A bill in the House to audit the Federal Reserve, known as the Federal Reserve Transparency Act of 2009 (HR 1207) http://www.govtrack.us/congress/bill.xpd?bill=h111-1207, attained 289 co-sponsors yesterday. If you include its sponsor, Rep. Ron Paul (R-TX), that gives this bill the two-thirds majority required in the House in order to make it veto-proof www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/.
Read more here: http://www.examiner.com/x-23316-Madison-Independent-Examiner~y2009m9d17-Bill-to-audit-the-Federal-Reserve-has-vetoproof-majority
Excerpt:
In July, Federal Reserve Chairman Ben Bernanke appeared before the House Financial Services Committee and was questioned by congressman Alan Grayson (D-FL) regarding $500 billion in government bailout money that cannot be accounted for (http://www.youtube.com/watch?v=00ECLxK2YTs&feature=player_embedded). Here’s a partial transcript:
Grayson: “So who got the money?”
Bernanke: “Financial institutions in Europe and other countries.”
Grayson: “Which ones?”
Bernanke: “I don’t know.”
Grayson: “Half a trillion dollars and you don’t know who got the money?”
Grayson later said, ” ‘I don’t know’ is not good enough when you’re talking about $500 billion.”
If you agree with that statement, then you probably agree that the government should have a legal right to audit the Federal Reserve.
I predict that heads are gonna roll inside the Obama administration and in the Government and Fed.
Paulson and Bernanke will get a pass after a thorough scolding a spat on the wrist,while Greenspan will be made out to be a visionary.
Ron Paul will win the Republican nomination in 2012 primaries.
That’s a scary Cassandra-esque prognostication,if I ever made one.
Comment by Rainlander — September 17, 2009 @ 10:27 pm
LOL, Rain. Who knows — if it comes down to Palin, Wilson, Jindal and Ron Paul, I think most Repubs would go for Paul.
Bernanke’s lame ‘testimony’ wouldn’t be accepted in the average third-grade class — I wish Obama had taken the opportunity to just let him go.
And when do we find out how and where the Pentagon just ‘lost’ a trillion dollars over the last 50 years? That’s not petty cash money.
Comment by RS Janes — September 18, 2009 @ 5:14 am