Ron Paul's 'Audit-The-Fed' Swan Song Passes House, Unlikely To Pass Senate

Tyler Durden's picture

When Paul first introduced his bill a decade ago, it was written off as another piece of his far-flung libertarian worldview is how Politico juxtaposes today's (now successful) vote on Ron Paul's Fed Transparency Bill. "I want to appreciate and congratulate Dr. Ron Paul for his tireless pursuit of openness and transparency," said Rep. Jason Chaffetz (R-Utah). "Without his leadership, we wouldn’t be at this point today." Via Bloomberg:

  • *FED AUDIT BILL OPPOSED BY BERNANKE GAINS APPROVAL BY U.S. HOUSE
  • *FED AUDIT BILL NEEDS SENATE APPROVAL, PRESIDENT'S SIGNATURE
  • *FED AUDIT BILL SPONSORED BY REPRESENTATIVE RON PAUL OF TEXAS

 

 

 

Via Politico:

“I’m pleased. It’s something I’ve worked on for a long time, and it’s a good first step,” Paul told POLITICO. “It’s coming to the floor as a response to the American people, because I don’t have a whole lot of clout around here.”

 

Paul really doesn’t want this bill to be treated as his swan song in Congress, but to some extent this vote represents a coda to an eccentric congressional career. Paul’s movement has always been stronger outside the Capitol than inside it, yet the fact that at least one of his ideas is starting to break through shows that he may still have some clout on the national stage, even if he’s leaving the congressional payroll and ditching his presidential runs.

 

And even though a return to the gold standard, legalization of drugs and abolishing the Federal Reserve remain pipe dreams, Paul believes the traction on his Audit the Fed bill does validate his grass-roots, populist approach to monetary policy.

 

“I like to think of it more as verifying that my approach is a little bit different than just becoming a powerful player and having an influence, versus really changing people’s minds,” he said. “Events have also brought it about because these last five years have been so important to the economy. If the crisis hadn’t hit, I don’t think I could have gotten as much attention.

 

“Government reflects the people, sometimes that happens slowly,” he said. “When the American people get upset, Congress listens.”

and some useful comments from the opposers of the bill...

Never mind that the Fed audit is dead in the Senate — Majority Leader Harry Reid’s office has said he won’t bring it up.

 

There are still many Democrats who aren’t convinced, like Rep. Emanuel Cleaver (D-Mo.). “There is an audit of the Fed done every year. It’s not what Dr. Paul prefers, but I think the public has been misled in believing there’s no accountability. That’s not accurate,” Cleaver said. “I do think there are times when members will vote for something they don’t normally like as a tribute to members that are departing. Some of that may happen.”

 

And Hoyer said no matter how many Democrats are co-sponsors, he still thinks the bill is bad policy — and he’s urging Democrats not to support it.

 

“Whatever the motivation is, and however broad the sponsorship is, my own view is that it’s bad policy,” Hoyer told reporters on Wednesday. “It will undermine the independence of the Federal Reserve and will, therefore, undermine the competence in the Federal Reserve, which plays a significant role in stabilizing the economy and addressing the creation of jobs.”

and the full roll-call...

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Row Well Number 41's picture

Defense is constitutionally mandated, but empire is not.  Even with a 15% cut we will still be spending twice all the rest of the world combined on our Military, only empires do that.

 

#41

John_Coltrane's picture

Some advice on your "informatiion": 

Better to not comment and be thought a fool than to comment and remove all doubt as well as all future credibility. 

 

Bringin It's picture

JC - you are the one playing the fool.  Let's call each other names?  Why is that useful?

Blotto's just telling it like it is.  If you have a problem with what he's saying, let's here it.

Calling Blotto a fool for raising and backing up some very good questions does not make you look good nor help the Paulistas.

Why did RP allow the blatant and massive vote fraud? in for example the Maine and Iowa caucuses?

Analyses of the GOP debates show that in 20 GOP debates Ron Paul attacked Romney's rivals 39 times while never assailing Romney even once.  Was RP running for real or was he part of the Romney team?  If he was for real, why did he never take on Romney over war or obama-care and assault gun bans under Romney's reign in Mass?

terryfuckwit's picture

absolutely this is just a bit of a half hearted thank you to Ron for selling his son to satan.. If it's possible to be anymore 2 faced than Obama believe me Ron would have done it if he ever got to power.. and yes i originall believed in him too. I often said I wished the brits had someone half as honest

iDealMeat's picture

Who is Nigel Farage? fuckwit

HardAssets's picture

Ron Paul has educated a lot of people. For this he should be honored and appreciated. Many more are aware that the Federal Reserve even exists, than did before.

