Ron Paul Gets to Audit the Fed

Politics • Views: 2,293

Ron Paul’s bill to audit the Federal Reserve has been approved.

The House Financial Services Committee has approved Rep. Ron Paul’s measure to drastically expand the government’s power to audit the Federal Reserve.

The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill. Florida Democrat and fellow Fed critic Alan Grayson co-sponsored the amendment with Paul and played a leading role drumming up support for it among committee members. The adoption of this amendment is an extraordinary victory for Paul, whose libertarian, anti-Fed leanings have often been dismissed by the political establishment.

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233 comments
1 SixDegrees  Thu, Nov 19, 2009 3:18:35pm

Fuck.

2 cliffster  Thu, Nov 19, 2009 3:18:38pm

And we accelerate our drive into oblivion.

3 Only The Lurker Knows  Thu, Nov 19, 2009 3:18:57pm

/Can a return to the gold standard be far behind?

4 Cannadian Club Akbar  Thu, Nov 19, 2009 3:19:03pm

This should work out well.
///

5 Walter L. Newton  Thu, Nov 19, 2009 3:21:16pm

Then there must be some merit in this, or else how did he get it passed. Couldn't the left keep it from passing?

6 Killgore Trout  Thu, Nov 19, 2009 3:21:23pm
The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill.


Interesting. I though it was going to be a stand alone bill and would almost certainly get a veto. As an amendment it might actually make it all the way.

7 Cannadian Club Akbar  Thu, Nov 19, 2009 3:21:48pm

Wait. Ron Paul wants smaller gubment but wants to expand gubment powers at the same time? Am I just stoopid or am I reading this correctly?

8 charles_martel  Thu, Nov 19, 2009 3:22:51pm

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

9 cliffster  Thu, Nov 19, 2009 3:23:57pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

Should a Congress, with the myopia of needing to be re-elected every few years, be allowed to strong arm the fiscal policy of the Fed?

10 wrenchwench  Thu, Nov 19, 2009 3:24:02pm
The adoption of this amendment is an extraordinary victory for Paul, whose libertarian, anti-Fed leanings have often been dismissed by the political establishment


And now the tea partiers are dismissing the political establishment. There will be consequences.

11 SixDegrees  Thu, Nov 19, 2009 3:24:24pm

re: #5 Walter L. Newton

Then there must be some merit in this, or else how did he get it passed. Couldn't the left keep it from passing?

It got tacked on as an amendment. But the Left is probably salivating over the possibility of exerting direct Congressional control over yet another gigantic chunk of money, so they're probably happy to go along with what will probably turn into a three ring circus.

In fact, that's guaranteed, since Paul has stated that he doesn't care about the audit itself so much as the possibility of using it as a gigantic fishing expedition. If you think Beck distorts facts, wait 'til Paul gets going on "explaining" the inner workings of the Fed to the media.

12 Killgore Trout  Thu, Nov 19, 2009 3:24:49pm

re: #7 Cannadian Club Akbar

Wait. Ron Paul wants smaller gubment but wants to expand gubment powers at the same time? Am I just stoopid or am I reading this correctly?

Yeah, that's pretty much it. The Federal Reserve is actually the most "John Galt" type system we have. It's private, works in coordination with the government to protect the economy. Paul's crackpot economic theories about the Gold Standard means that he hates the Federal Reserve and wants to destroy it.

13 Cannadian Club Akbar  Thu, Nov 19, 2009 3:24:56pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

Well, the gubment (congress) will think they should have control and that has worked out well with medicare, medicade, social security, etc.

14 CyanSnowHawk  Thu, Nov 19, 2009 3:25:10pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

The power to audit gives a degree of control to the auditor. That much control over the Fed by Congress was never intended and many believe that it will have dire consequences.

15 Ben G. Hazi  Thu, Nov 19, 2009 3:25:38pm

While I'm not quite ready to get all apoplectic about this just yet since it's only been approved in committee and the bill it's attached to still has to be passed by the full Senate, it's still scares me that this pile of shit even made it through committee at all.

/G-d help us...

16 charles_martel  Thu, Nov 19, 2009 3:25:49pm

re: #9 cliffster

Well, an audit is not control, for one thing. And further, we have an elected government, like it or not, and I'd rather the Fed be transparent, rather than hidden from view.

17 Fat Bastard Vegetarian  Thu, Nov 19, 2009 3:26:30pm

I know so little about this, I just got a minute younger.

18 Stanghazi  Thu, Nov 19, 2009 3:26:37pm

I know very little about this. Am very glad to be here @ LGF, where I will learn. Carry on.

19 Killgore Trout  Thu, Nov 19, 2009 3:26:44pm

re: #11 SixDegrees

It got tacked on as an amendment. But the Left is probably salivating over the possibility of exerting direct Congressional control over yet another gigantic chunk of money, so they're probably happy to go along with what will probably turn into a three ring circus.

It's also going to result in a lot of insider trading. Congress is going to have access to a lot of very secret and valuable information about which companies and industries are in trouble.

20 Walter L. Newton  Thu, Nov 19, 2009 3:26:46pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

It seems this has nothing to do with being a Ron Paul fan or what ever. There has been a lot of anti-Paul rhetoric on LGF, but maybe on some issues, we've been reading him all wrong. After all, this amendment has over 300 co-sponsors.

On this subject Ron Paul and the Fed, are we to assume all 300 plus co-sponsors are jerks and have no idea what they are doing, or do we have to back off a bit and consider that Paul and his co-sponsors may have a valid issue here?

21 SixDegrees  Thu, Nov 19, 2009 3:26:54pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

The books aren't hidden in any way. The Fed is required to conduct audits annually and make the results available to Congressional oversight committees; it also has to make quarterly and annual reports on it's activities to those committees, and is often asked to provide additional information during periods of unusual economic activity - such as now. There is nothing opaque about the Fed in the first place.

22 Cannadian Club Akbar  Thu, Nov 19, 2009 3:27:07pm

re: #17 Fat Bastard Vegetarian

I know so little about this, I just got a minute younger.

A minute ain't gonna help.
///

23 SixDegrees  Thu, Nov 19, 2009 3:28:28pm

re: #13 Cannadian Club Akbar

Well, the gubment (congress) will think they should have control and that has worked out well with medicare, medicade, social security, etc.

That's the biggest danger - destroying the Fed's independence and making it beholden to Congressional tinkering. This will lead to financial policy decisions being made for political reasons rather than economic reasons, a recipe for disaster.

24 wrenchwench  Thu, Nov 19, 2009 3:28:32pm

re: #20 Walter L. Newton

On this subject Ron Paul and the Fed, are we to assume all 300 plus co-sponsors are jerks and have no idea what they are doing, or do we have to back off a bit and consider that Paul and his co-sponsors may have a valid issue here?

We could consider that each of these members of Congress thinks more power for Congress is the way to go. Who they take it from is secondary.

25 charles_martel  Thu, Nov 19, 2009 3:29:15pm

re: #21 SixDegrees

The books aren't hidden in any way. The Fed is required to conduct audits annually and make the results available to Congressional oversight committees; it also has to make quarterly and annual reports on it's activities to those committees, and is often asked to provide additional information during periods of unusual economic activity - such as now. There is nothing opaque about the Fed in the first place.

Hmmm, well, if that's the case, then there might be some ulterior motive going on here. Any actual text of the bill available?

26 Racer X  Thu, Nov 19, 2009 3:29:27pm

The Fed is already doing things that concern me. How is this bad?

/I don't know squat about an audit and what the impact will be.

27 edgesitter  Thu, Nov 19, 2009 3:29:55pm

What a freakin' disaster. All monetary policy in the hands of congress? Can you say 100% inflation?

28 Cannadian Club Akbar  Thu, Nov 19, 2009 3:30:00pm

re: #23 SixDegrees

That's the biggest danger - destroying the Fed's independence and making it beholden to Congressional tinkering. This will lead to financial policy decisions being made for political reasons rather than economic reasons, a recipe for disaster.

No offense to lawyer lizards, but I trust people who study economics with money more than I do lawyers.

29 Fat Bastard Vegetarian  Thu, Nov 19, 2009 3:30:28pm

I am 47 years old. I can't honestly explain how the Fed works.

This is a stimulus package for CPAs anyway.

This is going to be HUGE.

30 cliffster  Thu, Nov 19, 2009 3:30:37pm

re: #16 charles_martel

Well, an audit is not control, for one thing. And further, we have an elected government, like it or not, and I'd rather the Fed be transparent, rather than hidden from view.

Having the ability to audit will give Congress the ability to strong-arm the Fed.

31 Racer X  Thu, Nov 19, 2009 3:30:40pm

re: #23 SixDegrees

That's the biggest danger - destroying the Fed's independence and making it beholden to Congressional tinkering. This will lead to financial policy decisions being made for political reasons rather than economic reasons, a recipe for disaster.

Aren't they already printing boatloads of money at the request of the current administration?

32 HAL2010  Thu, Nov 19, 2009 3:31:08pm

OT:

Poll: 52 Percent of Republicans Say ACORN Stole the 2008 Election

Among Republicans… only 27% say Obama actually won the race, with 52% — an outright majority — saying that ACORN stole it, and 21% are undecided. Among McCain voters, the breakdown is 31%-49%-20%. By comparison, independents weigh in at 72%-18%-10%, and Democrats are 86%-9%-4%.

33 SixDegrees  Thu, Nov 19, 2009 3:31:11pm

re: #19 Killgore Trout

It's also going to result in a lot of insider trading. Congress is going to have access to a lot of very secret and valuable information about which companies and industries are in trouble.

