It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Watch Barney Frank's Conference To Preserve Fed Secrecy

page: 1
4

log in

join
share:

posted on Jun, 16 2010 @ 04:06 PM
link   
Zero Hedge reports:

Members of the House-Senate Conference Committee on financial regulation are meeting for a third day of deliberations on the Restoring American Financial Stability Act of 2010. As part of the offered modification language which we discussed yesterday, the Committee today will focus to do all it can to eliminate any and every Fed-unwelcome initiative as part of the audit the Fed provision in the Congressional version of the Fin Reg bill. All those who want to see how corrupt politicians destroy any chance of fair and effective financial regulation are encouraged to tune in and focus their attention on Barney Frank.


C-Span Link Here


Barney Frank is a criminal of the highest order.

He has colluded with the banking industry at every turn.

He has personally directed the transfer of 7 trillion dollars of private bad debt onto the backs of the American tax payer.

He has stood behind the creation of the largest criminal mortgage operation in the history of the world.

And now he is doing everything within his power to protect the private cartel of banks you call the Federal Reserve from a full public audit and regulatory oversight.

Barney Frank needs to be in prison, not behind a podium.



[edit on 16-6-2010 by mnemeth1]




posted on Jun, 16 2010 @ 04:39 PM
link   
the Fed just wrote their own
"Get out of Jail Free" card.
To use any time they see fit.

just disgusting how some are
above the law. This is not America
any more. This is a monetary dictatorship.



posted on Jun, 16 2010 @ 04:45 PM
link   
reply to post by mnemeth1
 


If Barney Frank properly took responsibility for all his folly with Fannie and Freddie, he would have quit some time ago.

I can't tell which it is - is he corrupt, or just stupid, or both - but regardless he is incompetent to run things, and he has no class.



posted on Jun, 16 2010 @ 05:49 PM
link   

Originally posted by nine-eyed-eel
reply to post by mnemeth1
 


If Barney Frank properly took responsibility for all his folly with Fannie and Freddie, he would have quit some time ago.

I can't tell which it is - is he corrupt, or just stupid, or both - but regardless he is incompetent to run things, and he has no class.


He's not stupid and he's not necessarily corrupt, he is engaging in legalized fraud.

Barney knows a few things to be true about life:

1. Government spending buys votes.

2. That without the Fed being protected, his ability to conduct government spending would be severely hampered.

The Fed is the tool through which treasury debt is issued and the "lender of last resort" not only to the banking industry but also to government itself.

There are two evils of the Fed, one of which is bailing out failed banks and manipulating interest rates, the other is selling and purchasing government debt.

Without the Fed, the government would be limited in the amount of debt it could issue based on the amount of debt foreign countries would be willing to purchase. - at rates set by the PURCHASER of that debt.

This would effectively put a "maximum limit" on the government credit card.

To a communist like Fwank, capping the government credit card is a sin against humanity. He would no longer be able to buy votes once the credit card was tapped out.

Thus, he sees it in his best interest as a politician to ensure the government credit card remains uncapped.

Yes, congress declares supposed 'debt ceilings' which they routinely violate, but without the Fed, they wouldn't be able to violate the limits because the market would effectively put a hard limit on them through the mechanism of the interest rates.

As the government issues more debt, its risk of default increases, thus the interest rates on that debt should increase according to the risk of default.

This is exactly the OPPOSITE of what we see occurring. Today, the government is more indebted than ever, yet interest rates remain incredibly low. This is purely because of the Fed manipulating the rates.

Also, let us consider Fannie and Freddie, Mr. Fwank's babies.

Fannie and Freddie are still in business even though they are totally bankrupt because the Fed is ultimately backing those loans through its ability to purchase treasury debt.

Fannie and Freddie never would have gotten off the ground without the implicit backing of their debt by government.



In normal banks, loans typically require collateral, such as a house, before a major loan will be made. This is to ensure the bank remains solvent should the borrower default.

The Fed's collateral is ultimately your sweat and labor extracted from you at gun point by IRS agents.

[edit on 16-6-2010 by mnemeth1]



posted on Jun, 17 2010 @ 12:30 AM
link   
Barney is a lot of things, none of them decent of course, but... above all else though.. he's just another DNC tool. He has no virtue or spine, his motivation is some nice pay off in return for being his party leaders useful idiot.

The GOP/DNC mafia spread their fertilizer around the party garden, looks like its dufuss' turn to place the next piece in the fascist puzzle.



posted on Jun, 17 2010 @ 09:45 AM
link   
reply to post by GovtFlu
 


Barney is there to make sure government doesn't lose any of its power.




top topics
 
4

log in

join