Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms

[SuperDemocrat]

Politics aside, I'm against it.

View attachment 55195

Transparency?​

The idea that people are unable to run complex things in government is irrelevant in a democracy.

 

[EdwardBaiamonte]

Politics aside, I'm against it.

View attachment 55195

Transparency?​

The idea that people are unable to run complex things in government is irrelevant in a democracy.

fortunately we don't have a democracy but rather a Republic

 

[Desperado]

. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value,

total BS. Since 1913 we have made huge economic progress from the Wright Brothers to the Moon and Mars!! Losing 96% of its value must be a good thing??

Quoted from:
Has the Dollar Really Lost 97% of it's Value?

I happen to enjoy Roach's writing and was surprised he challenged Congressman Paul on what I thought was a well-known statistic. To check and see who was right I went to the Bureau of Labor Statistics, Consumer Price Index historical survey which goes back to 1913, which just happens to be the year the Fed began operating. As you can see in this table, in 1913 the CPI was 10 and today it's 229.4. This means the cost of a basket of goods has gone up by 22.94X in the last 99 years. To measure the loss of the dollar's value you simply divide 1/22.94 = .044 X 100 = 4.4%. In other words, the dollars has just 4.4% of it's value remaining and 95.6% of it's value has been lost. While Ron Paul may have been off by 1% in his comment, Roach was really off-base by saying "No, not even close". As usual, Ron Paul is right.

so I gather we want the Fed to keep doing what its doing in the hope we can have the same miracle of economic growth we have had for the last 100 years??

Apparently you still do not grasp the concept.

 

[EdwardBaiamonte]

. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value,

total BS. Since 1913 we have made huge economic progress from the Wright Brothers to the Moon and Mars!! Losing 96% of its value must be a good thing??

Quoted from:
Has the Dollar Really Lost 97% of it's Value?

I happen to enjoy Roach's writing and was surprised he challenged Congressman Paul on what I thought was a well-known statistic. To check and see who was right I went to the Bureau of Labor Statistics, Consumer Price Index historical survey which goes back to 1913, which just happens to be the year the Fed began operating. As you can see in this table, in 1913 the CPI was 10 and today it's 229.4. This means the cost of a basket of goods has gone up by 22.94X in the last 99 years. To measure the loss of the dollar's value you simply divide 1/22.94 = .044 X 100 = 4.4%. In other words, the dollars has just 4.4% of it's value remaining and 95.6% of it's value has been lost. While Ron Paul may have been off by 1% in his comment, Roach was really off-base by saying "No, not even close". As usual, Ron Paul is right.

so I gather we want the Fed to keep doing what its doing in the hope we can have the same miracle of economic growth we have had for the last 100 years??

Apparently you still do not grasp the concept.

true, you say the dollar has lost its value yet it can buy moon landings, world wars, 75 million smart phones, and 167 millions single family homes. Let's hope the dollar loses another 96% of its value-right???

 

[konradv]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media Most transparent administration in history!

So, the Republicans are trying to shut down the whole economy this time? I guess shutting down the government and defunding the military wasn't good enough. Oh well, remember how well that's worked for them in the past?

 

[C_Clayton_Jones]

"Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms"

And appropriately so – the 'bill' is ridiculous partisan lunacy; the stuff of paranoid, delusional libertarian nitwits and their unwarranted fear of 'the Fed.'

 

[jillian]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

congress doesn't get to usurp the power of the presidency.

especially the wacko teatards who wouldn't know how to govern if it bit them.

of course what the wingers do should be vetoed. they're idiots.

 

[jillian]

"Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms"

And appropriately so – the 'bill' is ridiculous partisan lunacy; the stuff of paranoid, delusional libertarian nitwits and their unwarranted fear of 'the Fed.'

exactly

 

[EdwardBaiamonte]

"Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms"

And appropriately so – the 'bill' is ridiculous partisan lunacy; the stuff of paranoid, delusional libertarian nitwits and their unwarranted fear of 'the Fed.'

clayton is in GED school and has no idea what Fed procedure and policy ought to be so why is he commenting?

 

[whitehall]

This should be at the top of the left wing policy list but alas the left wing policy ain't what it claims to be. Wouldn't you think democrats would go along with monitoring of the Fed Reserve's ability to lend money to freaking banks? Alas, the democrat party ain't about banks or financial solvency, it's all about keeping Barry Hussein's sorry ass solvent. It goes back to midway in Bush's 2nd term when democrats took the majority in both houses of congress and Barney Frank became chairperson of the committee which had oversight responsibility for Fannie Mae. Frank told Americans that Fannie was solvent when it was on the verge of collapse.

