Dieseler
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Hell yeah, that's a goodun'
Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
- Thread starter ..PAUL4PRES..
- Start date
Hell yeah, that's a goodun'
zach
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Yes, this sucks.
But do we realize the amount of knowledge about the Fed that has been brought up lately to the citizens?
This might be the first catalyst for a revolution to begin.
Without this bill being introduced, the liberty movement wouldn't be where it is today.
But do we realize the amount of knowledge about the Fed that has been brought up lately to the citizens?
This might be the first catalyst for a revolution to begin.
Without this bill being introduced, the liberty movement wouldn't be where it is today.
It's far from over. Far, far from over.
Hmm...my idea would be to find out exactly when RP plans to introduce the amendment vote on the floor and have the House chamber PACKED with Paulites. The first person to object gets BOO'ED OUT OF THE ROOM! And of course the Capitol police will try to remove the Paul supporters and then it really gets interesting. Just a thought. Anybody like this idea?
Hmm...my idea would be to find out exactly when RP plans to introduce the amendment vote on the floor and have the House chamber PACKED with Paulites. The first person to object gets BOO'ED OUT OF THE ROOM! And of course the Capitol police will try to remove the Paul supporters and then it really gets interesting. Just a thought. Anybody like this idea?
C
Chester Copperpot
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ill drive the 4 hours to go into the house chamber.. didnt know we could do that.
NYgs23
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Watt's the subcommittee chairman of the subcommittee dealing with the issue.
Jeremy
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march the dudes house
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Dieseler
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Government sponsored ACORN would do that and get away with it.
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I really believe that this is the best course of action if the people are serious about not being the "bitches" of the Banksters.....one by one....deal with their hired henchmen.....
what are we going to do about it???
The Federalist Papers give us the answers.
"Where the people fear the government you have tyranny. Where the government fears the people you have liberty."
There is NO FEAR of the people with these greedy men.....
what are we going to do about it???
The Federalist Papers give us the answers.
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Hell yes. People have got to fight and fighting isn't pretty and isn't done by "playing by the rules"......
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I think something like this is going to have to be the first step. Something that no one can ignore and will draw further attention to the bill and what Watt is trying to do. The media won't be able to ignore it. I do NOT think violence is the answer at this point. These people just need to be reminded that there are real people that are not happy with what they are doing and aren't afraid to show it very personally. They feel insulated from the People and of course, "Out of sight, means out of mind."
Time to get back in sight.
http://www.visitthecapitol.gov/Visit/Frequently Asked Questions/#q25
Time to get back in sight.
http://www.visitthecapitol.gov/Visit/Frequently Asked Questions/#q25
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Americans used to have the guts and conviction to do this:
"Bostonians suspected the removal of the Tea Tax was simply another attempt by the British parliament to squash American freedom. Samuel Adams, wealthy smugglers, and others who had profited from the smuggled tea called for agents and consignees of the East India Company tea to abandon their positions; consignees who hesitated were terrorized through attacks on their warehouses and even their homes"
I got to hand it to our forefathers, they really did know how to throw a revolution and didn't take any sh*t from WRONG DOING!!!
That was when men were men.
Captain Bryan
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I wanna hear Ron's take on this.
I agree with your sentiment to a very small degree.
The liberty movement has always been around (and it has pretty much ALWAYS been a minority of the populous).
The fact is that we are in a WAR and our "education" is like a BB-Gun compared to the Nuclear weapons that the ELITE have (media in back pockets, sellouts like Watt in control of political apperatise who select the JUDICIARY).
So if the minority that has taken the red pill increases from less than a percent to 4% what difference does it make when you still LOSE the battles and the WAR and are quashed by the "machine"??? The Islamic mujahideen are primarily in the same boat (unable to even overthrow most of their own States). Here in the states for every one person that "gets the message" there are 10,000 others that are converts to Michael Moore and Obama's Kool-aid.
