Kucinich: Fed Deserves Audit First, New Authority Second

http://kucinich.house.gov/News/DocumentSingle.aspx?DocumentID=133014

"Washington, Jun 17 -

Congressman Dennis Kucinich (D-OH) today made the following statement in response to President Obama’s announcement of new financial regulations that includes increasing the oversight authority of the Federal Reserve (the Fed):

“Before Congress gives the Fed any new authority, we must thoroughly examine the Fed’s response to our current economic crisis.

“Since August 2007 the Fed has intervened in the economy in an extraordinary way, as a result ballooning their balance sheet from $847 billion to more than $2 trillion. Yet, we still don’t know what the Fed has done or who got the money. That is why I introduced the bipartisan HR 2424, which would grant the GAO the authority to audit the Fed’s response to our nation’s economic crisis, a response that has dwarfed the $700 billion TARP program by more than 2 to 1.

“Before we grant the Fed any new authority, we must demand greater transparency from the Fed; an earnest and open audit of the Federal Reserve’s response to the economic crisis would be a significant step in the right direction. We can’t continue to let the Fed operate within a black box.”

Kucinich used the text of HR 2424 in an amendment to the Government Accountability Office (GAO) Improvement Act of 2009 during its markup in the Oversight and Government Reform Committee. The amendment was adopted unanimously. The Oversight and Government Reform Committee is charged with overseeing government policy and often relies on the GAO."

The GAO needs much more oversight over the Fed, and this audit needs to be done before all the evidence gets lost in the shuffle.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=66169&mesg_id=66169

Obama Reform Plan Fails to Fix Whats Broken
Barry Ritholtz, The Big Picture

:hi:

:hi:

Giving the FED these new authorities is like putting a Fox in charge of the Hen hound.

One of the few Democrats I trust to tell the truth.

The more I read about Obama's Economic Reforms, the worse it gets.


I'm really opposed to giving The Fed even MORE power.
The Fed is a shadowy, private organization of Millionaire/Billionaire elite Bankers who answer to NO public account or oversight. They are even immune to Congressional oversight (not that I trust our current Congress to provide it).

The solution is MORE transparency and public accountability...NOT less.

what did they do as this bubble was building.

Thanks for the link.

by the IG in charge of the Fed..his guest said...(not verbatim) 'they seem to be scanning the old folks homes looking for Alzheimer patients to staff DC, because they have all forgotten everything that ever happened'..or something to that effect...also that the IG did not know ANYTHING about what is going on..why is she called an IG?

PS also recommend

thread. Yes too often we forget too quickly, there is a video with the IG being before a House panel, and I'll try to find it and post later.

Thank you for mentioning the discussion on Hartman and for the knr :)


Link...
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=114&topic_id=66138&mesg_id=66138

The Confidence Game In Quotes

(copied a few)

February 28, 2007 - Dow Jones @ 12,268

March 13th, 2007 – Henry Paulson: “the fallout in subprime mortgages is "going to be painful to some lenders, but it is largely contained."

March 28th, 2007 – Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,"

March 30, 2007 - Dow Jones @ 12,354

April 20th, 2007 – Paulson: "I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained." , "All the signs I look at" show "the housing market is at or near the bottom,"

April 30, 2007 - Dow Jones @ 13,063

May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.”

May 31, 2007 - Dow Jones @ 13,627

June 20th, 2007 – Bernanke: (the subprime fallout) ``will not affect the economy overall.''

July 12th, 2007 – Paulson: "This is far and away the strongest global economy I've seen in my business lifetime."

August 1st, 2007 – Paulson: "I see the underlying economy as being very healthy,"

October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve - nor would it be appropriate - to protect lenders and investors from the consequences of their financial decisions."

the Auto Industry and there is JOBS (I have listed 1/2 the immediate crisis)...and there is THIS layer of a quandary over a spectacle over fraud, abuse and outright theft?? What is a person to do...some complained Obama is doing too much...I agree, I cannot wrap my head around the periphery...and he has to be in the maelstrom...I pity Obama, and ME!

I love this guy, even though I do not 100% agree with his political calculus.

as is so often the case, it was Dennis Kucinich.

:kick:

The fed has been a disaster for this country.