Full CNN Tea Party Express Republican Debate

http://www.youtube.com/watch?v=w6D7VO2eEJc

Tea Party Republican Debate Question #1: Social Security

http://www.youtube.com/watch?v=fTZpRfy594E

Tea Party Republican Debate Question #2: How Do You Protect Seniors When So Much Goes To Defense?

Tea Party Republican Debate Question #3: What Would You Do To Get The Economy Moving Forward?

http://www.youtube.com/watch?v=iFFspKExOBA

Tea Party Republican Debate Question #4: Can You Be Pro Business & Pro Worker?

Tea Party Republican Debate Question #5: Should The Federal Reserve Be Audited?

Tea Party Republican Debate Question #6: How Much Of My Pay Check Should I Be Allowed To Keep?

Tea Party Republican Debate Question #7: Executive Orders

http://www.youtube.com/watch?v=VWtvD6CCb8M

Tea Party Republican Debate Question #8: What Is Your Plan To Reduce Healthcare Cost?

http://www.youtube.com/watch?v=aFYaRp-qlss

Tea Party Republican Debate Question #9: What Would You Do To Remove Illegal Immigrants?

http://www.youtube.com/watch?v=koop3Un31BY

Tea Party Republican Debate Question #10: Do You Plan To Decrease Defense Spending?

Tea Party Republican Debate Question #11: What Would You Bring To The White House?

http://www.youtube.com/watch?v=971TTv2xp0g

H.R. 2768: To cancel public debt held by the Federal Reserve System and to lower the public debt limit by by an equal amount

112^th Congress: 2011-2012

Sponsor: Rep. Ronald Paul [R-TX14]

The Hill reports Rep. Ron Paul introduced legislation on Monday to cancel the $1.6 trillion of federal government debt held by Federal Reserve. The Hill writes,

Paul has argued for the last few weeks that the idea represents a quick way to make the growing fiscal crisis more manageable. Under his bill, H.R. 2768, the $1.6 trillion that the Treasury owes to the Federal Reserve would disappear.

The Federal Reserve began buying Treasury bonds in earnest late last year as part of its effort to keep long-term interest rates down. But Paul has argued that Fed purchases of Treasury debt represent a debt that the government owes to itself, and one that also leads to an unwanted and inflationary increase in the money supply…

“If the federal government cannot cut spending and bring the budget back into balance, the Fed undoubtedly will be forced to simply monetize trillions of dollars in Treasury debt, which is nothing more than a stealth form of default,” Paul said back in May.

Wow!   Our Asian creditors better beware of xenophobic Congressman.  What Bizarro times in which we live.

source: http://www.businessinsider.com/hr-2768-would-cancel-16-tn-in-treasury-debt-held-by-fed-2011-8#ixzz1TwAcX51T

Fed Audit: Trillions For Foreign Banks, Conflicts of Interest

During a 2½ year period starting at the end of 2007, the Federal Reserve provided more than $16 trillion in secret bailouts to banks and other companies around the world, according to a government audit of some of the U.S. central bank’s operations.

Much of the Fed’s largesse was lavished on banks in Europe (such as Barclays, left)  and Asia, the audit revealed. More than $3 trillion, for example, went to financial institutions in just five European countries. Trillions more flowed toward some of the biggest banks in America. Institutions from Brazil and Mexico to South Korea and Canada also benefited.

The 266-page report, produced by Congress’s non-partisan investigative service known as the Government Accountability Office (GAO), has already sparked intense outrage since its release on July 21. Fed apologists, however, have been quick to defend the actions, saying they were “necessary” to “save” the economy and justified under the Federal Reserve Act.

“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,” the report stated.

Beyond the secret bailouts — to put the figure in perspective, consider that the output of the entire U.S. economy last year was well under $15 trillion — problems with conflicts of interest and no-bid contracts also featured prominently in the audit report.

One example highlighted by Sen. Bernie Sanders (I – Vt.) was the CEO of JP Morgan Chase serving on the board of the New York Fed even as his firm scooped up almost $500 billion from the central bank. The bank was simultaneously helping to administer the Fed’s secret bailouts.

But JP Morgan Chase was hardly the only example. According to the analysis, more than 80 percent of the Fed’s largest contracts to manage the programs were awarded without bidding.

Many of the companies that received the contracts were also being showered with central-bank bailouts at the same time. And more than a few insiders were granted “waivers” to hold investments in companies that were being rescued by the Fed.

“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” Sen. Sanders, a self-described socialist, said in a statement about the report. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

The congressional investigation was triggered as part of the financial “reform” bill passed last year despite strong Fed opposition. After the original “audit the Fed” bill by Rep. Ron Paul (R-Texas) passed in the House and became extraordinarily popular with Americans, Sen. Sanders helped ensure that only a watered-down version made it out of the Senate.

But even with what is known so far, critics are on the attack. Another report about the Fed is also due to be released in October of this year. And in recent months, other previously secret information about the Fed and its operations has come out following years of litigation.

All of the disclosures have fueled a growing anti-Fed movement aiming to eventually abolish the central bank – essentially a sort of banking cartel with private shareholders but some veneer of government oversight. Sen. Sanders suggested in his public statement, however, that the institution should merely be “reformed” to serve “working families” and not just Wall Street CEOs.

