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)
»
- Login or register to post comments
- Printer-friendly version
- Send to friend
- advertisements -
Ted Cruz is not electable.
His position on gays/ his general Texas Christian fundamentalism is simply not the majority position in America today. Even Dick Cheney came around on gays after his daughter came out. Cruz reminds me more of Rick Santorum than the next POTUS.
Cruz's wife is a big time executive for Goldman Scahs and I have to believe much of his movey will come from that sewer! So, understand that vote for Cruz is a vote for the staus quo!
Heidi actually didint get hired by the Balsach until after she married Cruz. Balsack views her as an investment . . . that was only worth making when she became a Senator's wife. I still remember Heidi's pink neon workout gear from late nights @ the NY Sports on Wall Street. The world has changed a lot since then . . .
Cruz is not what he appears to be. Wife is MD at GS and was a CFR member for 5yrs before he ran. Read up on Dominionism which is a cult and not anything to do with Evangelical Christianity. His father is a pastor of this cult and was a Castro-ite before leaving Cuba. Cruz is a NWO and the opposite of what he appears to be. Beware.
As an Evangelical Christian myself.....I know.....hard to tell. Ok....a FAILED Evangelical Christian I can honestly say that SteveBob is 100% correct. Dominionism is a cult inside Christianity. Like on the Left with Liberation Theology which was a mashup of Marxism and Christianity popular in Central America back in the 70's and 80's and promulgated by radical Catholic priests.....Dominionism is a mashup of Political Conservatism and Theocratic Christianity steeped in Old Testament politics.
https://en.wikipedia.org/wiki/Dominion_Theology
Just as there are NEO-conservatives......Dominionist are NEO-Calvinists for the most part although there are plenty of Catholics that are Dominionists.
Basically they misconstrue the Scriptures, particularly the ones concerning the Kingdom of God, Christ's Kingdom and having "dominion" over the Earth. Like ISIS and Radical Islam, they are impatient that God isn't taking care of business down here with all the heathen running the world. And they're impatient that Christ hasn't returned yet to set up HIS Kingdom. So they feel it's their duty to do "God's Work" for Him in a political sense.
However, they fail MISERABLY to understand that the world will NOT change through political structures.....even those run by Christians.....but from a change of HEART that comes from a knowledge of Christ's redemption and through that change of heart you can promulgate the Kingdom of God NOT through poltics but by touching people's lives by being CHRIST-LIKE for those people.
Dominionism is in many ways a "Christian" version of Ayn Rand's philosophy. Very selfish, cold and brutal. Please don't lump all Christians with these folks. But be wary. Dominionnists should be opposed by all.....but mainly other Christians.
+1 for the excellent insight into something that is truly baffling, from the other side of the pond. so there are Catholics among the Dominionists? even more baffling, for me
outside of the US, there is "something a bit Christian" in political parties, but way more moderate (and usually centrist). usually called "Christian Democratic Party of XYZ" (no relationship to US Democrats). see https://en.wikipedia.org/wiki/List_of_Christian_democratic_parties
-----
"...they're impatient that Christ hasn't returned yet to set up HIS Kingdom". indeed, this I think I will never understand. practically all "End of Times" prophecies involve great suffering, but some people insist that the generation witnessing and suffering those times are better off, or something I haven't grokked yet
You are most welcome.
You are absolutely correct that "Christianity" in politics is not exclusive to the U.S. Also very correct that it is a much more moderate thing in Europe. As an armchair historian, I think a lot of that can be attributed to the horrible sectarian violence that rage for hundreds of years from the early emergence of Protestantism in the 1100's with Arnold of Brescia through even modern times in Ireland.
Protestanism was also part and parcel with the early "anti-government" movement we see today, because Roman Catholicism and even English Catholicism ( Church of England which I am a member of here in the States ) was so entangled and embroiled with the State. So....it was a dual protest.....a protest against Church AND State.
In a very strange and VERY ironic way......Dominionism is the Protestant version of the same error that infected the Roman Catholic church which caused the Protestant Reformation in the first place. That by getting in bed with the State you can bring about the Kingdom of God. Yet the Scriptures are QUITE CLEAR on this. It says....."....and the government will be on HIS shoulders." Meaning Christ Jesus.......not some Dominionist from Texas.
No where in Scripture does it state from an apostle, much less God or Christ, that it is up to us to establish a POLITICAL kingdom. But to establish the Kingdom in people's hearts by being Christ-like for the people in His stead until the day He comes back to establish His Kingdom on Earth.
Besides......I certainly wouldn't worship a god that was so weak that He needed little old me to establish some Earthly kingdom. This fact kind of tells you all you need to know about the "faith" of these Domionionists.......and ISIS and Radical Islam for that matter.
Like Cromwell, the unshakable faith of the Dominionist could bring them military victory over disorganized and corrupt NWO amerika. I agree with you that their subsequent attempts at peaceful rule would be an agonizing failure. If only the movement would temper itself with compassionate, non-vengeance seeking civil leaders, they could be the answer.
Cruz is a SHAM...remember his wife is a Managing Director at GOLDMAN SUCKS.... WTF do you expect?
Fraud isn't part of the system.
IT IS THE SYSTEM.
How many of those "NAYS" are dual citizens?
