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Ron Paul To Chair Monetary Policy Subcommittee

Tyler Durden's picture




 

Here is why an open-ended QE2 may be a very moot point: Slate reports that Ron Paul, Ben Bernanke's greatest nemesis, will chair the all important monetary policy subcommittee. In other words, Bernanke v Paul theater will soon be a weekly feature. Too bad Alan Grayson will be no longer present.

And now back to the popcorn.

 

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Wed, 11/03/2010 - 14:11 | 696437 buzzsaw99
buzzsaw99's picture

Bernanke to Obama: We have a turd in the punchbowl. Repeat. We have turd in the punchbowl. Over.

Wed, 11/03/2010 - 14:25 | 696542 infotechsailor
infotechsailor's picture

+600billion

Wed, 11/03/2010 - 15:36 | 696871 dlmaniac
dlmaniac's picture

If only Grayson could have stayed focused on what's important rather than talking the "Republicans want you to die fast" nonsense, he could be helpful in the Congress. Then again there's Rand Paul to form a double-whammy on Bernanke. Not too bad.

Wed, 11/03/2010 - 17:43 | 697263 calltoaccount
calltoaccount's picture

He meant the guys who own the republicans-- and the health care companies.  They're the ones care only about more profit for themselves and fk everyone else.

Wed, 11/03/2010 - 18:08 | 697331 AmericaRacket
AmericaRacket's picture

He should have said that.

He also should have distinguished between evil HMOs and opponents of the American Socialism/Health Fraud Bill.

Wed, 11/03/2010 - 19:39 | 697515 LowProfile
LowProfile's picture

He's a perfect example of what happens when you put party ahead of principle.  These issues are too important, voters are paying attention.

Wed, 11/03/2010 - 14:41 | 696635 Rick64
Rick64's picture

Lol.

Wed, 11/03/2010 - 16:21 | 697022 curbyourrisk
curbyourrisk's picture

Obama to Bernanke.....

 

Remember that guy Vince Foster...... Chicaog politics will come in handy here.

 

I got this....

Wed, 11/03/2010 - 14:11 | 696438 ZakuKommander
ZakuKommander's picture

Hilarity is certain to ensue.

Wed, 11/03/2010 - 14:11 | 696439 Ivanovich
Ivanovich's picture

I called Paul's office a week ago and confirmed this.  Nice, isn't it? 

 

I'd recommend everyone calling his office (I called the Washington one, but he's got three others) and stress how important it is that Dr. Paul treat Ben to a whipping and get this beast under control.  It can't hurt, and Dr. Paul's staff always likes to hear from folks about it.

Wed, 11/03/2010 - 16:52 | 697114 Confused
Confused's picture

Thats nice to hear. Because I'd really like to think that Ron Paul is a good person. But its so hard to believe in anything/anyone anymore. 

Wed, 11/03/2010 - 20:46 | 697758 e_goldstein
e_goldstein's picture

Ron Paul is an excellent statesman...

and a better politician than most give him credit for.

still, gotta horrible feeling that it's too little too late.

Wed, 11/03/2010 - 19:20 | 697476 LowProfile
LowProfile's picture

It's clear Dr. Paul doesn't need to be told how to handle Fed.

I do think he would appreciate us sending him a note of encouragement.

Wed, 11/03/2010 - 14:11 | 696440 Turd Ferguson
Turd Ferguson's picture

Now THAT will be fun to watch.

Wed, 11/03/2010 - 14:11 | 696441 WineSorbet
WineSorbet's picture

My popcorn has government butter drizzled all over it.

Wed, 11/03/2010 - 18:34 | 697387 TheGoodDoctor
TheGoodDoctor's picture

I hope you got some guns with that butter too! :p

Wed, 11/03/2010 - 14:12 | 696445 traderjoe
traderjoe's picture

I'd like to think this meant something, but it probably won't. That pessimism being said, there certainly has been more awareness of the Fed's role in the economy lately. 

Wed, 11/03/2010 - 14:40 | 696607 Cognitive Dissonance
Cognitive Dissonance's picture

I'd like to think this meant something, but it probably won't.

I suspect you're correct.

