Threatened With Audit of the Fed, Bernanke Threatens Economy
Posted by:
rob_92183 on
June 26, 2009 at
2:55AM CST
It's been a rough week for Ben Bernanke. First, he was faced with overwhelming evidence that he ordered former Treasury Secretary Henry Paulson to fire the Bank Of America's top managers if they backed out of a merger with Merrill Lynch. Then there was the business about ordering all of Merrill Lynch's losses to be concealed from investors and regulators.
Naturally, the response is "I don't remember exactly..." The reward for this behavior? The Obama administration steps in and offers to expand the Fed's power so they can, and I quote, "head off a future crisis." This is before the role of the Fed in the current crisis is fully explored. Which might not be far off, if Ron Paul has his way. A current bill he introduced that now has support of over 50% of the house of representatives would give the Government Accountability Office the power to audit the Federal Reserve, which is currently not a power they are granted at the moment.
What was Bernanke's response?
"My concern about the legislation is that the GAO is auditing not only the operational aspects of our programs and details of the programs, but is making judgments about our policy decisions that would effectively be a takeover of monetary policy by the Congress, a repudiation of the independence of the Federal Reserve, which would be highly destructive to the stability of the financial system, the dollar and our national economic situation." he said.
Let me paraphrase that: "You start auditing us, and we'll crash your economy." The Federal Reserve has gone unchecked for far too long and with the behavior of Mr. Bernanke this week, it's obvious that the inability of the government to shed light on their behavior has caused them to become reckless in their lust for both power and greed. How did I come to that conclusion? The third story of the week, which completes a trifecta of corruption in the Fed.
Fed Inspector General Claims She Does Not Know Where Trillions Went
Because of the secretive nature of the Fed, nobody knows exactly who or what is receiving federal bailout money and how much exactly they might be getting. At the forefront of the TARP arguments was President Obama, claiming oversight and transparency was necessary to knowing where the billions of dollars of government bailout money was going. Secretary Paulson and Bernanke echoed the sentiment at the time. The results? Bloomberg news had to sue the Fed to advance a Freedom of Information inquiry as to where exactly the money was going. As of right now, it's still languishing in court. Until that passes, if that passes, up to 9.7 trillion could be completely unaccounted for.
http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aGq2B3XeGKok
http://www.youtube.com/watch?v=PXlxBeAvsB8
http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=200906251720dowjonesdjonline000958&title=2nd-update-lawmakers-attack-fed-for-being-too-secretive
http://www.usatoday.com/money/industries/banking/2009-04-25-bernanke-boa-merrill_N.htm?csp=34
The Climate Change bill will DECIMATE American business and employment. It is the worst possible bill at the worst possible moment. This is scary, scary stuff.
The idea of hope makes people delusional. If the Fed gets audited people will realize exactly what's been going on since its creation: their money is being looted at a record pace. Congress has the power to tell the Fed to go screw itself and create a new monetary system, and hopefully, if things get bad enough, they'll at least consider it.
Climate change is a global joke. Just yesterday, Scotland passed a bill that would effectively create an environmental police squad that could enter your home or business and fine you for not following government policy on emission reduction. People are lining up to hand over their privacy rights to these green police, it's absolutely ridiculous.
Posted by: StormyKnight on June 26, 2009 11:27AM CST
rob- That is freaking scary!
BB- Wisconsin, if it already doesn't along the highways, will look like a third world country with the fed gov't and state gov't chasing business away. Al Gore,"Everything that should be up is down....and everything that should be down is up." Hmmm- only time I've ever agreed with him.
Deo- I don't think you even get change at Mc Donalds anymore, do ya?
Just been reading up on this alittle more. Bernanke is a member of the builderburgs. Anyone in the mood for the New World Order conspiracy? One world bank, currency, government,... I think our government needs a regime change. The federal reserve is responsible for this mess in the first place how is giving the more power going to help us? I guess that's not the goal is it?
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