“No agency of the United States government should be allowed to bailout a foreign bank or corporation without the direct approval of Congress and the president,” he noted in the statement, perhaps not realizing that the Fed, by its own admission, is not an agency of the government. “No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed.”

The biggest single beneficiary of the Fed’s bailouts was Citigroup, which received about $2.5 trillion in assistance. Several other top banks in the United States, including Bank of America and Morgan Stanley also benefited to the tune of trillions of dollars. British bank Barclays PLC took close to $1 trillion.

The GAO report suggested that the Fed should implement better policies to deal with conflicts of interest. Its policies on awarding contracts, record keeping and risk management should also be revised, the agency recommended.

The Fed’s chief lawyer responded by saying that the central bank would “strongly consider” the advice. But for now — following bailouts to a bank owned by Libyan dictator Muammar Gaddafi, blatant and widespread market manipulation, wild money printing, and secret bailouts larger than the U.S. economy — analysts expect outrage to continue growing.

source: The New American

Fed Audited: $16 Trillion Loaned to Banks

http://www.youtube.com/watch?v=HUykpqlEvn0

If that $16 Trillion had been divided equally among every man, woman and child in the US (310 million of us) each of us would have received over $50,000. Our economy would be humming, banks & corporations would have gotten their share. On the other hand, if that $16 Trillion had been divided equally among all the people on this planet (not quite 7 billion) every person would have received more than $2200. That’s the scale of this crime against humanity.

The Fed loaned out trillions both internationally and domestically.

With 12 days left until the US reaches their borrowing limit and looks towards default, economists are trying to figure out how to avoid running into the $14.3 trillion debt ceiling. Here’s one answer: stop giving away money.

Results published today of the first-ever audit of the US Federal Reserve reveal that, between December 1 2008 and July 21, 2010, the Fed loaned out over $16 trillion to US and foreign financial institutes. That is nearly $2 trillion more than the entire GDP for the States last year, which topped out at around $14.5 trillion.

During that two year span that the audit takes into consideration, over $4 trillion was lent to banks in the UK, Germany, Switzerland, France and Belgium. Domestically, Citigroup was awarded with $2.5 trillion, Morgan Stanley with $2.04 trillion and Merrill Lunch with $1.9 trillion.

Additionally, the analysis carried out by the Government Accountability Office shows that the Fed outsourced many of its lending operations to the banks that served as a catalyst for the debt crisis.

Fittingly, the actual title of the GAO’s report to congressional addressees released today is “Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance.” In the introduction to the audit, the document explicitly calls out the Fed, noting that Ben Bernanke and company have several options to strengthen risk management practices for future crisis lending.

Sen. Bernie Sanders (I-Vt.) pushed for the audit, in a statement to The Hill today, writes that the data exposed in the findings shows “a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

Sanders adds that the Fed abused its powers by making unauthorized emergency loans and writes, “No agency of the United States government should be allowed to bail out a foreign bank or corporation without the direct approval of Congress and the president.”

Yesterday, Philadelphia Federal Reserve Bank President Charles Plosser told Reuters that the Fed was working along with the Treasury in order to find out how to handle a default, should the US default on its debt next month. The New York Times responded by calling the discussions “doomsday plans.”

source: RT

GAO Audit Finds Fed Loaned Trillions Secretly to Banks

An audit on the Federal Reserve conducted by the Government Accountability Office (GAO) found secret loans made to large banks and companies around the world and conflicts of interest within the central banking system.

The GAO report says the Federal Reserve issued $16 trillion worth of loans to large private institutions such as JP Morgan Chase, Wells Fargo, and General Electric during the financial crisis.

The mandatory evaluation was part of the Dodd-Frank Wall Street Reform and Consumer ProtectionAct, which was passed one year ago. The report said that all federal emergency bailout money went to large banks and companies around the world instead of to smaller local banks and businesses. Notably, it loaned tax dollars to foreign banks and to large companies outside theUnited States ”from South Korea to Scotland, “according to the GAO report.

The Fed made its 2008 emergency loan decisions without input from Congress and citizens.

“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else,” said Sanders in his statement. The senator proposed an amendment to the Dodd-Frank Act that required an audit of the Federal Reserve. Sanders, who is an Independent and strong critic of policies favoring corporations at the expense of ordinary citizens, said “the Federal Reserve must be reformed to serve the needs of working families, not just CEOs on Wall Street.”

A significant example of conflict of interest applied to the current head of the Federal Reserve. The GAO found that William Dudley was issued a waiver in 2008 to keep his shares in companies including those that received federal assistance, such as American International Group Inc. (AIG), while he was still the executive vice president of the New York Fed Markets Group.

Although New York Fed spokesman Jack Gutt said Dudley gave up his AIG shares shortly after succeeding Timothy Geithner as president of the New York Fed, the Fed has not made rules to eliminate potential conflicts of interest.

“No one who works for a firm receiving direct financial assistance from the Fed should be allowed to sit on the Fed’s board of directors or be employed by the Fed,” said Sanders regarding the issue.