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I do also
I just blogged it under the title "Mel Watt - Fed Shill". Blog it, Digg it, post it on other forums - get it out on the web everywhere (the picture, I mean, not necessarily my blog, though you're welcome to do that too :o ). Just make sure to use the words "Mel Watt Fed Shill" so that phrase will be rise to the top of the search engines.
Well done. Very well done.
http://www.google.com/search?&q="+mel+watt"+shill
purplechoe
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Fed’s Regional Chiefs ‘Fight’ for Monetary Policy Independence
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIww4fZIKpRM#
By Scott Lanman
Oct. 30 (Bloomberg) -- Federal Reserve regional bank presidents are trying to ward off congressional efforts to weaken their clout, saying the moves may jeopardize monetary policy independence.
Kansas City Fed president Thomas Hoenig is circulating a book titled “The Balance of Power: The Political Fight for an Independent Central Bank.” Charles Plosser of Philadelphia said on Sept. 29, “we must preserve” the Fed’s structure.
Senate Banking Committee Chairman Christopher Dodd and Barney Frank, his House counterpart, have said they may change how Fed presidents are chosen or curb their power. Presidents aren’t appointed by Congress and are partly selected by banks, which lawmakers say share blame for the financial crisis. The danger is that Congress, by altering the selection process, may gain enough influence over monetary policy to thwart Fed efforts to tighten credit in coming years and keep prices from surging.
“If Congress interferes with the Fed’s ability to do what has to be done, it could have major negative effects on the economy through its impact on inflation,” said former Fed Governor Lyle Gramley, 82. The threat to central bank autonomy “looks to be the worst that I can recall in my lifetime.”
U.S. stocks, bonds and the dollar would collapse if investors perceive Congress violating the independence of the policy-setting Federal Open Market Committee, said Former Fed Governor Laurence Meyer, now vice chairman of Macroeconomic Advisers LLC.
Board Vacancies
The Fed is run by a seven-member Board of Governors in Washington, headed by Chairman Ben S. Bernanke, and 12 banks representing different regions. The governors serve 14-year terms, and there are two vacancies on the board.
The regional Fed presidents, unlike the governors, aren’t selected by politicians in Washington. Governors are nominated by the president and confirmed by the Senate. By contrast, the Fed bank chiefs are nominated by private boards of directors, partly composed of commercial bankers, and confirmed by the Washington-based governors.
The governors and the New York Fed president have permanent votes on the Federal Open Market Committee, which meets about every six weeks to set the benchmark interest rate. The other 11 district-bank presidents vote every two or three years on a rotating basis.
Congressional scrutiny follows criticism that the Fed failed to adequately supervise banks and, after the financial crisis erupted, exposed taxpayers to losses by bailing out American International Group Inc. and other firms.
Under Fire
The central bank has also come under fire for granting a waiver allowing a former Goldman Sachs Group Inc. chairman to remain on the board of the New York Fed after the company opted to come under Fed oversight.
“The antagonism in the Congress toward the Fed is larger than I can recall,” said Gramley, who joined the Kansas City Fed as an economist in 1955 and is now senior economic adviser to New York-based Soleil Securities Corp.
Dodd, a Democrat from Connecticut, and Senator Richard Shelby of Alabama, the banking committee’s top Republican, plan to consider stripping commercial banks’ power to appoint regional Fed presidents as part of an overhaul of regulation.
Allowing banks to select their supervisors is “absolutely backwards,” Dodd said this month, without mentioning Fed interest-rate policy.
“There is an inherent conflict of interest in the selection of reserve presidents,” Shelby said in an Oct. 14 interview.
Commercial Banks
Commercial banks currently elect two-thirds of regional- bank directors, who choose presidents of the regional banks. The Fed’s Washington-based governors pick the other third of the directors in each regional bank.
“The reason Congress set up a structure that we have was a combination of depoliticizing monetary policymaking and decentralizing it at the same time,” Plosser, 61, said in an interview.
