S**t Is Gettin' Real

[g5000]

“Audit the Fed” is not about auditing the Fed

 

[Bootney Lee Farnsworth]

Does the Federal Reserve ever get audited?

The Federal Reserve Board of Governors in Washington DC.

www.federalreserve.gov

• The Government Accountability Office (GAO) conducts numerous reviews of Federal Reserve activities every year.
• The Board's financial statements, and its compliance with laws and regulations affecting those statements, are audited annually by an outside auditor retained by the independent Office of Inspector General (OIG). The results of this independent audit are released to the Congress and the public.
• The Board’s OIG conducts independent audits, evaluations, and criminal investigations relating to the programs and operations of the Board, as well as those Board functions delegated to the Reserve Banks. Completed OIG reports are publicly available as well as a dynamic Work Plan that lists all of the OIG’s ongoing and planned audit and evaluation work. In addition, completed and active GAO reviews and completed OIG audits, reviews, and assessments are listed in the Board’s Annual Report.
• The financial statements of the Reserve Banks are also audited annually by an independent outside auditor.
• Each week, the Federal Reserve publishes its balance sheet and charts of recent balance sheet trends; it also provides an interactive guide to the Fed's balance sheet. The balance sheet is included in the Federal Reserve's H.4.1 statistical release, "Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve Banks."

In addition, the Reserve Banks are subject to annual examination by the Board. The Board's financial statements and the combined financial statements for the Reserve Banks are published in the Board's Annual Report.

Well, FUCK. There should have been NO NEED for the 2015 Fed Transparency Act, then, right?

You're a fucking sucker. Good GOD!!!

.

 

[g5000]

So as I was saying, the Fed will make a ton of money from their ETFs when the markets recover.

And then they will turn that profit over to the US Treasury.

 

[Bootney Lee Farnsworth]

“Audit the Fed” is not about auditing the Fed

Oh, yes. It affects the independence to carry out "effective monetary policy."

Horse SHIT!!!!

Hey, I have a bridge for sale. You interested?

.

 

[Bootney Lee Farnsworth]

So as I was saying, the Fed will make a ton of money from their ETFs when the markets recover.

And then they will turn that profit over to the US Treasury.

And we will know that they did....how?

Again, I have some beach-front property near Phoenix for sale. Real steal. You interested?

.

 

[Asclepias]

The Federal Reserve is buying ETFs at bargain basement prices. When the economy gets going again, they will sell them for a YUGE profit. Profit which will be turned over to the US Treasury.

You know the fed is not the U.S. government, right? It's a group of private entities. So, they are just going to turn it over, right?

.

Damn youre stupid. You didnt even google before you made this asinine statement.

 

[Nostra]

The Federal Reserve is buying ETFs at bargain basement prices. When the economy gets going again, they will sell them for a YUGE profit. Profit which will be turned over to the US Treasury.

You know the fed is not the U.S. government, right? It's a group of private entities. So, they are just going to turn it over, right?

.

Damn youre stupid. You didnt even google before you made this asinine statement.

Damn youre stupid.

 

[Natural Citizen]

A true audit of the Fed should include its agreements with foreign governments and central banks, discount window and open market operations, member bank reserves, and Federal Open Market Committee directives.

The biggest opponent to this is, of course, the Fed.

That said, what little financial statements that are examined is done by an outside auditor and reviewed by an inspector general, both of which are appointed by and answer to either the Federal Reserve Board or the Fed Chair directly.

That's basically the Fed saying that we can audit ourselves if we want, to whatever extent that we like, so just trust us that we've investigated ourselves and found ourselves fully trustworthy.

 

[Natural Citizen]

The thread content is about as deep as a mud puddle, btw. Things are far more complex than the self-ordained know-it-alls calling other people stupid have shown that they're capable of grasping.

 

[Bootney Lee Farnsworth]

The Federal Reserve is buying ETFs at bargain basement prices. When the economy gets going again, they will sell them for a YUGE profit. Profit which will be turned over to the US Treasury.