See above; destroying the Fed's independence in this way is a catastrophe in the making.

They would be better off simply doing away with the Fed and allowing the financial system to float without control. At least in that case, it would be buffered by market forces exerted by external economies, rather than being run with an eye always gazing in the direction of the next election.

34 MandyManners  Thu, Nov 19, 2009 3:32:28pm
The amendment would give the Government Accountability Office much greater to audit the Federal Reserve,

Bad editing. Bad.

35 charles_martel  Thu, Nov 19, 2009 3:32:50pm

Damn, the GOP better win a lot next November. Our whole system of government depends on many checks and balances. Without them, we are boned.

36 Cannadian Club Akbar  Thu, Nov 19, 2009 3:33:06pm

My email in box is gonna be stuffed with friends and relatives who are Paulians. Fuck, I'll just delete them all.

37 SixDegrees  Thu, Nov 19, 2009 3:33:26pm

re: #30 cliffster

Having the ability to audit will give Congress the ability to strong-arm the Fed.

Correct. And the Fed is already required to hire an independent firm to conduct annual audits, and turns those reports over directly to Congress The whole idea that the Fed "needs" to be audited is a sham.

38 wrenchwench  Thu, Nov 19, 2009 3:33:53pm

Of course, the audit is just a smoke screen for Luap Nor's true goal: End the Fed. (That's three links.)

39 Racer X  Thu, Nov 19, 2009 3:34:15pm

All I know is everyone freaked out about the financial collapse back in December. If you just let your money sit, you should be OK. If you bought when stocks were low, you should be sitting pretty right about now.

40 KingKenrod  Thu, Nov 19, 2009 3:34:30pm

Doesn't this have to pass the Senate and get Obama's signature?

41 charles_martel  Thu, Nov 19, 2009 3:35:54pm

re: #39 Racer X

All I know is everyone freaked out about the financial collapse back in December. If you just let your money sit, you should be OK. If you bought when stocks were low, you should be sitting pretty right about now.

I did! I bought a ton of stocks when the Dow was at 8,000.

42 cliffster  Thu, Nov 19, 2009 3:35:55pm

re: #36 Cannadian Club Akbar

My email in box is gonna be stuffed with friends and relatives who are Paulians. Fuck, I'll just delete them all.

Are they going to be high-pitched, whiny emails?

43 SixDegrees  Thu, Nov 19, 2009 3:36:23pm

re: #31 Racer X

Aren't they already printing boatloads of money at the request of the current administration?

News to me if they are. And even a hint that the Fed was acting in response to a Congressional request would be front page news. When Alan Greenspan simply sat at the same dinner table as Bill Clinton, there was a huge uproar over the apparent violation of independence.

44 Ben G. Hazi  Thu, Nov 19, 2009 3:36:34pm

re: #20 Walter L. Newton

It seems this has nothing to do with being a Ron Paul fan or what ever. There has been a lot of anti-Paul rhetoric on LGF, but maybe on some issues, we've been reading him all wrong. After all, this amendment has over 300 co-sponsors.

On this subject Ron Paul and the Fed, are we to assume all 300 plus co-sponsors are jerks and have no idea what they are doing, or do we have to back off a bit and consider that Paul and his co-sponsors may have a valid issue here?

You're shitting me, right? Has it occurred to you that the ONLY reason why so many people on Capital Hill support this turd is that is gives them more power over the Fed? They know that backing RP's amendment is relatively safe for them at this point in time, since they can play off their constituents' fears of Wall Street after the financial problems of the past couple of years and say they had support for something like this.

45 Cannadian Club Akbar  Thu, Nov 19, 2009 3:36:45pm

re: #42 cliffster

Are they going to be high-pitched, whiny emails?

No, probably dancing ones.

46 RogueOne  Thu, Nov 19, 2009 3:36:46pm

Americans Deserve a Transparent Fed:
Trillion-dollar interventions in the economy merit scrutiny by taxpayers and their representatives.

By RON PAUL AND JIM DEMINT

For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people...

[Link: online.wsj.com...]

47 albusteve  Thu, Nov 19, 2009 3:37:08pm

re: #35 charles_martel

Damn, the GOP better win a lot next November. Our whole system of government depends on many checks and balances. Without them, we are boned.

we've been boned for decades

48 cliffster  Thu, Nov 19, 2009 3:37:34pm

I hate to end the work day on such bad news. But, gotta run. A good evening to all.

49 Racer X  Thu, Nov 19, 2009 3:39:31pm

re: #41 charles_martel

I did! I bought a ton of stocks when the Dow was at 8,000.

You greedy Capitalist!

50 albusteve  Thu, Nov 19, 2009 3:40:28pm

I guess it depends on the definition of audit...have to wait and see, could be fairly harmless

51 b_snark  Thu, Nov 19, 2009 3:41:17pm

I may be a Canuck and unable to truly appreciate the American system, but shouldn't there be parts of the government that have to be at arms length from the upper houses?

52 SixDegrees  Thu, Nov 19, 2009 3:41:43pm

re: #46 RogueOne

Americans Deserve a Transparent Fed:
Trillion-dollar interventions in the economy merit scrutiny by taxpayers and their representatives.

By RON PAUL AND JIM DEMINT

For nearly a century the Federal Reserve has operated in the shadows, away from the prying eyes of Congress, journalists and the American people...

[Link: online.wsj.com...]

How shadowy is it when they conduct an independent annual audit and report the results to Congress; make quarterly and annual reports to Congress on their activities; and frequently make additional reports available upon request?

Congress already controls how much money the Fed receives. It does not, however, get to direct how that money gets used once the Fed receives it, and this is what's sticking in Congress' craw. And it's hard to imagine anything more fucked up than a monetary policy run by politicians for political reasons.

If I were Bernanke, I would wheel the cases and cases of paper making up their annual audit over to Paul's office, dump it on his desk and tell him to go fuck himself.

53 MandyManners  Thu, Nov 19, 2009 3:42:11pm

re: #36 Cannadian Club Akbar

My email in box is gonna be stuffed with friends and relatives who are Paulians. Fuck, I'll just delete them all.

Someone posted a link to a hilarious teddy bear within the past week.

54 SixDegrees  Thu, Nov 19, 2009 3:42:40pm

Out for a while. I'm going to go stuff my mattress full of money.

55 albusteve  Thu, Nov 19, 2009 3:42:53pm

re: #39 Racer X

All I know is everyone freaked out about the financial collapse back in December. If you just let your money sit, you should be OK. If you bought when stocks were low, you should be sitting pretty right about now.

I lost around 40% of the value of my stash...but I don't need the money, it's there for the long term and only about half of my 'wealth'...hahaha!...paper money

56 MandyManners  Thu, Nov 19, 2009 3:43:17pm

re: #53 MandyManners

Someone posted a link to a hilarious teddy bear within the past week.

Duh.

I forgot to include a suggestion to send it to them.

57 Walter L. Newton  Thu, Nov 19, 2009 3:44:12pm

re: #44 talon_262

You're shitting me, right? Has it occurred to you that the ONLY reason why so many people on Capital Hill support this turd is that is gives them more power over the Fed? They know that backing RP's amendment is relatively safe for them at this point in time, since they can play off their constituents' fears of Wall Street after the financial problems of the past couple of years and say they had support for something like this.

No, I was not shitting you, I was making a statement and asking for input. I'm sorry if I am not as clever and sensitive to this subject matter to be able to read minds and just infuse the answer, I had to use the normal channels and ask in hopes that someone would explain it to me, without dumping on me. Sorry I assumed to much I guess. Go fuck yourself.

58 albusteve  Thu, Nov 19, 2009 3:44:18pm

re: #53 MandyManners

Someone posted a link to a hilarious teddy bear within the past week.

[Link: www.bordergatewayprotocol.net...]

59 Cannadian Club Akbar  Thu, Nov 19, 2009 3:44:32pm

As strong opponents of government intervention into the economy, we do not want to see Congress directly dictate monetary policy.

What do they think is gonna happen?

60 wrenchwench  Thu, Nov 19, 2009 3:44:51pm

re: #44 talon_262

You're shitting me, right? Has it occurred to you that the ONLY reason why so many people on Capital Hill support this turd is that is gives them more power over the Fed? They know that backing RP's amendment is relatively safe for them at this point in time, since they can play off their constituents' fears of Wall Street after the financial problems of the past couple of years and say they had support for something like this.

I like your answer better than my own. More blunt and comprehensive.

61 Cannadian Club Akbar  Thu, Nov 19, 2009 3:45:32pm

re: #53 MandyManners

Someone posted a link to a hilarious teddy bear within the past week.

I remember that. HA!!

62 Walter L. Newton  Thu, Nov 19, 2009 3:45:50pm

re: #38 wrenchwench

And why didn't you just post a message and dump on my too, since you found talon_262's comment clever enough to up ding? Are you two drunk or something?

63 Ojoe  Thu, Nov 19, 2009 3:46:15pm

I think they should audit the SOBs who tanked the economy, then put them in GITMO, then argue about them politically & give them show trials, then release them.

/ 9

64 Cannadian Club Akbar  Thu, Nov 19, 2009 3:46:57pm

re: #59 Cannadian Club Akbar

As strong opponents of government intervention into the economy, we do not want to see Congress directly dictate monetary policy.

What do they think is gonna happen?

That quote was from #46 link by RogueOne.

65 WINDUPBIRD DISEASE [S.K.U.M.M.]  Thu, Nov 19, 2009 3:46:57pm

Luap Nor no longer needs the weirding module.

