FED: Rahm Emanuel Working With Fed To Beat Back Audit

[bobbyw24]

The White House, Federal Reserve and Wall Street lobbyists are kicking up their opposition to an amendment to audit the Fed as a Senate vote approaches, Sen. Bernie Sanders (I-Vt.), the lead sponsor of the measure, said on Monday.

Banking Committee Chairman Chris Dodd (D-Conn.), who is shepherding the bill through the Senate, told Sanders Monday afternoon that "there's a shot we'll be up tomorrow," Sanders told HuffPost.

In the spring of 2009, Sanders brought a similar amendment to the Senate floor and won 59 votes. Eight senators who voted against it then are now cosponsors of his current measure.

"I think momentum is with us. But I've gotta tell you, that on this amendment, you're taking on all of Wall Street, you're taking on the Fed, obviously, and unfortunately you seem to be taking on the White House, as well. And that's a tough group to beat," said Sanders.

He's been trading calls, he said, with Rahm Emanuel, the White House chief of staff.

Earlier on Monday, HuffPost reported that former Fed Chairman Alan Greenspan wanted dissent kept secret so that people outside the Fed wouldn't involve themselves in their debates.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting. "I'm a little concerned about other people getting into the debate when they know far less than we do."



The White House, Federal Reserve and Wall Street lobbyists are kicking up their opposition to an amendment to audit the Fed as a Senate vote approaches, Sen. Bernie Sanders (I-Vt.), the lead sponsor of the measure, said on Monday.

Banking Committee Chairman Chris Dodd (D-Conn.), who is shepherding the bill through the Senate, told Sanders Monday afternoon that "there's a shot we'll be up tomorrow," Sanders told HuffPost.

In the spring of 2009, Sanders brought a similar amendment to the Senate floor and won 59 votes. Eight senators who voted against it then are now cosponsors of his current measure.

"I think momentum is with us. But I've gotta tell you, that on this amendment, you're taking on all of Wall Street, you're taking on the Fed, obviously, and unfortunately you seem to be taking on the White House, as well. And that's a tough group to beat," said Sanders.

He's been trading calls, he said, with Rahm Emanuel, the White House chief of staff.

Earlier on Monday, HuffPost reported that former Fed Chairman Alan Greenspan wanted dissent kept secret so that people outside the Fed wouldn't involve themselves in their debates.

"We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand," Greenspan said, according to the transcripts of a March 2004 meeting. "I'm a little concerned about other people getting into the debate when they know far less than we do."
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Sanders said that Greenspan's comments are all the more reason for an audit. "I think it just adds a lot of weight to what we are trying to do," Sanders said. "It just points to the fact that if there was more transparency then it in fact would have allowed the debate to take place about the subprime mortgage [sic] unfolding crisis at that point. It may have prevented the horrendous recession that we're in now and the near collapse of the financial institutions."

read more

http://www.huffingtonpost.com/2010/05/03/rahm-working-with-fed-to_n_561505.html

 

[HOLLYWOOD]

After all the intelligence, research,, and posts, about Rahm Emanuel's control and part in the Fascist State and Wall St./Wealth/Banking here on RPF...

All I can say is... I Told You So!

 

[YumYum]

The Fed is the goose that lays the golden egg. It was in the mainstream media that Lehman Brothers had transferred $400 billion to Israel before they declared bankruptcy. Then, all of of a sudden, you never heard another mention of this by the mainstream media. The question remains: Did Lehman Brothers give Israel $400 billion before declaring bankruptcy?

My sources tell me they did. I believe they did. Isn't it interesting that Lehman Brothers are protected by bankruptcy laws and will not be investigated for criminal activity while Goldman Sachs is taking the the rap? Is this a "J.P. Morgan verses Rockefeller" thing?

 

[bobbyw24]

Glad to see you back, Yum Yum

Great analysis as usual

 

[ChooseLiberty]

All israeli citizens in the US administration are rallying around the Fed.

BTW, anyone notice that Congress is exempt from insider trading rules?