While the illusion is that the monetary policy subcommittee is very powerful, mostly because we're told it's very powerful and it's members believe they are powerful, the real powers that be don't need the consent of a room full of men and women to do what it wishes to do. We believe Ron Paul can make a difference because we are allowed to believe this.

The true power comes from within folks. We deny this so we don't need to do anything about it. This can all change the moment we decide to change it.

Wed, 11/03/2010 - 15:10 | 696772 Manbarepig
Manbarepig's picture

Very simple, keep your friends close and your enemies closer. TPTB now have a front row seat to Ron Paul's actions and can premptivelty head off any anti-FED/PTB activity.

Wed, 11/03/2010 - 17:21 | 697189 Fearless Rick
Fearless Rick's picture

Since nobody around here has the balls to challenge your commentary, I suppose it's my duty (a la Fight Club... I'll only use my right hand against you, punk) to comment on your comment.

While it's true that the congress is somewhat powerless to dictate or influence Fed policy, Ron Paul's presence at least provides good theater and an impetus to action, therefore he does have power, somewhat along the lines of the "force" in Star Wars.

Your contention, "We believe Ron Paul can make a difference because we are allowed to believe this.

" is false. We believe Ron Paul can make a difference because with the power of 100 million Americans behind him, he can actually make a difference.

All your crap about the "conditioned mind" is so much psychological masturbation. You like to think of yourself as smart or even smarter than the rest, or possessing of a non-conditioned mind, when the reality is that you're as conditioned by your belief in psychology that you are conditioned entirely by it.

And, no, I haven't read your papers. I don't need to spend another hour poring over your fluff in order to ascertain that your concepts are 1. Bullshit, created out of thin air with no scientific backing, and 2. producing of no positive benefit to anybody.

You're an intelligent guy. I can see that. Surely you can do better than to keep harping on the same old crap. Be original. Meditate. Understand Karma. Live long and prosper.

Wed, 11/03/2010 - 18:38 | 697397 TheGoodDoctor
TheGoodDoctor's picture

Basically Ron Paul will have all these sound bites to use on the presidential campaign trail in 2012.

Thu, 11/04/2010 - 02:43 | 698731 loup garou
loup garou's picture

Fearless Rick,

The guy has very serious mental problems. (Among them, paranoid schizophrenia.) Alienation has only served to aggravate these problems, as his own family and friends will not allow him into their homes unless he promises to keep his bizarre delusions to himself. (This is why so many of these types of individuals spend such an inordinate amount of time on the internet.)
Some time ago, I advised him to seek professional treatment. But apparently, he is either unable or unwilling (denial) to face the reality of his condition; and, in fact, he often projects his own imbalances onto others. This is quite typical.
Unfortunately, these situations often have very unhappy endings. Because he appears to derive his entire sense of self-esteem from his participation at this site, the best course of action is probably to join the crowd and humor him.

Thu, 11/04/2010 - 05:43 | 698850 Rick64
Rick64's picture

 Fearless Rick

  Most people will be unaware of Ron Paul's prescence unless the mainstream media sees fit to televise it. How many people watch CSPAN? Many people can't even identify prominent politicians. Ron Paul can make a difference if people support him and are aware of his actions. The conditioned mind of the common man isn't going to make any changes to his thinking without breaking away from the influences that caused his lethargic state.

And, no, I haven't read your papers. I don't need to spend another hour poring over your fluff in order to ascertain that your concepts are 1. Bullshit, created out of thin air with no scientific backing

 How can you refute something you haven't even bothered to read? You say understand Karma, but is this backed by science?

 

Wed, 11/03/2010 - 18:36 | 697383 i-dog
i-dog's picture

"We believe Ron Paul can make a difference because we are allowed to believe this."

I agree.

I can't believe all the false hope in this coming 112th Congress undoing all the destructive actions of the previous 111 Congresses! Nothing will change in this gridlocked Congress (Republican House, Democrat Senate, Elite Captive President). What a sick fucking joke!

If either Ron Paul or Rand Paul take any stands to limit spending or hobble the Fed in 2011, they will be blamed by the media, and therefore the public, for creating the Global Financial Crisis!

Wed, 11/03/2010 - 18:43 | 697407 TheGoodDoctor
TheGoodDoctor's picture

They can try but the American people are getting restless. They are not as stupid as the MSM make them out to be.

