Forum Post: Once-anticipated Fed audit is losing steam
Posted 13 years ago on Oct. 18, 2011, 5:47 a.m. EST by PeterJacobs
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Once-anticipated Fed audit is losing steam
http://www.msnbc.msn.com/id/44921856/#.Tp1KtXIniSo
"A congressional audit of the Federal Reserve's 12 regional banks looks set to land this week with a whimper instead of a bang as energies and sympathies on Capitol Hill have shifted since the financial crisis that spawned the inquiry."
Isn't this what OWS is all about?
" Since then, however, Republicans have captured control of the House of Representatives, putting more of a focus on reining in a Fed which some lawmakers see as meddling in fiscal affairs than rooting out perceived cronyism at the regional banks."
Oh wow! Unbelievable. The Fed needs to be audited and required to provide line item accounting to We the People through the GAO.
OWS, please, please put emphasis on this or else the corruption and incest between politicians, corporate America and that black hole called the federal reserve and central banks will continue. It is our money, the printing of our money is authorized "representatively" by We the People by too few with absolute power. They need to be forthcoming and stop our public interest payments from going into the hands of the private owners of the fed.
Don't fall for this psychological crap from any one percent goon. It's an obvious attempt to divert our attention from the obscene, unjust, immoral, and illogical concentration of wealth. Donald Trump went on record the other day telling us to blame the government instead of Wall Street and the richest one percent. His goons are obviously online and on air trying to divert our attention. Don't fall for it. Just keep protesting no matter what the one percent goons say or do. Our message is vital. Below is my two cents:
We have been mislead by Reagan, Bush Sr, Clinton, Bush Jr, Obama, and nearly every other public figure. Economic growth, job creation, and actual prosperity are not necessarily a package deal. In fact, the first two are horribly misunderstood. Economic growth/loss (GDP) is little more than a measure of wealth changing hands. A transfer of currency from one party to another. The rate at which it is traded. This was up until mid ’07′ however, has never been a measure of actual prosperity. Neither has job creation. The phrase itself has been thrown around so often, and in such a generic political manner, that it has come to mean nothing. Of course, we need to have certain things done for the benefit of society as a whole. We need farmers, builders, manufacturers, transporters, teachers, cops, firefighters, soldiers, mechanics, sanitation workers, doctors, managers, and visionaries. Their work is vital. I’ll even go out on a limb and say that we need politicians, attorneys, bankers, investors, and entertainers. In order to keep them productive, we must provide reasonable incentives. We need to compensate each by a fair measure for their actual contributions to society. We need to provide a reasonable scale of income opportunity for every independent adult, every provider, and share responsibility for those who have a legitimate need for aid. In order to achieve and sustain this, we must also address the cost of living and the distribution of wealth. Here, we have failed miserably. The majority have already lost their home equity, their financial security, and their relative buying power. The middle class have actually lost much of their ability to make ends meet, re-pay loans, pay taxes, and support their own economy. The lower class have gone nearly bankrupt. In all, its a multi-trillion dollar loss taken over about 30 years. Millions are under the impression that we need to create more jobs simply to provide more opportunity. as if that would solve the problem. It won’t. Not by a longshot. Jobs don’t necessarily create wealth. In fact, they almost never do. For the mostpart, they only transfer wealth from one party to another. A gain here. A loss there. Appreciation in one community. Depreciation in another. In order to create net wealth, you must harvest a new resource or make more efficient use of one. Either way you must have a reliable and ethical system in place to distribute that newly created wealth in order to benefit society as a whole and prevent a lagging downside. The ‘free market’ just doesn’t cut it. Its a farce. Many of the jobs created are nothing but filler. The promises empty. Sure, unemployment reached an all-time low under Bush. GDP reached an all-time high. But those are both shallow and misleading indicators. In order to gauge actual prosperity, you must consider the economy in human terms. As of ’08′ the average American was working more hours than the previous generation with far less equity to show for it. Consumer debt, forclosure, and bankruptcy were also at all-time highs. As of ’08′, every major American city was riddled with depressed communities, neglected neighborhoods, failing infrastructures, lost revenue, and gang activity. All of this has coincided with massive economic growth and job creation. Meanwhile, the rich have been getting richer and richer and richer even after taxes. Our nation’s wealth has been concentrated. Again, this represents a multi-trillion dollar loss taken by the majority. Its an absolute deal breaker. Bottom line: With or without economic growth or job creation, you must have a system in place to prevent too much wealth from being concentrated at the top. Unfortunately, we don’t. Our economy has become nothing but a giant game of Monopoly. The richest one percent already own nearly 1/2 of all United States wealth. More than double their share before Reagan took office. Still, they want more. They absolutely will not stop. Now, our society as a whole is in serious jeapordy. Greed kills.
Ron Paul's ideas are quackery. Ending the Fed replace it with what, how you gonna pay Chinese and Foreign bond holders. What about people savings being wipe out as a result of Ending the Fed.
OP, can you edit your post to take out the quoted part? It stretches out the page requiring side to side scrolling. This is an important post and I think it's less likely to be read when the format is messed up.