66 MandyManners  Thu, Nov 19, 2009 3:47:10pm

re: #58 albusteve

[Link: www.bordergatewayprotocol.net...]

Thanks!

67 Ojoe  Thu, Nov 19, 2009 3:47:11pm

I think I only have sarcasm left.

68 albusteve  Thu, Nov 19, 2009 3:48:49pm

remember this guy?...

69 wrenchwench  Thu, Nov 19, 2009 3:49:23pm

re: #62 Walter L. Newton

And why didn't you just post a message and dump on my too, since you found talon_262's comment clever enough to up ding? Are you two drunk or something?

Sorry, upon re-reading, I see that some of talon_262's remarks constitute a dump on you. That wasn't really the part I liked better, but his crudeness and analysis better suit how I feel about the issue.

70 Only The Lurker Knows  Thu, Nov 19, 2009 3:49:42pm

OT

Any ideas on how this is going to effect world events.

Belgian PM is first 'president of Europe'

European Union leaders named Belgian Prime Minister Herman Van Rompuy as the first "president of Europe" Thursday, edging out former British Prime Minister Tony Blair for a still-vaguely defined job.

71 ckb  Thu, Nov 19, 2009 3:50:33pm

I just want to note this is the same Alan Grayson that appeared on the Alex Jones show.

[Link: www.huffingtonpost.com...]

72 Ojoe  Thu, Nov 19, 2009 3:50:50pm

re: #70 Bubblehead II

Julius Caesar was "president" of Europe before this.

73 Cannadian Club Akbar  Thu, Nov 19, 2009 3:51:19pm

re: #71 ckb

I just want to note this is the same Alan Grayson that appeared on the Alex Jones show.

[Link: www.huffingtonpost.com...]

Yes, it is.

74 albusteve  Thu, Nov 19, 2009 3:51:57pm

re: #67 Ojoe

I think I only have sarcasm left.

out of vodka?...don't let it get you down bro, forge ahead

75 Ojoe  Thu, Nov 19, 2009 3:53:33pm

re: #74 albusteve

I have an almost full bottle of grappa.

I have been chasing after work all day, but there seems to be no work.


But, there is some grappa.

And my bagpipes.

BBL

76 RogueOne  Thu, Nov 19, 2009 3:53:58pm

re: #52 SixDegrees

To be honest I'm not sure how I feel about it or even it's chances of making it through but I can see how Pauls argument has gotten a lot easier. With all the money the fed is passing out, all the decisions and spending that has been going on, both sides of the aisle in congress are going to want as much info and control, as they can get.

OTOH when 300 congressman jump on the bandwagon this quickly, I'm naturally suspicious of their intentions.

77 Gearhead  Thu, Nov 19, 2009 3:54:19pm

Introducing a greater degree of politics into the Fed's operations won't do anyone any good.

And it's going to take a gifted teacher to explain it all to Rep. Paul.

78 Cannadian Club Akbar  Thu, Nov 19, 2009 3:55:16pm

The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill.

What bill?

79 Fat Bastard Vegetarian  Thu, Nov 19, 2009 3:55:24pm

re: #75 Ojoe

Bagpipes? Really?

I wouldn't be surprised.

80 Neutral President  Thu, Nov 19, 2009 3:56:22pm

re: #20 Walter L. Newton

It seems this has nothing to do with being a Ron Paul fan or what ever. There has been a lot of anti-Paul rhetoric on LGF, but maybe on some issues, we've been reading him all wrong. After all, this amendment has over 300 co-sponsors.

On this subject Ron Paul and the Fed, are we to assume all 300 plus co-sponsors are jerks and have no idea what they are doing, or do we have to back off a bit and consider that Paul and his co-sponsors may have a valid issue here?

Most of Congress are idiots who don't understand economics at all not to mention the ins and outs of banking and monetary policy. They jumped onto Luap Nor's Fishing Expedition for Joo Bankers probably so that they can pander to the Tea Party kooks or because they fall into the group of paranoid morons who think that if they don't understand how something works, then it just has to be a conspiracy designed to fuck them over.

81 Gearhead  Thu, Nov 19, 2009 3:56:28pm

re: #78 Cannadian Club Akbar

The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill.

What bill?

Is this the one Geithner was arguing for today?

82 ghazidor  Thu, Nov 19, 2009 3:56:59pm

re: #8 charles_martel

I am certainly no Ron Paul fan, but I really don't see anything inherently wrong with the government being able to examine the books of such a powerful bank. Should their books be permanently hidden from scrutiny?

Also the foriegn and US banks that do business with the fed currently can do so without every detail of every dealing being made public. Part of the reason this is being pushed by Luap Nor is to bust open the confidentiality of the Fed and it's clients. Right now when a bank has a short term liquidity crisis and runs to the Fed for a short term loan no one outside knows the details and it's business, bond ratings, and stock price aren't damaged. That would all change thanks to this idiocy, now the banks books, the assets they pledged, and the details of the loan will all be public record.

83 Cannadian Club Akbar  Thu, Nov 19, 2009 3:58:22pm

re: #81 Gearhead

Is this the one Geithner was arguing for today?

Not sure.

84 CyanSnowHawk  Thu, Nov 19, 2009 3:58:26pm

re: #70 Bubblehead II

OT

Any ideas on how this is going to effect world events.

Belgian PM is first 'president of Europe'

European Union leaders named Belgian Prime Minister Herman Van Rompuy as the first "president of Europe" Thursday, edging out former British Prime Minister Tony Blair for a still-vaguely defined job.

van Rompuy? Really? Was Gerhardt Von Rumpypumpy not available?

85 Mauser  Thu, Nov 19, 2009 3:59:24pm

re: #41 charles_martel

I did! I bought a ton of stocks when the Dow was at 8,000.

Unfortunately, it was all GM and Chrysler...

Now if only we could get a bill to audit all the Congressmen. We could probably balance the budget if we got all the taxes they've cheated on.

86 Cannadian Club Akbar  Thu, Nov 19, 2009 4:00:40pm

re: #85 Mauser

Unfortunately, it was all GM and Chrysler...

Now if only we could get a bill to audit all the Congressmen. We could probably balance the budget if we got all the taxes they've cheated on.

See Charlie Rangle. Ways and Means committee chair.

87 Cato the Elder  Thu, Nov 19, 2009 4:00:54pm

Umm, maybe I'm missing something. I'm no fan of Luap Nor's, but what is the objection to auditing the Fed?

We might turn up something interesting, yes, we just maybe might.

88 MandyManners  Thu, Nov 19, 2009 4:01:02pm

BHO will be appointing a task force to examine the financial system and Soros has given $50,000,000.00 to stop the free market.

"Large swaths of economics are going to have to be rethought on the basis of what's happened." So said Larry Summers, President Obama's chief economic adviser, in an interview in the weeks after the markets crashed a year ago. Yet to a remarkable degree, economic thinking hasn't changed very much at all. (Click here to follow Michael Hirsh).

Now financier George Soros is announcing a $50 million effort to speed things along. This week Soros is gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of "free-market fundamentalism," among them Nobelists Joseph Stiglitz, George Akerlof, Michael Spence, and Sir James Mirrlees. He's also creating an "Institute for New Economic Thinking" to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions of free-market zealotry who have dominated it for decades, and to correct the failures of decades of market deregulation. Soros hopes matching funds will bring the total endowment up to $200 million. "Economics has failed not only to predict and explain what happened but has also failed to protect society," says Robert Johnson, a former managing director at Soros Fund Management, who will direct the new institute. "That's what the crisis revealed. The paradigm has failed. There is no guidance."


SNIP

89 Fat Bastard Vegetarian  Thu, Nov 19, 2009 4:01:08pm

re: #85 Mauser

yeppers! But only if we charged interest and penalties.

Yeah. I kid.

90 CyanSnowHawk  Thu, Nov 19, 2009 4:01:25pm

re: #86 Cannadian Club Akbar

See Charlie Rangle. Ways and Means committee chair.

See Charlie squirm.
Squirm Charlie squirm.

91 Racer X  Thu, Nov 19, 2009 4:01:48pm

See, this is why I like hanging out here.

♫♪ Ramsey Lewis Trio, "In Crowd."♫

92 Neutral President  Thu, Nov 19, 2009 4:02:55pm

re: #87 Cato the Elder

Umm, maybe I'm missing something. I'm no fan of Luap Nor's, but what is the objection to auditing the Fed?

We might turn up something interesting, yes, we just maybe might.

[Link: littlegreenfootballs.com...]

93 Racer X  Thu, Nov 19, 2009 4:04:39pm

re: #88 MandyManners

George Soros is really Biff Tannen from Back to the Future. He found a magazine or something and made a fortune when he travelled back to the future. Now he is just really trying to fuck things up.

94 Fat Bastard Vegetarian  Thu, Nov 19, 2009 4:05:29pm

re: #93 Racer X

I didn't know Biff had a last name.

95 Walter L. Newton  Thu, Nov 19, 2009 4:05:34pm

re: #80 ArchangelMichael

Most of Congress are idiots who don't understand economics at all not to mention the ins and outs of banking and monetary policy. They jumped onto Luap Nor's Fishing Expedition for Joo Bankers probably so that they can pander to the Tea Party kooks or because they fall into the group of paranoid morons who think that if they don't understand how something works, then it just has to be a conspiracy designed to fuck them over.

How does Jewish bankers figure into this? Is there something about Jews in the amendment? I really don't understand where all this is going or even coming from.

Looking at the opinions about this up thread, it sounds as whacko as some of Ron Pauls rantings. This is all over the place.

