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."
Grayson Grilling Bernanke On Half A Trillion In Foreign Liquidity Swaps And The Constitutional Basis For SuchSubmitted by Tyler Durden on 07/21/2009 14:20 -0400
Grayson asks Bernanke about the $550B (as of 12/31/08) in liquidity swaps with foreign central banks. Who got the money? How did the Fed lend this much money without the consent of Congress? Did these loans push up the value of the dollar?
- At minute 1:30, Bernanke can’t say which financial institutions got the money.
- At minute 3:19, Bernanke says that the 30% rise in the dollar which took place at the same time as the Federal Reserve lent out $500B to foreign central banks was just a coincidence.
- At minute 3:45, Bernanke and Grayson discuss the Constitutional basis for the Federal Reserve lending a half a trillion dollars to foreigners.
First, Darrel Issa taking on Bernanke in what may prove a fateful and timely opposition against the Federal Reserve, now Alan Grayson going for Bernanke, Geithner, and Vikram's jugular. Just when it seemed that the D.C.-Wall Street crony alliance would last forever (don't worry Barney, we still love you), opposition voices finally emerge and take on the biggest culprits head on.
Among the questions that Grayson is seeking the SIGTARP's assistance on are: