Audit the Federal Reserve

#4
#4
depends heavily upon the auditors. If it's just another political outfit with an axe to grind, no thanks.
 
#5
#5
I think this is an excellent idea.

I don't know what political axe there would be to grind. All I know is I want to see what they are doing over there. There is no reason we shouldn't know what is happening.
 
#6
#6
rjd970 said:
I think this is an excellent idea.

I don't know what political axe there would be to grind. All I know is I want to see what they are doing over there. There is no reason we shouldn't know what is happening.
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really? have you seen bernanke's testimonies in front of congress and the dumb ass questions they ask?
 
#7
#7
rjd970 said:
I think this is an excellent idea.

I don't know what political axe there would be to grind. All I know is I want to see what they are doing over there. There is no reason we shouldn't know what is happening.
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do you actually know what the Fed is?
 
#8
#8
droski said:
just what we need. more cooks in the kitchen.
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Let me ask you, what sort of ignorant moron would want Obama to do something about the stock market and not want the Fed to be responsible to the US Treasury by way of an annual audit?????

I'd really like to get your thinking on that!!!!
 
#9
#9
last time i checked a republican was the head of the fed so i'm not sure i see your point.
 
#13
#13
droski said:
i'm failing to see the connection between saying obama is tanking the stock market and saying the fed is properly managed.
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Why would you want Obama to try to control stock market trends and not want to know what is going on behind closed doors at the fed?????

Companies issue stocks and bonds, people are free to buy and sell those stocks and bonds.

The fed issues currency, Americans are required to use that currency in their financial transactions.

Your reasoning totally escapes me.

Again, why would you want the US government involved in the stock market but not audit the one thing that matters the most of all?????
 
#14
#14
Droski isn't saying that at all, he's just saying that in the current climate, finding an auditor without an agenda might be a little hard to do.
 
#15
#15
MG1968 said:
Droski isn't saying that at all, he's just saying that in the current climate, finding an auditor without an agenda might be a little hard to do.
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Then that is further evidence of ignorance.

However I will concede that in the process of the selection of an auditor, choosing one without an agenda might be problematic.

But there are auditing firms capable of doing that job with integrity.

But let's not leap frog the real issue, when the federal reserve act was passed in 1913, all profits from said venture were to be turned over to the U S Treasury.

I don't know how many amendments there have been to the original bill but there have been 300+ for sure.

At any rate, in the ninety five year history of the Fed, no complete audit has been done and if the Fed has ever turned over a dime to the treasury, that's news to me.

I know some ignoramus can produce some link to some federal reserve site quoting audits but that isn't what I'm talking about, a total audit, not just bean counting currency shuffled back and forth between banks.
 
#17
#17
droski said:
i'm failing to see the connection between saying obama is tanking the stock market and saying the fed is properly managed.
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"As 2009 opened, three weeks before Barack Obama took office, the Dow Jones Industrial Average closed at 9034 on January 2, its highest level since the autumn panic. [Monday] the Dow fell another 4.24% to 6763, for an overall decline of 25% in two months and to its lowest level since 1997.

The dismaying message here is that President Obama's policies have become part of the economy's problem. ...[O]ne negative revelation has been the way he has chosen to spend his scarce resources on income transfers rather than growth promotion.

Most of his 'stimulus' spending was devoted to social programs, rather than public works, and nearly all of the tax cuts were devoted to income maintenance rather than to improving incentives to work or invest.

His Treasury has been making a similar mistake with its financial bailout plans. The banking system needs to work through its losses, and one necessary use of public capital is to assist in burning down those bad assets as fast as possible.

Yet most of Team Obama's ministrations so far have gone toward triage and life support, rather than repair and recovery. ...

The market has notably plunged since Mr. Obama introduced his budget last week, and that should be no surprise.

The document was a declaration of hostility toward capitalists across the economy. Health-care stocks have dived on fears of new government mandates and price controls. Private lenders to students have been told they're no longer wanted.

Anyone who uses carbon energy has been warned to expect a huge tax increase from cap and trade. And every risk-taker and investor now knows that another tax increase will slam the economy in 2011, unless Mr. Obama lets Speaker Nancy Pelosi impose one even earlier.

Meanwhile, Congress demands more bank lending even as it assails lenders and threatens to let judges rewrite mortgage contracts.

The powers in Congress -- unrebuked by Mr. Obama -- are ridiculing and punishing the very capitalists who are essential to a sustainable recovery.

The result has been a capital strike, and the return of the fear from last year that we could face a far deeper downturn. This is no way to nurture a wounded economy back to health." --The Wall Street Journal

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You would probably do better to have Barry leave the market alone.

MG1968 said:
nvm
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???
 
#18
#18
Let's assume (probably safely) that the fed is cooking things and gaming the system. Isn't revealing that now only going to further destroy confidence in the financial systems of the country? I am not challenging anyone, I am asking out of concern that may well be blanketed in ignorance.
 
#19
#19
IPorange said:
Let's assume (probably safely) that the fed is cooking things and gaming the system. Isn't revealing that now only going to further destroy confidence in the financial systems of the country? I am not challenging anyone, I am asking out of concern that may well be blanketed in ignorance.
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I'm an idealist, but I don't think the truth is ever a bad thing.
 
#23
#23
IPorange said:
Let's assume (probably safely) that the fed is cooking things and gaming the system. Isn't revealing that now only going to further destroy confidence in the financial systems of the country? I am not challenging anyone, I am asking out of concern that may well be blanketed in ignorance.
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If scare statements by Obama and his cohorts in the demosocialst party doesn't destroy confidence in the free financial sector, calling for an audit of the fed isn't going to cause any alarm.

BTW, calls for an audit for the previous 95 years have been made annually, which makes you question appear to be rather ignorant, if not just plain stupid. (not trying to be mean to you personally, just trying to get a point across.)

Look, let's say you have an accountant handle all your finances, wouldn't you want an occasional look at the books????

If the federal reserve system holds power over the money flow for our whole nation, should they not at least give an occasional accounting to the American people???

Say we work through this problem just as we have previously during the Roosevelt and Reagan administrations for instance, do you want America to face the same problem again twenty years down the road???

Would it not make sense to fix the underlying problem and then go on to other challenges???
 
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