96 tradewind  Thu, Nov 19, 2009 4:05:39pm

Yeah, 'tod you way back that they'd go for this.
But to more important matters... life as we know it is over.
[Link: abcnews.go.com...]

97 MandyManners  Thu, Nov 19, 2009 4:06:17pm

re: #93 Racer X

George Soros is really Biff Tannen from Back to the Future. He found a magazine or something and made a fortune when he travelled back to the future. Now he is just really trying to fuck things up.

I prefer this image.

98 Walter L. Newton  Thu, Nov 19, 2009 4:06:34pm

re: #87 Cato the Elder

Umm, maybe I'm missing something. I'm no fan of Luap Nor's, but what is the objection to auditing the Fed?

We might turn up something interesting, yes, we just maybe might.

As I was told above "are you shitting me." You're question has no merit according to Talon.

99 RogueOne  Thu, Nov 19, 2009 4:06:53pm

I don't mean to threadjack but this story is on FARK right now because the kid is a TotalFarker. Incredible story.

[Link: www.komu.com...]

SPRINGFIELD - The VA won't pay for one Marine's injury.

Lance Cpl. Josef Lopez deployed to Iraq in 2006 when he was 20 years-old. He enlisted in the Marine Corps fresh out of high school and was enthusiastic about serving to protect the lives of others. He never thought that he would almost lose his own life from something as routine as a vaccination.

"I started having trouble walking," Lopez said. "There was a numbness that started in my feet and gradually worked it's way up."

After being overseas only nine days Lopez had trouble with his legs tingling. Literally overnight he was paralyzed. The sensation worked its way up and soon he couldn't use his arms.

100 albusteve  Thu, Nov 19, 2009 4:07:02pm

re: #87 Cato the Elder

Umm, maybe I'm missing something. I'm no fan of Luap Nor's, but what is the objection to auditing the Fed?

We might turn up something interesting, yes, we just maybe might.

kinda my take...I don't see how this could be catastrophic at some point, like dissolving the Fed or whatever...it would have to be explained to me...on the other hand, I disdain them all...the feds running loose is my worst nightmare, stay away from those guy...to me this is an interesting internecine group gobble

101 Only The Lurker Knows  Thu, Nov 19, 2009 4:07:12pm

re: #72 Ojoe

Actually, this being Belgium, looking for potential ties to VB.

I think I may have found something, but fully admit that I could be misreading it.

All the King’s Men

Since September the Belgian government, backed by 53 of the 62 Walloon members of Parliament, no longer has a majority in Flanders, where only 41 of the 88 Flemish representatives support it. This did not bother Mr. Leterme, nor did it bother Mr. Van Rompuy when he put the coalition together again.

It does, however, bother an ever growing number of Flemings who realize that as long as Belgium exists they will not be living in a country where Flanders is ruled by a democratic majority.

102 wrenchwench  Thu, Nov 19, 2009 4:08:06pm

I hate to quote the banned, but 3 wood was a knowledgeable commenter on financial matters.

You absolutely do not want Congress exerting influence over the Fed on monetary policy. They will end up using the audit as a weapon to intimidate the Fed to do their political bidding.

Once you get the discount rate and the money supply set by politicians, it's show over.

103 tradewind  Thu, Nov 19, 2009 4:08:08pm

re: #88 MandyManners
No wonder George is as Soros he is.
He's still miffed that he blew all that money in the campaigns of two thousand and '04 backing Gore and Kerry.

104 Killgore Trout  Thu, Nov 19, 2009 4:08:40pm

re: #87 Cato the Elder

The reason why the fed operates independently and quietly is because banks and large businesses go to the for emergency short term loans. If that was know to the public then it would cause panic runs in the stocks for these companies. All the information comes out eventually but it happens well after the fact. Also the Fed's independence is crucial to lower inflation (Graph). Congress is hardly the ones to enforce responsible monetary policy, this allows them to manipulate the economy for short term personal gain (getting reelected) instead looking out for the soundness of the economy.
The Wiki article on the fed is a good place to start.

105 albusteve  Thu, Nov 19, 2009 4:09:09pm

re: #88 MandyManners

BHO will be appointing a task force to examine the financial system and Soros has given $50,000,000.00 to stop the free market.

"Large swaths of economics are going to have to be rethought on the basis of what's happened." So said Larry Summers, President Obama's chief economic adviser, in an interview in the weeks after the markets crashed a year ago. Yet to a remarkable degree, economic thinking hasn't changed very much at all. (Click here to follow Michael Hirsh).


SNIP

on a rampage...the liberals are coming!...they will control the strings just as sure as shittin...eh Ka'Tao?

106 Racer X  Thu, Nov 19, 2009 4:09:36pm
107 Killgore Trout  Thu, Nov 19, 2009 4:09:58pm

The front page Rush Limbaugh's site now has a link to Alex Jones. (The Global Warming article)

108 albusteve  Thu, Nov 19, 2009 4:10:45pm

re: #102 wrenchwench

I hate to quote the banned, but 3 wood was a knowledgeable commenter on financial matters.

we are all less smart since 3Wood left...really a shame

109 Cannadian Club Akbar  Thu, Nov 19, 2009 4:11:17pm

re: #107 Killgore Trout

The front page Rush Limbaugh's site now has a link to Alex Jones. (The Global Warming article)

The hurricane in the pic is spinning the wrong way.

110 Gearhead  Thu, Nov 19, 2009 4:11:36pm

re: #92 ArchangelMichael

[Link: littlegreenfootballs.com...]

Precisely. I'm not against exposing corruption or mistakes. What worries me is a law that gives the Congress a tool to apply political pressure in a way that allow them to second-guess Fed monetary policy. And it concentrates a little more power in the hands of Congress - not good either.

111 Walter L. Newton  Thu, Nov 19, 2009 4:11:38pm

re: #100 albusteve

kinda my take...I don't see how this could be catastrophic at some point, like dissolving the Fed or whatever...it would have to be explained to me...on the other hand, I disdain them all...the feds running loose is my worst nightmare, stay away from those guy...to me this is an interesting internecine group gobble

"you must be shitting me?"

112 Neutral President  Thu, Nov 19, 2009 4:12:23pm

re: #95 Walter L. Newton

How does Jewish bankers figure into this? Is there something about Jews in the amendment? I really don't understand where all this is going or even coming from.

Looking at the opinions about this up thread, it sounds as whacko as some of Ron Pauls rantings. This is all over the place.

Paulian rhetoric w/r/t the Federal Reserve is loaded with code words for Jews. Luap Nor wants to audit the Fed because he thinks he's going to shine a light on the NWO puppetmasters and expose them or at the very least find some reason to advance his Abolish the Fed/Return to the Gold Standard nonsense. US government and monetary policy should not be directed by the whims of paranoid conspiracy mongers.

113 brookly red  Thu, Nov 19, 2009 4:12:24pm

/I predict that they will find that we are very deeply in debt...

114 Cannadian Club Akbar  Thu, Nov 19, 2009 4:12:41pm

re: #107 Killgore Trout

The front page Rush Limbaugh's site now has a link to Alex Jones. (The Global Warming article)

And I see no Cuba. And its mountains.

115 SixDegrees  Thu, Nov 19, 2009 4:13:07pm

re: #87 Cato the Elder

Umm, maybe I'm missing something. I'm no fan of Luap Nor's, but what is the objection to auditing the Fed?

We might turn up something interesting, yes, we just maybe might.

They already turn in an independent audit annually, along with many, many other reports on their activity. The objection, then is that it's a waste of time, and a transparent power grab that threatens to lead to Congressional management of monetary policy.

Take a look at the Federal budget for the last several decades to get an idea of how well that will work out.

116 RogueOne  Thu, Nov 19, 2009 4:13:22pm

Nite folks. Play nice.

117 Ben G. Hazi  Thu, Nov 19, 2009 4:13:25pm

re: #57 Walter L. Newton

Walter, I apologize if my response seemed like I was "dumping" on you, because that was not my intention. Maybe I'm a bit cynical sometimes about the intentions of those that are supposed to represent us on Capital Hill, but with 300 co-sponsors on this "Audit the Fed" turd of Ron Paul's (nevermind that the Fed already gets audited more than most private companies, I'll wager), it's hard for me to feel that all of those Senators and Congresspeople have only the taxpayers' interests at heart when they signed on to this.

Again, my post wasn't slamming you, but was suggesting that all of the people on Capital Hill that are supporting this probably have ulterior motives for doing so...I'm sorry if I was clear as mud on this.

118 Walter L. Newton  Thu, Nov 19, 2009 4:13:38pm

re: #112 ArchangelMichael

Paulian rhetoric w/r/t the Federal Reserve is loaded with code words for Jews. Luap Nor wants to audit the Fed because he thinks he's going to shine a light on the NWO puppetmasters and expose them or at the very least find some reason to advance his Abolish the Fed/Return to the Gold Standard nonsense. US government and monetary policy should not be directed by the whims of paranoid conspiracy mongers.

Ok, what am I missing? Where is any of this. I don't doubt you, but I never have seen it. Do you have links or some proof?

119 albusteve  Thu, Nov 19, 2009 4:13:53pm

re: #111 Walter L. Newton

"you must be shitting me?"

hahaha!...shit back!

120 fizzlogic  Thu, Nov 19, 2009 4:14:07pm

re: #100 albusteve

I found this in a comment at ZeroHedge:

ok, we audit the FED. then we find out we owe 100 trillion instead of 12 trillion. what do we do then? do you want to open pandora's box? do you really? i certainly hope the auditors goes to ft knox too... and assay each pallet of gold bars...or what looks like gold bars...

and say they do that and they find tungsten gold plated bars in there. what then? what are you prepared to do? think before you answer.

