Audit of the FED

[clarionite]

http://beforeitsnews.com/economy/2012/0 ... 49770.html" onclick="window.open(this.href);return false;

I'm not sure what I can say about this that would meet the 12 year old daughter rule. I... Nope, can't say that either.

[Heartland Patriot]

That number is so big, it is UNREAL...I had to share this one to my FB page...hopefully some of them read it and share it too. Thank you for posting, despite how sickening it is...I feel ticked off and saddened at the same time...I really, really don't like those people.

[psijac]

Wait i thought the bill was still languishing in the Senate

[RottenApple]

Wait i thought the bill was still languishing in the Senate

According to Thomas it did. Unless it's in a earlier Congress, it doesn't look to have passed.

From the 111th Congress:

1. [111th] H.R.1207 : Federal Reserve Transparency Act of 2009
Sponsor: Rep Paul, Ron [TX-14] (introduced 2/26/2009) Cosponsors (320)
Committees: House Financial Services
Latest Major Action: 9/25/2009 House committee/subcommittee actions. Status: Committee Hearings Held.

2. [111th] S.513 : Federal Reserve Transparency Act
Sponsor: Sen Sanders, Bernard [VT] (introduced 3/3/2009) Cosponsors (2)
Committees: Senate Banking, Housing, and Urban Affairs
Latest Major Action: 3/3/2009 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

From the 112th Congress:

1. [112th] H.R.459 : Federal Reserve Transparency Act of 2012
Sponsor: Rep Paul, Ron [TX-14] (introduced 1/26/2011) Cosponsors (274)
Committees: House Oversight and Government Reform; House Financial Services
House Reports: 12°-607 Part 1
Latest Major Action: 7/26/2012 Received in the Senate.

2. [112th] H.R.1496 : Federal Reserve Transparency Act
Sponsor: Rep Paul, Ron [TX-14] (introduced 4/12/2011) Cosponsors (None)
Committees: House Oversight and Government Reform
Latest Major Action: 4/27/2011 Referred to House subcommittee. Status: Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management.

3. [112th] H.R.4180 : Sound Dollar Act of 2012
Sponsor: Rep Brady, Kevin [TX-8] (introduced 3/8/2012) Cosponsors (48)
Committees: House Financial Services
Latest Major Action: 4/26/2012 Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.

4. [112th] S.202 : Federal Reserve Transparency Act of 2011
Sponsor: Sen Paul, Rand [KY] (introduced 1/26/2011) Cosponsors (27)
Committees: Senate Banking, Housing, and Urban Affairs
Latest Major Action: 1/26/2011 Referred to Senate committee. Status: Referred to the Committee on Banking, Housing, and Urban Affairs.

5. [112th] S.2247 : Federal Reserve Modernization Act of 2012
Sponsor: Sen Lee, Mike [UT] (introduced 3/28/2012) Cosponsors (None)
Committees: Senate Banking, Housing, and Urban Affairs
Latest Major Action: 3/28/2012 Referred to Senate committee. Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

[baldeagle]

Wait i thought the bill was still languishing in the Senate

The one you're thinking of is. But Reps. Paul and Grayson managed to get an amendment attached to the Dodd-Frank monstrosity that ordered a partial audit of the Fed by the GAO. In the Senate, the amendment was championed by Sens. DeMint and Saunders. The results of that partial audit are what you are seeing here.

Swallow your distaste for the Huffington Post. The story is here: http://www.huffingtonpost.com/2012/07/2 ... 02879.html" onclick="window.open(this.href);return false;

Of course, the main stream media didn't think this was news so they didn't report it.

I can't emphasize this enough. If you're getting your "news" from the alphabets (Fox, NBC, ABC, CBS, CNN) you are not getting the news. You're getting a pablumized version thought fit for consumption by the masses. Many times you have to go overseas to get the news about what's going on right here in America.

[clarionite]

Here's a link to the Sander's website that contains a story about it too.

http://www.sanders.senate.gov/newsroom/ ... 060dcbb3c3" onclick="window.open(this.href);return false;

[MeMelYup]

Who is the FED responsible to? Is it a part of the executive branch?

[clarionite]

Who is the FED responsible to? Is it a part of the executive branch?

According to Wikipedia and the Board of Goveners, they aren't controlled by anyone.

http://en.wikipedia.org/wiki/Federal_Reserve_System" onclick="window.open(this.href);return false;

[MeMelYup]

The Constitution only allows 3 branches, Legislative, Executive, and Judicial. Unless there is a sneeky 4 branch that is secret so we don't know about it?

[The Annoyed Man]

Here's a link to the Sander's website that contains a story about it too.

http://www.sanders.senate.gov/newsroom/ ... 060dcbb3c3" onclick="window.open(this.href);return false;

Bernie Sanders is a good friend of my cousin Tommy "The Commie" Smith who was for a number of years in the Vermont Legislature. I tend to take most of what Sanders says with a large grain of salt, because he is a foe of capitalism, and I am an unapologetic capitalist. On the issue of "gun control" (the liberal definition, not the actual skills of a good marksman), Bernie Sanders has an "F" rating from the NRA. Here is a link to where you can find his stance on all issues: http://www.ontheissues.org/Senate/Bernie_Sanders.htm.

Here are the things he is known for in terms of budget and economy:

• Voted YES on $192B additional anti-recession stimulus spending. (Jul 2009)
• Voted YES on modifying bankruptcy rules to avoid mortgage foreclosures. (May 2009)
• Voted YES on additional $825 billion for economic recovery package. (Feb 2009)
• Voted YES on $60B stimulus package for jobs, infrastructure, & energy. (Sep 2008)
• Voted NO on paying down federal debt by rating programs' effectiveness. (Mar 2007)
• Voted NO on restricting bankruptcy rules. (Jan 2004)
• More enforcement of mortgage fraud and TARP fraud. (May 2009)
• Ban abusive credit practices & enhance consumer disclosure. (Feb 2009)

The only one of those things I regard as "good" was that the credit practices bill is what got us concealed carry in national parks........which was NOT Bernie Sanders' idea.

Every time he's been given a chance to redeem himself, Sanders has voted to empower financial irresponsibility by consumers by making it easier for them to defraud the lending institutions they go to to borrow money from to buy the things they cannot afford to buy......and therefore should not be buying.

Ron Paul..........where to start............well, for beginners, he's the guy who has no problem with a nuclear Iran. REALLY? I appreciate his upholding of constitutional principles, but his judgement is so seriously flawed that I cannot take him seriously on just about anything.......including the economy and the Fed. AND.....he's not above taking home the bacon to his district, just like any other political hack; so I am not nearly so willing to accept him as some kind of purveyor of truth as some are want to do.

Now......Huffpo? I think that if I were to call it a feverswamp of illogic and ignorance, I woud be kinder than Huffpo deserves. It is safe to say of Huffpo that their official editorial policy, AND the personal inclination of the vast majority of their readership is virulently anti-capitalist, pro-socialist, big government cretins. In other words, I am NOT about to take their word on matters of banking and Fed policy at face value.

What is the point of my character assassinations here, one might ask? I'm not going to start hyperventilating just yet about this audit. There may be justification for it, but in my book, Sanders, Paul, and Huffpo are not exactly unimpeachable witnesses. I'd like to see some responsible analysis before I jump on that bandwagon.

But that's just me.

[RoyGBiv]

I'm not always a Ron Paul fan, but I have to give him kudos on this one...
$16 Trillion.... Abysmal.

The list of institutions that received the most money from the Federal Reserve can be found on page 131of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places