As Representative Marcy Kaptur told Geithner at the hearing: “A lot of people think that the president of the New York Fed works for the U.S. government. But in fact you work for the private banks that elected you.”
Commentary by David Reilly
Jan. 29 (Bloomberg) -- The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists who stockpile ammo, bottled water and peanut butter. After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all.
We’re talking about the Federal Reserve Bank of New York, whose role as the most influential part of the federal-reserve system -- apart from the matter of AIG’s bailout -- deserves further congressional scrutiny.
Now, I’m not saying Congress should be meddling in interest-rate decisions, or micro-managing bank regulation. Nor do I think we should all don tin-foil hats and start ranting about the Trilateral Commission.
Yet when unelected and unaccountable agencies pick banking winners while trying to end-run Congress, even as taxpayers are forced to lend, spend and guarantee about $8 trillion to prop up the financial system, our collective blood should boil.
Originally posted by muzzleflash
Think about it though.
Might as well just get rid of them without bothering to Audit anything.
Originally posted by butcherguy
Nice! Star and flag. The problem today is that if you ask a person on the street that voted in the last presidential election, 90% would not be able to tell you who was running against Obama. 70% probably couldn't tell you who the sitting vice president is. How can we ever change anything when most of the electorate is ASLEEP?
Lawmakers are considering legislation to remove a shield from congressional audits of monetary policy and strip the Fed of bank-supervision powers, measures that Bernanke opposes.
Dodd and Alabama’s Richard Shelby, the panel’s top Republican and a Bernanke opponent, both want to strip the Fed of bank-supervision powers.
“We should seriously consider, and we’re talking about, taking the regulatory power away from the Fed, let them concentrate on monetary policy,” Shelby told reporters yesterday. “There’s a lot of unrest in the country, and a lot of people do not believe that the Fed should have been the central intervener in too-big-to-fail” financial firms.
The Webcast will be introduced by Former Dallas Federal Reserve Chairman, Retired Major General Hugh Robinson, the latest addition to the China Crescent Board of Directors effective February 1st, 2010.
Originally posted by 13579
its a bit long but Interesting
and take this into context be for you watch.
we are in DEEP trouble if we dont march on this lot!!
Understand one thing
WE DO NOT HAVE A CHOICE ANYMORE... we NEED to WALK ON THE HOUSE WE CREATED AND THROW THEM OUT
or we will be SALVES for EVER the more time we take the more power we give them
THE POWER THEY GAIN IS OUR INEPTNESS TO CARE
13579, I hear ya load & clear.
I think more people are waking up daily. I will be sending my 2 Senators an e-mail with a link for GovTrack: www.govtrack.us... just to let them know we're watching. Hopefully it's not too late.
It's funny or sad that everytime I send them an e-mail about the crap they pull, I get my reply in about 2 months from them. like they give a #.
[edit on 29-1-2010 by 5 oClock]