You could tell the clowns at MSNBC were out to nail Rand Paul already. All they have is fear and talking points. Unfortunately truth trumps that shit.

If anyone listens to the Pauls they will realize that the Global Financial Crisis will have been created by the Federal Reserve and the fucking banks.

All they have to say is "How can more debt get us out of debt?"

Wed, 11/03/2010 - 20:56 | 697809 Eman Laer
Eman Laer's picture

Things are already noticeably different in this country due to Ron Paul's efforts. This recent development will only increase the positive effect he has already had. 

I mostly agree with you in terms of policy which may change very little in the near future, but policy isn't the only consideration. The consciousness of the electorate must change before we'll see substantial policy change, and Ron Paul is a great person for that task.

I'm very excited about having a brave and honest statesman in Paul's position.

 

 

Wed, 11/03/2010 - 14:43 | 696645 Rick64
Rick64's picture

 A political maneuver.

Wed, 11/03/2010 - 16:17 | 697007 Hugh_Jorgan
Hugh_Jorgan's picture

Yeah, but I don't think it means nothing either. There is a lot of harrassment that Ron Paul can inflict and facilitate on the Fed, which will be interesting. A smoking gun may be in there as well. Benny-Boy has been pretty sloppy over the past 24 months. Paul and Co. will need to be able to explain the nature of the corruption, which is no mean feat. I think the the number 2 or 3 fastest way to get a the average person's eyes to glaze over is to inject the words "Federal Reserve Bank" into any conversation...

Wed, 11/03/2010 - 16:58 | 697133 GoatETF
GoatETF's picture

If RP can motivate people in the U.S. to take action on financial issues the same as he has on political issues (r3volution anyone?) we will see some changes a comin'. 

Wed, 11/03/2010 - 17:38 | 697249 calltoaccount
calltoaccount's picture


“The money powers prey upon the nation in times of peace and conspire against it in times of adversity. It is more despotic than a monarchy, more insolent than autocracy, and more selfish than bureaucracy. It denounces as public enemies, all who question its methods or throw light upon its crimes… As a result of the war, corporations have been enthroned and an era of corruption in high places will follow, and the money powers of the country will endeavor to prolong it’s reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.” – Abraham Lincoln

 

What Ron Paul will be up against:

Exposing Our Enemy - Meet the Economic Elite http://ampedstatus.com/part-iii-exposing-our-enemy-meet-the-economic-eli...

Wed, 11/03/2010 - 17:36 | 697240 A Nanny Moose
A Nanny Moose's picture

Even if it does, there is always the golden rule. He who makes the gold, makes the rules.

 

 

 

Wed, 11/03/2010 - 14:13 | 696448 schoolsout
schoolsout's picture

I predict that when all the worms are finally out of the can and markets/everything crashes because Bernanke's hands get tied, the people will blame Ron Paul for causing this "horror" on the nation.

Don't get me wrong, I'm a supporter of Ron Paul and very much want the shenanigans to stop, but the people seem content (because they can't see the collapse of our currency coming down the pipe) and if the money spigot is turned off, things will happen much faster and will look like people like Ron Paul caused it.

 

America is just that dumb...

I hope I'm wrong, though

Wed, 11/03/2010 - 14:58 | 696721 AbandonShip
AbandonShip's picture

100% agree. Someone (Dr. Paul) needs to be the brave martyr and turn off the morphine drip so we can realize how broken things really are and make some tough decisions. I think Dr. Paul would like to play this role based on his readings and that he never cared too much about his public image.

Wed, 11/03/2010 - 16:21 | 697026 cdude
cdude's picture

"....because Bernanke's hands get tied,..."

With all the new (yet to be defined) discretionary powers given to the Fed via FinReg, I would think it would be the subcommitie's hands that would be tied.


Wed, 11/03/2010 - 17:43 | 697265 A Nanny Moose
A Nanny Moose's picture

My thoughts exactly, and why we need an audit...a thorough audit.

Liquidity get's yanked in 3...2...1

Wed, 11/03/2010 - 14:13 | 696449 Wynn
Wynn's picture

How's that Fed audit coming along?

