The Rev

On the one hand, Obama & Co. wants to give the Fed broad new powers to oversee the activities of companies deemed "large enough that their failure can effect the economy as a whole" and act as a consumer protection agency. On the other hand, Ron Paul is winning alot of support in the House for his Fed transparency bill which will require an outside audit of the Federal Reserve.

It's an interesting time to see the country's most powerful agency at once reaching for more power, and at the same time, subject to scrutiny on an unprecedented level.

Thoughts?



The Rev

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kitch

We should just mortgage all of our assets, including the brand name "United States Of America" to China, like Ford did. Let them carry some more of our debt. It should give us at least another decade of relative prosperity.

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Mydriasis

I don't mean to sound dumb, but I am interested in whats going on. What would the federal transparency bill do if passed(in uneducated persons terminology)?

The Rev

At the moment, the Fed has total control over the money supply. However, because they are considered to be an independent entity from the regular government, they are very secret, and there is no oversight of the Fed to ensure that what they are doing is beneficial to the country. They are basically on the honor system. But, because they control the money supply, they have more influence over the economic well-being of the country than any other entity, including congress (in spite of their massive ability to spend).

What Ron Paul is trying to push through is more accountability for this organization, including the right of the public to independently audit them. This is pretty huge. Considering all their power, people know little about the Fed or it's role in the economy. It's importance has been largely overlooked, and Ron Paul is trying to change that. I'm interested in how the Senate handles this. Support in the house is actually quite strong, considering Paul's status as a political outsider in many respects.



The Rev

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Mydriasis

Firstly thanks for explaining that too me. If you know of anyway I could petition or anything I'd be right on board for it. I know it's probably not in my hands but I believe if there is a chance for safety from an even rougher landing(from this economic crash), my good buddy Ron Paul is looking at the right controls.

zerodown

Way to go Ron, but do you know how long the fed can delay this with their influence skills?

wellfleation

What is being done is necessary after years of deregulation and the abuse and recklessness that occurred as a result. It began maturing during the Reagan years. Anyone familiar with Reagonomics/the "Trickle Down Theory" of lowering taxes for the rich while borrowing and spending, and therefore, escalating our debt. It began with Reagan, and although his tough foreign policy was great at the time his domestic policies are/were horrible. Sound familiar; anti-tax, spend more than ever, and deep deregulation, all while expanding government. Then going full steam ahead w/bush Co. when Republicans had control over everything. (remember that both houses were controlled by Republicans and how famous bush was for vetoing nothing). However, obviously the Dems aren't innocent of this either. I blame them for caving into the Rep's. propaganda machine.

I see the irony but understand it.

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wellfleation

It sure is quiet.

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kameelyun

Good post Rev.

As many of us enlightened ones on here have learned (but too many millions of people remain ignorant), The Federal Reserve is as federal as Federal Express.

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"The truth will set you free. But first, it will piss you off." - Gloria Steinem