AUDIT THE FED hearing to be broadcast live

[Maestro232]

Q: re: 13-3, was Bear-Stearns the first case of using it for an investment bank?
A: Yes

 

[bigronaldo]

Wow...Barney Frank can't just let it go. He was just asking for more. That's all. Jeez!

 

[KAYA]

How pathetic is DC when a goof like Barney Frank is head of such a critical committee...

 

[Maestro232]

WIlson up for questions...

 

[Chieppa1]

Mr. Wilson.....go away.

 

[LittleLightShining]

Are you kidding me??? Please explain to me how the Federal Reserve works. What the hell is this?

 

[NYgs23]

Isn't he supposed to know that stuff? He's on the committee!

 

[JamesButabi]

Wow Mr Wilson.... just give his time to someone else. How does this fool get a job on the financial committe?

 

[Chieppa1]

Are you kidding me??? Please explain to me how the Federal Reserve works. What the hell is this?

If you notice, after about 3-4 good speakers, they throw in some history lesson FED lover (Cleaver) to calm the waters.

 

[Chieppa1]

Is Tom Woods suppose to speak?

 

[Mr. Smith]

Alvarez sounds like Crispen Glover as George McFly from Back to the Future.

 

[Annihilia]

Oh my god Wilson..

 

[Maestro232]

Essentially asking how the head goons are chosen... 14 year terms, confirmation, etc...

Q: re 13-3, explain what it takes to have an action taken in unusual and exegent circumstances?

A: May authorize board to make a loan if they vote for it and secured to their satisfaction and other options aren't available. Then we can make a loan

Q: And that occured for Bear-Stearns

A: Yes

Q: How did the bear stearns process happen, how long, how did the board decide?

A: Board on phone during night discussing the condition of Bear Stearns and market conditions. We convened a board meeting next meeting, using emergency provision only 4 of us had to vote.

Q: Did this same process happen with Lehman brothers?

A: There were constant updates to the board, conf. calls, etc...

FRANK: "This info is an example of what could come forward with no damage."

 

[davesxj]

So the fifth governor flies in from Europe (London) to bring the orders on the day of AIG vote.

 

[Maestro232]

Hensarling up.

 

[Dreamofunity]

Has Tom Woods commented yet?

 

[Chase]

Is Tom Woods suppose to speak?

He's going to when they're done questioning the Fed stooge.

 

[LittleLightShining]

The lady behind him looks like she has an antiwar.com sticker on her shirt.

 

[Chieppa1]

He's going to when they're done questioning the Fed stooge.

Thanks. He should kick this guy in the balls and high 5 Dr. Paul on his way up.

While "America, Fuck Yea!" is playing.

 

[Maestro232]

Q: transparency didn't keep people from accepting TARP funds, so what's the big deal with other transparency?

A: Capital Injection Program was designed for healthy institutions, which is why institutions were eager to participate, but as time went on, participation in this program soured.

Q: So it is a red-letter stigma, as opposed to not wanting Congress overseeing this?