Heh

121 Gearhead  Thu, Nov 19, 2009 4:14:08pm

re: #113 brookly red

/I predict that they will find that we are very deeply in debt...

Can't they fix that by raising the debt limit again? ///

(Wish I could set my own credit limits like that)

122 Walter L. Newton  Thu, Nov 19, 2009 4:14:26pm

re: #117 talon_262

Walter, I apologize if my response seemed like I was "dumping" on you, because that was not my intention. Maybe I'm a bit cynical sometimes about the intentions of those that are supposed to represent us on Capital Hill, but with 300 co-sponsors on this "Audit the Fed" turd of Ron Paul's (nevermind that the Fed already gets audited more than most private companies, I'll wager), it's hard for me to feel that all of those Senators and Congresspeople have only the taxpayers' interests at heart when they signed on to this.

Again, my post wasn't slamming you, but was suggesting that all of the people on Capital Hill that are supporting this probably have ulterior motives for doing so...I'm sorry if I was clear as mud on this.

You explanation above would have been all I needed. Ok.

123 Cato the Elder  Thu, Nov 19, 2009 4:14:37pm

re: #92 ArchangelMichael

[Link: littlegreenfootballs.com...]

Hmm.

Somehow when someone says that a gigantic financial institution that affects everything we do shouldn't be audited, I smell special interests with something to hide.

Maybe I'm just cynical that way.

124 wrenchwench  Thu, Nov 19, 2009 4:14:40pm

re: #107 Killgore Trout

The front page Rush Limbaugh's site now has a link to Alex Jones. (The Global Warming article)

And Roy Spencer is his "in house expert" on Global Warming, and Sarah Palin's book is the most insightful commentary on policy that he's ever read. I guess since he signed that multi-year contract, he no longer needs to worry about credibility.

125 Killgore Trout  Thu, Nov 19, 2009 4:15:24pm

Looks like Rush is openly getting stories from Alex Jones now...

Algore Photoshops Fake Earth

126 albusteve  Thu, Nov 19, 2009 4:15:49pm

re: #113 brookly red

/I predict that they will find that we are very deeply in debt...

well if that's the case. I predict they will simply redefine the meaning of 'debt'...2+2=5

127 SixDegrees  Thu, Nov 19, 2009 4:16:11pm

re: #123 Cato the Elder

Hmm.

Somehow when someone says that a gigantic financial institution that affects everything we do shouldn't be audited, I smell special interests with something to hide.

Maybe I'm just cynical that way.

Did you miss that part about how the Fed already provided annual independent audits to Congress, and always has?

128 Cathypop  Thu, Nov 19, 2009 4:16:23pm

re: #97 MandyManners

I prefer this image.


BINGO! Mandy get the prize!

129 albusteve  Thu, Nov 19, 2009 4:16:43pm

re: #117 talon_262

Walter, I apologize if my response seemed like I was "dumping" on you, because that was not my intention. Maybe I'm a bit cynical sometimes about the intentions of those that are supposed to represent us on Capital Hill, but with 300 co-sponsors on this "Audit the Fed" turd of Ron Paul's (nevermind that the Fed already gets audited more than most private companies, I'll wager), it's hard for me to feel that all of those Senators and Congresspeople have only the taxpayers' interests at heart when they signed on to this.

Again, my post wasn't slamming you, but was suggesting that all of the people on Capital Hill that are supporting this probably have ulterior motives for doing so...I'm sorry if I was clear as mud on this.

nice move

130 Killgore Trout  Thu, Nov 19, 2009 4:16:54pm

re: #124 wrenchwench

I'm not familiar with Roy Spencer. Does he also have a tie in with Alex Jones or is he just one of those climate skeptics?

131 brookly red  Thu, Nov 19, 2009 4:16:59pm

re: #126 albusteve

well if that's the case. I predict they will simply redefine the meaning of 'debt'...2+2=5


but this time China ain't going for that.

132 albusteve  Thu, Nov 19, 2009 4:17:22pm

re: #97 MandyManners

I prefer this image.

CALLING JAMES BOND!

133 Cato the Elder  Thu, Nov 19, 2009 4:17:29pm

re: #127 SixDegrees

Did you miss that part about how the Fed already provided annual independent audits to Congress, and always has?

So who will be doing the auditing under this bill? Ron Paul himself?

I'm asking for information here.

134 Neutral President  Thu, Nov 19, 2009 4:17:39pm

re: #102 wrenchwench

I hate to quote the banned, but 3 wood was a knowledgeable commenter on financial matters.

And that's the other thing too. Of course Luap Nor is not looking at unintended (but obvious to anyone not a kook) consequences of this. While he's looking behind the cabinets for Bilderbergers and Illuminati Joos, Congress, the bastion of fiscal sanity that it is (/s), will get to bully the Fed around far more than they already do. This will likely result in interest rates being set by the whim of Congress rather than financial experts.

135 Cannadian Club Akbar  Thu, Nov 19, 2009 4:18:07pm

re: #121 Gearhead

Can't they fix that by raising the debt limit again? ///

(Wish I could set my own credit limits like that)


[Link: www.bloomberg.com...]

136 MandyManners  Thu, Nov 19, 2009 4:18:16pm

re: #58 albusteve

[Link: www.bordergatewayprotocol.net...]

What movie is that from?

137 Guanxi88  Thu, Nov 19, 2009 4:18:37pm

re: #125 Killgore Trout

Looks like Rush is openly getting stories from Alex Jones now...

Algore Photoshops Fake Earth

No one likes that dreck, and I have certainly warned as many as I can of the lunacy to be found on tap there. You've posted now twice on it, (107 & 125). Given the very low regard in which he (Limbaugh) is held, and the fact that whatever credibility he might have once had was shot ages ago, why should this bother you so very much? Are you surprised?

Follow-up question - does the image in question appear to have been manipulated as they claim? Paranoids occasionally do find things that would escape the notice of others not afflicted with their monomania?

138 albusteve  Thu, Nov 19, 2009 4:18:53pm

re: #131 brookly red

but this time China ain't going for that.

some twist of fortune eh? the Chi Coms telling what to do, and how to do it!

139 lawhawk  Thu, Nov 19, 2009 4:19:08pm

re: #88 MandyManners

And yet Pelosi concedes that higher taxes on Wall Street will drive jobs and the industry overseas... unless the international community taxes 'em so they have no where else to go.

In other words, it's an admission that tax and spend kills jobs, and that the only way to avoid sending jobs elsewhere is to make sure that they're raised everywhere.

140 SixDegrees  Thu, Nov 19, 2009 4:19:44pm

re: #133 Cato the Elder

So who will be doing the auditing under this bill? Ron Paul himself?

I'm asking for information here.

Probably the same folks who do it now. Congress is going to have to hire an auditing firm for such a task; they don't have the expertise to do it themselves.

And Paul isn't interested in the audit. He's interested in doing a Beck on the Fed while he has them in the public spotlight, with the intention of drumming up populist rage, shutting the Fed down and returning the country to the gold standard.

141 albusteve  Thu, Nov 19, 2009 4:19:45pm

re: #136 MandyManners

What movie is that from?

don't know...Casino?, or Goodfellas?

142 Neutral President  Thu, Nov 19, 2009 4:19:45pm

re: #123 Cato the Elder

Hmm.

Somehow when someone says that a gigantic financial institution that affects everything we do shouldn't be audited, I smell special interests with something to hide.

Maybe I'm just cynical that way.

Sounds like you are implying that Charles in "on their payroll".

Like all the moonbats who thought he was on the phone with the Dark Lord Rove every morning to get marching orders.

The reasons for not doing this have been laid out by several people, every single time this comes up.

143 MandyManners  Thu, Nov 19, 2009 4:20:24pm

re: #139 lawhawk

And yet Pelosi concedes that higher taxes on Wall Street will drive jobs and the industry overseas... unless the international community taxes 'em so they have no where else to go.

In other words, it's an admission that tax and spend kills jobs, and that the only way to avoid sending jobs elsewhere is to make sure that they're raised everywhere.

She'd do just that if she had the power.

144 brookly red  Thu, Nov 19, 2009 4:20:48pm

re: #138 albusteve

some twist of fortune eh? the Chi Coms telling what to do, and how to do it!

even communists need to protect their investments...

145 Vicious Babushka  Thu, Nov 19, 2009 4:21:11pm

re: #97 MandyManners

I prefer this image.

Somebody's gonna be real butthurt.

146 Gearhead  Thu, Nov 19, 2009 4:21:40pm

A quick Google just yielded this, from which I quote:

"The Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are all subject to several levels of audit and review. The Board’s financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the Board’s Office of Inspector General.
The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board’s programs and operations as well as to Board functions delegated to the Reserve Banks.

The Reserve Banks’ financial statements are audited annually by an independent outside auditor retained by the Board of Governors. In addition, the Reserve Banks are subject to annual examination by the Board. As discussed in the chapter ‘‘Federal Reserve Banks,’’
the Board’s examination includes a wide range of ongoing oversight activities conducted on and off site by staff of the Board’s Division of Reserve Bank Operations and Payment Systems. Federal Reserve operations are also subject to review by the Government Accountability Office. "

147 wrenchwench  Thu, Nov 19, 2009 4:22:26pm

re: #130 Killgore Trout

I'm not familiar with Roy Spencer. Does he also have a tie in with Alex Jones or is he just one of those climate skeptics?

He's a creationist and a skeptic. Rush is also a creationist, and hyped Ben Stein's movie to the hilt.