The GAO recommends that theinstitution should “strengthen policies for managing noncompetitive vendor selections, conflicts of interest, risks related to emergency lending, and documentation of emergency program decisions.”

Scott Alvarez, general counsel of the New York Fed, responded in a letter to GAO saying that the Fed will “give each recommendation serious attention” and that he believes “the process will further enhance the Federal Reserve’s capability to respond effectively in future crises.”

The GAO will conduct another investigation centering on conflicts of interest in the Fed on Oct 18.

source: Epoch Times

Federal Reserve audit highlights possible conflicts of interest

When the Federal Reserve launched an unprecedented series of interventions in the financial system in 2008, it often moved so quickly that the usual practices for preventing conflicts of interest couldn’t keep up, according to a new report.

An audit of the Fed’s emergency lending programs by the Government Accountability Office, ordered by the financial reform law passed last year and released Thursday, reports generally sound financial management by the central bank as it undertook programs that deployed trillions of dollars to backstop a faltering financial system. But it brings to light difficult issues that arose when the Fed undertook actions that its rules never envisioned.

For instance, William C. Dudley, the president of the Federal Reserve Bank of New York who was a senior official there in 2008, owned stock of American International Group before the Fed bailed out the giant insurance firm. The GAO report did not mention him by name, but Sen. Bernie Sanders (I-Vt.), who spearheaded the audit, identified Dudley as the unnamed official described in the report.

Lawyers at the New York Fed allowed Dudley to continue owning the shares while working on issues relating to the bailout. They concluded that for him to sell the shares immediately after the central bank bailed out the firm would be more ethically problematic than simply holding onto them and selling at a later date.

Dudley “held shares in these companies as part of his personal portfolio that predated his service at the New York Fed,” a spokesman for the central bank said. “A waiver was granted allowing him to hold these shares based in part on the judgement that had he sold these shares immediately after the interventions it would have the appearance of a conflict.”

The GAO report did not condemn the Fed’s actions, it simply illuminated them. Dudley has subsequently sold all the shares on dates agreed to with the bank’s ethics officers, the spokesman said.

The GAO also recommended that the Fed make clearer and more rigorous its policies for hiring independent contractors to manage investment programs. During the crisis, the New York Fed hired outside firms to manage many of its special lending programs, such as one designed to backstop the market for short-term corporate loans, without holding a normal bidding process for the contracts.

The report also found that lines of authority between the Fed’s Board of Governors in Washington and the 12 regional Fed banks around the country were sometimes muddled during the crisis. For example, it was not always clear where authority resided on questions of what collateral would be adequate for an emergency loan.

The report was the latest to detail aspects of the Fed’s actions during the financial crisis that were shrouded in mystery at the time. Another provision in last year’s Dodd-Frank Wall Street regulatory overhaul, also instigated by Sanders, required the disclosure of what individual banks and other entities received loans from the Fed.

“As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” Sanders said in a statement. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”

The Fed’s general counsel, Scott Alvarez, said in a letter responding to the GAO’s audit that officials will “strongly consider” the recommendations.

source: Washington Post Business

“End The Fed” Protest in Washington DC on July 3, 2010

Just say NO!vember

Audit the Fed Update: It’s Over… For Now

Ron Paul’s attempt to audit the Federal Reserve, which had previously attracted 320 co-sponsors in the House of Representatives, failed by a vote of 229-198.

All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

How They Voted

Watch Ron Paul’s Video Update

Audit the Fed Update: The Fed has won the battle but they will lose the war

Ron Paul discusses the latest in the efforts to get a full and complete audit of the Fed as well as the future of Fed transparency.

http://www.youtube.com/watch?v=7IixLg4AtNI

Ron Paul’s attempt to audit the Federal Reserve, which was previously co-sponsored by 320 members of the House (HR 1207), failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

The GOP had offered the Fed audit as the minority’s last chance to alter the financial regulation bill. The bill does have an watered-down audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Ron Paul’s bill would have allowed a total examination of the Fed’s books.

How they voted

KEY: Democrats, Republicans, HR 1207 Co-Sponsors

YEA! = Audit the Federal Reserve System (a private rockefeller/rothschild bank that started in 1913 that bankrupted the USA by 1933 & stole OUR gold, and which is paid INTEREST on this debt in the form of UN-Constitutional unapportioned federal INCOME TAXES on your WAGES that were traded even-up for LABOR)

NAY! Traitors:

Not Voting (cowards, but not traitors)

Bishop (UT)
Taylor
Wamp
Woolsey
Young (AK)

LEARN ABOUT THE FEDERAL RESERVE!

Cindy Sheehan is now in Washington DC with Peace of the Action: “We are here in the Belly of the Empire!”

Look at the schedule here:
http://peaceoftheaction.org/housing-trans/

If you can’t make it, please donate whatever you can to help us with expenses for the 13 day protest.
http://peaceoftheaction.org/give/

also NEW “End The Fed” protest on July 3rd

SIZZLIN’ SUMMER – JULY PROTEST SCHEDULE
(Washington, DC – July 4th through July 17th, 2010)

JUST ADDED: July 3th (Saturday): END THE FED! DC Federal Reserve Building
http://www.infowars.com/we-are-change-plans-end-the-fed-protest-on-independence-day/

INDEPENDENCE FROM OIL DAY!!!
DOWNLOAD EVENT FLYER

No more wars for oil and natural resources! No more polluting our sea, air and landfills! BOYCOTT BP!!!

