Sen. Paul Introduces Audit the Fed Bill

[Beazy]

This used to exist in the past. The fed was established because it was ruining the nation. I know touting failed policies is a popular republican talking point, but come on dude.

What the hell are you talking about? The Bank of ND is one of the most profitable banks in the country, and its far from a failure, and I would venture to say its one of the oldest. Its holds one of the largest surpluses of any state in the Union. Turn off the TV little guy.

[obdigore]

I don't have a problem with this, as long as it's not Congress dictating monetary policy.

If it's about Congress having the ability to ask the Federal Reserve about its policies, and raking them over the coals for doing stupid shit, I see no problem here.

It is just what you fear.

and mandating the Fed's credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.

is the part you wont like.

[oblivionx]

If they were so "certifiably looney tunes lunatics" then wouldn't they be voted down easily? If they were so "certifiably looney tunes lunatics" then there would be no reason to block the votes, since they would be voted down and then Obama would look stupid

But if the dems are the ones that are truly lockstep that wouldn't be the case.

They support anything, including a president who lies under oath and tamper's with federal witnesses (for example).

[obdigore]

Well, shit. I want Congress passing legislation, not deciding what interest rates should be.

/sigh

Again, depending on how the bill is written, if it is passed congress might have to pass legislation to allow the fed to change interest rates. This is a straight up power grab by Rand Paul hidden in a 'transparency' bill, which is kind of ironic.

[obdigore]

I can't seem to find it, but is this bill backed by Bernie Sanders?

I don't know, since the Bill is up anywhere I can see it except on Rand Paul's website. He lists '19' co-sponsors but I don't see a list of them anywhere either.

[mistuhbull]

But if the dems are the ones that are truly lockstep that wouldn't be the case.

They support anything, including a president who lies under oath and tamper's with federal witnesses (for example).

So, they wouldn't be voted down, therefore they're not certifiably looney. Just because someone has a different view, doesn't make them certifiably looney tunes looney.

And if the Democrats were as lockstep as you claim, where's the single-payer healthcare system the POTUS wanted?

[Beazy]

Again, depending on how the bill is written, if it is passed congress might have to pass legislation to allow the fed to change interest rates. This is a straight up power grab by Rand Paul hidden in a 'transparency' bill, which is kind of ironic.

How is it a power grab? You do know that the constitution gives congress the power to coin money right? Or did they not mention that on MSNBC?

[obdigore]

How is it a power grab? You do know that the constitution gives congress the power to coin money right? Or did they not mention that on MSNBC?

/sigh. I'm not going to repeat myself. You can read the thread, or even read the bill as posted via the link from OP, just like everyone else.

[nyc81991]

It literally makes no sense for anyone to be against this. We have the right to know what the Fed is doing. The fact that it hasn't happened yet shows how corrupt and backwords the government is.

[Beazy]

/sigh. I'm not going to repeat myself. You can read the thread, or even read the bill as posted via the link from OP, just like everyone else.

So . . . . where is the power grab again? If your going to make bull shit statements, at least back them up.

I've read the bill in its entirety, and a similar bill by his father. I'm having a hard time finding this "power grab". So point it out.

[skrump]

But but but that would be punishing success!

I think you are reading it wrong, he is saying it should be a criminal offense to keep a portion of your net worth sitting in an offshore bank account, because Rich people employ that tactic to hide their success in order to reduce the amount of taxes they owe.

They are essentially cheating the tax collectors without fear of punishment.

One thing I never understood though is why businessman value the money they make so much when they could use that money to expand their presence/authority in the business world and even branch out and produce more, I mean honestly very few companies do it and the only names that really comes to mind is proctor&gamble and colgate-Palmolive.

Of course I am not a fan of Colgate-Palmolive simply because they produce a toothpaste called Colgate complete and to that I say if it is indeed complete wtf are you doing still manufacturing 49 other varieties of inferior toothpaste with the exact same flavor thus wasting valued real-estate on my local stores shelves. (I still buy tons of shit they produce though and 9 out of 10 times I am not even aware they are the makers.

[Daelak]

It literally makes no sense for anyone to be against this. We have the right to know what the Fed is doing. The fact that it hasn't happened yet shows how corrupt and backwords the government is.