The structure disperses some power over monetary policy to banks and other institutions nationwide, checking the influence of Washington politicians and big Wall Street firms, he said. St. Louis Fed President James Bullard called the arrangement “a considerable asset.”
“One of the ideas about setting it up this way is you would be able to survive when you had some populist backlash because you do have some roots all around the country, and you are getting input from all around the country on monetary policy,” Bullard said in an Oct. 12 interview.
Trumka Testimony
AFL-CIO President Richard Trumka, testifying yesterday to the House Financial Services Committee, called on legislators to alter the selection process for regional bank presidents as part of any strengthening of the central bank’s regulatory powers.
The Fed’s regional presidents “should not be setting public policy,” Frank said yesterday in response to Trumka. Frank, a Massachusetts Democrat and the committee chairman, said in an Oct. 7 interview he wants to review the “whole governance structure” of the Fed next year.
In April, Dodd and Shelby won passage, by a 96-2 vote, of a non-binding resolution calling in part for an “evaluation of the appropriate number and the associated costs” of Fed district banks.
Representative Ron Paul, a Texas Republican who has called for abolishing the Fed, has gained 307 co-sponsors for legislation to require an audit of the central bank, including monetary policy. Bernanke and other Fed officials oppose the bill.
Truman Wrangle
The congressional proposals are the biggest threat to the Fed’s independence since its wrangle with President Harry Truman, who in 1951 summoned the FOMC to the White House to voice opposition to higher interest rates, Gramley said. The episode ended with the Fed winning the right to conduct monetary policy without Treasury approval for the first time since 1934, according to historian Allan Meltzer.
Some legislators want to “make the institution more political, and I think that’s terribly unfortunate,” Hoenig, 63, Kansas City’s president since 1991, said in an Oct. 9 interview.
“The structure is and was carefully constructed by its founders,” he said. “There is a grass-roots input, there is an ability to bring interested citizens, apolitical, who care and who are not on a political agenda, into the process.”
To contact the reporter on this story: Scott Lanman in Washington at [email protected].
Last Updated: October 30, 2009 00:00 EDT
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aIww4fZIKpRM#
By Scott Lanman
Oct. 30 (Bloomberg) -- Federal Reserve regional bank presidents are trying to ward off congressional efforts to weaken their clout, saying the moves may jeopardize monetary policy independence.
Kansas City Fed president Thomas Hoenig is circulating a book titled “The Balance of Power: The Political Fight for an Independent Central Bank.” Charles Plosser of Philadelphia said on Sept. 29, “we must preserve” the Fed’s structure.
Senate Banking Committee Chairman Christopher Dodd and Barney Frank, his House counterpart, have said they may change how Fed presidents are chosen or curb their power. Presidents aren’t appointed by Congress and are partly selected by banks, which lawmakers say share blame for the financial crisis. The danger is that Congress, by altering the selection process, may gain enough influence over monetary policy to thwart Fed efforts to tighten credit in coming years and keep prices from surging.
“If Congress interferes with the Fed’s ability to do what has to be done, it could have major negative effects on the economy through its impact on inflation,” said former Fed Governor Lyle Gramley, 82. The threat to central bank autonomy “looks to be the worst that I can recall in my lifetime.”
U.S. stocks, bonds and the dollar would collapse if investors perceive Congress violating the independence of the policy-setting Federal Open Market Committee, said Former Fed Governor Laurence Meyer, now vice chairman of Macroeconomic Advisers LLC.
Board Vacancies
The Fed is run by a seven-member Board of Governors in Washington, headed by Chairman Ben S. Bernanke, and 12 banks representing different regions. The governors serve 14-year terms, and there are two vacancies on the board.
The regional Fed presidents, unlike the governors, aren’t selected by politicians in Washington. Governors are nominated by the president and confirmed by the Senate. By contrast, the Fed bank chiefs are nominated by private boards of directors, partly composed of commercial bankers, and confirmed by the Washington-based governors.