148 Slumbering Behemoth Stinks  Thu, Nov 19, 2009 4:22:28pm

re: #125 Killgore Trout

Looks like Rush is openly getting stories from Alex Jones now...

Algore Photoshops Fake Earth

Geez. Even if that site had something accurate, I would not link to that conspiracy mongering lunatic if I were in Rush's shoes.

Escape From the Prison Planet!

149 MandyManners  Thu, Nov 19, 2009 4:22:36pm

re: #145 Alouette

*snicker*

150 Cannadian Club Akbar  Thu, Nov 19, 2009 4:22:49pm

re: #137 Guanxi88

No one likes that dreck, and I have certainly warned as many as I can of the lunacy to be found on tap there. You've posted now twice on it, (107 & 125). Given the very low regard in which he (Limbaugh) is held, and the fact that whatever credibility he might have once had was shot ages ago, why should this bother you so very much? Are you surprised?

Follow-up question - does the image in question appear to have been manipulated as they claim? Paranoids occasionally do find things that would escape the notice of others not afflicted with their monomania?

It is the cover of a new Al gore book. No Cuba and the hurricane is spinning the wrong way. The movie poster from An Inconvenient Truth got the hurricane wrong as well.

151 Cato the Elder  Thu, Nov 19, 2009 4:23:07pm

re: #142 ArchangelMichael

Sounds like you are implying that Charles in "on their payroll".

Like all the moonbats who thought he was on the phone with the Dark Lord Rove every morning to get marching orders.

The reasons for not doing this have been laid out by several people, every single time this comes up.

Piffle. The part about Charles, I mean.

152 SixDegrees  Thu, Nov 19, 2009 4:23:27pm

re: #146 Gearhead

A quick Google just yielded this, from which I quote:

Yup. In other words, this is a pointless exercise being used as a stalking horse.

153 freetoken  Thu, Nov 19, 2009 4:23:34pm

re: #107 Killgore Trout

The front page Rush Limbaugh's site now has a link to Alex Jones. (The Global Warming article)

Not wholly unexpected, but still surprising to see that he has to now go fishing even deeper into the kook-pond to drum up dollars.

154 Killgore Trout  Thu, Nov 19, 2009 4:23:45pm

re: #137 Guanxi88

Are you surprised?


Because this is one of the first mainstream pundits to directly link to Alex Jones. They've all be stealing his stories for a while now but it seems that Rush isn't embarrassed to be associated with Alex Jones anymore. That's a significant step.

Follow-up question - does the image in question appear to have been manipulated as they claim?

Of course it's fake. It's supposed to be a hypothetical picture of global warming doomsday.

155 brookly red  Thu, Nov 19, 2009 4:24:44pm

re: #150 Cannadian Club Akbar

It is the cover of a new Al gore book. No Cuba and the hurricane is spinning the wrong way. The movie poster from An Inconvenient Truth got the hurricane wrong as well.

it's a Gorerricane... massive hot air spinning to the left.

156 Killgore Trout  Thu, Nov 19, 2009 4:24:55pm

re: #147 wrenchwench

Ah, thanks.

157 freetoken  Thu, Nov 19, 2009 4:25:15pm

re: #147 wrenchwench

He's a creationist and a skeptic. Rush is also a creationist, and hyped Ben Stein's movie to the hilt.

Well, Limbaugh's audience, who supports his multi-million dollar habits, are dominated by the creationist right... Rush knows on which side of the toast his bread is buttered.

158 Cathypop  Thu, Nov 19, 2009 4:25:56pm

re: #136 MandyManners

What movie is that from?


The Untouchables?

159 Slumbering Behemoth Stinks  Thu, Nov 19, 2009 4:26:48pm

re: #155 brookly red

Heh, a Gorerricane. Is that anything like a pornado?

/ducks and runs

160 Fat Bastard Vegetarian  Thu, Nov 19, 2009 4:26:49pm

re: #155 brookly red

Comedy!

161 Ojoe  Thu, Nov 19, 2009 4:26:53pm

re: #79 Fat Bastard Vegetarian

They are loud. Fortunately I live in a semi-rural place.

162 Only The Lurker Knows  Thu, Nov 19, 2009 4:27:02pm

Time to call it a day. Night all.

163 Cannadian Club Akbar  Thu, Nov 19, 2009 4:27:06pm

re: #157 freetoken

Well, Limbaugh's audience, who supports his multi-million dollar habits, are dominated by the creationist right... Rush knows on which side of the toast his bread is buttered.


Regardless, Al Gore is a fearmongering whore. And a liar.

164 MandyManners  Thu, Nov 19, 2009 4:27:18pm

re: #158 Cathypop

The Untouchables?

I think Steve was right in No. 141.

165 Guanxi88  Thu, Nov 19, 2009 4:28:44pm

re: #154 Killgore Trout

Because this is one of the first mainstream pundits to directly link to Alex Jones. They've all be stealing his stories for a while now but it seems that Rush isn't embarrassed to be associated with Alex Jones anymore. That's a significant step.

"all of them"? Quite a bold claim. senoJ xelA & the posse of disturbed folk clustered round him despise Limbaugh et al with quite the passion. It's odd that you'd see such a close kinship.

Of course it's fake. It's supposed to be a hypothetical picture of global warming doomsday.

Very good, then. It is a fake photo. The nut-bars got that one right. It can happen, and does nothing to diminish their nuttiness.

166 brookly red  Thu, Nov 19, 2009 4:28:50pm

re: #160 Fat Bastard Vegetarian

Comedy!

if only it were so...

167 Fat Bastard Vegetarian  Thu, Nov 19, 2009 4:29:00pm

re: #161 Ojoe

Can you imagine being some poor schmuck on an opposing force hearing 100 bagpipers with an army behind them. Has to be one of the most terrifying sounds ever.

I need a bagpipe player next Saturday in Stafford, VA... What you doin'?

169 wrenchwench  Thu, Nov 19, 2009 4:29:21pm

re: #118 Walter L. Newton

Ok, what am I missing? Where is any of this. I don't doubt you, but I never have seen it. Do you have links or some proof?

This is a book that Luap Nor recommends. I do not recommend it, unless you need confirmation that these people are antisemitic. About half way through, the author starts talking about the Rothschilds' responsibility for every financial problem ever. (I exaggerate a bit.) The author is BIG in the John Birch Society. There are 237 customer reviews of it at Amazon. Most of them are fawning Paulians.

170 NJDhockeyfan  Thu, Nov 19, 2009 4:29:42pm

Wassup lizards. I only have a few minutes but wanted to see if I missed something today.

BTW I posted this in the spinoffs for your enjoyment.

The Unbearable Paradox of Glenn Beck

171 Cathypop  Thu, Nov 19, 2009 4:29:50pm

re: #164 MandyManners

That sounds like Robert DeNiro. Was he in one of those movies? I know he was in Untouchable.

172 Ojoe  Thu, Nov 19, 2009 4:30:16pm

re: #167 Fat Bastard Vegetarian

I'm on the west coast, though you my find someone on the east coast.


They're not called war pipes for nothing.

BBL

173 Killgore Trout  Thu, Nov 19, 2009 4:30:22pm

re: #165 Guanxi88

If I intend to indicate all of something I'll use the word "all".
/How many times do I have to say this?

174 wrenchwench  Thu, Nov 19, 2009 4:31:27pm

re: #168 Ojoe

Sunset brings in another night on the San Gabriel Mountains of California. The Towercam, Pacific time zone.

BBL

Some day I want to pull up that link and see "Modern Whigs" stenciled on that observatory.

175 Ben G. Hazi  Thu, Nov 19, 2009 4:31:52pm

re: #51 b_sharp

I may be a Canuck and unable to truly appreciate the American system, but shouldn't there be parts of the government that have to be at arms length from the upper houses?

That's what our system of "checks and balances" is supposed to be all about...

176 Racer X  Thu, Nov 19, 2009 4:31:53pm
177 Ojoe  Thu, Nov 19, 2009 4:32:00pm

re: #174 wrenchwench

OK
BBL

178 Ben G. Hazi  Thu, Nov 19, 2009 4:32:35pm

re: #174 wrenchwench

Some day I want to pull up that link and see "Modern Whigs" stenciled on that observatory.

LAWL!

179 Guanxi88  Thu, Nov 19, 2009 4:32:47pm

re: #173 Killgore Trout

If I intend to indicate all of something I'll use the word "all".
/How many times do I have to say this?

From your post, sir:
re: #154 Killgore Trout

"Because this is one of the first mainstream pundits to directly link to Alex Jones.
They've all be stealing his stories for a while now but it seems that Rush isn't embarrassed to be associated with Alex Jones anymore. That's a significant step."

You clearly meant to indicate all, as evidenced by your use of the word "all". Or perhaps I misunderstood your use of the word?

180 Slumbering Behemoth Stinks  Thu, Nov 19, 2009 4:32:57pm

:sigh: I thought I had a free minute or two to hang out. Not so.

Later Lizards.

181 Dancing along the light of day  Thu, Nov 19, 2009 4:33:01pm

re: #174 wrenchwench

Some day I want to pull up that link and see "Modern Whigs" stenciled on that observatory.

LOL!

182 Sharmuta  Thu, Nov 19, 2009 4:33:07pm

Let's hope the Senate stops this.

183 tradewind  Thu, Nov 19, 2009 4:33:56pm

re: #125 Killgore Trout
That's not the point. The point is that ManBearPig has done it again. Shooting the messenger (or even paying attention to it) when there is a message isn't always helpful.
If it's not true, then that's the story.

