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View Diary: Alan Grayson Rips the 'Liar' Alan Greenspan a New One (233 comments)

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  •  Whatever, this doesn't go away: (17+ / 0-)

    The Federal Reserve has four main responsibilities: to maximum employment and prevent inflation; to keep the financial system from imploding; to maintain the safety and soundness of financial institutions; and to protect consumers against deceptive and unfair financial products.

    If Congress passes a law saying cornered burglars get a 3 minute head start when fleeing, the cops still have the job of catching the burglars. And they have the duty to inform Congress of the bad effect this law is having on their work.

    Show me where Greenspan told Congress this would have bad consequences for the Fed doing it's job (see blockquote above.)

    Until we break the corporate virtual monopoly on what we hear and see, we keep losing, don't matter what we do.

    by Jim P on Thu Apr 08, 2010 at 12:42:54 PM PDT

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    •  And that is exactly the point Jim...what we are (10+ / 0-)

      now seeing is the biggest 'power grab' by the Federal Reserve in this history of our nation.  The Federal Reserve is 'not a 4th Branch of our government' but is certainly acting like they are.  The 'rules' need to be re-written, and through audit needs to be conducted, and not by the current GAO standards as limited in the 1950 Accounting and Auditing Act, that veils the Federal Reserve into a semi-quasi private CIA type organization, that answers to 'NO ONE.'

      Many people do not currently understand how that law works:  It enables the FED to act as a separate branch of our government, and that is not only unconstitutional but it also puts into question how independent the FED really is, because indeed, there is absolutely no public scrutiny nor Congressional Oversight.  

      This is what the GAO is not allowed to audit:

      The GAO is EXPLICITLY FORBIDDEN BY LAW from auditing the Fed in its most sensitive and most dangerous areas!

      Federal Banking Agency Audit Act Pub. L. 95-320, July 21, 1978, 92 Stat. 391

      http://thomas.loc.gov/...

      PROHIBITS THE GAO FROM AUDITING

      (1) transactions conducted on behalf of or with foreign central banks, foreign governments, and nonprivate international financing organizations;

      (2) deliberations, decisions, and actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

      (3) transactions made under the direction of the Federal Open Market Committee including transactions of the Federal Reserve System Open Market Account; and

      (4) those portions of oral, written, telegraphic, or telephonic discussions and communications among or between Members of the Board of Governors, and officers and employees of the Federal Reserve System which deal with topics listed in this Act.

      The Fed is UN-AUDITABLE where it counts, BY LAW! They don't want you poking into their behind-the-scenes manipulation and foreign collusion.

      www.themoneymasters.com
      http://www.monetary.org/

      If the American people truly understood the 'deal and partnership' that has been going on between Wall Street/the Banks all these years, then what we would understand is what Robert Kuttner has continued to voice and warn so many about:

      That presently between Bernanke/Geithner there is a very dangerous dictatorship taking place.  It is past time to 'open the books' and shed light on these uncharted waters we find ourselves in...if for no other reason, than to stop as a country being so 'delusional and in denial' about what has and is taking place in our country:  That the Federal Reserve, as Joe Stiglize recently said, is 'fully corrupted system' and if we do not have the courage to stop this 'Oligarchy Shock Doctrine' from continuing, then in the end, we will be lost as a Democracy and as a Republic.  We have a choice: we can sit and do nothing, or we can demand that President Obama stand up and tell us, whose side he is on:  Main Street or Wall Street.

      ...oh, not to worry, I'm wearing a Flame Retardant Valentino Orange Moo Moo whenever I visit DailyKos.

      by Badabing on Thu Apr 08, 2010 at 01:52:56 PM PDT

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      •  Don't hold your breath (3+ / 0-)

        waiting for Obama or Congress to do anything sbout this. If they were going to, it would have been one of the first things done. Not spend a year on a shitty health care/insutance reform

        $100 Million to save the people of Haiti. $33 Billion to kill the people of Afghanistan. How does this make sense?

        by snoopydawg on Thu Apr 08, 2010 at 06:07:16 PM PDT

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