Watered Down Audit the Fed Bill Passes, Ron Paul Says Senator Sanders is a Sell Out

Ron Paul regarding the Senate Audit the Fed bill:

Bernie Sanders has sold out and sided with Chris Dodd to gut Audit the Fed in the Senate. His “compromise” is what the Adminstration and banking interests want: they’ll allow the TARP and TALF to be audited, but no transparency of the FOMC, discount window operations or agreement with foreign central banks. We need to take aciton and stop this!

I am outraged. The Senate just voted down the Vitter Amendment and against a real audit of the Federal Reserve. My entire team and I are going to work very hard to make sure the American people know who voted right, and who voted with the banking special interests.

ORIGINALLY POSTED May 11, 2010  13:50

The Senate has passed what is being called the Audit the Fed bill with overwhelming support (96-0).

Up until about last Thursday (coincidence?) there was a possibility through the Vitter amendment (see below) that the Audit the Fed bill in the Senate was going to actually audit Fed monetary policy and discount window transactions as per the House of Representative’s bill (HR1207) which passed with significant support last year. The new bill, which was passed in the Senate, was changed by Senator Sanders at the very last minute, according to Ron Paul. Additionally, any hope of the Vitter amendment being passed seems to have been wiped out by Thursday’s stock market crash, which we have suggested was an attack on our financial system and a clear message to Congress by parties interested in keeping Fed activities secret.

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Bizarre Bernanke

In Deception and Abuse at the Fed, Robert Auerbach, a former banking committee investigator, recounts major instances of Fed mismanagement and abuse of power that were exposed by Rep. Gonzalez, including:

  • Blocking Congress and the public from holding powerful Fed officials accountable by falsely declaring–for 17 years–it had no transcripts of its meetings;
  • Manipulating the stock and bond markets in 1994 under cover of a preemptive strike against inflation;
  • Allowing 5.5 billion to be sent to Saddam Hussein from a small Atlanta branch of a foreign bank–the result of faulty bank examination practices by the Fed;
  • Stonewalling Congressional investigations and misleading the Washington Post about the6,300 found on the Watergate burglars.
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Some people found the questions put to Bernanke by Ron Paul on Wednesday to be strange. Bernanke called them “bizarre”. But Paul knows what he’s talking about. And by the way, he is probably correct about The Fed getting involved in bailing out Greece currently as well.

Compromising the Freedom Movement

I’d like to be able to get behind his son Rand with as much enthusiasm. I really would. But I find I can’t. Yes, he seems like a nice enough person and his intentions are good. I like his stance on repealing the Patriot Act. I like his stance on reading the bills. He has nice views on fiscal policies, wanting to audit the Fed and balance the budget. I just can’t get over that war thing. I can’t get over his support for empire. His stance on supporting the troops by buying them all the equipment we can’t afford rather than by bringing them home simply doesn’t make sense, either from a fiscal point of view or a freedom oriented point of view.

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Yea, I’ve found myself in the “Screw Rand Paul” camp ever since he embraced his endorsement by Sarah Palin.  At first I thought some of his rhetoric in interviews was to gain support for the Republican nomination, and his views were really those of his father’s, but over time I’ve seen that this apple fell further from the tree than I can stomach.  Rand supports military interventionism and dumbed-down divisive politics of hard-line anti-abortion proponents and the Tea Parties.  The Tea Parties are now completely over-run by the worst elements of the Republican tribalists.  Rand’s anti-abortion stance seems to mimic his father’s circa 1980.  Even though Ron Paul is still against abortion, he states an understanding that it will never be outlawed again, and that if it was it would still not go away.  In 2007 he told the National Right to Life convention they needed to give up on the pursuit of outlawing abortion and focus on spreading a culture of life–one that requires anti-abortion folks to be anti-war and anti-death penalty as well.  Rand, on the other hand, is stuck in the old “Abortion is murder” camp, that even his father has realized does nothing to further his desire to see less abortions in America.

Screw Rand Paul.