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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I am Jack's complete lack of surprise.
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.”
Dear Senator Sherrod Brown,
You seem to be unfit for office. The legislative branch was granted the "power of the purse." This is 3rd grade level knowledge of government. If you really want to keep your hands out of monetary policy, I suggest you resign immediately, as you have certainly made decisions while in office that have had financial implications for this nation.
Signed,
An American with a higher than 3rd grade education
Print it and Send it!
Sherrod likes to lay them hands on a lot of new ways to tax Murricans, but when it comes to investigating this kind of free shit (money for nothing), 'Oh Noes, we canst due dat'!
Goes to show how corrupt the people in DC are.
Otherwise they would have pushed to find out how really nast and against their charter they are,
At this point The Fed can't be audited. If it was the whole house of cards would come down. Our handlers know it and secretly many others do as well.
^ truth
The last time I looked, the house of cards is coming down regardless of the occurance or non-occurance of the audit.
IMO the "nay" votes are from the congressmen photographed by the FED in compromising positions.
As an Ohioan, Fuck Sherrod Brown square in the ass.
Is that Elizabeth ( I am a fake ) Warren from Mass voting Nay!...YOU FAKE.
Good, now that we have that silliness behind us we can get back to the important things like buying stawks.
Janet: Audit the fed and the market gets it. Capiche?
The CFO Act was passed in 1991 mandating that all federal agencies would produce auditable financial statements, including a consolidated roll-up, by 2000. I was in KPMG's Public Services practice back in the mid 1990s when our clients consisted of many Inspectors General who engaged us to perform audit work, but the tongue-in-cheek reality which we all acknowledged was the impossibility of this effort. How exactly was an opinion to be produced for a Defense Department that could refuse to disclose anything about vast areas of its own budgetary process due to secrecy requirements?
These Congressmen fear that if Americans found out how much control a foreign government has over the US economy, there would be a back-lash...against Israel
Here, please allow me to fix that for you:
Solutions to this problem:
If by term limits you mean summary executions, then yea, maybe that would help.
Term limits do not remove the staffers. Staffers run the show as it is.
It is a cultural system of shitting on the little guy and turning a blind eye for the elite.
This is all due to the loss of a Cultural Moral Compass.
http://freebeacon.com/wp-content/uploads/2015/02/ByQfpeZIcAAZ9EN.jpg
#banklivesmatter
Isn't it amazing that the Democrats can get Obamacare and Omnibus bills through Congress with simple majority votes, but any conservative bills take 60 votes?
To be honest, what is there to audit? Everyone knows they have printing press which they use to buy crap from TPTB. The real question is what are we going to do about it?
UNtouchables clip: https://www.youtube.com/watch?v=xPZ6eaL3S2E
For .gov, auditing the fed is like admitting there's UFOs . . . it's not what they find, it's what are they going to do about it . .
So, they had the first audit and what happened to the bankers?
Maybe the memory of what happened to Jack Kennedy is still burning in legislators' minds.
We have a government full of Madoffs
Pink Floyd's "Animals" has never been more apropos
At this year's NAPE (Natl. Assn of Pet. Engineers) they're featuring the former head of the Dallas Fed and former NY Mayor Rudolph Giuliani. I wonder if they'll be showing re-runs of the Kennedy execution on the screen behind the speakers just to keep those Texas oil men in their seats.
There's only one way to deal with banksters, politicians, and socialists
Kill em all
Voting nay is reasonable grounds for assassination.
We should be forced to eat the fed, every building,person,and resource tied to the fed should forcefully stuffed down our throats!
If the Fed has $16 TRILLION at its disposal to secretly loan to banks around the world, information the people were lucky to discover long after-the-fact, just imagine how much money they have at their disposal to manipulate markets and influence the media, that is, to deceive all of us.
Did anyone catch Greg Hunter's latest interview with Rob Kirby?
https://www.youtube.com/watch?v=01k3bHSHRmM
The same topic is also covered by Jim Willie (as well as other topics):
https://www.youtube.com/watch?v=01k3bHSHRmM
What would an Audit reveal?
only what everyone already knows, that they are a bunch of counterfeiters and in general a criminal banking cartel, like all other criminal banks.
Constitution clearly states what money is.
Everything else is counterfeit.
Federal Reserve and Fiat is ILLEGAL on a national level.
That tells us the law is meaningless, its a slave rule book.
You can beat around the bush and say how we have " rule of law " , but at the end of the day the law is for the slaves and no one else, a law that exempts a specific group of people from responsibility of their actions is as good as no law at all.
Now you understand why I say that the primaries are the MOST important part of the election process. It's the only time you get to vote out the sociopaths, financed by the financial sociopaths. Ignore party lines; simply vote for the least-financed Congressional seat every primary. I admit that not every Congressional seat is a sociopath, but the problem is that they maintain the majority. NO Congressional seat should have more than one term; that includes the executive branch. Also, the first non-sociopathic majority should also vote out the retirement benefits for future Congressional seats, since they're only going to get one term. Time for the 99% to take back their country peacefully, or way too many will have to die for stupid reasons, just like in the past.
Why would being able to audit the Fed make interest rates go up as Yellen reportedly stated? Does anybody get that? Does it increase their "cost" of doing business?