July 4th (Sunday):
– meet in Lafayette Park (North Side of White House) at 1pm
– group to flyer, bullhorn in Lafayette Park and in front of the White House until dark
– evening to post protest pics, videos and articles to Internet

NO ILLEGAL/IMMORAL DRONES!!!
DOWNLOAD EVENT FLYER

For this week, Peace of the Action will primarily be targeting the Smithsonian Air and Space Museum’s Unmanned Aerial Vehicle display (educating the public about the horrific toll UAVs take) and drone manufacturers and lobbyists. (The Free Gaza/Free Palestine action has been inserted into this week because of the recent announcement of Israeli Prime Minister Benjamin Netanyahu’s visit to the White House.)

July 5th (Monday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to protest at White House against coming pre-emptive American/Israeli attack on Iran
– evening to post protest pics, videos and articles to Internet

July 6th (Tuesday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to (TBA) location for FREE PALESTINE! protest until 3pm
– evening to post protest pics, videos and articles to Internet
DOWNLOAD EVENT FLYER

July 7th (Wednesday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to Congress and protest until 3pm
– evening to post protest pics, videos and articles to Internet

July 8th (Thursday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to General Atomics and protest until 3pm
– evening to post protest pics, videos and articles to Internet

July 9th (Friday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to Smithsonian Air & Space Museum and protest until 3pm
– possible special action TBA
– evening to post protest pics, videos and articles to Internet

WEEKEND:

July 10th (Saturday):
– ONE DC Block Party “ONE RIGHT TO LAND” (optional)
CLICK FOR EVENT INFORMATION PAGE

July 11th (Sunday):
– Day off! Rest and relaxation.

COUNTER-RECRUITMENT:
DOWNLOAD EVENT FLYER

For this week, we will be targeting recruiting centers and defense contractors and lobbyists—and we will do some special “lobbying” of our own on Capitol Hill. (The POTA DC Trial has been inserted into this week because of the recent scheduling by the court.)

July 12th (Monday):
– Peace of the Action DC Trial
– evening to post protest pics, videos and articles to Internet

July 13th (Tuesday):
– Peace of the Action DC Trial
– evening to post protest pics, videos and articles to Internet

or (trial may be one day or two. so we have two options this day.)

– meet in Lafayette Park at 9am
– group to move together to Military Recruiting Station (TBA) and protest until 3pm
– evening to post protest pics, videos and articles to Internet

July 14th (Wednesday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to Military Recruiting Station (TBA) and protest until 3pm
– evening to post protest pics, videos and articles to Internet

July 15th (Thursday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to move together to War Profiteer (TBA) and protest until 3pm
– evening to post protest pics, videos and articles to Internet

July 16th (Friday):
– meet in Lafayette Park (North Side of White House) at 9am
– group to flyer, bullhorn in LaFayette Park and in front of the White House
– evening to post protest pics, videos and articles to Internet

WEEKEND:

July 17th (Saturday):
– POTA Retreat (location TBA 2pm to 5pm)

This will be an intense think tank session on the future of Peace of the Action and the future of anti-war protests in the U.S. With small numbers, where should our limited resources be focused? We have to dream up an entire movement based on very low numbers and very limited funds—bring your creative solutions and a positive attitude that a better world is possible!

– POTA Dinner/Rally (possible picnic Lafayette Park)

July 18th (Sunday):
– depart DC

(DAILY SCHEDULES OPEN TO CHANGE. STAY TUNED THROUGHOUT EVENT WEEKS FOR UPDATES.)

——————————————————————————————————————-

IMPORTANT INFO FOR SUMMER POTA

HOUSING (FLOOR SPACE & SHOWERS) WILL ONCE AGAIN BE PROVIDED AT ST. STEPHEN’S CHURCH (WIRELESS INTERNET IS AVAILABLE AT THE CHURCH)
1525 NEWTON ST, NW
(CORNER OF 16TH AND NEWTON)

BREAKFAST AND LUNCH ARE UP TO THE PARTICIPANT AND POTA WILL PROVIDE DINNER EACH NIGHT AT THE CHURCH (from FOOD NOT BOMBS!).

TRANSPORTATION TO THE PARK AND TO EVENTS IS UP TO EACH PARTICIPANT. BUSES AND/OR METRO (RAIL) STOPS ARE LOCATED CLOSE BY. WE WILL BE TRAVELING TO EVENTS AS A GROUP AND THE EVENTS SHOULD NOT BE TOO FAR FROM LAFAYETTE PARK.

POTA BELIEVES THAT CIVIL RESISTANCE IS THE CORE OF TRUE CHANGE, BUT ONLY IF THE NUMBERS ARE SUFFICIENT TO MAKE A DIFFERENCE. SO, SINCE OUR NUMBERS ARE SMALL, CIVIL RESISTANCE WILL MORE THAN LIKELY NOT BE A PART OF SUMMER POTA—EDUCATION AND MOVEMENT BUILDING WILL BE OUR MAIN FOCUS.

