The Senate comes together to vote 96-0 for Bernie Sanders' unprecedented one-time audit of Fed...


The Senate comes together to vote 96-0 for Bernie Sanders' unprecedented one-time audit of Fed programs. The amendment also calls for releasing the names of institutions that got loans at the peak of the crisis.

Comments (20)
  • MarketGuy
    , contributor
    Comments (3983) | Send Message
     
    one small step for the middle class (aka - real America)
    11 May 2010, 12:16 PM Reply Like
  • JohnAl
    , contributor
    Comments (161) | Send Message
     
    96-0? I smell a cover up.
    11 May 2010, 12:18 PM Reply Like
  • Poor Texan
    , contributor
    Comments (3527) | Send Message
     
    Nobody dared vote against it with November elections staring them in the face and far too many suspicions over unanswered questions.
    11 May 2010, 12:22 PM Reply Like
  • JohnAl
    , contributor
    Comments (161) | Send Message
     
    This "audit" will be a sham. The FED doesn't object to it, so there's nothing to it.

     

    96-0 means we're being played.
    11 May 2010, 12:59 PM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2449) | Send Message
     
    Wow!! I never thought I'd live to see the day...
    11 May 2010, 12:20 PM Reply Like
  • The_Hammer
    , contributor
    Comments (5051) | Send Message
     
    These spineless pandering sell outs did the right thing for once.
    11 May 2010, 12:21 PM Reply Like
  • Hot Richard
    , contributor
    Comments (705) | Send Message
     
    If it ever appears that spineless panderers did the right thing, you'd better look again.
    11 May 2010, 01:53 PM Reply Like
  • Carlos Lam
    , contributor
    Comments (1294) | Send Message
     
    I dislike 99% of everything that Bernie Sanders does--including his YES votes on the "stimulus" bill--but he is 100% correct on this issue. Good strategy to offer this one-time audit as a "compromise" to the severely-watered-down Paul/Sanders version that was going to be kicked to the curb.
    11 May 2010, 12:22 PM Reply Like
  • JoeChase
    , contributor
    Comments (140) | Send Message
     
    How long until we get any results? Who is doing the auditing?

     

    Seems too good to be true, I am very curious to see the results
    11 May 2010, 12:22 PM Reply Like
  • Silentz
    , contributor
    Comments (716) | Send Message
     
    And did they delay long enough to allow the Fed to position their books?
    11 May 2010, 12:23 PM Reply Like
  • Crsswift70
    , contributor
    Comments (12) | Send Message
     
    I thought Sanders' version WAS the watered down version of the audit?

     

    "At the very last minute on the floor of the Senate, supposed compromise language was agreed to and substituted in the Sanders Amendment to the Financial Reform Bill. This language was acceptable to the administration, committee leadership, and to the Fed. The trouble is, while it is better than no audit at all, it guts the spirit of a truly meaningful audit of the most crucial transactions of the Fed. In fact, rather than still calling the Sanders Amendment an audit, maybe it should instead be called more of a disclosure at this point.

     

    The new language of the Sanders Amendment requires a one-time disclosure from the Fed of 13(3) facilities, foreign currency swaps and mortgage-backed securities. Basically, their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms. This would be good, but its not nearly enough."
    11 May 2010, 12:23 PM Reply Like
  • Jeff Nielson
    , contributor
    Comments (2449) | Send Message
     
    Is this true?

     

    The (short) news release I saw didn't mention any of those 'loop-holes'. I had hoped that meant that a REAL audit would be taking place.
    11 May 2010, 01:03 PM Reply Like
  • King of Pain
    , contributor
    Comments (55) | Send Message
     
    the must be something missing to this story....the Fed would never allow something to happen that would not be beneficial to their image so they must feel confident that they can pass muster - don't expect any bombshells to come out of this
    11 May 2010, 12:25 PM Reply Like
  • Dogpound
    , contributor
    Comments (159) | Send Message
     
    And in other news, Goldman Sachs has been appointed to the Federal Reserve audit committee.
    11 May 2010, 12:27 PM Reply Like
  • SSALarry
    , contributor
    Comments (235) | Send Message
     
    A slippery slope when Congress starts to interfere with the Fed. Personally, I think this a way for the politicians to take the spotlight off them and on to the Fed, so voters don't focus on the policies they have initiated, that are the real cause of the countries problems.
    11 May 2010, 12:29 PM Reply Like
  • Michael Kudrna
    , contributor
    Comments (398) | Send Message
     
    How narrow of a scope is this audit? Do they only have a small area they get to look at? I wouldn't be surprised to see many limitations in this hence why it was passed.
    11 May 2010, 12:33 PM Reply Like
  • Schweizer
    , contributor
    Comments (276) | Send Message
     
    Obama wanted only a one time "disclosure" rather than an audit, so in essence the FED can supply a report, and it is manly a way for Obama and the dems to slam BUSH for his actions/inactions.

     

    The ongoing audit (Vitters amendment) was voted DOWN by the Dems today.

     

    That is the real story folks. Perhaps SA needs to do better reporting!

     

    Now it goes to conference.
    11 May 2010, 12:45 PM Reply Like
  • Michael Kudrna
    , contributor
    Comments (398) | Send Message
     
    I'd like to know what "valid" reasons are being given for the Vitters amend to be shot down. I don't mean lobbyists as the reason, I mean what valid reasons are being given to vote "no."

     

    Not that it will change anything or matter...most people are too blind to this area to begin with. I'm still trying to figure out why we have a Fed Reserve print our money therefore putting us into debt when our govt can print it ourselves without debt. Am I missing something entirely???
    11 May 2010, 12:54 PM Reply Like
  • JoeChase
    , contributor
    Comments (140) | Send Message
     
    The Fed is owned by private banks, why would they want to lose their business to the government? Why don't we just go back on the gold standard...what would the new conversion rate be so that the gov't can actually cover the dollars out there? $2500/oz?
    11 May 2010, 12:57 PM Reply Like
  • Hot Richard
    , contributor
    Comments (705) | Send Message
     
    $1,000 bet says the audit will be lead by a toothless and blind rube.

     

    This is not the audit you are looking for.
    11 May 2010, 01:51 PM Reply Like
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