The Fed exists to transfer money from the taxpayers to The Jew. There will never be an audit of the Fed for this reason. There will never be a goyim Chairman of the Fed for this reason.
Warren cannot even find a reason to vote for this?
Egghead ECONomist
Criminal conspirators don't audit each other. Delivering results is all each party cares about. The Fed is delivering results. It is the business partner of the government. Why would the government harass it for no reason.
People consider the government the supreme authority over everyone, above morality. So what higher authority than government would the government show audit results to, exactly? Seeking what sort of blessing? Makes no sense.
Anyone who calls for an audit of the Fed as if that could achieve something or is perplexed by the failure of this legislation to pass doesn't understand the nature of government, the Fed, and their relationship.
To our friends in the Senate:
Thanks for your vote in us.
You know that our boy Obama would have vetoed it anyway, and we would have your voting record, and
would be less likely to put money in your Christmas stocking next year.
WE FUCKING OWN YOU, and can do ANYTHING we want.
Here is what the FED AUDIT is likely to reveal:
1) TRILLIONS OF $ in off-balance-sheet loans to foreign banks
2) TRILLIONS OF $ in hidden assets purchased from foreign banks which include: bad loans, toxic mortgages
3) $4.7 TRILLION OF assets purchased from domestic banks which include: bad loans, toxic mortgages (THIS ITEM IS ALREADY A KNOWN FACT). Assets not marked-to-market, so the true extend of the toxicity is not yet known.
4) TRILLIONS OF $ in U.S. and foreign equity holdings, including ETFs
5) HUNDREDS OF BILLIONS $ in long U.S. S&P 500 mini futures
These are the so-called "tools" that this corrupt Fed thinks it is allowed to "use" on the financial system.
The damage that this organization has done to millions of lives here in the U.S. and the world collectively is incalculable.
People have lost livelihoods, life savings, homes, marriages, and literally lives because of them. Their actions have led to the doubling of the debt, debasement of the currency to oltold levels, perverse manipulation of interest rate and asset markets globally, all in the name of the 'great experiment'. Since when does an agency of the government get to perform experiments on the public?, except maybe Nazzi days. They have brought the country to the brink of ruin, and certain financial collapse when the dollar finally crashes.
This organization needs to be SHUT DOWN, and their CRIMES punished to the fullest extent of the law, with individual members being charged and sent to prison upon conviction.
Keep the faith in FIAT, and the Fed's printing press, because it truly is ALL you have left.
I just wrote this to the idiot Senator in OH.
Regulatory Capture! As ranking member of Sen Banking. Voting Nay to audit a non Gov Fed Reserve. Is Treasonous. Who do you represent as it is certainly not WE the People. I laughed at hearing your quote Congress should “keep its hands out of monetary policy.” Have you read the Constitution? You know- the thing you swore an Oath to protect & defend? ARTICLE I, SECTION 8, CLAUSE 5. I am very sad for our Country with captured crony's like you in Government.
Why do people keep referring to these corrupt politicians as fools? They are bought and/or compromised, Same with all thise immivasion supporting pols in Europe.
That's right. They are anything but fools. Because they know the fools in the polling booth will keep voting them right back in.
Their farts smell like Yellen's perfume.
Stop with the asinine "audit the Fed" nonsense already. LET's REFORM THE FED. Here is the 4 step process:
1. The Federal Funds rate shall be allowed to float as a market rate of interest.
2. The FRA7A dividends and interest on excess reserve kickbacks to the member banks shall be set at absolute 0% in perpetuity. (the reserve requirement will need to be increased exponentially until the bleed off of the exhorbitant balance sheet is depleted to prevent hyper-inflation)
3. All of the private equity held at the member banks shall be confiscated and returned to Congress, making the Federal Reserve a public entity.
4. The POTUS shall appoint all Federal Reserve Board members and Federal Reserve Governors every four years in off year elections from WHOMEVER he chooses, not a preselected list from the financial services member owner banks.
Other may have other reforms to make the Federal Reserve a public institution accountable to the people and not to the original founders Paul Warburg (and Max) and JP Morgan.
Doesn't even matter Barry Soetero would have vetoed it. Remember he was a junior senator that popped into existence out of no where...and was on the Senate banking committee.
No surprise my two commie senators voted against it.
53 Yes, 3 No Shows the biggest being TED Raphel (SABWAFARE) Cruz , and 44 Nay's. Corker of TN was the biggest surprise of this list also. Bernnie Sanders showed up to vote. Ted (SABWAFARE) Cruz, is another Corker in the wings... Most people already know this though.
Cruz is Princeton/Harvard with a wife at Goldman Sachs. Only true trailer-trash think he is not a part of the Establishment.
Fawning toadies bend over for their money.
It is impossible for them to vote otherwise.
They have no honor.
Must have been really tough for them to decide who was to vote for and who against. Another reason this lying ass government won't survive. Super majority or not, results would have been the same.
Personally I don't care,,, this just re-enforces the general populations view of these despicable clowns and the criminal cabal in the FED and most other Central Banks.
One things for sure... We're exceptional alright,,, no doubt about it!
Liz Warren lost ALL integrity with this one vote. They finally bought Her.