 

[amrchaos]

I fear the Fed!!
One mistake by them and our whole economy can come crashing down!!

Even worst--they act like a private entity.

I am with the Right wingers!! We need to socialize the Federal Reserves.

 

[EdwardBaiamonte]

Barney Frank became chairperson of the committee which had oversight responsibility for Fannie Mae. Frank told Americans that Fannie was solvent when it was on the verge of collapse.

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank

 

[Toddsterpatriot]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

let's be honest the Fed is run by college professors and they have it down to a science. The idea of having no nothing politicians interceding could be a disaster for the economy. It is true the Fed is not democratic in any way shape or form but oddly that's for the best in this case.

Let's be honest, the Fed is not even part of the US Government and has absolutely no oversight, that has to change!

the Fed is not even part of the US Government

That's ridiculous. Of course it is.

and has absolutely no oversight

Would Greenspan or Bernanke subject themselves to hours of questions by morons like Maxine Waters, Ron Paul and Alan Grayson if it wasn't a requirement? LOL!

 

[Toddsterpatriot]

Let's be honest, the Fed is not even part of the US Government and has absolutely no oversight, that has to change!

Almost all the profits from the Fed are swept to the government, the government appoints most of its members, the Fed is a creature of Congress, and it's head must - by law - testify to Congress at least twice a year.


But there's no oversight.



What color is the sky in your world?

Read it and weep:
The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.

Audit the Federal Reserve

Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle

Boom and bust cycles existed long before the creation of the Fed. And they were much worse.
The bust in 1907 is what finally sparked the creation of the Fed.

 

[Contumacious]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

End the Fed's Secretiveness



Madame Speaker,

I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

.

 

[Desperado]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

let's be honest the Fed is run by college professors and they have it down to a science. The idea of having no nothing politicians interceding could be a disaster for the economy. It is true the Fed is not democratic in any way shape or form but oddly that's for the best in this case.

Let's be honest, the Fed is not even part of the US Government and has absolutely no oversight, that has to change!

the Fed is not even part of the US Government

That's ridiculous. Of course it is.

and has absolutely no oversight

Would Greenspan or Bernanke subject themselves to hours of questions by morons like Maxine Waters, Ron Paul and Alan Grayson if it wasn't a requirement? LOL!

If you consider the Federal Reserve to be part of the US Government you are seriously misinformed,
A simple Google search might set you straight, for starters try:
Is the Federal Reserve System a Governmental or a Privately controlled organization? | AMI (American Monetary Institute)
which states:
the Federal Reserve system is essentially dominated and controlled by private financiers, not our government; and to the extent that there is ownership of it, it is entirely private. Therefore despite the ambiguity – and confusion – the Fed is more accurately seen as a private, not a governmental institution, though with substantial governmental ties.

 

[mikegriffith1]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

The Fed has NEVER been audited. So why on earth is Obama threatening to veto this bill? Of course, we know why: because he's all about protecting government and big-money bureaucracy from accountability and exposure. I'll be curious to see if any liberals are troubled by Obama's veto threat.

 

[EdwardBaiamonte]

the Federal Reserve system is essentially dominated and controlled by private financiers,

dear stupid liberal, Bernanke and Yellen are academic types

 

[EdwardBaiamonte]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

The Fed has NEVER been audited. So why on earth is Obama threatening to veto this bill? Of course, we know why: because he's all about protecting government and big-money bureaucracy from accountability and exposure. I'll be curious to see if any liberals are troubled by Obama's veto threat.

please say what evil the Fed may be committing.

 

[Desperado]

Federal Reserve Oversight Bill Passes House, Obama Veto Threat Looms - Ben Swann's Truth In Media

Most transparent administration in history!

The Fed has NEVER been audited. So why on earth is Obama threatening to veto this bill? Of course, we know why: because he's all about protecting government and big-money bureaucracy from accountability and exposure. I'll be curious to see if any liberals are troubled by Obama's veto threat.

please say what evil the Fed may be committing.

11 Reasons Why The Federal Reserve Should Be Abolished
11 Reasons Why The Federal Reserve Should Be Abolished | Zero Hedge