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BARNEY FRANK & RON PAUL ALLIES? 24 comments
I almost fell off my chair when I saw this post on Mike Shedlock's site this morning. Barney Frank favors auditing the federal Reserve and is working with Ron Paul to pass HR 1207. His words are as clear as can be. This does prove that the People can change Washington DC. The pressure that we have applied through the internet and town hall meetings is having a dramatic impact. The Federal Reserve's days are numbered. Once the public sees how they operate, they will be outraged and the plug will be pulled. It won't be easy, but we need to keep the pressure on.
Barney Frank Says Ron Paul's Audit The Fed Bill Will Pass In October
Occasionally, even the most hopeless of politicians get something right. Here is stunning proof:
I have been pushing for more openness from the Fed. I want to restrict the powers of the Federal Reserve. First of all, the Fed will be the major losers of power if we are successful, as I believe we will be, setting up a financial product protection commission.http://theburningplatform.com/groups/quinns-daily-dose-of-reality/discussions/barney-frank-my-hero
Barney Frank:
The Federal Reserve is now charged with protecting consumers. They were supposed to do subprime mortgage restrictions.
Congress in 1994 gave the Fed powers to ban subprime mortgages. Alan Greenspan refused to do it. They had the power to ban credit card abuses. Under Greenspan they did nothing. Under Bernanke they started but only after Congress acted.
That's one of the reasons why in the new consumer protection agency, we will take away from the Federal reserve the power to go consumer protection.
Secondly, they have has since 1932 a right under Herbert Hoover to intervene in the economy whenever they could. Last September, the Federal Reserve they were going to advance $82 billion to AIG.
I was kind of surprised and said Mr Bernanke do you have $82 billion? Mr. Bernanke replied I have $800 billion and under section 13.3 of the Federal Reserve Act they can lend anything they want.
We are going to curtail that lending power. We are going to put some restrictions on it.
Finally we will subject them to a complete audit. I have been working with Ron Paul, who is the main sponsor of that bill. He agrees that we don't want to have the audit appear as if influences monetary policy as that would be inflationary.
One of the things the audit will show you is what the Federal Reserve buys itself. And that will be made public, but not instantly because if it was made instantly people would be trading off it, so the data would be released after a time period of several months, enough time so it will not be market sensitive.
This will probably pass in October.This is clearly not perfect. However, it is a step in the right direction. The only reason it it may happen is people are overwhelmingly in support of it. Change is possible, over time, at least occasionally, if public opinion is solidly behind something.
If you have not yet done so, or even if you have (please do it again) Speak Out - Audit the Fed, Then End It!
Mike "Mish" Shedlock
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
This post has 24 comments:
Unfortunately, that power would be his. Can you imagine? Frank actually makes me less keen on destroying the Fed; giving Dodd and him the control panel of the printing press, the FOMC, and the discount rate is like placing nukes in the hands of George Costanza...
With the moronic denizens of both houses at this juncture, it's a Satan / Beelzebub choice.
It will accomplish that.
But putting Congress in charge would be insanity at its finest.
This is the same Congress that doesn't vote in their raises, never fixing, or closing, programs they created that fail, and continue to spend & grow while evidence piles up showing the outcome.
And we want them to be in charge of the henhouse? I really don't know which is worse, private elite or public elite, neither lives in the real world.
I guess it will be a much more personal mugging.
Giving Frank that kind of power is like giving a chimp a hit of acid and a loaded machine gun..
It would be like giving Charles Manson weekend leaves with a taser, duct tape, a windowless van, and a map to the homes of the stars.
It would be like having your president appoint marxists to important positions of power.
On Aug 28 12:44 PM Whippet wrote:
> Jim- he's supported it from the outset. He agrees that the Fed has
> unConstitutional powers and wants the power back in the hands of
> Kongress.
>
> Unfortunately, that power would be his. Can you imagine? Frank actually
> makes me less keen on destroying the Fed; giving Dodd and him the
> control panel of the printing press, the FOMC, and the discount rate
> is like placing nukes in the hands of George Costanza...
>
> With the moronic denizens of both houses at this juncture, it's a
> Satan / Beelzebub choice.
On Aug 28 01:45 PM yellowhoard wrote:
> Whippet,
>
> Giving Frank that kind of power is like giving a chimp a hit of acid
> and a loaded machine gun..
>
> It would be like giving Charles Manson weekend leaves with a taser,
> duct tape, a windowless van, and a map to the homes of the stars.
