this will change absolutely nothing. it certainly wouldn't have prevented the fed's activities in the wake of the recession. its populist nonsense that will resonate with voters and have absolutely no effect on the role or decisions of the fed.

the only reason ron paul is obsessed with the fed is because he doesn't understand anything about economics. the fed is audited regularly and their minutes are published for all to see.

much ado about nothing, but i do enjoy watching the usual suspects popping in from time to time to parade their ignorance.

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Originally posted by pkcRAISTLIN this will change absolutely nothing. it certainly wouldn't have prevented the fed's activities in the wake of the recession. its populist nonsense that will resonate with voters and have absolutely no effect on the role or decisions of the fed. the only reason ron paul is obsessed with the fed is because he doesn't understand anything about economics. the fed is audited regularly and their minutes are published for all to see. much ado about nothing, but i do enjoy watching the usual suspects popping in from time to time to parade their ignorance.

i agree - moreover, unlike other "parts" of the government (which we all know is only partial true because it is independent from the government) the fed actually makes money (34 billion in 2007). congress (and the legislative branch), on the other hand, costs about 4.3 billion a year to operate (the senate and the house each cost about 1 billion a year to operate).

http://www.federalreserve.gov/board...getrev/br08.pdf

http://washminster.blogspot.com/200...n-congress.html

The fed has never been properly audited pk.

This could be a beautiful thing for the markets if some of the shit they've been pulling comes to light (chaotic, but beautiful).

Fed Would Be Shut Down If It Were Audited, Expert Says

The person in charge of investigating the fed's currently books has no clue of the losses they are taking from the various bailouts over the past 2 years, and doesn't want to disclose any of the recipients of **$9 TRILLION** in off-book "loans" they have made since last September..



I for one would like to know the names of those benefitting from all this money printing..

Transparency in and reduced secrecy in Washington. How can you oppose that pk?

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Originally posted by Capitalizt The fed has never been properly audited pk. This could be a beautiful thing for the markets if some of the shit they've been pulling comes to light (chaotic, but beautiful). Fed Would Be Shut Down If It Were Audited, Expert Says The person in charge of investigating the fed's currently books has no clue of the losses they are taking from the various bailouts over the past 2 years, and doesn't want to disclose any of the recipients of **$9 TRILLION** in off-book "loans" they have made since last September.. I for one would like to know the names of those benefitting from all this money printing.. Transparency in and reduced secrecy in Washington. How can you oppose that pk?

sure - transparency is great, but when all is said and done it won't change anything.

that interviewer was obnoxious. how many times did the woman need to say she was still doing a review.

pssh... I thought you'd know better jerz.. It's all smoke and mirrors with these people and always has been. Those names will never be released, nor will any other detailed records of the fed's dealings unless an audit is done. That's why this legislation is needed. Will it result in a change in government/fed policy? Unlikely..but at least the veil will be lifted slightly which will hopefully cause more people to take an interest in these issues.

Section 5 of the Federal Reserve Act of 1913 states that the Federal Reserve Banks are owned, through stock issuance, by private member banks.

Who the fuck does the FED think they are handing out Trillions of dollars with out ever being fucking audited.

Audit the fucking fuck out of the fuct up Federal Reserve from 2000-2009 and lets see where the fuck all this fucking money is fucking going.

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Originally posted by we_R_DNA Section 5 of the Federal Reserve Act of 1913 states that the Federal Reserve Banks are owned, through stock issuance, by private member banks. Who the fuck does the FED think they are handing out Trillions of dollars with out ever being fucking audited. Audit the fucking fuck out of the fuct up Federal Reserve from 2000-2009 and lets see where the fuck all this fucking money is fucking going.

The Federal Reserve is like a giant credit union. All depositors ARE MEMBER SHAREHOLDERS. So, no shit, private MEMBER banks own shares of the Federal Reserve. They have to if they are to partake in business with the Fed, or just simply operate in some cases.

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Originally posted by Capitalizt with these people

Phrases like this confound me.

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Originally posted by Capitalizt pssh... I thought you'd know better jerz.. It's all smoke and mirrors with these people and always has been. Those names will never be released, nor will any other detailed records of the fed's dealings unless an audit is done. That's why this legislation is needed. Will it result in a change in government/fed policy? Unlikely..but at least the veil will be lifted slightly which will hopefully cause more people to take an interest in these issues.

that wasn't the point. i hate when people say the same shit over and over again and expect different answers. clearly she wasn't going to say anything.

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Originally posted by we_R_DNA Who the fuck does the FED think they are handing out Trillions of dollars with out ever being fucking audited.

whatever you say man

quote:

Periodic Reviews and Examinations All Federal Reserve Banks and branches, like commercial depository institutions, are audited and examined regularly. Internal audits are conducted by a permanent audit staff at each Reserve Bank. Each audit staff is headed by a general auditor who reports directly to the Bank's board of directors. In addition, a private CPA firm conducts an annual examination of each Reserve Bank and its branches on behalf of the Federal Reserve Board. External audits were instituted in recent years in place of annual examinations by the Board of Governors to ensure total independence in this process. Operations at each Federal Reserve Bank also are subject to review by the Government Accountability Office (GAO), the audit arm of the U.S. Congress. However, GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. This restriction was imposed by Congress to assure the independence of the Federal Reserve from political influence. The Scope of Audits The scope and frequency of audits are based on the specific risk factors inherent in each Bank's operations, including the nature of the activities it conducts, the prevailing level of controls surrounding these activities, and the quality and experience of the individuals assigned to the operation. Internal audits at each Reserve Bank involve verification of assets, liabilities, and items held in custody. Auditors check both the physical presence of these items and the timely and accurate reporting of their movement. An evaluation of the adequacy of controls throughout the Bank and of compliance with prescribed procedures also is done. Audits are performed periodically in order to determine if the auditors' perceptions of prevailing risk levels and operating conditions since the last review remain valid. Periodic audits also help to determine whether previously identified problems and issues were adequately addressed and remedied, and to ascertain whether new problems or issues have emerged. Although auditing procedures differ among the 12 Reserve Banks, their emphases are broadly similar. At the Federal Reserve Bank of New York, the audit staff reviews the cash, check, fiscal, electronic payments, and accounting areas, and all of the service and professional operations (which include legal, bank supervision and regulation, and research and statistics). It also audits centralized electronic data processing operations and automated systems under development. These audits consist of reviews of the Bank's data centers, with primary emphasis on environmental software products, including data base systems, operating systems, and data communications systems. Auditors evaluate the strength of internal controls and security of each software product, as well as the procedures and controls put in place by the organizational unit responsible for it. An auditor at the Buffalo Branch reviews activities there. Audits of automated systems under development similarly concentrate on the adequacy of controls and security. These audits are intended to ensure that appropriate checks and balances are in place for each automated processing operation. Audit teams check the accuracy of records pertaining to transactions that flow through the system and certify that systems under development are fully and adequately tested before being placed into production. Together with two other departments of the Bank, the audit staff controls activities in the Bank's gold vault, which stores about one-quarter of the world's official gold reserves. Auditors monitor all gold transactions, both deposits and withdrawals, and independently verify accounting records and balances pertaining to gold held in custody by the Bank.

http://www.newyorkfed.org/aboutthef...oint/fed35.html

im sure you could have found that out by yourself if you actually had a committment to finding out how the fed works, rather than beating your chest with nonsense talking points.

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