 

[HOLLYWOOD]

Frankly, I cannot believe how someone who took an oath and alliegence to a FOREIGN nation and even left our country to fight for a FOREIGN nation (Gulf War) instead of for our own country/military, can be appointed as Cheif of Staff to the POTUS. If that happen to be anyone else outside of the Wealth/Elitist/Zionist Cabals... they would be crucified.

No one ever questions it, MSM Media has never brought it up, and proves how this country's political system is rigged at the most important positions. Oh I wonder WHY? :rolleyes"

 

[bobbyw24]

Pelosi: Federal Reserve Needs More Transparency

By Ben Pershing

Speaker Nancy Pelosi (D-Calif.) said this morning that the Federal Reserve should operate with more transparency, one day after President Obama unveiled a financial regulatory overhaul that would give increased authority to the central bank.

"The fact is that the American people want to know more of the 'Secrets of the Temple,'" Pelosi said at her weekly press conference, referring to the 20-year-old book on the Fed she called "required reading in my day."

Even as Obama proposes to give the Fed more power to regulate firms and markets, an increasing number of members of Congress have expressed unease about the bank's growing reach and the murkiness of its finances. A bill authored by Rep. Ron Paul (R-Texas) calling for a full audit of the Fed's books by the U.S. Comptroller General now has a bipartisan group of 234 co-sponsors.

Pelosi said she did not know the specific details of Paul's bill, but did make clear she wanted to know more about the Fed's balance sheet, particularly since the central bank stepped in to bail out the insurance giant AIG last fall.

"Many of us were, shall we say, not surprised [but] taken aback when the Fed had $80 billion to put into AIG just out of the blue," Pelosi recalled. "All of the sudden you wake up one morning and AIG is receving $80 billion from the Fed. So of course we're saying, 'Where is this money coming from?'" And, she said, the Fed responded: "'Oh, we have it, and not only that, we have more.'"

Pelosi did not criticize any of Obama's financial overhaul proposals, nor did she provide any specifics on how oversight of the Fed should be increased. But, she said, "a balance has to be struck between what is required to run the Fed in a responsible way [and] what transparency there should be, so as the Fed assumes even more power... the American people have more knowledge about it."

http://voices.washingtonpost.com/capitol-briefing/2009/06/pelosi_federal_reserve_needs_m.html

 

[HOLLYWOOD]

Huh, 234 co-sponors to Audit THE FED? Sheesh... WaPo glorifying Pelosi's "Fire Wire" release to them and marginalized the bill's co-sponsors.

All the more of a Press Release for a Pelosi Re-Election data point.

 

[bobbyw24]

Earlier leaks of the book have included some embarrassing portrayals of White House adviser Rahm Emanuel. New York magazine had some choice bits about Rahm’s anger at Bo, the Obama’s family dog (“I’m going to kill that f***ing dog,” and his yelling to a male staffer: “Take your f***ing tampon out and tell me what you have to say.”

http://pajamasmedia.com/eddriscoll/2010/05/04/rahm-take-your-fing-tampon-out/

 

[HOLLYWOOD]

Earlier leaks of the book have included some embarrassing portrayals of White House adviser Rahm Emanuel. New York magazine had some choice bits about Rahm’s anger at Bo, the Obama’s family dog (“I’m going to kill that f***ing dog,” and his yelling to a male staffer: “Take your f***ing tampon out and tell me what you have to say.”

[url]http://pajamasmedia.com/eddriscoll/2010/05/04/rahm-take-your-fing-tampon-out/[/URL]

Eek ... Pajamas Media Ultra Right Neocon channel...

Forget the Obama's dog... Sociopathic Midget Rahm Emanuel is the watch dog (Pit Bull) on THEIR puppet/marionette BO. Plain and simple.

 

[ChooseLiberty]

Ding Ding Ding - we have a WINNNAAAAHHHHH.

Forget the Obama's dog... Sociopathic Midget Rahm Emanuel is the watch dog (Pit Bull) on THEIR puppet/marionette BO. Plain and simple.

 

[YumYum]

Great analysis as usual

Hi bobby! Keep posting those great articles! This forum will always provide us diverse opinions.

 

[ChooseLiberty]

Bernanke Warns Against Move to Audit Fed

http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html

Better do what Bernanke says. Or else.

 

[ChooseLiberty]

Amazing. The WSJ actually took down the original story and replaced it on the same f'g link.