Wed, 11/03/2010 - 14:16 | 696466 High Plains Drifter
High Plains Drifter's picture

I predict there will never ever be a audit of the FED.

Wed, 11/03/2010 - 14:13 | 696450 ATG
ATG's picture

Facebook did not help; maybe it was the dictionary

Florida Democrat Alan Grayson had 30,000 to opponent Daniel Webster's 4,600 fans.

 

Wed, 11/03/2010 - 15:44 | 696911 Henry Chinaski
Henry Chinaski's picture

Grayson's civil servant supporters may have more time for facebook than the people who have to go out and produce a profit to earn a living.

Wed, 11/03/2010 - 14:14 | 696451 SteveNYC
SteveNYC's picture

I'd like to see Paul give Bernanke some Texas-style justice......

Wed, 11/03/2010 - 14:21 | 696506 DarkMath
DarkMath's picture

Dana Carvey as Ron Paul dishing out Texas justice to Ben Bernanke: I wouldn't kill him right away. That'd be too easy. I'd wait for a hot Texas day, see? Tie him to a stake, get an ant trail going. You know, Texas red ants, inch long! Just love to bite into human flesh, catch what I'm saying here? See, they're eating him alive, nice and slow like. And I'd sit with him in the shade under an umbrella, maybe with a lemonade, sit back and say to the fella, "How do you like them apples?" And he'll be screaming, "When am I gonna die?" and I'd say, "I don't know exactly, and frankly, I resent your question." Catch my drift?

Wed, 11/03/2010 - 14:17 | 696452 ThreeTrees
ThreeTrees's picture

Ooooh shit!  There's an Austrian in the Benhouse!

 

Can Paul hire outside consultants?  Get Robert Murphy up in that hizzay.  Get to work Americans!

Wed, 11/03/2010 - 14:14 | 696454 geminiRX
geminiRX's picture

This is the best piece of economic news I have heard in 3 years.

Wed, 11/03/2010 - 14:14 | 696455 fasTTcar
fasTTcar's picture

Dang, I was hoping gold would still have more to run.

If he has any say whatsoever, we may actually see a reigning in of the monetary misogyny.

Wed, 11/03/2010 - 14:15 | 696458 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

ain't that a bitch slap before Bennie's big annoucement.

LOL oh this is gona be good,  Think I'll be making a donation to Dr. Paul's security detail soon.

Wed, 11/03/2010 - 14:15 | 696459 Shameful
Shameful's picture

Sadly I know how this will go. Zimbabwe Ben will just sit up there and not give any answers. Either a solid "I don't know", or "It would damage confidence if I was to reveal that information". I expect a lot of stonewalling. Still glad to see Paul up there so we can have a lot of footage of Ben shining the congress on. Hopefully this will spur an actually passage of a real Fed audit and force Barry to veto it.

Wed, 11/03/2010 - 14:45 | 696652 Rick64
Rick64's picture

+10

Wed, 11/03/2010 - 14:15 | 696464 Bigger Dickus
Bigger Dickus's picture

Equity selloff in 3, 2, 1,...

Wed, 11/03/2010 - 14:18 | 696481 Spalding_Smailes
Spalding_Smailes's picture

Nope ppt ...

Wed, 11/03/2010 - 14:16 | 696468 intraday-wizard
intraday-wizard's picture

if they print a trillion today it must only be the start sell dollar, but if only a few 100 yards qe2 is the end of unconventional measures so buy the dollar.

Wed, 11/03/2010 - 14:17 | 696469 Comrade de Chaos
Comrade de Chaos's picture

IN black.. must be above 5 trl?

(comment has ben updated : ) )

Wed, 11/03/2010 - 14:16 | 696471 moofph
moofph's picture

...can someone give mr. paul a golden gavel, please? or is more appropriate for him to have a silver one? either way, great news.

Wed, 11/03/2010 - 14:22 | 696522 dwdollar
dwdollar's picture

LOL!  That's a fantastic idea.  Talk about adding some salt to the weekly Bernanke scalpings.

Wed, 11/03/2010 - 14:17 | 696473 ALPO
ALPO's picture

Best news I've heard in years.

 

Wed, 11/03/2010 - 14:17 | 696476 Bigger Dickus
Bigger Dickus's picture

What the hell?