LAFAYETTE PARK WILL BE OUR MAIN CONVERGENCE SPACE FOR THE TWO WEEKS

EVENINGS WILL BE RESERVED FOR THE POTA CORE TEAM TO BLOG AND POST VIDEO AND DO OTHER ADMINISTRATIVE TASKS—IF YOU ARE A VIDEOGRAPHER OR BLOGGER, WE COULD USE YOUR HELP—USING ONLINE TOOLS WILL BE THE KEY TO MOVEMENT BUILDING

DRINK LOTS OF WATER—JULY IN DC IS HOT, HOT, HOT!

EMERGENCY! Senate Sellout Threatens Ron Paul’s Audit the Fed Bills HR1207 + S.604

Bernie Sanders sold out to wall street. tell him we want OUR S.604 back, which we already have 32 cosponsors = 1/3 of the senate + 319 cosponsors for it’s sister bill HR1207 = 73% of the house backing us. Audit the Fed! and then End the Fed! that’s why JFK gave us Executive Order #11110

http://www.youtube.com/watch?v=iuVBAMQ0j4A

Ron Paul: Audit the Fed! No More Bailouts!

http://www.youtube.com/watch?v=wVNvjQobulQ

Congressman Ron Paul (R-Texas) and Senator Bernie Sanders (I-Vt.) had long worked together on their campaign for a full audit of the Federal Reserve, which emerged last year as H.R. 1207 and S. 604. Dr. Paul’s House version of the Audit the Fed bill had 319 cosponsors; Sanders’ Senate version, 32 cosponsors. Despite these bills’ massive popularity with a public grown increasingly suspicious of central banking, efforts to audit our central bank, the Federal Reserve, have been effectively thwarted for the time being.

Last-minute Senate maneuvering on Thursday May 6 resulted in a compromise measure that would require the Fed to disclose more details about its lending practices during the financial crisis, but would permit just a one-time audit of its loans and a one-time review of Fed governance. The compromise would also shield the Fed’s interest rate decision-making procedures from Goverment Accounting Office (GAO) scrutiny.

Dr. Paul, who has long advocated opening the Fed’s books to scrutiny to reveal its dealings with foreign banks as well as its domestic lending practices, expressed disappointment with the compromise in a sternly worded statement released Thursday evening.

Sanders had originally argued, “At a time when our entire financial system almost collapsed, we cannot let the Fed operate in secrecy any longer.”

Federal Reserve Chairman Ben Bernanke disagreed. The Wall Street Journal reported his remark that the original measure would “seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation.”

Members of the Obama administration, among their number former Fed officials, backed the changes to Sanders amendment. These include Treasury Secretary Timothy Geithner, former chair of the New York Federal Reserve, and Paul Volcker, who was Alan Greenspan’s predecessor as Fed chair. They gave credit to Christopher Dodd (D-Ct.), Chair of the Senate Banking Committee, for pushing through the compromise bill. Deputy Treasury Secretary Neal Wolin stated that the compromise measure would allow for a comprehensive audit of the Fed’s operations “while preserving the existing protections of the Federal Reserve’s independence with respect to monetary policy.” It is just this independence which the Fed’s critics wish to challenge, as it leaves the Fed essentially accountable to no one except other elite bankers — some of them foreign.

On Thursday night, Ron Paul made an urgent appeal in a two and a half minute video (see below) urging Senators to reject the Sanders Amendment when it comes up for a vote, possibly as soon as next Tuesday (May 11). Dr. Paul stated,

I’m not a bit surprised that the Federal Reserve got to the Senate. I had expected Bernie Sanders to offer 604, which was the same as 1207, which is Audit the Fed bill, and at the last minute he switched it and watered it down, and really it adds nothing, It’s a possibility that it even makes the current conditions worse….

But as we speak — this is Thursday night — they are working on this on the Senate floor. And we need to get as many messages as possible to as many Senators you can think of, especially to Bernie Sanders’ office, that we don’t want this version….

But the only thing that would be fair to the American people after all this work and energy that we put into this is to have an up and down vote on what was our 1207 in the House which is 604 in the Senate….

Dr. Paul’s website adds that the compromise “exempts monetary policy decisions, discount window operations, and agreements with foreign central banks from [GAO] audit. This is of particular concern when several countries such as Greece, Portugal, and Spain are seeking IMF help in the midst of their financial crises, because American taxpayers provide fully 17% of all IMF funding.”

“Taxpayers are weary of bailing out privileged banks and corporations in the U.S.,” Dr. Paul added, “and we certainly cannot afford to bail out entire countries. The possibility of this happening behind a veil of Federal Reserve secrecy is not acceptable.”

“This compromise language represents a huge missed opportunity by Congress to finally make the Fed accountable for trillions of taxpayer dollars it administers. Full transparency, via a full GAO audit, is the only acceptable option. However, I am grateful to Senator Vitter for offering the original full audit language in an alternative amendment to the bill.”

