Wednesday, August 17, 2011

...never mind...

What I said about my reservations regarding Ron Paul's demand that the federal reserve be audited?   Well, the Government Accountability Office (GAO) has apparently already carried out an audit of the Fed.

And it's not pretty.
Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts
Posted by Paul Krugman on July 21st, 2011 
The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the left), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning:
This is a Paul Krugman article.  Paul Krugman is a tool of a Keynesian fool, but, hell, Saunders is a commie masquerading as an "Independent."
What was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
 Remember what I said about Bernie Saunders being a commie?   I guess he says "socialist."  Anyway, dig this quote:
“This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.” – Bernie Sanders(I-VT)
Edited to add:  GAO Report in .pdf.

E2TA:  h/t to Facebook's Liberty Belle.  (Who, I am pretty sure, is not Seattle's Liberty Belle.)


DirtCrashr said...

Wow! Thant coming from *spit* Bernie Sanders is quite the mouthful!

Carl-Bear said...

Hi, Drang,

A request. Most of the external links you include in your posts don't work. For instance, the link you have to the article about the $16T is actually a blogger edit link, not the article. ( Since I often like to read source material -- and especially for a claimed 16 trillion bailout -- this is less than optimum for me. In this particular case, I did a couple of admittedly cursory web searches and couldn't find the original article. The link to the GAO report is bad, too.

I thought the link issue might've been something odd about Firefox, so I sucked it up and loaded IE -- same problem.

I'd appreciate it if you could repost the correct links.



Drang said...

I've been noticing an issue with Blogger when I edit a post, in that any and all links in the post may somehow change to "edit post."

I have corrected these, and see if I can figure out how and why that's happening.

I'll try to be more diligent about correcting them in future.

Carl-Bear said...


I wondered what caused that. Do you use the WYSIWYG editor? I edit the HTML directly, and build my own links (been using a text editor fio all my HTML work since '96 or so, and too set in my ways to change), and my links don't get edited when I re-edit a post.