Wed, 11/03/2010 - 14:18 | 696484 Comrade de Chaos
Comrade de Chaos's picture

utter confusion... wtf is the number ?

Wed, 11/03/2010 - 14:19 | 696489 centerline
centerline's picture

I have no love for any policitians here - but I am going to miss Grayson.  Like I said the other day, those last few letters looked to me like "I told you so" cards he was putting in his pocket.

Wed, 11/03/2010 - 14:19 | 696491 John McCloy
John McCloy's picture

Big wins all around for America. Rubio was a huge win since he is a latino liberetarian aling with Paul. People want the truth and it is contagious. People are smart enough to realize that the anchors are only protecting their wallets when they bash constitutionalists and use sensationalism to defend their chosen puppets as opposed to facts.

Wed, 11/03/2010 - 14:49 | 696671 SRV - ES339
SRV - ES339's picture

Rubio was a huge win since he is a latino liberetarian aling with Paul.

A huge win... for Corporate America (who'll make out like bandits as usual and threw anonymous millions at the election, thanks to their friends on the Supreme Court), but go ahead and have your power to the people party. Actually there should be some positives here... the GOP finally have some (orange) "skin in the game," so it's doubtful they'll be rewarded for sitting on their hands next time.

I must admit to looking forward to watching Paul (he's great) though, but I don't see any real power change... just different hands on the tiller.

Wed, 11/03/2010 - 18:21 | 697360 SRV - ES339
SRV - ES339's picture

Update:

In what is surely a medical miracle, "Speaker" Boehner's skin colour affliction has apparently been cured, with financial assistance from an unknown corporate donner!

Wed, 11/03/2010 - 15:39 | 696884 Henry Chinaski
Henry Chinaski's picture

Rubio was a huge win since he is a latino liberetarian aling with Paul.

That's a stretch.  Rubio is no libertarian.  His old campaign website noted that after being elected to the Florida legislature he introduced over 100 bills and most of them passed.  His claim to fame was monkeying with the homestead tax exemption; which resulted in complicated tax rules that had no real benefit, especially in light of the real estate collapse.  Rubio is "conservative", and better than the alternatives, but when it comes down to it he's just another power hungry hack.

Wed, 11/03/2010 - 14:19 | 696496 Don Gorgon
Don Gorgon's picture

lol, i guess the fed didn't get any of those high speed internet infrastructure funds

Wed, 11/03/2010 - 14:20 | 696507 Waterman Jim
Waterman Jim's picture

I hope he will do something big, but i doubt it. He's too nice and polite.

....and for good reason, doesnt he have 5 children and 18 grandchildren?

Id be scared to stand up to those guys too!

 

 

Wed, 11/03/2010 - 14:22 | 696518 svendthrift
svendthrift's picture

Paul wants gold. William Jennings Bryan dealt with that in the 60's. The banksters will be indifferent to gold vs debt money. They win either way. Why? Because they own the gold.

Wed, 11/03/2010 - 15:35 | 696866 TheJudge2012
TheJudge2012's picture

He wants competing currencies.  People will gravitate to hard money, but it would seem that the flexibility would put a damper on hoarding.

Wed, 11/03/2010 - 16:22 | 697030 Clycntct
Clycntct's picture

60? 1860- 1900

Wed, 11/03/2010 - 19:26 | 697487 CrockettAlmanac.com
CrockettAlmanac.com's picture

William Jennings Bryan (March 19, 1860 – July 26, 1925)

Wed, 11/03/2010 - 19:28 | 697494 CrockettAlmanac.com
CrockettAlmanac.com's picture

The banksters will be indifferent to gold vs debt money. They win either way. Why? Because they own the gold.


Why does everybody assume that? This is the third time I'm posting this:

 

World gold holdings (2008) (Source: World Gold Council[18]) Holding Percentage Jewelry 52% Central banks 18% Investment (bars, coins) 16% Industrial 12% Unaccounted 2%

 

Wed, 11/03/2010 - 14:38 | 696620 ZeeGerman
ZeeGerman's picture

Great "potential" entertainment!

I say potential because Ron lays out strong monetary thesis and Ben simply shakes his head... Not a true and honest debate! Nonetheless, it is always great to have someone knowledgeable enough to press the hard buttons.