The John Birch Society has issued a press release urging opposition to the compromise measure and restoration of the original language. Readers are invited to go to “Ron Paul Appeals for Help to Rescue His ‘Audit the Fed’ Bill in the Senate” and spreading the word on social networking sites such as Twitter and Facebook.

Or they may contact their Senators directly to urge support for an amendment that would restore the original ‘Audit the Fed’ language and intent:  “As Ron Paul says in the video,” reads the JBS statement, “it’s vital and urgent that we do as much as we can to bombard the Senate with information that we the people deserve to have an up-or-down vote on Audit the Fed bill.”

View Ron Paul’s complete statement below. The vote on the compromise measure is expected to take place next Tuesday, May 11.

Source: The New American

The Federal Reserve will finally be required to disclose the names of banks that could have collapsed if they had not received emergency loans. The story from Ronald D. Orol of MarketWatch.com:

WASHINGTON (MarketWatch) – The Federal Reserve will be required to identify the names of banks that could have collapsed if not for the central bank’s emergency lending, a federal appeals court said Friday. The U.S. Court of Appeals for the Second Circuit in New York ruled on Friday that the Fed needs to disclose documents in response to Freedom of Information Act requests by Bloomberg L.P. and other news organizations. “We are reviewing the decision and considering our options for reconsideration or appeal,” said Fed spokeswoman Barbara Hagenbaugh.

source: AuditTheFed.com

Jekyll Island, Georgia on January 26, 2010

Robert P. Murphy – Only the Austrians Can Explain Depressions
Christopher Westley – Why the Fed Got Birthed
Peter G. Klein – Did Keynesian Economics Win the Battle of Ideas?
Douglas E. French – Failure and Prosperity
Llewellyn H. Rockwell, Jr. – Parallel Lives: Liberty or Power?
Joseph T. Salerno – The Macroeconomics of the Fed: Mainstream and Austrian
Mark Thornton – What Were They Saying in July 2007?
George Selgin – The Fed’s Dismal Record
Gary North – Heckle and Jekyll: How Murray Rothbard Got the Fed’s Story Right
Thomas E. Woods, Jr. – The Source and Workings of the Latest Crisis
Ron Paul – My Battle Against the Fed

House passes HR1207 – Ron Paul voted against it

Ron Paul’s HR1207 is one step closer to becoming law. The bill was attached to a horrible financial “reform” bill which calls for the creation of yet another government agency to regulate private industry. So of course Ron Paul voted against it on principle, despite the fact that it contains the “Audit the Fed” bill he’s worked so hard for.

Source: Liberty Maven

Ron Paul votes against his own amendment

Congressman Ron Paul (R Texas) is the last true statesman. Want proof, the Congressman and 2008 Presidential candidate fought more than twenty years to finally create an amendment to fully audit the Federal Reserve, which is the main cause of the present financial crisis.

The Audit the Fed bill was accepted as an amendment to a larger bill, the Wall Street Regulatory Overhaul. Even though the congressman’s bill was attached he could not in good faith vote for the larger legislation. Imagine a country full of men like that. Imagine just having 100 representatives like that.

The legislation will now go to the Senate for a vote. Ron Paul said “I have no clout in Congress, it was the people (grass roots) who made this happen.” A good guess would be that the Senate will try to take this amendment out. Reportedly, Senator’s are a little closer to those at the Fed than Congressman. It will be up to the people once again to make sure this amendment sticks if the larger bill is passed.

Voters should take notes from Dr. Paul on this issue. When your representatives have back bones like him liberty will flourish. People must become more involved and not fall for the left/right nonsense. There obviously is still room for honesty and integrity in Washington but it will be up to you to make it happen.

As you can see auditing the Federal Reserve is not an easy task. Some say they are more powerful than the President since they control the money supply. It’s reported that John F. Kennedy tried to abolish this powerful organization before being assassinated. Auditing it has been hard enough.

Source: Examiner.com

House Passes Wall Street Reform Bill With Zero GOP Votes

In a close vote, the House of Representatives Friday afternoon passed a financial reform bill intended to re-regulate Wall Street and increase protections for Main Street.

The bill, passed in a 223-202 vote, calls for the creation of a new federal agency dedicated to protecting consumers that would police consumer credit products like mortgages and credit cards. It also establishes new rules for the trading of derivatives and increases the transparency of the credit-rating process — two previously under-regulated parts of the economy that played a large role in last year’s economic collapse.

Not a single Republican voted for the bill. Twenty-seven Democrats broke with the rest of their party to vote against it.

The measure includes language, introduced in committee by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), that would authorize an expansive audit of the Federal Reserve, a landmark achievement for critics of the central bank’s secretive operations.

The bill also requires systemically important banks to pay into a fund that would be used to break them up and sell them off if they go bankrupt. Republicans bitterly and inaccurately referred to it as a “bailout fund,” telegraphing a critique that will undoubtedly re-emerge during the 2010 midterm elections.

