Banksters Win Again - "Audit the Fed" Bill Fails In The Senate
Submitted by Mike Krieger via Liberty Blitzkrieg blog,
When it comes to the Fed, Congress is mired in hypocrisy. The anti-regulation, de-regulation crowd on Capitol Hill shuts its mouth when it comes to the most powerful regulators of all – you and the Federal Reserve. Meanwhile, Congress goes along with the out-of-control, private government of the Fed—unaccountable to the national legislature. Moreover, your massive monetary injections scarcely led to any jobs on the ground, other than stock and bond processors.
– From the post: Ralph Nader Destroys the Federal Reserve in Open Letter – Calls it “Out of Control, Private Government”
Rand Paul’s signature “Audit the Fed” legislation failed to garner the 60 votes needed in the Senate to move the measure forward. Of course, this is merely the latest in a never-ending series of banker victories, and a truly devastating blow against liberty, free markets, transparency and any hope for government by the people and for the people. Ensuring that light is never shined on the Fed’s shady, corrupt and unaccountable bailout activities has always been a key goal of the American oligarchy, and they succeeded once again.
Kudos to Rand Paul for trying, and respect to Democrat Bernie Sanders for voting in favor. Elizabeth Warren voting against is inexplicable and indefensible.
More from MarketWatch:
WASHINGTON (MarketWatch) — A bill that would have allowed Congress to order reviews of Federal Reserve interest-rate policy decisions failed a procedural test in the Senate on Tuesday as supporters failed to come up with the 60 votes needed to cut off debate on the measures.
The measure to curb the powers of the Fed has been a central theme of the presidential campaign of Sen. Rand Paul, a Republican from Kentucky. The legislation would end a ban on the Government Accountability Office’s authority to audit the U.S. central bank’s monetary policy moves that has been in place since 1978. The Republican House has already approved the measure.
The bill was designed to “pull back the curtain and uncover the cloak of secrecy” at the Fed, Paul said on the Senate floor. He said there had not been a full accounting for the swelling of the Fed’s balance sheet — to $4.5 trillion from roughly $800 billion before the financial crisis.
Just 53 senators voted to halt debate on the bill Tuesday. Sixty or more votes for “cloture” would have paved the way for possible final passage of the bill.
The bulk of the opposition to the measure came from Democrats.
Because supporting an unelected, unaccountable bank cartel is so liberal.
Sen. Sherrod Brown, an Ohio Democrat, who is ranking member on the Senate Banking Committee, said Congress should “keep its hands out of monetary policy.”
Fed Chairwoman Janet Yellen called the bill “a grave mistake” and warned the measure could lead to higher market interest rates.
Democratic presidential candidate Bernie Sanders, an independent senator from Vermont, voted for the measure.
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Among the investigation’s key findings is that the Fed unilaterally provided trillions of dollars in financial assistance to foreign banks and corporations from South Korea to Scotland, according to the GAO report. “No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” Sanders said.
The non-partisan, investigative arm of Congress also determined that the Fed lacks a comprehensive system to deal with conflicts of interest, despite the serious potential for abuse. In fact, according to the report, the Fed provided conflict of interest waivers to employees and private contractors so they could keep investments in the same financial institutions and corporations that were given emergency loans.
For example, the CEO of JP Morgan Chase served on the New York Fed’s board of directors at the same time that his bank received more than $390 billion in financial assistance from the Fed. Moreover, JP Morgan Chase served as one of the clearing banks for the Fed’s emergency lending programs.
In another disturbing finding, the GAO said that on Sept. 19, 2008, William Dudley, who is now the New York Fed president, was granted a waiver to let him keep investments in AIG and General Electric at the same time AIG and GE were given bailout funds. One reason the Fed did not make Dudley sell his holdings, according to the audit, was that it might have created the appearance of a conflict of interest.
To Sanders, the conclusion is simple. “No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed,” he said.
The investigation also revealed that the Fed outsourced most of its emergency lending programs to private contractors, many of which also were recipients of extremely low-interest and then-secret loans.
