How Ironic the "Audit the Fed" bill was suddenly changed and watered down to a worthless action, after the markets were sabotaged. Which reminds me when the bankers in September of 2008 threatened martial law, blood in the streets, and the stock market plunging several thousand points, if they did not get their $700+ billion bailout.
SEC Said to Probe Causes, Exploitation of Stock-Market Turmoil
May 7 (Bloomberg) -- U.S. regulators plan to examine whether securities professionals triggered yesterday’s stock- market plunge or exploited the turmoil to profit illegally, two people with direct knowledge of the matter said.
Auditing the Fed: the Great Sellout
Last-minute Senate maneuvering on Thursday May 6 resulted in a compromise measure that would require the Fed to disclose more details about its lending practices during the financial crisis, but would permit just a one-time audit of its loans and a one-time review of Fed governance. The compromise would also shield the Fed's interest rate decision-making procedures from Goverment Accounting Office (GAO) scrutiny.
Ron Paul's "audit the fed bill” compromised in Senate
Washington, D.C. – Congressman Ron Paul (TX-14) expressed disappointment that his landmark legislation to audit the Federal Reserve Bank- which passed by a wide margin in the House Financial Services committee and has over 319 House co-sponsors- was threatened by a compromise in the Senate today.
Texas Representative Ron PaulMore specifically, Paul’s language (passed by the House) to audit the Federal Reserve has been stripped from the Sanders Amendment to the Senate financial reform bill. Instead, the Sanders Amendment now contains softer compromise language that exempts monetary policy decisions, discount window operations, and agreements with foreign central banks from Government Accounting Office (“GAO”) audit.
Flashback: US in State of War with Banks
by AZRainman on Sunday, November 22, 2009