Fed hearing on HR 1207 Happening right now! Sept 25th

Live Broadcast

The hearing has been running for the last hour. As I post this it is 10am est. So far the FED representative has been stonewalling all questions posed by chairman Frank and Ron Paul, using elaborate and drawn out answers.

Watts has verbally supported Paul but he and others are suggesting other legislation that address 13-3 instead of using HR 1207.

Interestingly, during the recess there were a couple members talking near the microphone (the screen was blank) saying "What are you trying to hide..." referencing when Paul asked the FED rep, "what information is there that you don't want to disclose" after the FED rep claimed, that, disclosing information would undermine monetary policy.

*edit quotations

[edit on 25-9-2009 by threekings]

Man today sure is eventful.

Thanks for this, I don't think anything will come of it but you never know.

very interesting day
this shall be a interesting year as well

reply to post by Mr Headshot

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It looks right now that some of the members that are supporting this are just going through the motions, one even received a 'thank you' from the Fed rep after one of his questions.

Frank, Grayson and Paul are right on top of it asking direct and easily understood questions. I want them to bring up the 'off balance' sheet transactions.

Is it just me or are things are starting to get a little heated around the world a little more rapidly?
edit: wow and hen this thread pops up... www.abovetopsecret.com...
Not to mention 9/11 progress with nycan and other efforts.

The live feed from this video is astounding, the fed is getting ripped apart...

[edit on 25/9/09 by GhostR1der]

I agree ghost, everything is going into ludicrious speed.

line

Moore asks "has the Fed lost money in the 2 trillion that has been lent"

Fed rep, Alvarez dodges the question.



Alvarez

- HR 1207 would require the GAO to do an audit and the Fed would lose the ability to make the markets stable creating higher interests rates.

- We are considering how much information of borrowers we can make available

- *We lend against collateral that's not rated

Mr.Alvarez is freaking annoying. He won't answer straight.

The last senator on did a pretty good job drilling him.

reply to post by GhostR1der

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I asked my grandfather what the atmosphere was like before world war 2. And he claims you need a few things for the # to hit the fan.

Financial crisis (Credit crisis, China holding US assets),
multiple political pressures or posturing (Iran, Israel, North Korea)
Sickness and Disease (Swine Flu)
and finally the most important thing, Trade wars (China manufacturing, Middle East oil)

It could be diffused, but everything is ripe for a major event if it is handled the wrong way, or if it is being planned.

reply to post by lucentenigma

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He's slipped up a couple times, the Fed REALLY doesnt want the GAO involved. And he put his foot in his mouth during a few questions.

They are doing a good job. Basically no one from the Fed can give a straight answer because the entire system is BS.



* Wilson got him good asking how they decided to do the bail outs under 13-3, Alvarez said that the members of the Fed came together discussing the situation over the phone, then Wilson asked what was done about Lehman Brothers.

They need to ask directly why were all the other institutions bailed out and Lehman brothers were left to fail. Lehman brothers being the direct competition of Goldman Sachs....

[edit on 25-9-2009 by threekings]

WOW!


Grayson


"Has the Fed ever tried to manipulate the stock market"

Alvarez

"uhh, no."

Grayson is ripping him a new one!

Good stuff!

Is it over?

Link doesn't work for me.

Would really enjoy seeing this.

Here is an alternate link:

interactive.foxnews.com...

Nah... no market manipulation here... move along...

Grayson: How was the $1T spent?

Alvarez: About 70% in the market.

Grayson: Who made the trades?

Alvarez: Brokers. The list is on the website.

Grayson: Name one.

Alvarez: JP Morgan

Grayson: Do you think it's appropriate to audit how those trades were made?

Alvarez: It is not appropriate to audit a private entity.

Grayson: But that private entity made market trades with the U.S. government's $1T.. you don't think we ought to know how they were made?

Alvarez: Uh, uh, uh...




[edit on 25/9/2009 by Iamonlyhuman]

Can we all please flag and star this thread? I know the G20 footage is pretty intense right now, but this is PRIORITY number one.

reply to post by lucentenigma

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They need to give Grayson an hour to question these guys. I'd like to see him in a room with every member of the fed able to ask every question he has for them.

reply to post by Iamonlyhuman

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That was unbelievable, he basically admitted that JP Morgan has been making inside trades.

Based on the questions being asked and I've been listening for about an hour, it is obvious that this committee is not buying the Fed's argument that an audit would be detrimental to banks' competition.

senator manzullo: aren't you monetizing the debt?

Alvarez : ahh. no not exactly, we buy treasuries



Did you see Ron Paul's huge grin after Mr.Woods said "if you've done nothing wrong then you have nothing to hide"?

That was priceless!

Woods keeps calling the fed a 'creature'. Good nod towards the book 'creature from Jekyll Island"




[edit on 25-9-2009 by lucentenigma]