Monday, November 23, 2009

Left & Right Criticize Fed and Treasury

The intent of Ron Paul's "audit the Fed" bill is back in force after a recent committee vote to add the measures to HR 3996. While HR 3996 is flawed in that it will give more power to the Fed, Ron Paul's additions will ensure a full audit.

Ron Paul wins a key battle in war to open Fed's books
November 19, 2009

Rep. Ron Paul, the Texas Republican who is perhaps the Federal Reserve’s most implacable enemy, scored a big win Thursday on Capitol Hill: The House Financial Services Committee approved adding to a financial-system reform bill Paul’s provision to begin federal reviews of the central bank’s operations, including its interest-rate decisions.

The vote on the audit provision amendment was 43-26.

Ron Paul has repeatedly said his ultimate goal is to end the Fed.

The Christian Science Monitor has an article about Paul and Grayson teaming up to move "Audit The Fed" forward. The article also singles out Tim Geithner of Treasury as a target for criticism.

America the jobless: Ron Paul wins, Timothy Geithner loses?
Frustration at how Washington has managed the 'jobless recovery' is turning some members of Capitol Hill against Treasury Secretary Timothy Geithner – and in favor of a controversial measure by Rep. Ron Paul.
By Mark Sappenfield

Treasury Secretary Tim Geithner speaks during a press conference at the Justice Department in Washington, November 17.

America is angry about the economy, and the biggest winners could just be Congress’s odd couple: Reps. Ron Paul (R) of Texas and Alan Grayson (D) of Florida.

Mr. Paul, the far right former presidential candidate, and Mr. Grayson, the far left rabble-rouser who said the Republicans’ healthcare plan was for ill people to “die quickly,” are Congress’s two biggest critics of the Federal Reserve.

With the ongoing bailouts of failed bankers and disastrous monetary policy, the "IMF warns the bailout situation has become so dire that further bailouts will threaten democracy".
The IMF also says only half of bank losses have been acknowledged.