The Fed outsourced virtually all of the operations of their emergency lending programs to private contractors like JP Morgan Chase, Morgan Stanley, and Wells Fargo. The same firms also received trillions of dollars in Fed loans at near-zero interest rates. Altogether some two-thirds of the contracts that the Fed awarded to manage its emergency lending programs were no-bid contracts. Morgan Stanley was given the largest no-bid contract worth $108.4 million to help manage the Fed bailout of AIG.
A more detailed GAO investigation into potential conflicts of interest at the Fed is due on Oct. 18, but Sanders said one thing already is abundantly clear. “The Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”
To read the GAO report, click here.
Now here’s how the Senate voted:
Par for the course in…
(20 votes)
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really disappointed in ted cruz - fact he couldn't get back to DC for THIS vote makes me re-think how serious he is about monetary policy. could have made a statement by voting for rand on this one after he acknowledged his bill during a debate & mentioning he would like to see us back on the gold standard.
So....the peaceful method fails.....whats next? more peaceful methods?
Vote harder. Like really really hard.
so we want to lose the reserve currency status? maybe you would like to review the consequences of that.
Yes yes, we plebs should be grateful for the reserve currency status. After all we cattle get the benefit of the hot money before it depreciates, no doubt. We mundanes also don't have to worry about the relative value of our labor and how that impacts employability. It also doesn't finance the leviathan of alphabet soup agencies which seek to enslave us.
A strong currency is good. A pyramid scheme is not. Which do you think more closely reflects that which we peasants experience?
"Auditing the Fed" is as absurd as having Murder, Inc. "Police The Mob". It'll never happen... and if it did, it would be totally bogus. Revolution and brutal justice for the international usurers is the only solution.
"A tearful President Obama signed the executive order today auditing the Fed. 'I'm outraged,' he yelled across the podium, at the years of rampant corrption and malfeasance and it's time we did something to correct it!' With watery eyes, and Reggie at his side, the President then signed the bill thus fulfilling another campaign promise to curb the widespread financial abuses in corporate America that shatter the hopes and dreams of all Americans."
ted cruz bravely didn't vote. What a fucking clown. Thinks he can play it both ways. To his wife and her banker buds, "see, Im with you guys, I didn't vote for the audit the fed bill", and to the dupes still stupid enough to support him "I did not vote against the audit the fed bill, I believe in sound money". The saddest part is no one will publically call him on it, and most of his supporters probably either don't know what this means, or don't pay enough attention to notice, so he will probably get away with it.
Not that it mattered anyway. Who was going to conduct this audit? The government? HA. THe government, like the fed, seeks self preservation above all else. Anything that makes the fed look bad is going to also make every public official who hasn't been screaming about the fed's crimes look bad(which is nearly all of them) for allowing it to continue for so long. Even if it passed, it would have been largely meaningless.
An audit is pointless, just end the fed.
What of that little neo-Con Corker. As far as i can tell he was the only Republican to vote against it, although there were several who did not vote.
I hate that fucker.
I agree. My argument was against the person suggesting that we should be silent and enjoy the "privilege" the USD. Auditing the FED is asking a liar to provide documentation that cannot be verified about if they are lying or not. Skip the audit, END THE FED.
Wants got nothing to do with it. The world is already paving the way for a new world (monetary) order. America's reserve currency status is already deep in the headwinds.
http://www.pmbug.com/forum/f13/tin-foil-hats-economic-reality-total-pers...
Let's be real, even if this were to go through, does anyone here trust the government to actually do a proper audit?
pods
I trust the govt to be what they always have: criminal, corrupt, treasonists
history class is a complete waste - nobody cares
Growth Sector.
http://www.forensicaccounting.com/
TREASON IN THE SENATE
http://stateofthenation2012.com/?p=29126
McCain voted for the Bill, shall we say all drama. These guys are not going to Audit the Fed until they are all broke. The riches they were promised are all gone and they want payback.
screw auditing the Fed. Just shut it down!
The government maintains an enemys list.
Ironically, it also maintains a publically available people's enemy list kindly posted in the article.
Raze the FED.
And they don't want to open the "audit the Senate expense accounts" can of worms. Are we screwed yet?
My point all along. It would be even worse if they "allowed" a fake audit. Then every smug asshole apologist could refence the fake audit to defend the actions of the Fed.
I agree, at some point you just have to trust people.
"I agree, at some point you just have to trust people."