“Today is an important milestone in reversing the decades-long stranglehold Wall Street and big banks have had over our economy. But it is just the first step,” said Service Employees International Union Secretary-Treasurer Anna Burger. “Despite the millions Wall Street and the Chamber of Commerce spent fighting the demands of the American people and the dozens of visits by big bank CEOs to strong-arm members of Congress, our leaders found the political will and courage to pass the most historic financial reform legislation in nearly 80 years.”

The fight to fundamentally reform financial regulations began soon after President Barack Obama took office. Public zeal, though, was tempered on Capitol Hill by bankers and other Wall Street titans, who united to fight against the kind of reform advocated by consumers, union groups, and academics.

The bill disappointed some consumer groups, who pledged to work to make it stronger as it moves to the Senate.

“The bill does very little to address industry structure,” the consumer advocacy group Public Citizen said in a statement. “The biggest banks are now bigger than they were before the crisis.”

Michael Calhoun, president of the Center for Responsible Lending, hailed the bill’s creation of the Consumer Financial Protection Agency, but worried it goes too far in allowing federal regulators to preempt their state compatriots.

“The bill would provide consumers with significant protections from the industry practices that dismantled our economy and those of countries around the world,” he said. “We commend the House for this vote to protect families and small business from unfair, unsafe financial practices. However, we remain concerned that the bill allows the same federal banking regulators whose inaction led to the current crisis to continue to ignore state law. That must be fixed as the legislation moves forward.”

Despite the advocacy by financial luminaries like former Federal Reserve Chairman Paul Volcker, the bill does nothing to break up big banks or address the mixing of commercial and investment banking by giant firms like JPMorgan Chase and Goldman Sachs.

Barbara Roper, director of investor protection at the Consumer Federation of America, praised the part of the bill dealing with credit rating agencies — with a caveat, though.

“If you accept the whole business model as a given, the rest of it is strong,” she said, referring to the fact that the agencies are paid by bond issuers to rate their products, creating an inherent conflict of interest.

Specifically, the bill subjects the credit rating agencies to increased liability, allowing for aggrieved investors to sue. Also, thanks to Rep. Brad Sherman (D-Calif.), a provision was added mandating that the agencies owe a duty of care to investors, rather than just to the bond issuers that pay them, she said.

The bill takes a stab at regulating derivatives, but key reforms were either ignored or voted down. An amendment by Bart Stupak (D-Mich.) calling for increased transparency in trading, which was backed by a coalition of pro-reform advocates, was voted down 330-98.

Financial Services Committee Chairman Barney Frank offered another amendment regarding derivatives that would have beefed up the powers of federal regulators, who have long lacked critical authority to initiate meaningful regulation. That, too, died.

A third amendment would have banned those derivatives that are, in essence, used by big financial firms to place bets upon bets upon bets, like the kind pioneered by AIG that helped crash the financial system last year. It also was voted down.

“Basically, the financial houses and the big banks are working [these amendments] real hard,” Stupak said. “Wall Street’s been working hard. We’ve been tripping over them all week. They’ve won this round.”

Public Citizen offered this explanation:

It’s no mystery why this legislation is not stronger. Wall Street spent $5 billion in political investments in the decade before the financial crisis to obtain deregulation and non-enforcement of existing rules.

Despite Wall Street having crashed the economy, nothing has changed on Capitol Hill. Wall Street continues to invest heavily in politics and wield enormous influence. More than 900 former federal employees, including 70 former members of Congress, are working as lobbyists for the financial services sector this year. Wall Street has spent more than $40 million on campaign contributions since November 2008.

“It was the single most important they needed to get right if they wanted to protect the system from future crises, and I don’t think they got it right,” Roper said.

The bill also addressed investor protection, increasing it in some areas but weakening it in others. Shareholders will now be able to hold non-binding votes on executive compensation — a big win for investor groups. But the bill also includes a provision that changes current law by exempting about half of all publicly-traded companies from having to get audits of their internal controls. Fraud will be harder to catch, investor groups argue.

The House also voted to kill what many experts, consumer advocates and economists believe to be the best — and perhaps the only — way to stem the rising tide of foreclosures: a provision that would have allowed judges to cut the principal for struggling homeowners in bankruptcy.

Belying their expressions of outrage towards banks and sympathy for struggling homeowners, enough Democrats joined Republicans to kill the amendment offered by Democrats John Conyers of Michigan and Jim Marshall of Georgia, by a 241-188 vote.

Bankruptcy courts may reduce several forms of debt for distressed borrowers, but not the mortgage on a primary residence. Judges can, however, alter loan terms on vacation homes and cars, for example.

In March, the House passed a bill that was “substantively identical” to today’s amendment, according to a summary of the amendment provided by the chamber’s Rules Committee. The Senate, however, voted it down, leading Sen. Dick Durbin (D-Ill.), a longtime advocate for homeowners, to conclude that banks “frankly own the place.”

“The financial industry has so much invested in political influence, in lobbying, in campaign contributions, into having a local network through the local banks and the credit unions,” said Rep. Brad Miller (D-N.C.). “It’s just very hard to go up against that based upon a strong public policy objective.”

Backers of the measure thought it had a reasonable chance of passage, since, after all, it had already passed, and the foreclosure crisis has only gotten worse. About one in seven homeowners with a mortgage are either delinquent or in foreclosure. The passage of time, however, gave banks a chance to work the halls.