I saw that, then I linked a few to have their hands in employing H1B visa tools... astounding! If I have time I may try and write an article connecting all the NAYS to special interest. But then again, my car might "just explode" on the way to my office today...
LOL ! +1000
Diane Swinestein
Barbara Banker Boxer
2 of mine
All those Not voting and no votes, need to leave the office and never look back. You are fired
All those Not voting and no votes, need to leave the office and never look back. You are fired
Thats OK, I'm sure there will be some future athelete steroids scandal that the Senate will get to the bottom of!
The ones that voted nay....are all TRAITORS
Kabuki is getting old.
Bukkake is far more entertaining.
We should discuss appropriate punishment for the Nay sayers like exposing their (child)porn collection/activities.
Not surprised by MD senator votes
Hmmm. Good for Sanders but it Seems all the other Jew Senators voted Nay. Must be a coincidence. And Warren you are a cunt for that No vote.
So how many joo are there in the Senate?
Way too many, given population stats, i.e. that they're 2% of the pop.
Notice the two cunts from Taxifornia voted no.....
...and of course even more egregiously Faucahontas Warren.
Ted Cruz should have been there to symbolically show his support. However, he made a statement this a.m. that they already knew they couldn't get to 60 votes so he decided to keep his schedule in New Hampshire.
In any event, this vote should have been 100 to 0 in favor of auditing the FED. It was almost entirely Dems that blocked this effort.
Well since Cruz isn't going to get 60% of the votes, I guess I won't vote for him either.
Not that I was going to.
Feinstein voted no? You don't say... I mean, what's in a name?
Not sure what we were expecting here. The Feds were going to audit the Fed? They were going to put Inspector Clouseau on the audit team. Would we believe anything about it anyway? Yep all those painted tungsten bars are pure gold. Yep. I mean seriously....
Exactly. Will the Free Shit Army ever vote to give themselves less Free Shit? FUCK NO! How hard is that to understand? If given the choice, would you tell your boss to cut your pay voluntarily? FUCK NO.
I bought RP's End the Fed book and was all on board a few years back before I realized it was a giant waste of time and energy.
Headline from the Stste of the Union and comments by leaders was "anti Wall Street'" - sure
Well the Senators are right
Because
There is nothing left in the Fed to audit.
Only a post mortem is needed.
Disagree. Post-mortem on gold. Audit the printer and see which accounts were credited 1's and 0's.
The Fed has been kept alive by these paid Senators. Till you get an honest bunch or change the political system you will continue to get the same result- No audit.
Post mortems will tell you all you need to know.
The Fed will be declared dead after the Chinese & Russians have finished with the US$
So true
No voters = traitors and criminals rewarded by bribes from banksters
So to all of those who say there is no difference between Rs and Ds, this vote shows that there is a bit difference on an issue that probably most of agree is important, no? It also shows Ted Cruz's colors perhaps? Or maybe he thinks voting on banking issues is a COI due to his wife? Pretty lame.
Sham vote. A setup ... the GOP knew this was going nowhere so they voted this way to make the hoi polloi think they are anti Fed. When push comes to shove they will vote according to their masters wishes.
It is Possible that, all this is just a big” DISTRACTION”… orchestrated by the Big Reptilian News Corporation to camouflage what’s really going on right now.
With the FINANCIAL Terrorist been hunted Right now...Psychopath (Reptilian Instruments) making us believes that all is coming down and will be PEACE...
Here is a hint for you:
{ http://bit.ly/1TPQQAr }
Humanity is in trouble!
How Psychopaths operate and how to deal with them.
El_Puerco,
I do not buy into Ben Fulford. What has he ever reported that's proven accurate?
BUT for me has my brain Wire the right way…
About the KHAZARIAN, here is something; let see if you like this one?!...
(http://bit.ly/1FNMLUS)
I normally don't play party politics and partizan bovine manure, because the Dems and Reps are simply two bum cheeks belonging to the same arsehole(two sides of the same coin), but it is noticable most of the Nays were Democrats. Alas, the end is nigh for the Dollar, so does it really matter?
.
Right down party lines.
Its hard NOT to be cynical - Democrats AND republicans so poisoned they cant even work together on a politically benign issue.
American citizens get everything they deserve.
https://pbs.twimg.com/media/CIrl1RVWoAALVxQ.png
I wonder how many of the Republicans in a pinch would have voted against the bill. Instead some of them may vote yes only if they know there are enough no votes to kill the bill.
You mean their votes were, dare I say it, theater? Un possible.
If the Fed is audited, it will show that it takes direction from the white house - barry, bush, clinton, bush sr and has fuck all to do with the economy.
Which, once again, shows how big fat fucking goobermint wrecks the planet for all to feed a handful of interests and line the pockets of these "elected" vermin.
The way to fuck the Fed and big fat fucking gummamunt is to stop spending on everything but essentials, cut your cable, move away from processed foods, avoid all healthcare - this would take about 1-2 years and goobamunt would be in crisis (worse than it already is).
C/P:
{ If the Fed is audited, it will show that it takes direction from}:
KHAZARIAN Mafiosi Family..
I just loved this explanation
Here have Fun if you like to listen:
{ http://bit.ly/1TPQQAr }
Good Luck!