"We Need A True, Comprehensive Audit Of The Fed"

[WhiskeyGirl]

(snip)

The first ever audit of the Federal Reserve was conducted back in July. Due to a provision under the misguided Dodd-Frank financial overhaul law, the Government Accountability Office (GAO) conducted a one-time, watered-down audit of the central bank. It gave the American people their first peek into the central bank’s books, but prevented investigators from peering into their deliberations on interest rates and the most crucial transactions of the Fed. The audit findings were infuriating but should have surprised no one.

It exposed that unelected bureaucrats at the Fed “loaned” out $16 trillion at 0% interest to corporations and banks around the world in less than three years. To put that number into perspective, the Gross Domestic Product (GDP) — the value of all economic activity within a country — of the U.S. is only $14.12 trillion. Billions of dollars may even be missing from their released records. The central bank just handed out colossal amounts of money to its Wall Street cronies without a single vote taking place in any chamber of Congress.

The watered-down audit conducted last month was a victory, but we still have a long way to go in the fight for Fed transparency. The documents that were released in April and July are further evidence that we need a true audit of the Fed. While these documents are disturbing enough, just imagine what kind of mischief we would find through a real audit. The Federal Reserve loaning trillions to foreign banks may just be the tip of the iceberg.

(snip)

http://www.forbes.com/sites/mattkibbe/2011/09/01/we-need-a-true-comprehensive-audit-of-the-fed/

Where is the bail out for Main Street?  For everyday Americans?  Working class people who pay taxes and ask little if anything of their government? 

No Social Security, VA benefits, Medicare, Medicaid for YOU!!!  Obama seems willing to stop your check from going out!

TRILLIONS for foreign banks!!!  Nothing for working or retired Americans.  Just more debt for the wealthy elite globalists!!!

just my humble opinions

[WhiskeyGirl]

An unaccountable Federal Reserve

In a Politico.com opinion column Wednesday, Sen. Jim DeMint railed not only against TARP, but he assails the Federal Reserve. According to DeMint, the Fed blocked Freedom of Information filings for two years against Bloomberg News' attempts to discover which banks the Fed propped up outside the $700 billion TARP program.

Again, seriously? In an administration that championed transparency, the Fed seemingly is the antithesis. It took the Supreme Court to rule and they ruled in favor of Bloomberg. The money went to a number of sources from "Wall Street to Brussels to the Central Bank of Libya."

It doesn't get much better according to DeMInt, who serves on the Senate Banking, Housing and Urban Affairs committee. The Fed fought a Congressional move to be audited and was partially successful. That partial audit, again according to DeMInt, revealed that the Fed loaned $16 trillion to foreign and domestic banks from 2007 to 2010. One would understand why Congress would be asking for accountability.

There is good reason for the Fed to keep that quiet. Because who of us mortals would really have trouble understanding that we, as a nation, were loaning money secretly. Money, we do not have unless the Fed, who has unaccountable power, prints it.

read more here - http://www.nptelegraph.com/articles/2011/09/01/opinion/todays_column/70001172.txt

[WhiskeyGirl]

"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.

Did any of these bailout create jobs for Americans? 

The government made such a big show these past few years of going after Americans who were avoiding taxes by stashing money in foreign banks.

What of those account holder at these foreign banks?  How much do they pay in American taxes?  How many Americans do they employ?

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.

If you collapse the dollar, perhaps they can pay TRILLIONS back for just a few Euros, Yuan, or Pesos.

"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," Sanders wrote.

"The main problem is the lack of Congressional oversight, and the way the Fed seemed to pick winners who would be protected at any cost," Randall Wray, professor of economics at University of Missouri-Kansas City, told IPS.

"If such lending is not illegal, it should be. Our nation really did go through a liquidity crisis - a run on the short-term liabilities of financial institutions. There is only one way to stop a run: lend reserves without limit to all qualifying institutions. The Fed bumbled around before it finally sort of did that," Wray said.

"But then it turned to phase two, which was to try to resolve problems of insolvency by increasing Uncle Sam's stake in the banksters' fiasco. That never should have been done. You close down fraudsters, period. The Fed and FDIC (Federal Deposit Insurance Commission) should have gone into the biggest banks immediately, replaced all top management, and should have started to resolve them," Wray said.

What is the biggest private bank in America?  I think it's the Federal Reserve...  Why is the Fed still in business?  Do they do the business of Main Street? 

Are they in business for foreigners?  Bankers?  Special interests?

"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," Sanders said.

When does the job rotation end? 

read more here - http://www.globalresearch.ca/index.php?context=va&aid=26276