2009 - 19:21
#136632
Is this the watered down version? Or the real deal?
on Thu, 11/19/2009 - 19:30
#136644
Paul-Grayson 2012 (the libertarian party that is)...
who's with me?
on Thu, 11/19/2009 - 20:31
#136744
I respect both of them immensely and not just for this amendment. However, their views on health care reform and the role of the federal government are about as compatible as oil and water.
They spoke out against some powerful, entrenched folks here. I sincerely hope that it doesn't put them into those same powerful folks' crosshairs, so to speak.
on Fri, 11/20/2009 - 03:42
#137067
I would, and so would a LOT of others I meet, whether young professionals at Johns Hopkins or dairy farmers. Yes, they have to run as libertarians, which means an overhaul of the Libertarian Party. We all might not like 100% of libertarian views (small L) and Austrian Economics, but it's the best out there.
What's that group that just started that's young Paulians/libertarians/Austro-econs? Hope they don't mind old white men like me that know better...
on Thu, 11/19/2009 - 19:33
#136649
Wow, I never would have expected the bill to get so many co-signers and I wouldn't have expected this. The longer this continues the more people come to realize the Fed not only doesn't represent the interests financial or otherwise of US citizens, it has no interest in US citizens. This is good news.
http://healthjournalclub.blogspot.com/
on Thu, 11/19/2009 - 19:46
#136666
Yeah. Obama is soooooooo likely to sign that legislation. He's just chomping at the bit. It's not like his campaign was financed by Wall Street insiders or anything. Nosirreee Bob.
on Fri, 11/20/2009 - 02:20
#137042
Thing is, if he doesn't sign, he's going to have to explain why to the public, sooner or later.
on Thu, 11/19/2009 - 19:47
#136670
On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business. The Christian Law Fellowship has exhaustively researched this matter through the Federal Register and Library of Congress. We can now safely conclude that this Executive Order has never been repealed, amended, or superceded by any subsequent Executive Order. In simple terms, it is still valid.
When President John Fitzgerald Kennedy - the author of Profiles in Courage -signed this Order, it returned to the federal government, specifically the Treasury Department, the Constitutional power to create and issue currency -money - without going through the privately owned Federal Reserve Bank. President Kennedy's Executive Order 11110 [the full text is displayed further below] gave the Treasury Department the explicit authority: "to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury." This means that for every ounce of silver in the U.S. Treasury's vault, the government could introduce new money into circulation based on the silver bullion physically held there. As a result, more than $4 billion in United States Notes were brought into circulation in $2 and $5 denominations. $10 and $20 United States Notes were never circulated but were being printed by the Treasury Department when Kennedy was assassinated. It appears obvious that President Kennedy knew the Federal Reserve Notes being used as the purported legal currency were contrary to the Constitution of the United States of America. http://www.rense.com/general76/jfkvs.htm
on Thu, 11/19/2009 - 21:02
#136784
Sorry, but that's bad history combined with myths based on the fictional work by Tex Mars. Kennedy was actually strengthening the Fed position and being consistent with previous EO's. It's a complex issue, but this link gives the best explaination I've seen.
http://www.publiceye.org/conspire/flaherty/flaherty9.html
on Thu, 11/19/2009 - 21:29
#136818
Even easier is this excerpt from the Wikipedia entry:
"This executive order allowed for the Federal Reserve System to distribute and exchange currency at lower denominations that met the growing economic need. The authoritative basis for the Order was substantially nullified on September 13, 1982 with the passage of Public Law 97-258.
The order was never directly reversed, but on Sept 9th, 1987, Executive Order 12608 revoked the section that Executive Order 11110 had added to Executive Order 10289,essentially nullifying the order."
http://en.wikipedia.org/wiki/Executive_Order_11110
on Fri, 11/20/2009 - 03:33
#137064
Even the claim about "Profiles in Courage" is specious at best:
"Profiles in Courage is a 1955 Pulitzer Prize-winning book attributed to John F. Kennedy... The book was widely celebrated and became a best seller, but there are credible allegations that most of it was the work of his speechwriter, Theodore Sorensen."
on Fri, 11/20/2009 - 01:22
#137012
Brings a tear to my eye.
on Fri, 11/20/2009 - 02:33
#137047
faustian bargain - nice logo. I hope you're worthy of it (and if so, well met, brother).
Folks - be aware that this is simply the first innning of a game which always - ALWAYS - winds up with the taxpayer taking it up the arse and wishing that for onec they had Criso'ed their own sphincter before entering the fray.
So by all means, feel good for the few nanoseconds that it seems that the Paul move to audit the Fons Diabolocum of All Vampire Squid has won. It hasn't of course.
The banksters would rather see the entire financial world in flames, than permit vermin like us to see that they are raping us like Polanksi on a 12year old.
(re Polanski: a quite-hot teacher just got 4 years here in Australia after being kind enough to blow a 15-year-old - where's the 'litterati' trying to get HER released? When I was 15, the primary masturbatory fantasy was to be allowed to touch the pretty teacher's tit).
Cheers
GT
GT's Market Rant
on Fri, 11/20/2009 - 02:48
#137056
I'm totally unworthy, sorry. I just like 'secret' societies and the connection this one has to our country's symbolism.
on Fri, 11/20/2009 - 09:04
#137159
Judge, so basically, you're saying Barney Frank, Ben Bernanke and Timothy Geithner are the "good guys", right?
Your argument is akin to Geithner's: "But it was dems who handed us the economy falling of the cliff!!! I don't have anything to do with it! Everything's improved!"
EXCUSE ME. HE WAS WORKING IN THE F*CKING NEW YORK FED UNDER BUSH. AND YOU'RE GIVING SOME F*CKING LINK TO SOME F*CKING AUDIT BY "Delloitte"?
What a shill are you. Good job, right on par with Liesman. Or is it actually you, Yuri?
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