Plan for Congressional Audits of Fed Dies in Senate

http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html?

Bernanke Warns Against Move to Audit Fed

http://online.wsj.com/article/SB10001424052748704370704575228164133105390.html

Better do what Bernanke says. Or else.

 

[ChooseLiberty]

The internet must suck for the banking cabal.

Copy of original story:

http://www.breakdownofamerica.com/2010/05/06/bernanke-warns-against-move-to-audit-fed-wsj-com

WASHINGTON—Federal Reserve Chairman Ben Bernanke sought Thursday to head off legislation that would subject the central bank’s monetary policy decisions to congressional audits, warning it could stoke inflation and threaten economic stability.

With U.S. senators moving toward a possible vote later in the day on an amendment to the financial regulatory bill that would significantly increase congressional oversight of the Fed, Mr. Bernanke warned of the consequences in a letter to Senate Banking Committee Chairman Christopher Dodd (D., Conn.).

“Such amendments, if enacted, would seriously threaten monetary policy independence, increase inflation fears and market interest rates, and damage economic stability and job creation,” Mr. Bernanke wrote.

In the past few days, Mr. Bernanke has reached out to about a half-dozen lawmakers to help make the Fed’s case against the bill.

More

Letter: Bernanke Outlines His Opposition

Letter: Volcker Outlines His Opposition

Journal Community

If the amendment passes, it might be hard to strip from the broader legislation. The House’s version of the bill, which passed late last year, contains a similar provision, which Mr. Bernanke also opposes. Passage would set up a dilemma for the White House, which would have to decide whether to veto a top domestic priority to duck the provision.

Senate Majority Leader Harry Reid (D., Nev.) said Thursday morning that the measure, from Sen. Bernie Sanders (I., Vt.), will be taken up once lawmakers consider two other amendments to the legislative package that overhauls regulation of U.S. financial markets.

“The American people overwhelmingly believe there should be transparency at the Fed,” Mr. Sanders said Thursday. “The idea that trillions of dollars of their money was lent out and we don’t know who received that money—nobody that I know of thinks that that makes any sense at all.” The provision requires 60 votes, which Mr. Sanders called a “pretty high hurdle. But we hope to do it.”

Central bank and administration officials have aggressively fought the proposal—one element of the broader revamp of finance rules—arguing it could politicize the central bank’s decisions about inflation and interest rates. That could undermine the Fed’s independence, a central component of its reputation among investors.

Who’s Who in the Senate Financial Overhaul

Learn more about key players in the Senate’s discussion.

View Interactive

The amendment is one of the more controversial being considered, and enjoys backing from both sides of the aisle. Skepticism of the central bank has risen because of its central role in the major policy decisions made during the financial crisis.

At its heart, the Sanders provision would remove restrictions on Congress’s ability to audit the central bank. Congress currently can’t review the Fed’s monetary-policy decisions, direct loans to commercial banks or transactions involving foreign central banks or governments. The provision would also require the central bank to disclose the low-interest loans and other financial assistance it gave financial companies during the recession.

The amendment says it shouldn’t be “construed as interference in or dictation of monetary policy.” Critics say the prospect of Congressional auditors interviewing Fed policy makers and staffers about monetary-policy decisions would weaken investors’ confidence that decisions are free from political influence.

Separately, President Barack Obama on Thursday urged the Senate to vote against a Republican amendment to a financial overhaul package that he said would weaken consumer protections.

“Today, the Senate is considering a Republican amendment that will gut consumer protections and is worse than the status quo,” Mr. Obama said in a statement. He added, “I will not allow amendments like this one written by Wall Street’s lobbyists to pass for reform.”

The Republicans’ proposal calls for a much more limited division in the Federal Deposit Insurance Corp. that would have oversight over only a portion of the financial-services industry. Current bank regulators would retain their consumer protection authority over banks and thrifts.

Mr. Obama said the amendment included “dangerous carve outs” for payday lenders, debt collectors, and others in the financial-services industry.

—Jared A. Favole and Jon Hilsenrath contributed to this article.

Write to Tom Barkley at [email protected] and Michael R. Crittenden at [email protected]