>
>
> It would be like having your president appoint marxists to important
> positions of power.
It's like going alone to Kobe Bryant's hotel room.
It's like asking your mother-in-law for her opinion.
It's like trying to stimulate the domestic economy by offering rebates for products made primarily by foreign companies in foreign countries.
Like popping a zit in the Amazon.
Like sending terrorists to Bermuda and prosecuting the CIA.
On Aug 28 02:08 PM yellowhoard wrote:
> Like picking up the hitch hiker that's wearing the goalie mask and
> holding the chainsaw.
>
> Like having sex with Lindsey Lohan without a rubber.
>
> Like imposing the largest energy tax in history during a depression.
Like betting your entire savings that Detroit will win the Super Bowl.
Like hiring a cult leader to promote Kool-aide.
Like reappointing Bernanke as Fed Chairman.
But, really now, Barney needs to raise awareness about all the Fed did wrong just keep people from remembering his involvement in creating the whole mess. This is just politics at its usual. Barney is using the old CYA process to perfection.
I mean, this is better than making stuff up!
Not to brag, but my Barney Frank/Ben Bernanke post was my favorite, and funniest, effort.
SA has decided to go the Gestapo route.
Your comments were hysterical. If you come to my site, there is no Gestapo like purging of comments. The members would really enjoy your wit and wisdom.
theburningplatform.com...
On Sep 08 08:21 AM yellowhoard wrote:
> SA struck my posts.
>
> Not to brag, but my Barney Frank/Ben Bernanke post was my favorite,
> and funniest, effort.
>
> SA has decided to go the Gestapo route.
Regarding Gestapo like censoring, I am not sure about your specific comments you are talking about, but this is a economics site. Oner should be keep their comments somewhat academic and abstain from improper vernacular when possible. I try not to swear at all except when there is no other word I can replace it with.
Everybody knows that you score down your rivals.It's obvious when you score down months old comments made by your closest competition.
It seems like whenever I got close to you, your score would pop up a hundred points all of the sudden.
Not recent posts, which would be logical. Your points came from old posts.
I'll let others decide.
On Sep 08 11:10 PM Swashbuckler wrote:
> Moon ---Spare us the sanctimonious, self-righteous drivel. The vast
> majority of Yellowhoard followers were very comfortable with his
> vernacular.
Did I miss something? Isn't the *treasury*, a part of the *executive* branch responsible for issue of money in ratio to economic and population expansion? B. Frank would just be a minor gadfly in this scenario.
His power to finance through deficit would be (theoretically) limited as others ways of borrowing would be needed.
Of course, I know that congress would try to subvert this as they have always done in the past, but we would at least have a constitutional leg to stand on when fighting the good fight.
Back in the spirit of things, although certainly not funny:
Like electing a Democrat to anything and expecting change.
Like electing a Republican to anything and expecting change.
Like expecting to hear the truth when a politicians lips move.
Like bending over in the shower to pick up the soap in prison.
HardToLove
I told SA I would live with my definition of peer review and have never clicked another of my own.
Regardless, my ego hangs on other things, as yours does too, obviously. That's good because it is not worth breaking a sweat to try and counter such flawed thinking.
It looks like I'm about to leave the "Top 100". So what? It is meaningless in such a flawed set up.
And when they do some of the things you and Freya had highlighted at various times, it totally discredits what they claim to represent anyway.
HardToLove
P.S. If I wasn't so lazy and I really cared about those who benefit from such deception, I guess I would go back and give myself a thumbs up on all those comments that have no vote. An then I could give myself one for those that do, too. That would put me up around 1200 I guess.
Yippee!
On Sep 08 10:22 PM yellowhoard wrote:
> Suck it Moon.
>
> Everybody knows that you score down your rivals.It's obvious when
> you score down months old comments made by your closest competition.
>
>
> It seems like whenever I got close to you, your score would pop up
> a hundred points all of the sudden.
>
> Not recent posts, which would be logical. Your points came from old
> posts.
>
> I'll let others decide.
>
>
Investing ideas are not bad too, in fact their excellent. We know the address YH, we'll be over to chat.
Thanks James, good juujuu will follow YH to your site.
On Sep 08 11:10 PM Swashbuckler wrote:
> Moon ---Spare us the sanctimonious, self-righteous drivel. The vast
> majority of Yellowhoard followers were very comfortable with his
> vernacular.
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