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286 Comments
- tman84, on 06/16/2009, -8/+195Funny how this slips in now that Ron Paul's audit the Fed Bill is gaining momentum.
- fractalman, on 06/16/2009, -7/+156The Federal Reserve, already arguably the most powerful agency in the U.S. government, is not a government agency, and does not answer to the federal government or any other government. HR1207 will expose the federal reserve for what it really is, a banking cartel. HR1207 will also expose the fact that the federal reserve has no reserves.
- kemp34, on 06/16/2009, -13/+154Obama chooses the corporatists over the People?
For the love of God, man, enough of this nonsense! - Waiting2awake, on 06/16/2009, -8/+148Insane, when will Americans see what is happening to them?
- hblask, on 06/16/2009, -23/+140Obama will do whatever it takes to protect his rich friends.
- mofw, on 06/16/2009, -7/+114The Federal Reserve is not a Government Agency.
How can the Wash. Times editor let that factual inaccuracy make it to print? - LouisCipher777, on 06/16/2009, -9/+101the federal reserve has destroyed our currency, our financial system, and is hell bent on taking the entire country down the tubes, yet nObama gives them more power.....
WTF? - inactive, on 06/16/2009, -6/+89Don't they already have enough power?
- roho76, on 06/16/2009, -3/+71I have about ***** had it with these people.
- JoeyNine, on 06/16/2009, -22/+86Yet, this'll never make it to the front page. Diggers seems to be more interested in calling Republicans racist or obsolete, or getting pissed at Letterman for a bad joke. Meanwhile, real news that we should all be aware of and protesting against, just gets left in the dust.
- richmomz, on 06/16/2009, -4/+61As if the Foxes guarding the henhouse didn't have enough power already...
- richmomz, on 06/16/2009, -4/+60If anyone still doubted whether both parties are batting for the same corporatist/banker team this should pretty much settle it.
- Nodaki, on 06/16/2009, -4/+54More regulatory power given to an unregulated entity.
SHUT UP! Enough already, Obama! Who cares about Ben Bernanke anyway? The man has only one move, for Christ's sake! Quantitative Easing? Debt Monetization? Deposit Multiplication? They're the same thing! Doesn't anybody notice this? I feel like I'm taking crazy pills! - drazen77, on 06/16/2009, -7/+55I'd laugh at the people who elected our current administration into office if I wasn't so busy weeping at the death of the Republic.
- richmomz, on 06/16/2009, -4/+48The corporate owned media's job isn't to report the facts, but to drive the agenda of their owners.
- emazur, on 06/17/2009, -2/+45Someone will try to deny your points, so I'll go ahead and undercut the deniers:
Q: Is the Fed really a private corporation?
A: Yes - "The Federal Reserve Banks are privately owned, locally controlled corporations"
-Lewis vs. U.S., 680 F2d 1239, 1241 (1982)
http://www.globalresearch.ca/index.php?context=va& ...
Q: Is the Fed really a banking cartel that manipulates interest rates to their advantage?
A: Yes, head of the House Banking Committee, Wright Patman, launched an investigation and wrote:
11. Do private bank interests influence Federal Reserve policy?
Yes. Of the 12 members of the Open Market Committee—the Committee which actually controls credit policy—5 are presidents of regional banks. These presidents are elected by the individual regional banks’ nine-man board of directors with its preponderance of private commercial bank representatives. Further, all 12 of the regional bank presidents participate in the Open Market Committee’s discussions, though only 5 can vote. The ‘discussion’ Open Market Committee, then, has 19 members—12 regional bank presidents and the 7 members of the Federal Reserve Board
http://dewoody.net/money/
Former NY Governor Eliot Spitzer researched the composition of the Federal Reserve Board and found:
So who selected Geithner back in 2003? Well, the Fed board created a select committee to pick the CEO. This committee included none other than Hank Greenberg, then the chairman of AIG; John Whitehead, a former chairman of Goldman Sachs; Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase; and Pete Peterson, a former chairman of Lehman Bros. It was not a group of typical depositors worried about the security of their savings accounts but rather one whose interest was in preserving a capital structure and way of doing business that cried out for—but did not receive—harsh examination from the N.Y. Fed.
The composition of the New York Fed's board, which supervises the organization and current Chairman Friedman, is equally troubling. The board consists of nine individuals, three chosen by the N.Y. Fed member banks as their own representatives, three chosen by the member banks to represent the public, and three chosen by the national Fed Board of Governors to represent the public. In theory this sounds great: Six board members are "public" representatives.
