Audit: Fed gave $16 trillion in emergency loans

in other words, you have no real evidence of any wrong doing

for one, they don't have to have ridiculous partisan battles over their operating budget

second, they're abundantly audited

 

I think if you read the posts in this thread and the excerpts from the GAO report, you will find that he is certainly not the only one to gullibly lap up the ridiculous pap in the article he cited.

 

I don't know what you are talking about.

Did you read the actual GAO report excerpts I cited? Or did you merely rely on the silly article you posted and your pre-ordained beliefs?

Read the GAO report yourself if you don't believe me.

The Fed is probably the most heavily audited entity in the world.

 

A Murdoch blog? C'mon. If you want to delve in to the realm of the bull(*)(*)(*)(*), just post the Jeckyll Island video or something and be done with it.

The Fed announces its policy decisions and minutes all the time. But the GAO is not allowed to audit the private policy deliberations and communications of the board.

No other entity in the world has its board deliberations audited either.

 

What on Earth are you talking about?

So everything from the WSJ is wrong according to you?

Come on now.


Anyway, if you truly knew the Fed you would know that what the WSJ report stated is common knowledge.

This is from the GAO:

'Currently, GAO lacks audit authority over the Federal Reserve's monetary policy, foreign transactions, and Federal Open Market Committee operations.'

http://www.gao.gov/products/T-GGD-94-44

And that policy has never been changed.

THIS IS COMMON KNOWLEDGE.

Why else do you think the recent Federal Reserve Transparency Act received 319 co-sponsors in Congress? Because the Fed is so open?


In fact, a recent release from the Fed of previously unreleased data had to be forced out of them by the Supreme Court.

http://www.bloomberg.com/news/2011-...k-loan-data-as-high-court-rejects-appeal.html

 

Nor should it be:

Recommendation: If Congress decides to remove the existing restrictions on GAO audit authority, it should include certain safeguards in the legislation. These safeguards, which are similar to those that already exist under GAO present authority, should: (1) prohibit GAO from disclosing the identity of foreign central banks or governments; (2) prohibit GAO from disclosing confidential documents and requires safekeeping of confidential information; and (3) specify delays in GAO access to certain types of confidential information.

Populist politics. Why do you think it didn't pass?

And?

 

My point is that the GAO lacks audit authority over the Federal Reserve's monetary policy, foreign transactions, and Federal Open Market Committee operations.

And 319 elected officials signed the Bill because the Fed is so well audited?

Suuuuuuure it is.

 

Policy deliberations are not the subject of audits. You can read the audit report of any company and you won't find a board deliberations audit.

The Fed reports the volume of its foreign transactions and OMC operations. The specific identities are not disclosed for policy reasons -- banks or governments that need dollars may not use the facilities if their use is publicized.

Not other bank audit discloses the names of all its borrowers or lenders either.

 

So in your opinion, which other entity is more "fully" audited than the Fed?

 

The Federal Reserve banking system is a mess that transfers money from the American people in the form of debt, inflation and taxation and hands it out to the people who bet against the US economy causing the crash. It's totally unconstitutional and immoral. I wish this wasn't such a convoluted issue so more people could understand it and become outraged. It's hard to be mad at something almost no one understands completely.

The FED intrusion on the monetary system is robbing us blind.

 

yea, i'd like to know that, too

no, the federal reserve turns its net-profits over to the treasury dept


Federal Reserve earned $45 billion in 2009

By Neil Irwin - Washington Post Staff Writer - 1/12/2010

The Fed will return about $45 billion to the U.S. Treasury for 2009, according to calculations by The Washington Post based on public documents.

http://www.washingtonpost.com/wp-dyn/content/article/2010/01/11/AR2010011103892.html

 

Any American entity that spends taxpayers dollars outside of possibly the CIA.

 

I am not asking your opinion about it - I can guess that.

I have ABSOLUTELY NO interest in debating with people whose minds are closed about the subject of the debate.

I am simply correcting your earlier statement.



Have a nice day.

 

your mind is the one that's closed and indoctrinated

a non-answer

 

Name one, and show us the evidence that it is audited more fully that the Fed.

You've claimed the Fed is not fully audited. It should be easy to show numerous other entities are "fully" audited to prove it.

 

I didn't give you an opinion.

Open my mind.

Show me proof that other entities are "fully audited" like you claim the Fed is not.

You too.

 

Default is a bigger fraud than TARP or any bailout.

 

That changes nothing and ignores the root problems inherent in the system.

Plus, the "US Treasury" is not the same as giving the money back to the American people.

Did everyone get a check in the mail?

 

it shows that many of the accusations against the federal reserve are baseless

that's why i didn't say it goes to the people, i said it goes to the treasury (us government) which shows that the federal reserve isn't a 'for profit' bank, as many lunatics claim that it is

 

Yet it's an unelected body with incredible influence over our economy and the value of our money. The printing of debt currency at the request of the Treasury increases both inflation and debt. It is not a transparent and open branch of government, nor all off of it's practices reported to Congress.

I don't support rewarding the people who caused the last financial crisis, but if you do, God have mercy on your soul.

 

Apples and oranges. So, no.

I've never heard this claim.

But I have heard factual claims about the increases to inflation and debt, while rewarding those who bet against the US economy.

Yeah, I can see why you love those guys.

 

I don't either. I completely agree with you.

I agree the "too big to fail" banks and financial institutions should be broken up, and the wall street boys making scores of millions in bonuses should not be rewarded but should be taxed up the ass.

But that is not the Fed's doing. Write you Republican representatives and tell them that. They are the ones holding it up.

 

how is that you think the federal reserve caused the financial crisis?

 

I said they reward the people who did, e.g. the financial institutions and those who bet against the economy.

 

it's all over the blogosphere

your ignorance of the federal reserve's mission and history is quite evident