The governors and the New York Fed president have permanent votes on the Federal Open Market Committee, which meets about every six weeks to set the benchmark interest rate. The other 11 district-bank presidents vote every two or three years on a rotating basis.
Congressional scrutiny follows criticism that the Fed failed to adequately supervise banks and, after the financial crisis erupted, exposed taxpayers to losses by bailing out American International Group Inc. and other firms.
Under Fire
The central bank has also come under fire for granting a waiver allowing a former Goldman Sachs Group Inc. chairman to remain on the board of the New York Fed after the company opted to come under Fed oversight.
“The antagonism in the Congress toward the Fed is larger than I can recall,” said Gramley, who joined the Kansas City Fed as an economist in 1955 and is now senior economic adviser to New York-based Soleil Securities Corp.
Dodd, a Democrat from Connecticut, and Senator Richard Shelby of Alabama, the banking committee’s top Republican, plan to consider stripping commercial banks’ power to appoint regional Fed presidents as part of an overhaul of regulation.
Allowing banks to select their supervisors is “absolutely backwards,” Dodd said this month, without mentioning Fed interest-rate policy.
“There is an inherent conflict of interest in the selection of reserve presidents,” Shelby said in an Oct. 14 interview.
Commercial Banks
Commercial banks currently elect two-thirds of regional- bank directors, who choose presidents of the regional banks. The Fed’s Washington-based governors pick the other third of the directors in each regional bank.
“The reason Congress set up a structure that we have was a combination of depoliticizing monetary policymaking and decentralizing it at the same time,” Plosser, 61, said in an interview.
The structure disperses some power over monetary policy to banks and other institutions nationwide, checking the influence of Washington politicians and big Wall Street firms, he said. St. Louis Fed President James Bullard called the arrangement “a considerable asset.”
“One of the ideas about setting it up this way is you would be able to survive when you had some populist backlash because you do have some roots all around the country, and you are getting input from all around the country on monetary policy,” Bullard said in an Oct. 12 interview.
Trumka Testimony
AFL-CIO President Richard Trumka, testifying yesterday to the House Financial Services Committee, called on legislators to alter the selection process for regional bank presidents as part of any strengthening of the central bank’s regulatory powers.
The Fed’s regional presidents “should not be setting public policy,” Frank said yesterday in response to Trumka. Frank, a Massachusetts Democrat and the committee chairman, said in an Oct. 7 interview he wants to review the “whole governance structure” of the Fed next year.
In April, Dodd and Shelby won passage, by a 96-2 vote, of a non-binding resolution calling in part for an “evaluation of the appropriate number and the associated costs” of Fed district banks.
Representative Ron Paul, a Texas Republican who has called for abolishing the Fed, has gained 307 co-sponsors for legislation to require an audit of the central bank, including monetary policy. Bernanke and other Fed officials oppose the bill.
Truman Wrangle
The congressional proposals are the biggest threat to the Fed’s independence since its wrangle with President Harry Truman, who in 1951 summoned the FOMC to the White House to voice opposition to higher interest rates, Gramley said. The episode ended with the Fed winning the right to conduct monetary policy without Treasury approval for the first time since 1934, according to historian Allan Meltzer.
Some legislators want to “make the institution more political, and I think that’s terribly unfortunate,” Hoenig, 63, Kansas City’s president since 1991, said in an Oct. 9 interview.
“The structure is and was carefully constructed by its founders,” he said. “There is a grass-roots input, there is an ability to bring interested citizens, apolitical, who care and who are not on a political agenda, into the process.”
To contact the reporter on this story: Scott Lanman in Washington at [email protected].
Last Updated: October 30, 2009 00:00 EDT
GunnyFreedom
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Dieseler
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One phone call, one email and one postal delivered letter.
Counting my stamps.
First mailing begins tomorrow.
Don't forget this either http://www.ronpaulforums.com/showthread.php?t=217042
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