You know the fed is not the U.S. government, right? It's a group of private entities. So, they are just going to turn it over, right?

.

Damn youre stupid. You didnt even google before you made this asinine statement.

Read the rest of the thread, Asslips.

 

[The Original Tree]

The Fed is going to buy ETFs. What does it mean?

The central bank will use some new tools to help stabilize markets.

www.marketwatch.com

The Federal Reserve on Monday announced a fresh round of stimulus designed to calm markets and buffer the hit to the economy from the coronavirus pandemic. Among other steps, the Fed said it would buy exchange-traded funds that track the corporate bond market, a first for the U.S. central bank.

“This will provide much-needed liquidity to the bond market and to ETFs,” said Todd Rosenbluth, head of ETF and mutual fund research at CFRA.


I don't know. This does not smell good at all.

The Fed has just become a day trader!

Nancy Pelosi and Chuck Schummer are Abominations before the eyes of God.

Shame on them and may all their riches that they have gotten upon the backs of taxpayers.

 

[OldLady]

The Fed is going to buy ETFs. What does it mean?

The central bank will use some new tools to help stabilize markets.

www.marketwatch.com

The Federal Reserve on Monday announced a fresh round of stimulus designed to calm markets and buffer the hit to the economy from the coronavirus pandemic. Among other steps, the Fed said it would buy exchange-traded funds that track the corporate bond market, a first for the U.S. central bank.

“This will provide much-needed liquidity to the bond market and to ETFs,” said Todd Rosenbluth, head of ETF and mutual fund research at CFRA.


I don't know. This does not smell good at all.

The Fed has just become a day trader!

No, this doesn't smell good.

This is going to distort the living shit out of both stock and bond markets.

The Dow is up 1100+ points right now. Is that the Fed, or investor confidence in the Fed's actions?

No way to tell.

The Emergency Relief bill is about to go through....at least Schumer says it's on the two yard line. Maybe that is helping, too?

 

[lennypartiv]

It's almost like liberal Democrats created this virus to doom the American economy intentionally. They'd do anything to defeat Trump.

 

[g5000]

So as I was saying, the Fed will make a ton of money from their ETFs when the markets recover.

And then they will turn that profit over to the US Treasury.

And we will know that they did....how?


.

By the annual audit to which I have already pointed you. Duh!

 

[g5000]

A true audit of the Fed should include its agreements with foreign governments and central banks, discount window and open market operations, member bank reserves, and Federal Open Market Committee directives.

Which has entirely fuck-all to do with the Fed buying corporate bond ETFs. Stop hijacking the topic.

 

[g5000]

It's almost like liberal Democrats created this virus to doom the American economy intentionally. They'd do anything to defeat Trump.

 

[Natural Citizen]

Which has entirely fuck-all to do with the Fed buying corporate bond ETFs. Stop hijacking the topic.

I beg to differ. The topic is broad. The terms of controversy are not in any way limited solely to the depth of which you personally perceive them to be or personally wish to discuss them. Not yesterday. Not today. Not tomorrow. Not any day.

You should be thankful I haven't expanded on the relevant terms of controversy in your thread. Really. I cut you a break out of pure boredom with the subject. In fact, it's kind of a dumb move to bump me up and peak my interest again. Especially with that tone of voice, because I'm more likely to be a dick about it. Heh heh.

 

[g5000]

Which has entirely fuck-all to do with the Fed buying corporate bond ETFs. Stop hijacking the topic.

I beg to differ. The topic is broad. The terms of controversy are not in any way limited solely to the depth of which you personally perceive them to be or personally wish to discuss them. Not yesterday. Not today. Not tomorrow. Not any day.

You should be thankful I haven't expanded on the relevant terms of controversy in your thread. Really. I cut you a break out of pure boredom with the subject. In fact, it's kind of a dumb move to bump me up and peak my interest again. Especially with that tone of voice, because I'm more likely to be a dick about it. Heh heh.