So whom have the banks chosen to be the public representatives on the board during the past decade, as the crisis developed and unfolded? Dick Fuld, the former chairman of Lehman; Jeff Immelt, the chairman of GE; Gene McGrath, the chairman of Con Edison; Ronay Menschel, the chairwoman of Phipps Houses and also, not insignificantly, the wife of Richard Menschel, a former senior partner at Goldman. Whom did the Board of Governors choose as its public representatives? Steve Friedman, the former chairman of Goldman; Pete Peterson; Jerry Speyer, CEO of real estate giant Tishman Speyer; and Jerry Levin, the former chairman of Time Warner. These were the people who were supposedly representing our interests!
http://www.slate.com/id/2217811/
I'll have to take issue with your point about the Fed being independent and uncontrolled by the federal government.
http://www.fpf-direct.com/article.php?id=147
Obama is part of the problem:
http://www.youtube.com/watch?v=Kb_Zkm5zqfY&fea ...
Nominally, the Fed is an independent group of private bankers that controls the nation's money supply (which is bad enough), but the President assigns the Fed head and Congress confirms him/her. Members of Congress and/or the President can and do pressure the Fed to alter their economic decisions for political reasons - check out this 3 part interview with the author of "Bubble Man":
http://www.youtube.com/watch?v=LW1SYKanO-Y
http://www.youtube.com/watch?v=m9cFiQbrL4w
http://www.youtube.com/watch?v=dD0mQMhMhbs
It's also hard to believe that nobody in Congress would try to influence the Fed's decisions, since many stood to benefit from the Fed bailout of the banks:
http://www.washingtonpost.com/wp-dyn/content/artic ...
The bankers "own" the Congress, and Congress "owns" the bankers:
http://digg.com/politics/Top_Senate_Democrat_Banke ...
http://www.prisonplanet.com/banks-run-congress-top ...
I'm also getting sick of people denying the Federal Reserve Act was created by the world's richest bankers on the private Jekyll Island in 1910, because this information can be found on the Fed's website. Why would the world's richest bankers gather to write a bill if they were not going to benefit from it?
http://www.minneapolisfed.org/publications_papers/ ...
"The Jekyll Island Expedition"
"One evening in early November 1910, Warburg and a small party of men from New York quietly boarded Sen. Aldrich's private railway car, ostensibly for a trip south to an exclusive hunting club on an island off the coast of Georgia.
In addition to Warburg and Aldrich, the others, all highly regarded in the New York banking community, were: Frank Vanderlip, president of National City Bank; Harry P. Davison, a J.P. Morgan partner; Benjamin Strong, vice president of Banker's Trust Co.; and A. Piatt Andrew, former secretary of the National Monetary Commission and now assistant secretary of the Treasury. The real purpose of this historic "duck hunt" was to formulate a plan for US banking and currency reform that Aldrich could present to Congress." - Barackalypse, on 06/17/2009, -3/+45Does Obama have any plans that don't involve the Government getting more powerful?
- laminac, on 06/16/2009, -1/+43"When you have too many people involved, there's an accountability problem," he said. "At the core of making the system stronger is to give one place in the system clear accountability, responsibility and authority for preventing future crises."
too bad the fed is accountable to no one. - SmoothDoctorT, on 06/16/2009, -3/+45I have a problem with the first line in the article: "The Federal Reserve, already arguably the most powerful agency in the U.S. government.." The Fed is a private company, not a government agency. End the fed.
- groverblue, on 06/16/2009, -3/+43Insanity or Criminality. You choose.
- Oatlord, on 06/16/2009, -6/+44LOL way to go, Obama voters.
- inactive, on 06/16/2009, -1/+38Change the unaccountable bankers can believe in.
- AmnesiacJack, on 06/16/2009, -1/+38You know what? None of this matters. It really doesn't because until Americans can stop fawning over their party lines and actually come together and realize that hey, both parties really just want to grow government power and that doesn't mean helping YOU. The republicans raise one form of government and then when their turn is done the democrats come in and raise another, all the while your rights and my rights are becoming more clearly "defined". They've become so good at getting people to join one side or the other to the point that we're willfully ignoring the slimy things the government is doing, some how justifying it because "the other side did similar / worse things so now it's our turn".
I don't know what the solution is (more than two parties, less government, and re-regulating the media industry to shift power out of the dozen or so hands that control them now sounds like a start to me, oh yeah also term limits on congresscritters / senators) but I do know if something doesn't give with how things are ran America is going to go through some drastic changes in the coming years. - kemp34, on 06/16/2009, -2/+38They are the worst form of corporatism:
All the power of government.
All of the secrecy and non-oversight of a private institution.