Wed, 11/03/2010 - 14:40 | 696627 belogical
belogical's picture

I'm gonna miss Alan Grayson, he asked better questions then Ron Paul

Wed, 11/03/2010 - 14:50 | 696684 midtowng
midtowng's picture

Me too.

Wed, 11/03/2010 - 17:28 | 697213 Fearless Rick
Fearless Rick's picture

Well, he was from Florida, which means two things: 2. He'll be back, and 1. no big deal.

Wed, 11/03/2010 - 17:45 | 697267 Confused
Confused's picture

Yeah, I will miss him as well. He was like a circus ring master. Very entertaining.

 

I'm afraid Ron Paul has no real power in this situation. As others have noted, the status quo will just do as they please. 

Wed, 11/03/2010 - 14:42 | 696637 sbenard
sbenard's picture

I can't WAIT for the fireworks! Maybe now the American People will get a lesson on true prosperity economics and the destructiveness of being imbibed on Keynesian Koolaid.

Wed, 11/03/2010 - 14:42 | 696639 treemagnet
treemagnet's picture

Anything less than 1T and the market crashes - thats what I've been told over and over.  Well lets crash for F*ck sake, thats what I've been counting on!

Wed, 11/03/2010 - 14:47 | 696666 Jason T
Jason T's picture

Ron Paul will slam Ben for stealing the wealth from the people.  

 

He has gold and silver totally on his side.  ..and Oil.  

Wed, 11/03/2010 - 14:49 | 696679 DarkAgeAhead
DarkAgeAhead's picture

Anyone taking odds on Ron Paul's revised life expectancy? 

Wed, 11/03/2010 - 14:59 | 696729 NotApplicable
NotApplicable's picture

As long as the voting herd remains polarized (in support of gov. program A instead of program B), he isn't in any danger, as he is effectively marginalized being a promoter of program NOTA. Nothing is scarier to the herd than political inaction, as action is politics  raison d'être.

Wed, 11/03/2010 - 18:54 | 697426 TheGoodDoctor
TheGoodDoctor's picture

Shit man his life expectancy does not matter now.

1. He's old enough to have lived a very good life.

2. Why martyr him and give more attention to monetary policy and his politics?

3. His son is now a US senator meaning the apple doesn't fall to far from the tree in terms of their politics. So, his legacy will live on.

That being said I don't want it to happen because it will be interesting to see what kind of ruckus he will raise as the Monetary Policy Subcommittee Chair.

Wed, 11/03/2010 - 14:50 | 696685 TheMonetaryRed
TheMonetaryRed's picture

I predict that Representative Ron Paul's Kabuki Committee will prove an embarrassment primarily to Representative Ron Paul.

Wed, 11/03/2010 - 19:31 | 697502 CrockettAlmanac.com
CrockettAlmanac.com's picture

I predict that Communism will crumble like a pile of sun baked dog crap. Oh wait, it already did.

Wed, 11/03/2010 - 14:51 | 696692 Traianus Augustus
Traianus Augustus's picture

Currency Wars is the new mid season replacement for all those Survivor fans.  The Fed horror show goes mainstream!!!

Wed, 11/03/2010 - 14:53 | 696696 NotApplicable
NotApplicable's picture

Can a monetary policy subcommittee really put any sort of pressure on the Fed? Or will it just be another circus?

Somehow I doubt that the Fed's independence can be so easily challenged when they are the true owners of the government. Sure Dr. Paul can make Bennie look very, very bad, but those are just words. Meanwhile, Brian Sack will continue to act in the banksters interest regardless.

Though if Dr. Paul does have any real power to apply pressure, they will just crash the market and blame it all on his actions. As always, politics is nothing but a tool to destroy society while empowering the political class. In this environment, true statesmen such as Dr. Paul do not stand a chance. They exist merely to be marginalized and/or scape-goated.

In short, there are no such things as political solutions. There are only political problems.

Wed, 11/03/2010 - 17:47 | 697273 Confused
Confused's picture

I fear everything you said here is true. 

Wed, 11/03/2010 - 14:54 | 696704 JimboJammer
JimboJammer's picture

This  is  good  for  America ..  I  hope  he  can  hire  William Black

to  help  him..

