Monday, June 29, 2009

HR 1207 - Audit the Fed is gaining steam, Dodd still opposes such transparency

CQ Politics' Emily Cadei reports:

He may have faded from the national political scene a year ago, after his dark-horse presidential run came to naught, but Rep. Ron Paul ’s influence is still being felt in campaigns and policy debates across the country. Indeed, the latest legislative priority of the libertarian Texas Republican — auditing the Federal Reserve — has gained support in unlikely quarters.

Paul’s legislation, popularly known as the “Audit the Fed” bill, has drawn 244 cosponsors, ranging from Ohio’s John A. Boehner , the conservative Republican floor leader, to Michigan’s John Conyers Jr. , the liberal Democratic chairman of the Judiciary Committee. Some Democrats have even picked up on Paul’s rhetoric. “It’s time to yank the shroud off the Fed and shine some light on these events,” New York Democrat Edolphus Towns , chairman of the Oversight and Government Reform Committee, said at a hearing last week about the shotgun marriage between Bank of America and Merrill Lynch last fall to stave off the latter’s collapse.

If such disparate members as Boehner and Conyers recognize the importance of transparency - and the power possessed - at The Beast The Federal Reserve, I'd think the Senate Banking Chairman, Chris Dodd, may be able to see the light.

Unfortunately as of May 6, Dodd opposed such transparency and went so far as to lie to Jane Hamsher about his desire for transparency:

Some may argue that Dodd didn't lie. But then, where's the followup? I'm guessing that Jane Hamsher would've provided those details. And besides, on April 2, Chris Dodd voted explicitly against revealing the names of the banks that got Bernanke's $2.2 Trillion. So why would Dodd change his tune? As far as I'm concerned, he lied to Jane Hamsher.

Btw, if Dodd would simply retrieve the money that Bernanke gave to Dodd's campaign donors Wall Street... we could afford Obama's $1 Trillion healthcare plan easily.

Tim White


Anonymous said...

I read that $2.7 Billion of the TARP money was spent to move a British run compnay from Puerto Rico to the Virgin Islands

Anonymous said...

Chris Dodd opposes transparency?!
Say it ain't so!
Next you'll tell us that state Sen. Tom Gaffey
is corrupt too!

Anonymous said...

BTW, "Cap and Trade" is just a ploy to enrich Dodd's wife. Read up on what the Chicago Mecantile Exchange has planned

Anonymous said...

No Tim, We cannot afford 1 trillion dollars for health care if we gave back the TARP money. WE would just print money.

tim white said...

True. We are broke.

Anonymous said...

It was Bush that came up with 700 billion in tarp funds, and it was Bush's appointments, Bernake and Paulson that managed the dispersal.

I'm tired of people complaining about how much money is been spent on stimulus packages. The people that are complaining are the same ones that spent like crazy during the Bush fiasco.

If they keep complaining, the 10% unemployed the the millions of others that are really worried about their jobs will support candidates that get it and who are not constantly doing nothing to help and are just negative.

Anonymous said...

11:58, yes you are correct that the same people that complain are the ones that spent like crazy. They want to pin the blame on the Democrats. They want you to forget their actions. However the democrats are doing the same thing the republicans are doing, spending/printing money like crazy. So the people will forget and elect the republicans next time around and they will do the same and the dems will blame them; etc.

So yes I am complaining about both the republicans and the democrats. They are printing money at such a pace they are devaluing the dollar. They are destroying our currency, and therefore our economy, and next our way of life.

Transparency will come either by legislation or by the pitchfork; but it will come.

Anonymous said...

Problem with transparency is when the people see the dirty side of government, they will become upset. Short of being your own boss, you never have transparency where you work. Seeing some of the little things that go into keeping a business (or country) going could make you cry.