The fed, and more generally, the entire global financial system, operates on informational asymmetry. You can only show so much information to the markets and its agents because you do not want a reactionary, irrational shock towards whatever policy they are implementing. This is why a couple of months before they raise or lower interest rates, you hear rumors, which are actually informal press releases from the fed, so the markets can prepare. The federal reserve is already very open.

I think an audit would just cause more systemic shocks just due to the irrationality of the market.

[Puremallace]

It literally makes no sense for anyone to be against this. We have the right to know what the Fed is doing. The fact that it hasn't happened yet shows how corrupt and backwords the government is.

Sure transparency all day long, but shifting power from the Fed to congress is suicide for this economy. You do understand the fed is the only reason congress has been able to dick around with economy for the past 2 years and not cause a full blown depression?

Fucking Republican house has spent the last two years trying to get Roe v Wade overturned and not doing anything regarding budget or jobs. The sheer insanity of voting Republican should be out lawed.

[smelltheglove]

It literally makes no sense for anyone to be against this. We have the right to know what the Fed is doing. The fact that it hasn't happened yet shows how corrupt and backwords the government is.

i have no problem with transparency, or with elected officials looking. i dont want elected officials having a hand in running it, at all. if you're wondering why, have a look at the science committee. many on there have no fucking clue about science at any level, and some actually try to thwart scientific process in order to further their own personal beliefs. i dont want that shit involved in the management of the economy

[Linkedblade]

i have no problem with transparency, or with elected officials looking. i dont want elected officials having a hand in running it, at all. if you're wondering why, have a look at the science committee. many on there have no fucking clue about science at any level, and some actually try to thwart scientific process in order to further their own personal beliefs. i dont want that shit involved in the management of the economy

So, in stead of people that we elect every few years, you want a person with one philosophy to manage our nation's monetary policy? Sounds brilliant. How has that worked for us? Dotcom bubble. Housing bubble. The current student loan bubble. Unstopped printing of our currency. In Economics 101 you learn that inflation is bad as well as stagflation. This is the mess we're in because of a single Keynesian Economist. . .

[nyc81991]

i have no problem with transparency, or with elected officials looking. i dont want elected officials having a hand in running it, at all. if you're wondering why, have a look at the science committee. many on there have no fucking clue about science at any level, and some actually try to thwart scientific process in order to further their own personal beliefs. i dont want that shit involved in the management of the economy

Yeah I agree with that for the most part. Pretty much any time the Government takes control over something it turns into a bigger mess. But we should know what the people who are currently running it are doing. For all we know they are doing a worse job at it.

[smelltheglove]

So, in stead of people that we elect every few years, you want a person with one philosophy to manage our nation's monetary policy? Sounds brilliant. How has that worked for us? Dotcom bubble. Housing bubble. The current student loan bubble. Unstopped printing of our currency. In Economics 101 you learn that inflation is bad as well as stagflation. This is the mess we're in because of a single Keynesian Economist. . .

and you think gridlock and/or retarded political appointees would be a better way of handling the economy? not saying the current system is great, but it's worlds better than that

[Reeve]

So, in stead of people that we elect every few years, you want a person with one philosophy to manage our nation's monetary policy? Sounds brilliant. How has that worked for us? Dotcom bubble. Housing bubble. The current student loan bubble. Unstopped printing of our currency. In Economics 101 you learn that inflation is bad as well as stagflation. This is the mess we're in because of a single Keynesian Economist. . .

Right, because the dot com bubble and the housing bubble were solely the fault of the Fed and monetary policy? Shocking how inflation has held steady in spite of Quantitative Easing isn't it? Almost like the people running the Fed know what they're doing.

[oblivionx]

Right, because the dot com bubble and the housing bubble were solely the fault of the Fed and monetary policy? Shocking how inflation has held steady in spite of Quantitative Easing isn't it? Almost like the people running the Fed know what they're doing.

They held inflation in check by merely claiming it wasn't occurring... When it obviously is.

[Reeve]

They held inflation in check by merely claiming it wasn't occurring... When it obviously is.

They don't claim it's not occurring. No inflation at all would be a bad thing, in fact. They claim it's within 3% (the historical average is 3.36%), and it is. In December 2012, the inflation rate was 1.7%.