[Kosh]

So, any thoughts?

[BloodEagle]

"If you've nothing to hide, you've nothing to worry about." 

[Blue Lion]

Doesn't he just want to basically remove all powers from the Fed? This is not the guy I want to listen to in terms of how to fix it.

[Goober5000]

This isn't de-powering the Fed, though.  This is just finding out what it's doing.

Even massive top-secret defense programs have congressional oversight committees.  They're classified and not open to the public, but they do take place.  The Fed has nothing - no oversight, no accountability, nada.

So when the Fed can't explain what happened to over nine trillion of my taxpayer dollars, I want to know what's going on.

[Blue Lion]

This isn't de-powering the Fed, though.  This is just finding out what it's doing.

Even massive top-secret defense programs have congressional oversight committees.  They're classified and not open to the public, but they do take place.  The Fed has nothing - no oversight, no accountability, nada.

So when the Fed can't explain what happened to over nine trillion of my taxpayer dollars, I want to know what's going on.

His stance is to remove the Federal Reserve. What do you think his stance is going to be after any audit?

[Kosh]

Doesn't matter, because if the audit uncovers something nasty then many people will. But really, how is the federal reserve going to get us out of this mess when they have a big part of the responsibility for this mess?

[Blue Lion]

Their part of the mess is not having the power to regulate these institutions correctly. Do you feel they should have more power to do so?

And frankly I could come up with another author about how we need MORE power for the Fed.

[Kosh]

So I guess the ultra loose monetary policy and artificially low interest rates had nothing to do with it?

[NGTM-1R]

So I guess the ultra loose monetary policy and artificially low interest rates had nothing to do with it?

Which was not decided by the Fed as much as it was by higher up in the Executive Branch.

[Blue Lion]

So I guess the ultra loose monetary policy and artificially low interest rates had nothing to do with it?

As opposed to those natural interest rates?

And yes they had something to do with it. But I had something to do with it. TV had something to do with it.

You can sit there and shake a fist and say "These guys have too much power!" and that's all well and good. So who do you give the power to? The corporations?

[Kosh]

So who do you give the power to? The corporations?

Real regulators, which would be cut back under the Obama reform plan.

Which was not decided by the Fed as much as it was by higher up in the Executive Branch.

I was under the impression they decided on interest and monetary policy independantly. In fact according to the feds themselves they can act without any approval from the president or congress. Look at the "Who owns the Federal Reserve" question.

[Blue Lion]

Real regulators, which would be cut back under the Obama reform plan.

Real Regulators? Is banking regulation going to be in the hands of the Federal Government or not? And is it really an issue as to how many regulators there are? If he is reducing staff but increasing power (as he is proposing) is it really a cut back?

I was under the impression they decided on interest and monetary policy independantly. In fact according to the feds themselves they can act without any approval from the president or congress. Look at the "Who owns the Federal Reserve" question.

You're right. In regards to making decisions, they don't have to "answer to" the executive or legislative branches of government. That is the entire point. This independence allows them to make decisions essentially without political concerns (or as close to it as you can get).

Secondly, and the main point of Ron Paul's entire fit, the Fed IS audited and DOES have oversight. The Fed answers to Congress, they ARE audited by the Comptroller and the GAO (Which isn't past releasing scathing reviews of crappy departments) can and does make regular checks on their books. The very fact that there was a link posted here where the guy was being grilled by Congress just shows it.

[Kosh]

The Fed answers to Congress

Which is really a case of the weasel guarding the fox guarding the hen house. We will see what the result of this latest audit is if the bill goes through, frankly I'm a little curious to know where that $14 trillion they managed to lose went to.

If he is reducing staff but increasing power (as he is proposing) is it really a cut back?

Yes because if they have a broader scope it means more work to be done, and if they have fewer people to do more work that makes the staff cuts even worse.

[Blue Lion]

Which is really a case of the weasel guarding the fox guarding the hen house. We will see what the result of this latest audit is if the bill goes through, frankly I'm a little curious to know where that $14 trillion they managed to lose went to.

So if not Congress, then who? Who should have oversight of the Fed? Would the private sector watching them be any better? Would it even be equal?

Yes because if they have a broader scope it means more work to be done, and if they have fewer people to do more work that makes the staff cuts even worse.

So they're overworked? That's the reason? Somehow I don't think that's it.

[Liberator]

This whole thing infuriates me.

This whole thing started because someone didn't say "Enough is enough" and actually use the regulatory power they already had.  It's not a question of not enough power to do they're job, it's the Federal Reserve for crying out loud.  It's a case of a bunch of bureaucrats who decided it would be better to smile and say yes than to throw a box of tacks into the path of an out of control economic bus, simply because someone with some political clout suggested they might benefit from it.

The problem with this whole thing, the cause and the current "solution" is that Government is trying to fix what is primarily a private matter between privately owned entities.  If you think it's bad now, wait till His Highness has complete control of the banking system. 

One of the great statesmen of our time says the following of the current political organizational layout of the US right now:  "The two parties are arguing about where we're going, they're arguing about what gear we are going to use to get there.  At the same time they are keeping the citizentry frothed up about issues that are distracting them from the general take over and swelling of Governmental excess and lessening of any kind of restriction or enforcement on Government itself."

The biggest problem the United States has right now is not economic, it's that it has a Government and by and large a Press that has lost touch with the citizens they are charged to protect and serve.

[Blue Lion]

Ok wait, the problem was that the people in power under Bush (when the problem started) didn't do their job because they were sucking up and the new solution now isn't to do that job, presumably because of His Highness (that name shoots your credibility by the way)?

You said it was caused by the government not doing it's job and then say it's not the job of the government to fix it? Which is it?

You think these banking institutions should be left on their own? They'll do what's best for us? I would think the previous problems we've had show they don't give a rat's ass about us and are only concerned with making money.

[Liberator]

Well it wasn't too long ago that ethics and morals meant something in public life.

I view this as a Consumer Protection issue.  The only dog the Government has in this fight is to ensure that people are not getting taken advantage of in a situation where they aren't knowledgeable, they didn't do that.  What's happening now is nailing the barn door shut after the horses have run off and the equipment stolen.

[NGTM-1R]

I view this as a Consumer Protection issue.  The only dog the Government has in this fight is to ensure that people are not getting taken advantage of in a situation where they aren't knowledgeable, they didn't do that.  What's happening now is nailing the barn door shut after the horses have run off and the equipment stolen.

Which is, while not as laudable as doing so before, not purposeless.

[Liberator]

Except for the tiny issue of not being able to put things in the barn any more.

[NGTM-1R]

Except for the tiny issue of not being able to put things in the barn any more.

Hayloft door. Sorry.