"The Fed has not been chastened. It is bolder and more of a rogue actor than ever. It's clear that without full audit authority going forward, the Fed will continue to give out "foreign aid" without Congressional or even Executive permission.
And it will do so in secret.
So we will be fighting on to get a full audit from the conference committee.
But let's not lose sight of what we have accomplished so far - real independent inquiry into the Fed, and its incestuous relationships with Wall Street banks. For the first time ever." - Alan Grayson
Alan Grayson Comedic Stand Up Special On The Bankrupt Red Roof Inn Chain And Its Proud Owner, The Federal ReserveSubmitted by Tyler Durden on 05/07/2010 15:17 -0400
When we disclosed that the Fed was getting crammed down last week on Red Roof Inn foreclosures, little did we know that Alan Grayson was going to take the material and make pure comedic poetry out of it. One more reason to applaud the brilliance of our corrupt and moronic Senators for preventing the much needed and long-overdue audit of the Fed.Enjoy.
Alan Grayson Discloses That Dodd Bill Covertly Eliminates Already Passed Legislation Requiring Full Fed AuditSubmitted by Tyler Durden on 04/23/2010 11:07 -0400
Once again we get confirmation that Chris Dodd is nothing but a paid manservant for his Federal Reserve masters, in addition to being a lame duck, whose last days in office are meant to do everything to allow the old-school Wall Street ways of endless secrecy and Fed bailouts to continue in perpetuity. As Ryan Grim points out "Alan Grayson and co-author Rep. Ron Paul passed legislation through the House that would allow the Government Accountability Office (GAO) to audit the Federal Reserve and, after a delay, release the information to Congress. It was a remarkable victory, with a populist coalition beating back the combined lobbying efforts of the Treasury Department, the Fed and Wall Street banks. The Senate has been more hostile territory for the Fed audit provision. Banking Committee Chairman Chris Dodd (D-Conn.) opposes the Grayson-Paul version, but allowed a much more restrictive audit proposal from Sen. Jeff Merkley (D-Oregon) into his bill." Why and how Dodd believes he can stand against this critical issue, that over 80% of America supports by demanding Fed transparency, is beyond any rational attempts at explanation. How he hopes to get away with it is even more mindboggling.
Dylan Ratigan, joined by the inimitable Alan Grayson and Bill Fleckenstein, does one of the best comprehensive summations of the where we are, how we got here, and why those responsible for the upcoming US default are still doing exactly what they were doing, through the enabling of the Federal Reserve. The logical question arises: when will someone finally do something about the situation the US is in right now? At this point pretty much everyone understands how the con works (and if you don't, watch this clip). Why do we allow a handful of corrupt politicians and a select few of Fed members unaccountable to anyone, coupled with a small group of Wall Street CEO, to determine the fate of this nation, and how long will democracy be trampled by those very people who claim to represent nothing but the people's interests? Watch this clip.
It had been a little quiet without Alan Grayson these past few months. Too quiet. The Florida Democrat is now back with a bang after sending a letter to the representatives of the AIG Credit Facility Trust demanding that all AIG emails over the past decade be made public, as well as all company models and internal accounting documents. Yet it is the flourish of the narrative, which reminds one of Dan Loeb in his iconoclastic prime that is the centerpiece of the most recent, and every other letter. Where else can you find pearls like: "It is beyond outrageous that this company, which taxpayers capitalized after Wall Street used it as a slush fund, hides nearly all relevant facts from its owners, the public." We are most enthused by Grayson (and others) finally picking up on a key theme - if you want something analyzed independently and objectively, just open it up to the broader public, and screw all corrupt internal commissions. Crowdsourcing is the only way to get anything done these days. Also, the crowd wonders, is it too late to replace the top two posts in the current administration with Grayson-Kaufman (in alphabetical order)?
Grayson Rips Bernanke Over Latest AIG Bailout, Insinuates Attempted IRS Fraud In Grossly Illegal DealSubmitted by Tyler Durden on 12/08/2009 17:32 -0400
It has been a while since Alan Grayson had a public appearance. Today the man comes back with a bang.
Grayson Post-Mortem On Last Night's Historic Fed Transparency Victory And The Revelation Of Barney Frank's HypocrisySubmitted by Tyler Durden on 11/20/2009 12:08 -0400
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.
Comments From Alan Grayson after passing a historic vote on the Paul-Grayson amendment. And thank you Chairman Frank for truly showing whose side of the debate you are on. You almost had everyone fooled there for a second. Fear not - the American public will not forget those who holds its, and not Wall Street's interest, first in their heart.
Alan Grayson Seeks To Moderate Fed-Mandated Currency Swaps Which Bail Out Foreign Central Banks Shorting The DollarSubmitted by Tyler Durden on 11/18/2009 15:21 -0400
One month ago, Zero Hedge did an exhaustive examination into the topic of over half a trillion of foreign FX liquidity swaps to central banks issued by the Fed, and how by administering this unprecedented incursion into international monetary policy, Ben Bernanke became the lender of last resort not only to US institutions on the brink, but to all those foreign central banks, and thousands of foreign financial institutions, who were massively short the dollar the last time the bubble popped (ring a bell?). Since we have ended up in the same boat promptly once again, and since the ponzi scheme can only continue so long before all those short the dollar scramble to cover shorts at some point in the future, as Roubini has predicted, it is merely a matter of time before the Fed will need to disburse another trillion or so of FX swaps to bail out all those who are shorting the US middle class into oblivion. We ignore the ethics of bailing out those who have done nothing but piggyback on the dollar carry trade, and in doing so, have decimated the purchasing power of America's working class, which is precisely what Ben Bernanke did. Buying stocks may be patriotic but bailing out those who want your dollar to purchase less tomorrow than it can today, sure does not pass the sniff test (Bernanke, of course, being at the top of that particular food chain).
The man who is hated roughly equally by thoughtless extremists on either side of the political spectrum, yet who revels in his notoriety and is arguably the one single-most potent Congressman in D.C. currently, will be taking live question on topics ranging from "health-care and the House's passage last week of a reform bill, his stand on Afghanistan urging President Obama to pull troops out of the country, his use of controversial rhetoric in referring to the Republicans' health-care plan and another incident using an off-color word to describe a female Federal Reserve advisor, his reaction to Republican Web site, MyCongressmanIsNuts.com, and more."
This is a good start...
Dear Chairman Dodd and members of the Banking Committee,
We are writing to ask you to postpone the confirmation of Ben Bernanke until the Federal Reserve releases documentation that will allow the public and the Senate to have a full understanding of the commitments that the Federal Reserve has made on our behalf. Without such an understanding, it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve’s dual mandate to ensure price stability and full employment. A list of said documentation is enumerated below.
- Alan Grayson and Ron Paul
"[The Fed] is the story of the millennium. There are very few stories you can ever write about where the numbers involved have 13 digits in them." - Congressman Alan Grayson
Rep. Alan Grayson announces there will be a hearing in late September on the bill to audit the Federal Reserve.
Two months ago Zero Hedge first wrote about Alan Grayson's request to the SIGTARP to audit the $300 billion in federal guarantees received by Citigroup. Neil Barofsky has taken the request seriously, and has announced that he will "examine why the guarantees were given, how they were structured and whether the bank’s risk controls are adequate to prevent government losses."