ROTFLMFAO !!! Who do you think voted these assholes in ? And who keeps failing to rebel ?
The point is we can't even get a fake audit.
Like I wanna pay for that? Another bloated agency that itself would need audited? There are no good answers (that I can think of).
2 points:
1. It is a test to show who is outwardly for the current corruption.
2. If if did pass at least it would be legal to audit the fed at some point hopefully on a regular basis so if we ever get some "honest money" politicians at some point the law would be in place for them to audit.
vote smarter, not harder
just ask a Greek how voting worked out for them
We're all Greeks now.
I though the article is about American matters?
America matters about as much as Black Lives Matter.
Unfortunatley, I have to recognize what it is that you infer when you mention Peaceful Methods: voters, voting, and those whom are voted for.
Apparently, and I am not sure why this merits explanation as history is replete with examples from our not-too-distant past that could suffice for my writing, We, the people, have not established the individuality, self-autonomy, and brave perspective to understand that certain social systems and their parasitic beliefs will not continue to serve humanity insofar that they are inherently servile to human needs. The Polito-bureau is not to be trusted as a anonymous (even that is going away) participant; that is, as a disenchancted and disinformed electorate.
Time will trend towards solutions that will not merit the same peace as voting had historically promised and assumed. I do not think that this should or will necessitate bloody, misguided revolution; Americans, at large, are too unorganized and apathetic to stir themselves towards planned and approached action. Therefore, whatever and whenever it occurs, it shall be good.
You make a mistake in your assessment. While the 50% (average) Murrican cant be stirred from their fat social media slumber, if you look @ the the various cross-sections, there are 2-15% that are ready, willing, and able to take some liberty. That 2-15% is more than enough to dramatically shake the rest of nation. A lot.
All of the corrupt elected career political turds need their skin sandpapered off buried in salt then thrown out in the middle of an Iranian desert with a can of Pennzoil.
"So....the peaceful method fails.....whats next? more peaceful methods?"
Yep.....since no one is willing to pick up the gun and the military is not interested in protecting the Constitution by coup.....then yeah.....more peaceful methods.
The only recourse is to tune out and drop out. It was all going to hell anyway. As George Carlin said, "Maybe, just maybe it's NOT the politicians who suck. Maybe it's.....THE PUBLIC. YEAH.....THE PUBLIC SUCKS."
may I? not all peaceful methods have been attempted, yet. for example constitutional amendments. the League for Temperance won once, and lost, later
You are, of course, correct. Just like Caitlyn Jenner's slip, from time to time my cynicism and anger shows. It is the "thorn in my side".
Next we should try smart peaceful methods. Asking Republicans or Democrats to stop the leviathan state are doomed to fail. They are the instruments by which leviathan state was forged. The third pillar of localism suggests we start small local groups which recruit and help elect candidates for local offices. Changing DC is out of reach, but acting together to protect ourselves from DC's madness is still an achievable goal in many, if not mostst, counties in the US. If local organic (not national) parties could grab a state legislature or two, they could make some real progress in protecting people from what is to come and help us get away from total reliance on the dollar (like other nations are trying to do).
At any rate, no I don't think it is time for violence. People have not even tried leaving the two establishment parties yet. Not in significant numbers. And in many areas most of them won't until its too late. That won't stop me from trying to go around them to obtain political representation where I live.
If we have enough islands of sanity, it will be extremely helpful when it is time to rebuild (in a way that prevents political power from ever being centralized again) the blueprint is here. ... http://www.amazon.com/Localism-Philosophy-Government-Mark-Moore/dp/06922...
I submit that even local elected member of the UniParty are corrupted. If nothing else, by party contributions and efforts for their next campaign.
"If you don't see things our way, we'll throw all our weight behind someone that will do what we want next cycle."
If the "UniParty" is not a national party at all, but local residents helping to elect say, a county sheriff or a state legislator as an independent, then what is wrong with that? Isn't that what representative government is supposed to be? It may not be perfect government, but by golly it will give people what they want. Right now as long as the candidate pleases the DC heirarchy funded by global money the machine supports him even if they are not doing what the constituents want.
