Thursday, July 09, 2009

Congressman Joe Courtney cosponsors HR 1207 - Audit the Fed!

I understand Joe Courtney is the second CT Congressman to cosponsor Ron Paul's bill, HR 1207 - Audit the Fed! Thank you Congressman Courtney. It was the right thing to do... regardless of the nonsense being spewed by Federal Reserve Vice Chair Donald Kohn today. Kohn looked ridiculous.

While Kohn was blah, blah, blahing about the need for Fed independence, the Wall Street Journal was reporting on whether Obama is going to reappoint Bernanke.

Yeah... I'm sure Bernanke will just ignore Obama for the next six months. So when Obama says "Fire up those printing presses," Bernanke is going to say "No, Mr. President. The Fed is independent. So I'm not going to do that."

The Beast The Federal Reserve is not independent. The best it can claim is that it's not influenced by Congress... instead, it's influenced by Wall Street. The Fed does Wall Street's bidding.

Thank you Joe Courtney. Thank you Chris Murphy. Transparency and good government are important.

But no thank you to President Transparency.

Six months and the populist has already become the premier member of Washington's Political Class.

Tim White


Anonymous said...

If the Fed wants to be independent, then it should stop making the political decisions as to what firms it chooses to bail out.

When they restricted themselves to the money supply and interest rates they didn't have this problem

tim white said...

Bush and Obama both seem to live in some alternate universe where bankrupcies don't happen... at least not among their friends and campaign donors.

The bad stuff needs to go, but the powers-that-be are pretending they can avoid that pain.

As I said last September, it's pain now or pain later. Bush & Obama are simply delaying the pain.

Bush wanted to avoid decisions as he exited... who knows... that might disrupt his soon-to-be $100,000 per speech honoraria. And Obama probably is hoping to kick the can down the road past 2012. Neither wants to man up and deal with reality.

Anonymous said...

The problem is the government is owned by Wall Street; where did Obama get all that record campaign money. He is not going to man up; he is part of the problem.

Me thinks the congress critters are listening to the people.

Anonymous said...

Nope. They'll pass something, and then it will die in conference committee or get hugely watered down or Obama will veto it.

Lip service is better than no service, but don't kid yourself this is the sort of bill that will only pass if they are afraid it's a career ender if it fails

Anonymous said...

Obama is the best hope for this country and if the R's want to regain any power on the national scene, they will start to work on helping instead of simply doing nothing except attack.

Can anyone imagine how bad things could have gotten had McCain and Palin been elected.

Anonymous said...

"Can anyone imagine how bad things could have gotten had McCain and Palin been elected"

Well, we might not have have gone into trillions of dollars of more hock that did nothing.

Even accepting your premise, this is like a CIA interrogator telling someone after he was waterboarded the other guy would have drowned him