Wed, 11/03/2010 - 14:55 | 696708 Everybodys All ...
Everybodys All American's picture

Invite Grayson in to cross examine Bernanke.

Wed, 11/03/2010 - 14:57 | 696716 JimboJammer
JimboJammer's picture

Alan  Grayson  may  be  out  for  a  week  or  so..

He  will  be  back  helping  Ron  Paul  somehow..

Wed, 11/03/2010 - 14:57 | 696718 Chicagomark
Chicagomark's picture

Step one would be to resurrect the Audit the Fed bill. 

Wed, 11/03/2010 - 15:00 | 696738 NotApplicable
NotApplicable's picture

But how does one truly audit smoke and mirrors?

Wed, 11/03/2010 - 16:25 | 697041 RECISION
RECISION's picture

Haha  :-)

Well said

Wed, 11/03/2010 - 15:03 | 696749 hidingfromhelis
hidingfromhelis's picture

This appointment was allowed, most likely in an attempt to placate us.  See, there's someone tough in a position to oversee monetary policy.  All is well.  Trust us, and leave the worrying and governing to us.  

At least the entertaining videos of the senator skewering the Fed-head will continue on Youtube.  As far as forcing any meaningful policy changes...yeah, right.  Ron Paul will continue to rant away at the smug, smiling Bernanke, who knows that not a single word matters.  I can just imagine him saying to himself, "You are not the boss of me, you funny little man, and you never will be."  Realistically, what is going to change?  Bernanke is under no obligation to answer any questions or follow orders from Ron Paul whatsoever, and this won't change a thing.  The senator can rant away, but it won't do a damned thing.  This amounts to a job title change with no increase in pay, authority, or responsibility. 

Iceberg be damned, rearrange those deck chairs now, and make sure the band plays some happy music too!  There, I feel much better now.

Wed, 11/03/2010 - 16:45 | 697095 TheSettler
TheSettler's picture

Representative Ron Paul

Wed, 11/03/2010 - 17:31 | 697220 Fearless Rick
Fearless Rick's picture

Ah, people more cynical than I. Must be home.

Wed, 11/03/2010 - 15:04 | 696756 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ron Paul for Speaker of the House.

Wed, 11/03/2010 - 15:24 | 696828 OnTheWaterfront
OnTheWaterfront's picture

Ron paul will be bought and sold just like those who came before him.

Wed, 11/03/2010 - 15:55 | 696948 DR
DR's picture

So true..

Big talk doesn't mean big change...

Wed, 11/03/2010 - 16:51 | 697111 Temporalist
Temporalist's picture

Big talk has been standing on his principles and the Constitution for decades for the U.S. and its people.  People that think everyone can be compromised are themselves already compromised.

Wed, 11/03/2010 - 16:51 | 697112 packman
packman's picture

Um... no.

Politicians who can't be bought are very few and far between, but let's at least appreciate the ones that we do have, rather than lumping them in with all others.

 

Wed, 11/03/2010 - 15:28 | 696835 Henry Chinaski
Henry Chinaski's picture

Grayson didn't stop the wars or audit the fed, but he did enact a bunch of socialist legislation that needs to be undone.  I voted against him and am glad he will no longer represent my district. 

He may have had entertainment value for some on ZH; too bad for you.

Wed, 11/03/2010 - 16:20 | 697018 SRV - ES339
SRV - ES339's picture

Seems the $ big business poured into TV ad lies worked well in central Florida... Grayson was one of the more effective critics of the Fed and the Treasury games... too bad.

Wed, 11/03/2010 - 15:29 | 696840 steelhead23
steelhead23's picture

Mr. Paul can be a bit goofy, but he will demand that Bernanke work to strengthen the dollar.  QE2 is a non-starter.

Wed, 11/03/2010 - 16:27 | 697044 RECISION
RECISION's picture

QE2 is a non-starter.

I'll take the short end on that    :-)

Wed, 11/03/2010 - 15:35 | 696870 gwar5
gwar5's picture

This is going to be delish.

Wed, 11/03/2010 - 17:25 | 697205 silver surfer
silver surfer's picture

I think yes......End the FED !

some thoughts..