Decentralize the candidate selection system. Centralization of political power takes control of our lives further from the individual. Everything we do to decentralize it brings it back within reach of us. The system cannot leverage their money like they can when they own the top of a heirarchy. http://www.amazon.com/dp/B00B0GACAQ
+100 One state's succession is all that is required to get things moving in a better direction.
Apparently as long as war and instability rages the Fed has Congress by the balls.
They have a clear mandate to continue as they have.
Listen to my last words anywhere. Listen to my last words any world. Listen all you boards syndicates and governments of the earth. And you powers behind what filth deals consummated in what lavatory to take what is not yours. To sell the ground from unborn feet forever –
"Don’t let them see us. Don’t tell them what we are doing –"
Are these the words of the all-powerful boards and syndicates of the earth?
"For God’s sake don't let that Coca-Cola thing out –"
"Not The Cancer Deal with The Venusians –"
"Not the Green Deal – Don’t show them that –"
"Not the Orgasm Death –"
"Not the ovens –"
Listen: I call you all. Show your cards all players. Pay it all pay it all pay it all back. Play it all pay it all play it all back. For all to see. In Times Square. In Piccadilly.
"Premature. Premature. Give us a little more time."
Time for what? More lies? Premature? Premature for who? I say to all these words are not premature. Thesewords may be too late. Minutes to go. Minutes to foe goal -
"Top Secret - Classified - For The Board - The Elite - The Initiates – "
Are these the words of the all-powerful boards and syndicates of the earth? These are the words of liars cowards collaborators traitors. Liars who want time for more lies, Cowards who can not face your "dogs" your "gooks" your "errand boys" your "human animals" with the truth, Collaborators with Insect People with Vegetable People. With any people anywhere who offer you a body forever. To shit forever. For this you have sold out your sons. Sold the ground from unborn feet forever. Traitors to all souls everywhere. You want the name of Hassan i Sabbah on your filth deeds to sell out the unborn?
William S. Burroghs - "Last Words" from Nova Express 1964
Borroughs was a spy. Jes so's ya know.
Cool quote.
How about "Religion of Peace" methods?
Doesn't his wife work for Goldman? Or used to or something? Wouldn't that be a vote against their own interests?
Correct, good sir!
Wife: "And, what does Teddy Bear not get if he is naughty, naughty bear? "
Teddy: "No! not that!"
Wife: "That's right, Teddy. Do I need to tell you the ticker?"
Teddy: "Please, don't!"
Wife:"BLO: NO---that's where my money is gonna go if you voice an opinion to the People. You got that? Cannabix Technologies, C: BLO"
Yeah, I didn't trust Cruz. His "no" vote confirmed my suspiciions. This would have been one of the most vital bills of legislation to get passed, as it offered our only chance of cracking the stranglehold the FED has on the US citizens and ultimately the world economies.
Cruz's wife is a Goldmanite.
http://www.alternet.org/tea-party-and-right/why-did-ted-cruz-refuse-disc...
There is no Audit the Fed...no middle ground, the only hope remaining for what's left of this country is to END THE FED and that will take more than a vote...
Of course the Banksters won. They've been winning since 1791.
http://wiki.mises.org/wiki/Panic_of_1792
Hamilton’s crisis management in 1791 and 1792 may illustrate the moral hazard problem that is ever present in financial crisis management. By coming to the aid of the markets in 1791, Hamilton may have encouraged the speculative bubble of 1792 by making market participants believe that there was something like a "Hamilton put" on the table. Two centuries later, it was said that Alan Greenspan’s similar actions in dealing with the Asian, Russian, and LTCM crises of the 1990s created the notion of a "Greenspan put" that fueled the so-called dot com bubble of the late 1990s. Effective management of a financial crisis may sow the seeds of another one. Hamilton invented here what in time would be termed Bagehot’s rules for how a central bank should act in a crisis some nine decades before Bagehot rediscovered them.[2]
A consequence from the panic of 1792 occurred May 17th of that year when twenty-four broker-dealers of New York met under a buttonwood tree on Wall Street and signed an agreement to trade with each other on preferential terms. This is often regarded by many, including the NYSE itself, as the origin or founding of the New York Stock Exchange. All of the securities regularly listed and quoted in the New York market in the early to mid 1790s—the U.S. 6s, 3s, and deferreds, and the stocks of the BONY and the BUS—were Hamilton’s creations.