Roll call vote on Ron Paul's audit the Fed bill

[Galileo]

Roll call vote on Ron Paul's audit the Fed bill

This vote was taken under a procedure called “suspension of the rules” which is typically used to pass non-controversial bills. Votes under suspension require a 2/3rds majority. A failed vote under suspension can be taken again.

Notable votes against; Nancy Pelosi, Pete Stark, Henry Waxman, Debbie Wasserman Schultz, Alcee Hastings, John Lewis, Bobby Rush, Barney Frank, Steny Hoyer, Chris Van Hollen, John Conyers, John Dingell, Keith Ellison, Heath Schuler, Rush Holt, Charles Rangel, Marcy Kaptur, Jim Clyburn, Ron Kind, and Gwen Moore.

When the chips were down, how did your representative in congress vote?

SEE HERE:

http://www.govtrack.us/congress/votes/112-2012/h513

:wow

[boutons_deux]

Congress votes with the 1%. Wall St/1% owns the Fed AND Congress. You're surprised at the results?

[Galileo]

Congress votes with the 1%. Wall St/1% owns the Fed AND Congress. You're surprised at the results?

The bill passed 327-98.

:nope

[mouse]

in

[Clipper Nation]

Congress votes with the 1%. Wall St/1% owns the Fed AND Congress. You're surprised at the results?

Yes I am, since the bill PASSED, B.... :lmao

[boutons_deux]

Let me know the Fed is actually audited.

And the audit would have nothing to do with controlling/regulating the Fed, which is done by Wall St (Wall St founded the Fed and won't ever let Congress touch it).

"The main motivation for the third central banking system came from the Panic of 1907, which caused renewed demands for banking and currency reform.[5][6][7][31] During the last quarter of the 19th century and the beginning of the 20th century the United States economy went through a series of financial panics.[32] According to many economists, the previous national banking system had two main weaknesses: an inelastic currency and a lack of liquidity.[32] In 1908, Congress enacted the Aldrich-Vreeland Act, which provided for an emergency currency and established the National Monetary Commission to study banking and currency reform.[33] The National Monetary Commission returned with recommendations which were repeatedly rejected by Congress. A revision crafted during a secret meeting on Jekyll Island by Senator Aldrich and representatives of the nation's top finance and industrial groups later became the basis of the Federal Reserve Act."

http://en.wikipedia.org/wiki/Federal_reserve

Wall Streeters work for the Fed, and Fed employees worked/will work on Wall St.

[Galileo]

Let me know the Fed is actually audited.



The Fed was audited in 2010.

[boutons_deux]

The Fed was audited in 2010.

and what did they find? and WHAT was done about what they found?

and why is Randian Paul whining about auditing the Fed?

[Galileo]

and what did they find? and WHAT was done about what they found?

and why is Randian Paul whining about auditing the Fed?

$16 trillion is secret loans to large banks and other corporations, including many foreign banks. It was the largest transfer of wealth from the middle class to the super rich in world history.

It was a one-time audit. Ron and Ron want to make it a permanent annual comprehensive audit.

DETAILS HERE:


The first-ever audit of the U.S. Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency’s opaque operations.

"This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else," U.S. Senator Bernie Sanders, an Independent from Vermont, said in a statement.

The majority of loans were issues by the Federal Reserve Bank of New York (FRBNY).

"From late 2007 through mid-2010, Reserve Banks provided more than a trillion dollars… in emergency loans to the financial sector to address strains in credit markets and to avert failures of individual institutions believed to be a threat to the stability of the financial system," the audit report states.

"The scale and nature of this assistance amounted to an unprecedented expansion of the Federal Reserve System’s traditional role as lender-of-last-resort to depository institutions," according to the report.

The report notes that all the short-term, emergency loans were repaid, or are expected to be repaid.

The emergency loans included eight broad-based programmes, and also provided assistance for certain individual financial institutions. The Fed provided loans to JP Morgan Chase bank to acquire Bear Stears, a failed investment firm; provided loans to keep American International Group (AIG), a multinational insurance corporation, afloat; extended lending commitments to Bank of America and Citigroup; and purchased risky mortgage-backed securities to get them off private banks’ books.

Overall, the greatest borrowing was done by a small number of institutions. Over the three years, Citigroup borrowed a total of 2.5 trillion dollars, Morgan Stanley borrowed two trillion; Merryll Lynch, which was acquired by Bank of America, borrowed 1.9 trillion; and Bank of America borrowed 1.3 trillion.

Banks based in counties other than the U.S. also received money from the Fed, including Barclays of the United Kingdom, the Royal Bank of Scotland Group (UK), Deutsche Bank (Germany), UBS (Switzerland), Credit Suisse Group (Switzerland), Bank of Scotland (UK), BNP Paribas (France), Dexia (Belgium), Dresdner Bank (Germany), and Societe General (France).

http://www.nationofchange.org/first-federal-reserve-audit-reveals-trillions-secret-bailouts-1314633089

[boutons_deux]

"and WHAT was done about what they found?"

absolutely nothing, the Fed's policies and operations, untouched.

[Galileo]

"and WHAT was done about what they found?"

absolutely nothing, the Fed's policies and operations, untouched.

After the results came out, Ron and Rand Paul introduced new bills to audit the Fed on a regular basis. The House just passed the bill and now it moves to the Senate where most Senators also support it.

Not much else can be done yet, because Bernake the Reserve Board have total control. Obama foolishly re-appointed Bernanke as a hold over from the Bush years. But once the audit is passed, Rand Paul will then introduce more bills to regulate the Fed.

Regulations will include:

1) a ban on bailouts by the Fed.

2) legalize competing currencies.

3) shorter terms for Fed officers, most have 14 years terms.

4) banning of travesties like QE1, QE2, and QE3.

5) canceling of debt owned by US Treasury to the Fed.

6) gradual introduction monetary standards based upon, gold, silver, platinum, and other item s of intrinsic value.

7) etc.

The whole process will take many years, perhaps the lifetime of Rand Paul. Remember, it took us 99 years to go from a free system of debt-free finance to what we have now.

[boutons_deux]

won't happen

Paul's a loser and ineffective legislator.

[Galileo]

won't happen

Paul's a loser and ineffective legislator.

You already said the audit of the Fed would not happen and it happened two years ago. Idiot.

[coyotes_geek]

boutons, why are you and your fellow democrats so opposed to auditing the fed?

[boutons_deux]

I'm not opposed to it, but as the first audit "shocked" us, still nothing was done, nothing even came up for Congressional vote, not even out of committee.

The Fed is basically out of reach of govt even if govt wanted to regulate the Fed (and they don't because Wall St pays/owns govt $100Ms to keep hands off "their" Fed (and Treasury) ).

[Galileo]

I'm not opposed to it, but as the first audit "shocked" us, still nothing was done, nothing even came up for Congressional vote, not even out of committee.

The Fed is basically out of reach of govt even if govt wanted to regulate the Fed (and they don't because Wall St pays/owns govt $100Ms to keep hands off "their" Fed (and Treasury) ).

Not much has been done because Obama and Harry Reid block what needs to be done.

[boutons_deux]

The Fed is "independent".

What are the laws and regulations where Exec or Legislative branches can regulate, control the Fed?

[Galileo]

The Fed is "independent".

What are the laws and regulations where Exec or Legislative branches can regulate, control the Fed?

The Fed was created by congress on December 23, 1913, when many of the congress were home on Christmas vacation.

The Fed chairman is nominated every 4 years by the president and conformed by the Senate. The rest of the Fed officers have 14 year terms. 100% of the Fed stock is privately owned.