184 MandyManners  Thu, Nov 19, 2009 4:34:32pm

re: #171 Cathypop

That sounds like Robert DeNiro. Was he in one of those movies? I know he was in Untouchable.

He was in both.

185 Cato the Elder  Thu, Nov 19, 2009 4:34:35pm

So is it settled in everyone's mind that the gold (or commodities) standard is evil insanity?

Because for decades I've had these bookmarks, see. They're pieces of paper from the Weimar Republic. One of them, I seem to recall, has a face value of 43 billion Reichmarks. Payable to the holder on demand.

Payable in what?

We all agree that the dollar bills in our pockets are worth something. But what are they worth? What is the intrinsic value of a piece of paper printed with fancy ink and little presidential portraits?

It's worth whatever we agree it's worth, right here, right now. And we could - it's happened in the past, it could happen again tomorrow - we could all wake up one fine day to find we've changed our collective mind. Or the world has. The Chinese, say.

Fiat currency may be the best system, I'm not smart enough to know. But the mass illusion of value could evaporate much faster than it was built up.

And yes, I'm playing advocatus diaboli here.

186 Walter L. Newton  Thu, Nov 19, 2009 4:34:49pm

re: #163 Cannadian Club Akbar

Regardless, Al Gore is a fearmongering whore. And a liar.

He is the father of the global climate change movement. Evidently a prophet is not recognized in his own village. It's a shame.

187 Guanxi88  Thu, Nov 19, 2009 4:35:54pm

re: #173 Killgore Trout

If I intend to indicate all of something I'll use the word "all".
/How many times do I have to say this?

Until you mean it, or until you use the word correctly:

re: #179 Guanxi88

From your post, sir:
re: #154 Killgore Trout

"Because this is one of the first mainstream pundits to directly link to Alex Jones.
They've all be stealing his stories for a while now but it seems that Rush isn't embarrassed to be associated with Alex Jones anymore. That's a significant step."

You clearly meant to indicate all, as evidenced by your use of the word "all". Or perhaps I misunderstood your use of the word?

188 tradewind  Thu, Nov 19, 2009 4:35:58pm

re: #179 Guanxi88
I guess the fact that AP and Reuters link to anyone and anywhere they please if the story is what they want makes no difference.
A link to a story is not necessarily an endorsement, which is fortunate for most every blogger around.

189 Walter L. Newton  Thu, Nov 19, 2009 4:36:00pm

re: #185 Cato the Elder

So is it settled in everyone's mind that the gold (or commodities) standard is evil insanity?

Because for decades I've had these bookmarks, see. They're pieces of paper from the Weimar Republic. One of them, I seem to recall, has a face value of 43 billion Reichmarks. Payable to the holder on demand.

Payable in what?

We all agree that the dollar bills in our pockets are worth something. But what are they worth? What is the intrinsic value of a piece of paper printed with fancy ink and little presidential portraits?

It's worth whatever we agree it's worth, right here, right now. And we could - it's happened in the past, it could happen again tomorrow - we could all wake up one fine day to find we've changed our collective mind. Or the world has. The Chinese, say.

Fiat currency may be the best system, I'm not smart enough to know. But the mass illusion of value could evaporate much faster than it was built up.

And yes, I'm playing advocatus diaboli here.

Notgeld... make up your own, it's as good as others.

190 tradewind  Thu, Nov 19, 2009 4:36:42pm

re: #186 Walter L. Newton

You ought'a see his village. I have, and it's a freaking mess.///

191 Neutral President  Thu, Nov 19, 2009 4:37:58pm

re: #118 Walter L. Newton

Ok, what am I missing? Where is any of this. I don't doubt you, but I never have seen it. Do you have links or some proof?

RP in his own words without being nearly as "careful" about what he says... to get links to that would require fishing around kook sites like infowars. I'd rather not.

The book that wrenchwench posted about in #169 is one source. Luap Nor's strong connections with Lew Rockwell are also point to latent racism, antisemitism, and conspiracy mongering.

192 Cathypop  Thu, Nov 19, 2009 4:38:06pm

re: #190 tradewind

You ought'a see his village. I have, and it's a freaking mess.///

And really BIG!

193 Walter L. Newton  Thu, Nov 19, 2009 4:39:32pm

re: #190 tradewind

You ought'a see his village. I have, and it's a freaking mess.///

I really don't understand. There is a general positive support on LGF for the concept of climate change and the soon to be felt effect it will have on all our lives, yet the man who brought this to the forefront is treated like a clown.

I don't understand. Is what he has been telling us valid, or have we been slipped the long big one?

194 Killgore Trout  Thu, Nov 19, 2009 4:39:36pm

re: #179 Guanxi88

Touche. I stand corrected. I should have said "Glenn Beck, Fox News, Drudge, Michelle malkin, Rush and many others".

195 Walter L. Newton  Thu, Nov 19, 2009 4:40:47pm

re: #191 ArchangelMichael

RP in his own words without being nearly as "careful" about what he says... to get links to that would require fishing around kook sites like infowars. I'd rather not.

The book that wrenchwench posted about in #169 is one source. Luap Nor's strong connections with Lew Rockwell are also point to latent racism, antisemitism, and conspiracy mongering.

Ok. Then there must be 300 plus people in Washington that have a problem with the Jews too, since they support Ron Paul and his kookiness. I thought the left was the refuge of the Jewish vote?

196 Neutral President  Thu, Nov 19, 2009 4:41:41pm

re: #185 Cato the Elder

US Federal Reserve notes are representative of $1 of GDP. The idea that its "backed up by nothing" is false, but what it is backed up by is variable.

The fear of fiat currency is born out of ignorance of how it actually works. Paulians are stuck in the 1790s.

197 Cannadian Club Akbar  Thu, Nov 19, 2009 4:42:12pm

re: #193 Walter L. Newton

I really don't understand. There is a general positive support on LGF for the concept of climate change and the soon to be felt effect it will have on all our lives, yet the man who brought this to the forefront is treated like a clown.

I don't understand. Is what he has been telling us valid, or have we been slipped the long big one?

Al Gore is a genius. To bad he can't get something in print to have a hurricane spinning the right way. We don't need no researchers.

198 karmic_inquisitor  Thu, Nov 19, 2009 4:42:50pm

Hasan was sending $20K to $30K a year to "Islamic Charities"

Hasan donated $20,000 to $30,000 a year to overseas Islamic "charities." As an Army major, his yearly salary, including housing and food allowances, was approximately $92,000. A number of Islamic charities have been identified by U.S. authorities as conduits to terror groups.

Investigators said Hasan followed his own strict interpretation of how a Muslim should live -- including driving without auto insurance or signing up for life insurance provided through the military.

His academic record is replete with serious concerns about his religious statements and his academic abilities, the investigators found.

199 Dancing along the light of day  Thu, Nov 19, 2009 4:42:54pm

The tree out front hasexceeded it's 30 crow limit.
Tennis ball time!

bbiab

200 Walter L. Newton  Thu, Nov 19, 2009 4:43:35pm

re: #197 Cannadian Club Akbar

Al Gore is a genius. To bad he can't get something in print to have a hurricane spinning the right way. We don't need no researchers.

Well, then I wish people would stop trashing him. It doesn't bode well for being a genius.

201 Racer X  Thu, Nov 19, 2009 4:43:43pm
202 Ben G. Hazi  Thu, Nov 19, 2009 4:44:22pm

re: #165 Guanxi88

"all of them"? Quite a bold claim. senoJ xelA & the posse of disturbed folk clustered round him despise Limbaugh et al with quite the passion. It's odd that you'd see such a close kinship.

The enemy of my enemy is my friend...it's old as humankind itself.

203 Walter L. Newton  Thu, Nov 19, 2009 4:45:04pm

re: #199 Floral Giraffe

The tree out front hasexceeded it's 30 crow limit.
Tennis ball time!

bbiab

No, don't hurt them. I love crows. I love birds (ask Maisey the Parrot). Crows are really smart birds... and sometimes creepy. We have really big ones here in Colorado, bigger than most cats. and we got magpies too, another really smart bird.

204 wrenchwench  Thu, Nov 19, 2009 4:45:53pm

One of my customers today told me that his friend who works for the Mint in Denver told him that they are minting the Amero coins, in fact, they have been for two years now, so they'll be ready when the North American Union goes through and the US won't need its own currency. I wish more people would read Snopes.com once in a while.

205 Neutral President  Thu, Nov 19, 2009 4:46:35pm

re: #195 Walter L. Newton

Ok. Then there must be 300 plus people in Washington that have a problem with the Jews too, since they support Ron Paul and his kookiness. I thought the left was the refuge of the Jewish vote?

I don't think they all have copies of the Protocols under their pillows, this is just one of Paul's boogeymen in his kook pantheon of secret government bullshit. The other 300 people are either, ignorant and frightened by a complicated operation and believe this to be a solution, or they are trying to pander to the Tea Party crowd for votes and power.

206 Cato the Elder  Thu, Nov 19, 2009 4:47:06pm

re: #189 Walter L. Newton

Notgeld... make up your own, it's as good as others.

Bilingual puns get big updings from me!

207 MandyManners  Thu, Nov 19, 2009 4:47:07pm

re: #198 karmic_inquisitor

Hasan was sending $20K to $30K a year to "Islamic Charities"


Tommy-guns for Tots?

208 Neutral President  Thu, Nov 19, 2009 4:47:45pm

re: #204 wrenchwench

One of my customers today told me that his friend who works for the Mint in Denver told him that they are minting the Amero coins, in fact, they have been for two years now, so they'll be ready when the North American Union goes through and the US won't need its own currency. I wish more people would read Snopes.com once in a while.