But like a lot of people, at the start of his campaign I knew it was a very long shot. The powers-that-be were not going to let Paul just walk in and toss out their trillion dollar money & power game. And they sure weren't gonna 'play fair'.  It would have taken an overwhelming number of the American people waking up to living in this system of fraud - - and that didn't happen. It probably would have taken some kind of miracle at this point in time.

So unfortunately, it looks like we will have to experience complete economic collapse and the full tyranny of an in-your-face police state. Maybe even something worse - - this morning Dr. Paul Craig Roberts called the UNITED STATES (or at least those neo-cons and criminals running it) the biggest threat to all life on this planet today. 

Ron Paul tried to educate people and get them to turn down another path. Most of them dont seem to want to go there.  At least not yet.  Maybe most Americans think its o.k. to be a slave - - - if that term isnt used, and you have plenty of mindless 'entertainment'.   Maybe those kids Paul educated and inspired will have more brains and heart than their parents.

Bringin It's picture

When "austerity" hits home people will have to snap out of it ... won't they?

I have read descriptions of Austria prior to Germany taking over.  People were dumb-founded and desperate, having discovered that their money could not buy them food.  In this destabalized environment, the Nazi police state was welcomed as it brought order and eased fears about where the next meal was coming from.

Now that the RP fairytale is over, I guess that's where we're going.

Stoploss's picture

That's ok Ron, rest up, you are about to have more clout than you realize.

This aint about red or blue, it is about you!

SheepRevolution's picture

Dear Americans, please call and e-mail your senator right now and up until the Senate votes! Explain what the Fed is if they don't know and explain their corrupt and secretive history. Make this happen! We over here in Europe have absolutely zero oppurtunity yto make anything similiar.

Joe Sixpack's picture

I am more interested in what happens at the Repub convention in Aug at this point; though this may help. I hope his delegates and a lot of Mickey's turn on Mickey and elect Ron Paul as the Repub candidate.

Bringin It's picture

That would be a great outcome.

Under those conditions,

I would consider my c-note well spent.

HyperLazy's picture

I just called my two senators and told them whats up. I have no issues chit chatting with the phone attendants, lay on a little articulation and eloquence in a calm demeanor which helps.

About a year ago I called one of my represenatives and the phone attendant wanted to debate my austrian perspective against his college keynesianism. To end the debate I used the phrase, "You cannot have infinite growth in a finite sphere. Now do your job and pass on my concerns to the honorable so and so." haha

UP Forester's picture

I would call my senators, but I don't have $500K to kick in to swing their vote.

I would congratulate my congressman, but he was going with the flow, seeing that this would be DOA.

I would think of voting for Dr. Paul in the fall, but that is not to be.

Instead, if I vote, I'm going to vote for the most bought-off, corrupt, spendingest rat-finks on the ballot, just to get the shit-storm rolling quicker.

There's not a thing anyone can do with this existing system, and a fair chance that with a total re-boot the next system can stay sane, for a little while at least....

Big Corked Boots's picture

I called Senator Lautenberg, but his aide said he was napping.

I called Senator Menendez, and his aide said he was stealing.

So much for providing Valuable Input from the Citizens.

kito's picture

please dont be so naive...mainstream republicans have no intention of auditing the fed....this is a gift to ron paul from romney, who needs his support and votes...this is nothing more than placating mr. paul during election season.....the republicans know full well that the bill will end up dead, so why not throw mr. paul a bone?.................please remember, there is no "left" and "right", stop buying into this false paradigm.......its bread and circuses.....both parties ARE BOUGHT BY THE SAME PUPPET MASTERS!!!!!!!!!!!!!!!!!............................

John_Coltrane's picture

Yes, action, not bitching and moaning about that bastard Reid.  I called my reps earlier today and the phone person said that my Rep was a co-sponsor and they had been flooded with calls on this bill.   I'm guessing it was partly due to Campaign for Liberty, Ron's PAC.  These people are more dedicated and persistent than the NRA (and I belong to both orgs)!  If the senate thinks they can bury this bill without a floor fight they are out of their minds.  Campaign for liberty is to freedom as the NRA is to gun freedom-single mined obsessive maniacs.  Dig it and get get in contact with your senator.

Big spending Senators love the FED since they know they artifically manipulate interest by monitarizing debt and don't want any transparency. 

Bartanist's picture

Of all the corrupt government elections, the Nevada election that got Harry Reid fraud has to be the worst. He is a complete *ssh*le and was losing lby something like 17 points in the polls pre-selection and then the election night fraud SHOULD have shown every citizen of the United States of America Republic that the government has been completely hijacked and no election should be considered honest.

The USA has become the USF (United States of Fraud). Why not just make the name official. It won't even take a constitutional amendment because Congress seems to have forgotten that it requires AMENDMENTS to change the constitution.

creepy ... yech.