“We got a vote for it earlier this year, but it took a huge effort. There was none of that effort this time. I think that leadership has been working other issues in the bill, but not that one. And there’s enormous opposition to it,” said Miller.

One in four homeowners with a mortgage are “underwater,” meaning they owe more on the home than it’s worth. The administration’s $75 billion foreclosure-prevention effort does virtually nothing to help those homeowners, consumer advocates and economists argue.

Furthermore, since the program’s launch in March, less than 32,000 troubled homeowners have received permanent relief through the government’s mortgage modification plan. It’s supposed to help three to four million homeowners avoid foreclosure.

“You would think that would be a strong argument for doing something about it,” Miller said. “And with the continued foreclosure rate and the effect that’s having on home values and the effect they’re having on each other, being such a downward force on our economy. But there’s just a united front of opposition by the financial industry. If some members are playing it by thinking, well, I’ll give them this vote but then I’ll vote for the CFPA, I guess I can see that calculation.”

Marshall pinned some of the blame on Treasury Secretary Tim Geithner, who had been cool to the idea last spring.

“The leadership here in the House is a big friend to this bill. The White House, well, the Treasury Secretary made some comments earlier this year that I thought were unfortunate. Other than Geithner’s comments, I haven’t really heard anything else from the White House. Obviously it’s not on their priority list, among the many things they don’t have much of an opinion about. Though Geithner did say something, and I wish I could recall, he said something earlier this year that was chilling. Not that he said it was a bad idea, but it certainly wasn’t an endorsement,” said Marshall.

Candidate Obama supported the idea of allowing judges to modify mortgages in bankruptcy en route to the White House. He even expressed public support in February when outlining his plan to stem foreclosures. But it wasn’t in his detailed plan released the next month. Since then, the White House has largely been silent.

President Obama cheered the House action Friday. “This legislation brings us another important step closer to necessary, comprehensive financial reform that will create clear rules of the road, consistent and systematic enforcement of those rules, and a stronger, more stable financial system with better protections for consumers and investors,” he said in a statement.

But the loopholes in the bill and the reforms that were voted down revealed something else to Roper — an apparent deep-seated hostility to government regulation.

Time and time again, Roper noticed various reform proposals killed on the specious claim that they would kill jobs. Looking beyond today’s vote, there are deep, structural roadblocks to fundamental reform, she said.

“Even as they’re trying to cure the regulatory failures that led to the current crisis, they’re setting us up for future crises,” she said. “It’s a philosophy and attitude to regulation that suggests that as soon as the spotlight is off they will be back to attacking regulation as too costly.”

The vote, she said, reveals “that the attitude, the underlying problem, has not changed, and will come back to haunt us in the future.”

“It’s hard to be all that enthusiastic when you know that nothing has changed,” she said.

Source: Huffington Post

House Financial Services Committee approved Ron Paul “Audit the Fed” * House Attacks Fed * Call for Geithner to Quit *

Critical Vote on Audit the Fed!

Congressman Paul will offer an amendment in Committee restoring an audit of the Fed’s entire $2 trillion balance sheet, but we have received word that some of the Democrat members may be waffling on their support for his amendment.

For example, Watt’s amendment prevents the GAO from auditing or reviewing decisions to authorize, modify, extend, or terminate loans or liquidity facilities.

Fed balance sheet can be audited, panel says

WASHINGTON (MarketWatch) – A key congressional committee approved legislation on Thursday that would allow for government audits of Federal Reserve monetary policy as well as how much the central bank has lent and will lend to specific banks in response to the financial crisis, despite major opposition from the central bank. The measure, introduced by Rep. Ron Paul, R-Texas, has the support of 309 members of Congress.

House Attacks Fed, Treasury

Panel Votes for Tighter Political Rein on Central Bank; Some Call for Geithner to Quit

WASHINGTON — Political frustration over the rescue of Wall Street and high unemployment erupted in Congress Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another excoriating Treasury Secretary Timothy Geithner.

The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks. The Fed says the provision threatens its ability to make monetary policy without political interference.

Treasury chief Geithner faced a House Republican who told him, ‘The public has lost all confidence in your ability to do the job.’ He shot back: ‘What I can’t take responsibility is for the legacy of crises you’ve bequeathed this country.’

The vote was the latest blow to the central bank, which has been become a lightning rod for politicians responding to popular anger that Wall Street was bailed out while the public was not. The Fed faces a stinging backlash from legislators from both parties who argue that has too much power and too little oversight. On Thursday, the Senate Banking Committee began debating legislation that would largely remove the Fed from bank supervision over the objections of both the Fed and the Obama administration.

The Paul-Grayson Amendment
by Ron Paul and Alan Grayson

“It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats.

The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony.

Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit.

Mr. bernanke, do THEY have OUR gold? or did THEY sell it to Europeans for $35/oz within years of being CONFISCATED from the American people at $25/oz after THEY bankrupted us in 1933?

Learn more about the corrupt “Federal Reserve System”:
http://americanbuilt.us/videos/federal-reserve-system.shtml