How Do You Make "Free-Market-conservatives" Flip-OUT?

[Mr. Shaman]

We're gonna find-OUT!!!!

Barney....Ron....WHUP SOME BUTT!!!!!!!!!!!!!!!!!!!!!!!!

​

"Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, told a Massachusetts audience at a recent town hall that the House will pass legislation this fall mandating a "complete audit" of the Federal Reserve.

The bill to audit the Fed, H.R. 1207, was introduced by libertarian Fed critic Rep. Ron Paul (R-Texas) and is backed by well over a majority of the House. Frank's comment suggests it won't just be left to languish in committee.

"I want to restrict the power of the Fed in a number of ways," said Frank in response to a question about the bill.

"They have had since 1932... the right to intervene in the economy almost whenever they" wanted to, Frank said, noting that the Fed relied on its extraordinary lending power to forward billions to financial institutions last fall. He intends to curtail that lending power, he said.

Wall Street has been pushing back against opening up the Fed. A federal judge recently ordered it to disclose who the bank is lending to and what collateral it's getting in return. The Fed is appealing, arguing that such disclosure would damage it and the banks receiving the loans.

The Clearing House Association, a coalition of financial industry players, joined the Fed in protesting the decision."

 

[BigRob]

We're gonna find-OUT!!!!

Barney....Ron....WHUP SOME BUTT!!!!!!!!!!!!!!!!!!!!!!!!

​

This bill is going to be DOA when it gets to the Senate. And if the House does act, and should the Senate actually do something with it, the Grassley amendment would seriously curtail any real "audit" that might occur.

 

[GenSeneca]

Besides... "free market conservatives" support the bill and want a full audit of the Fed. All Capitalists, many Libertarians and some Conservatives think the fed should be abolished outright. The fed is just another failed government program instituted by a "Progressive" Democrat, Woodrow Wilson:

"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson, after signing the Federal Reserve into existence

Its a failed institution because at its inception, the fed promised something reiterated by President Barack Obama during his election: To "end the boom and bust cycle of the economy" once and for all. Eleven years after the creation of the fed there was a massive recession and six years after that, the great depression. The federal reserve is a failure in its chartered goal and remains a threat to the rights of all Americans.

"I believe that banking institutions are more dangerous to our liberties than standing armies. If 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 [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs." - Thomas Jefferson

 

[TheFranklinParty]

Did you guys forget that the Federal Reserve is a privately held company? It's not a federal program or department. It is owned by the largest U.S. banks. The only real say we have is only an opinion.

I agree with taking them out of the game of printing and or guarantying our money. It was a crazy late night vote that gave them the power in the first place. Why no one has stood up to them up to now is the surprising part.