Bringin It's picture

John Coltrane will fix it. /sarc

Bearish News's picture

Just threw up in my mouth. Thanks.

centerline's picture

Audit or postmortem.  In the end, the math is going to win.  And judging by events of the last year or so, we are pretty close to the end anyhow.

Realistically, if there were an audit, the results would sealed shut and locked away for 50+  years.  The public would get reports with black magic marker over 90% of the text.

kralizec's picture

Harry Reid eats monkey balls!  &%$# Bastard!

JimBowie1958's picture

Nevada election rigged? lolmao, do you have a link to a site that verifies the details of what you are claiming  here?

Should this check out, I dont want to expect my friends to just take my word for any of this.

blunderdog's picture

Why bother worrying about one measly little Senate seat? 

Just ask your friends if they believe USian elections are executed fairly by competent people and produce trustworthy results.

If they say YES, find new friends.

JimBowie1958's picture

So no one has a link to a valid source of information to validate what has been claimed?

That makes it smell like bullshit.

blunderdog's picture

Read the disclaimer/disclosure policy.  It's best to assume everything is bullshit until you've found actual data on your own. 

Everyone is just another plant/shill/crony/dupe for something or other.

lolmao500's picture

Do your own research. I was there during the election I've seen it all live.

blunderdog's picture

Why would I?  I *know* our elections are a joke. 

We haven't run a proper NATIONAL election in over a decade.  Why anyone would be surprised that a state-level election is fucked up is baffling to me.

JimBowie1958's picture

Thanks, but I am referring to Nevada specifically. I know there is plenty of fraud that goes on already. I had not read this about Nevada and I suspect the original poster of using a heavy dose of hyperbole.

koaj's picture

call Harry Reid and tell him to bring it to the floor

 

Phone: 202-224-3542 / Fax: 202-224-7327

 

of course last time the senate voted on this, Waddell & Reed sold some S&P minis and the Dow lost 1000 points...may 6 2010

azzhatter's picture

Called and faxed the slimy cocksucker. Washing my phone now with ammonia

Vincent Vega's picture

+1 for the 'slimy cocksucker' part of your comment.

LMAOLORI's picture

 

 

He won't do that he wants the Fed to help obama

 

Democrats warn Rep. Paul's 'audit the Fed' bill will politicize monetary policy

http://thehill.com/blogs/floor-action/house/239821-dems-warn-pauls-audit-the-fed-bill-will-politicize-monetary-policy

 

FRIGGIN HYPOCRITES

 

Schumer Pushes Fed Toward QE3, Tells Bernanke 'Get To Work Mr. Chairman'

http://www.forbes.com/sites/steveschaefer/2012/07/17/bernanke-to-hint-at-more-stimulus-gold-doesnt-think-so/

Bringin It's picture

While the 2-party system is a fake in that both parties have the same financial backers, I do believe the parties compete for real, within the confines allowed by their owners.

So Obammy wants to juice the economy to ease his plan to stay where he is.  Is there a quid-pro-quo here?  Super corrupt Reid sits on the bill and Obammy gets his juice.  Will know soon.

Snakeeyes's picture

Dirty Harry and the Dems are complicit in the destruction of the financial system.

The Monkey's picture

The Republicans have certainly done their part as well, but no one is as culpable as the central banks. I'll give the House some kudos for passing the bill though. Hard to have imagined just months ago.

pingpongthesecond's picture

I say abolish the FED not audit the FED. With auditing comes political muppetry. 

Haager's picture

Stay calm, just do one thing after the other. 

financial apocalyptic contagion's picture

It will be too late if it isn't already

It needs to end now

cougar_w's picture

It will take the Senate 2 hours to rehypothecate this into a basement closet.

Dollar Bill Hiccup's picture

Because the Democratic party stands for Transparency and Accountability?

Hah!

(If you think about it, you probably have the option of inserting "Republican" above).

doc_in_the_house's picture

Fed OPPOSES, wants to keep a SUBPRIME BLACK BOX. 

 

http://www.marketwatch.com/story/house-passes-ron-pauls-audit-the-fed-bill-2012-07-25-1591034?link=MW_home_latest_news

 

in Oh-STUPID, ODUMMER'S words: YOU gotta buy it and you can't find out what's in it!!

LOL !!!!! ROFLMAO !!!!

WALLST8MY8BALL's picture

The quintesential on Harry Reid via Urban Dictionary

http://www.urbandictionary.com/define.php?term=Harry%20Reid

you may also want to look up calcutta custodian!

TrustWho's picture

All ZeroHedgers must call their two Senators and DEMAND JUSTICE!

surf0766's picture

As long as we are not demanding social justice ...