When the interest rates (the price of money and credit) is fixed at a very low level in a deflationary environment of high demand and low supply of money and credit, the marked yields (the value of money and credit) will be "artifiscaly" low, now?

If however the intrest rates are alowed to be set free by the marked the yields will be high in the same enviroment, yes?

With the FED keeping the interest rates low AND increasing the supply of money and credit to meet a high demand that cannot materialise ( because the banks and the primary dealers take most of the money and keep the credit to cover their losses and their customer is already indebted to the max) , you end up lowering the yields and blowing upp the system in order to get the rising intrest rates and relative value of money needed to end the underlying deflationary enviroment, Yes?.

So will a new 30-50 year cycle of monetary corruption soon start again, or will we end the FED, and free the money?

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Wed, 11/03/2010 - 21:17 | 697875 Tapeworm
Tapeworm's picture

wiki entry for Grayson. Not much of a loss. based on the following:

Grayson later voted for the Patient Protection and Affordable Care Act[19] and the Health Care and Education Reconciliation Act of 2010.[20] He voted in support of Eliminating Adjustments of Medicare Rates of Payment. He also voted against Republican substitutes for the health care amendment and insurance law amendments.[21]

[edit] Civil rights

Grayson voted in support of the Hate Crimes Expansion Act, which expands the definition of hate crimes and strengthens enforcement of hate crime laws. He also voted for the Lilly Ledbetter Fair Pay Act. Grayson supported the Paycheck Fairness Act, a bill that allows victims of wage discrimination to sue for punitive damages.[22]

[edit] Environment

Grayson voted for the House's 2009 Cap and Trade Bill, despite his initial resistance to the measure; his vote was won with the addition of a $50 million "Hurricane Study Center." Grayson noted after the passage of the Cap and Trade bill his concern for the environment and need for conservation of energy.

[edit] Defense

Grayson voted for the 2009-2010 Defense Appropriations, which authorizes $681 billion of appropriations for the Department of Defense.[23] He also supported the 2009-2010 Department of Homeland Security Appropriations Authorizations, which provided $46.18 billion in appropriations for 2009-2010.[24]

Thu, 11/04/2010 - 05:49 | 698854 Arkadaba
Arkadaba's picture

What about Russ Feingold - reminder he was the only senator to vote against the Patriot Act and one of the few that didn't buy Bush, Cheney and Rumsfeld's fabrications about going into Iraq.  

Very sorry he lost his seat.

Wed, 11/03/2010 - 21:55 | 698056 Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Ron Paul struggles to get his point over at the best of times,when he gets his 15 second clip on the MSM news,trying to explain the the American sheeple QE,the corrupt three way relationship between the Fed, Wall St banks and the Whitehouse, it will be like Einstein trying to explain his theory of relativity to a class of chimps in fifteen seconds flat.Add in Bernanke's evasiveness and possible point blank refusal to answer specific questions it will be pointless.

 

It ain't gonna happen.

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Thu, 11/04/2010 - 07:39 | 698911 overmedicatedun...
overmedicatedundersexed's picture

Grayson was a clown for the banks to mock as "nuts in tin foil hats"..his role was to bring discredit to all those who opposed the FED..

Anyone who followed his campaign this election saw him as totally insane..he played his role well.

Sad some compare his obvious role to discredit the anti fed lobby as "Nuts" with the real deal Dr Ron Paul.

We know on ZH the problem with the American Economy is the FED. He may just educate enough new congressmen to get some traction in audit of the fed.

Good luck to both Pauls for they will travel in harms way. IF they back off who can blame them from avoiding harm to their family.

Criminals will stop at nothing to get what they want..and our gov is a criminal organisation.

 

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Fri, 02/25/2011 - 07:19 | 996396 george22
george22's picture

If only Grayson could have stayed focused on what's important rather than talking the "Republicans want you to die fast" nonsense, he could be helpful in the Congress. Then again there's Rand Paul to form a double-whammy on Bernanke. Not too bad.

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Sat, 03/05/2011 - 05:49 | 1021674 shawnlee
shawnlee's picture

We know on ZH the problem with the American Economy is the FED. He may just educate enough new congressmen to get some traction in audit of the fed. links of london

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