In other words a toxic mix. - richmomz, on 06/16/2009, -1/+36Kemp hit it on the head - the Fed is a quasi public/private entity, with all the powers of a government agency but with none of the accountability.
- inactive, on 06/17/2009, -2/+35Why the hell do so many people believe the Democrats stand up for the poor and middle class. They have even managed to outdo the Republicans in corporate welfare and forcing the middle class to bail out the money printers and rich banksters.
- richmomz, on 06/16/2009, -4/+37Another question to consider is why regulatory control is being given to a privately owned and controlled (sorry, "independent" is the term the media shills like to use) organization. Would it not make more sense to give this power to an agency which doesn't raise any conflict of interest issues, like the US Treasury or the SEC? Are we going to allow the financial institutions to essentially regulate THEMSELVES, and have complete authority over every corporation and business in the country? This is insanity!
- SchmuckofNI, on 06/16/2009, -4/+36I told you so that Obama is a banker's man.
- kemp34, on 06/16/2009, -4/+36Unfortunately there are lots of brain dead corrupt clowns who approach life similar to you who are currently in positions with significant responsibility.
So they propose this ***** even though 226 representatives have been persuaded by the People to support a common sense audit of the privately-owned banking cartel known as the Federal Reserve.
May God have mercy. - groverblue, on 06/16/2009, -2/+34Start talking to your friends/family. Get them to care, first.
- inboxnews, on 06/16/2009, -3/+34Hilarious.
- sk33lz, on 06/17/2009, -1/+30If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation the banks and corporations that will grow up around them will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. Thomas Jefferson, President of the United States 1801-1809
- richmomz, on 06/16/2009, -4/+32Obama could learn a thing or two fron Ron Paul, namely that granting financial institutions the authority to regulate themselves through the Federal Reserve is a really bad idea and a massive conflict of interest.
In my personal opinion, a much better solution would be to prevent banks and corproations from getting "too big to fail" in the first place, through existing anti-trust laws that are already on the books, and break up the institutions that have swelled to unmaneagable proportions so that they CAN fail without crippling the economy. - inactive, on 06/16/2009, -4/+30Brilliant. Give the fox guarding the hen house a shot of steroids.
- kemp34, on 06/16/2009, -4/+30Funny, but sick too.
- kemp34, on 06/16/2009, -1/+26"I rack, you break"?
- kemp34, on 06/16/2009, -4/+29Please link to where I said anything was a "slam dunk".
I know that there are still very powerful folks with ZERO honor, integrity, virtue, goodness in various key posts. This thing wasn't assumed to go through until it actually does go through.
The fact that 226 Representatives have signed on as co-sponsors to audit the privately-owned Federal Reserve shows there is some semblance of growing sense in the political structures, but by no means have folks fully awoken to righteousness. People like you are the doltish hurdles that God's gift of free will allowed good people to have to deal with on the path towards rightful human interaction. - StingingNettle, on 06/17/2009, -1/+25brought to you by the folks who never saw it coming
- Raptor007, on 06/16/2009, -2/+25Except it just DID make the front page! IN YOUR FACE!
- inactive, on 06/17/2009, -2/+25seriously Obama, this is your change? Facepalm. END THE FED!
- richmomz, on 06/16/2009, -3/+26To be honest I don't see how this threatens HR 1207 - if anything an expansion of Federal Reserve power makes an audit even more prescient.
- Waiting2awake, on 06/16/2009, -2/+24sooner people realize that, the sooner there is some real hope for change.
- Raptor007, on 06/16/2009, -0/+22Too much.
- kemp34, on 06/16/2009, -4/+25So you support a privately-owned banking cartel with monopoly power over currency issuance having the power and authority to single-handedly break up major financial institutions?
That sounds pretty freaking stupid to me.
Do you work for the Federal Reserve? - JanusTheDoorman, on 06/17/2009, -1/+20Man... Washington just can't stop kicking us in the balls, can it?
- csstudent, on 06/16/2009, -4/+23Do you ever contribute anything productive besides these silly comments? It gets old burying any comment you leave.
- NoTiG, on 06/16/2009, -1/+19THe most logical way to "regulate" companies that are large and important enough to effect the markets is by making them accountable for their own actions by not bailing them out.
- ZZeke, on 06/17/2009, -1/+19Does the federal government ever have any solutions that don't involve expanding the federal government?
- biogears, on 06/17/2009, -3/+21People are getting the change they voted for.
- RSS14, on 06/17/2009, -1/+19Now do you see the true colors of Obama? Digg should have stuck with Ron Paul.
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