I know someone who has one of the joke Ameros off the internet. The site says flat out they are not real, but he thinks it is. "They're coming... you just wait."

209 MandyManners  Thu, Nov 19, 2009 4:48:20pm

re: #205 ArchangelMichael

I don't think they all have copies of the Protocols under their pillows, this is just one of Paul's boogeymen in his kook pantheon of secret government bullshit. The other 300 people are either, ignorant and frightened by a complicated operation and believe this to be a solution, or they are trying to pander to the Tea Party crowd for votes and power.

Democrats, too?

210 Dancing along the light of day  Thu, Nov 19, 2009 4:48:27pm

re: #203 Walter L. Newton

No, don't hurt them. I love crows. I love birds (ask Maisey the Parrot). Crows are really smart birds... and sometimes creepy. We have really big ones here in Colorado, bigger than most cats. and we got magpies too, another really smart bird.

It's not to hurt them, just to get them to move along.
There are over 100 of them in the local flock.
They make a big mess.
They are very smart.
Most fly when they see me walk out.

211 Guanxi88  Thu, Nov 19, 2009 4:49:30pm

re: #194 Killgore Trout

Touche. I stand corrected. I should have said "Glenn Beck, Fox News, Drudge, Michelle malkin, Rush and many others".

Drudge links Prison Planet? - News to me, but I let it go.

Glenn Beck & Fox News - the two are inseparable, so count as one.

Malkin - a lunatic

Rush - he was the one about whom you were writing to begin with, so counting him twice is cheating.

And yes, the linkage is a surprise to me.

212 WINDUPBIRD DISEASE [S.K.U.M.M.]  Thu, Nov 19, 2009 4:51:42pm

re: #159 Slumbering Behemoth

Heh, a Gorerricane. Is that anything like a pornado?

/ducks and runs

Bump for LOL :D

213 Neutral President  Thu, Nov 19, 2009 4:52:03pm

re: #209 MandyManners

Democrats, too?

OK, I should have added the earlier 3wood collorary to that, they want the power to bully the Fed to make decisions based on their whim and not on what monetary experts think is correct.

Or they are in the "ignorant of how it works" category, which wouldn't surprise me either. Not many people get how monetary works at that level anyway.

214 albusteve  Thu, Nov 19, 2009 4:53:59pm

re: #203 Walter L. Newton

No, don't hurt them. I love crows. I love birds (ask Maisey the Parrot). Crows are really smart birds... and sometimes creepy. We have really big ones here in Colorado, bigger than most cats. and we got magpies too, another really smart bird.

magpies wake me up everyday in the summer...they are in the trees and all my middle patio...talk talk talk...some of it's pretty good...we have the jumbo crows too...of course they are sacred to the Pueblo

215 WINDUPBIRD DISEASE [S.K.U.M.M.]  Thu, Nov 19, 2009 4:55:06pm

re: #193 Walter L. Newton

I really don't understand. There is a general positive support on LGF for the concept of climate change and the soon to be felt effect it will have on all our lives, yet the man who brought this to the forefront is treated like a clown.

I don't understand. Is what he has been telling us valid, or have we been slipped the long big one?

Uhhh he's a Democrat who ran for president. He's going to be kicked around on a blog with a conservative presence.

216 albusteve  Thu, Nov 19, 2009 4:55:18pm

cash talks...that's my motto

217 oldegeezr  Thu, Nov 19, 2009 4:55:52pm

re: #1 SixDegrees

"It could be fun"

As the Cialis commercial goes...!

Err, not...?

218 albusteve  Thu, Nov 19, 2009 4:55:58pm

re: #215 WindUpBird

Uhhh he's a Democrat who ran for president. He's going to be kicked around on a blog with a conservative presence.

doesn't address Walters point

219 Ericus58  Thu, Nov 19, 2009 4:57:17pm

re: #198 karmic_inquisitor

As more of these details come forth, I can only shake my head. I have a personal interest in this with a son in ROTC, slated for his butter bars in the Army in 2011. I'm not up on what his Cadre thinks as yet, we've only talked about the tragedy in so much as the loss of good people and not the future implications and effects.

220 rollwave87  Thu, Nov 19, 2009 5:00:30pm

Ron Paul and Alan Grayson. The ultimate moronic convergence.

221 WINDUPBIRD DISEASE [S.K.U.M.M.]  Thu, Nov 19, 2009 5:02:18pm

re: #197 Cannadian Club Akbar

Al Gore is a genius. To bad he can't get something in print to have a hurricane spinning the right way. We don't need no researchers.

Ever designed a book cover? Ever been an author of a book for a major publisher?

It's very unusual for the author of a book to have absolute control over the graphic design process. Or any control, really. Chances are Al Gore is not sitting there at an iMac himself choosing the fonts and adjusting the contrast and squinting at histograms and moving around EPSes in Pagemaker.

Be obsessed with which way the hurricane is spinning all you want, but those of us who design and draw and paint and move pixels around for our daily bread know how the book cover sausage gets made.

222 WINDUPBIRD DISEASE [S.K.U.M.M.]  Thu, Nov 19, 2009 5:03:10pm

re: #218 albusteve

doesn't address Walters point

It exactly addresses his point. it precisely addresses his point. Why is he treated like a clown? He is treated like a clown because he is a high profile Democrat.

223 Mostly sane, most of the time.  Thu, Nov 19, 2009 5:08:57pm

Anybody else smell a fishing expedition?

Of course, if they do find anything, I'd like to know about it.

224 Obdicut  Thu, Nov 19, 2009 5:18:39pm

re: #185 Cato the Elder

Gold is a fiat currency. Just not a government fiat currency. It has declared worth because the market declares it, not because it has actual value. Its actual value-- for industrial purposes-- is very different.

Imagine if tulips had been used as currency-- and they basically were-- in Holland.

225 Yashmak  Thu, Nov 19, 2009 8:44:20pm

re: #193 Walter L. Newton

I really don't understand. There is a general positive support on LGF for the concept of climate change and the soon to be felt effect it will have on all our lives, yet the man who brought this to the forefront is treated like a clown.

I don't understand. Is what he has been telling us valid, or have we been slipped the long big one?

Put it this way, a clown who warns a village of an impending landslide remains a clown nonetheless. I mean, Al Gore is the same guy who claimed just the other night on Conan O'Brien that "the interior of the earth is extremely hot, several million degrees". Last I heard, even the surface of the sun isn't that hot.

226 yenta-fada  Thu, Nov 19, 2009 9:25:08pm

This is a dead thread, but personally I blame Alan Greenspan more than any other single person for the financial problems we are facing now. During his long tenure as Fed Chairman, his huge ego allowed him to
abrogate the duties of his position. His job was to control interest rate decisions and act with discipline and rigor. This was something Paul Volker did very well. I've heard it described that Greenspan's job was to take away the punchbowl when the party got too rowdy. Instead he kept filling the punchbowl with easy credit. He also spoke out AGAINST the regulation of derivatives. Derivatives were and still are "bets" on interest rates, mortgages, etc. They were meant to be a tool of risk management.
They became a Frankenstein monster money maker for the investment bankers that bundled crappy subprime derivatives, then sliced and diced them and sold them all over the world as prudent financial products. Well, that worked out poorly, bringing down Lehman and Bear Sterns and costing the taxpayers (who are still forking over money for this fiasco).
The Chinese Walls between Wall Street and Main Street crumbled under his watch. Remember Warren Buffet's words that "derivatives are weapons of mass financial destruction"? Someone irresponsible and ego driven should never have been at the helm so long. It is one of the fundamental reasons that Ron Paul (whom I do NOT like) is taking out after the Fed which has been shrouded in secrecy since its inception in 1913.

227 claire  Thu, Nov 19, 2009 11:59:21pm

re: #226 yenta-fada

Pretty much agree with you completely. He allowed the Tech Bubble to expland way beyond belief and when it popped it was like an earthquake and we have been riding the aftershocks ever since. He should have shut the barn door in like, 1998. Every single commodity trader I ever hung around with was aware and seriously alarmed about the housing bubble (and the dollar, etc) as early as 2003! Congress needs to learn how to read a graph and take the time to look at long term trends and projections of the markets and the economy. Myopic to the max these people are.

228 funky chicken  Fri, Nov 20, 2009 6:53:43am

Alan Grayson and Ron Paul--the convergence doesn't get any more moronic that that.

229 theliel  Fri, Nov 20, 2009 7:27:02am

The main problem is that the Fed is both oversight regulatory item AND sets monetary policy.

It needs to do one or the other, preferably setting monetary policy and if we need a new agency (which we prolly do, to at least do what the fed was doing, sans conflict of interest) let the FDIC, NCUA and SEC continue to do what they do. Well, ok, get the SEC to go back to what it was doing before it decided to start punting because it was full of 'regulation kills the economy so we should let everyone do what they want' fucktards.

230 Sacred Plants  Fri, Nov 20, 2009 1:00:41pm

re: #185 Cato the Elder

So is it settled in everyone's mind that the gold (or commodities) standard is evil insanity?

Under a gold standard, the biggest stash of gold will matter most, and over the time absorb all the smaller stashes. And Ron Paul knows that stash is not in the Fed. Probably never will. Not even in the same country. Follow the appeasement.

231 mac  Fri, Nov 20, 2009 2:48:31pm

re: #23 SixDegrees
Now THAT'S funny!

232 mac  Fri, Nov 20, 2009 2:53:01pm

re: #40 KingKenrod
Yep. but it has to pass the house first.

233 Charles Johnson  Tue, Nov 24, 2009 5:43:55pm

Testing something...


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