Senate Votes 96-0 To Audit The Fed

[kpete]

Source: Talking Points Memo

Senate Adopts Sanders' 'Audit The Fed' Amendment
Eric Lach | May 11, 2010, 12:08PM

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

In December, the House of Representatives adopted a similar provision--authored by Reps. Alan Grayson (D-FL) and Ron Paul (R-TX)--that would have required a comprehensive Fed audit. But Grayson has indicated that he supports the limits Sanders placed on the terms of the audit, and will back it when the House and Senate meet to resolve the differences between their two bills.

Read more: http://tpmdc.talkingpointsmemo.com/2010/05/senate-adopts-sanders-audit-the-fed-amendment.php?ref=fpa

[liberal N proud]

1. So that is what the other thread was about

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8313496

Now I know more!

[sharp_stick]

4. I was wondering about that too. n/t

[Oceansaway]

2. K&R...n/t

[Oregone]

3. Once you open Pandora's box, you can't go back

This may ultimately undermine any faith left in this fiat currency. Its like when Alice looked behind the curtain

[DJ13]

7. Was that before Dorthy met the Mad Hatter?

[Oregone]

8. LOL. I always missed her real name. I was too busy listening to the guy singing about "Money"

Grab that cash with both hands

:)


BTW...just remembered, WoOz actually is inspired by historical events about populism and currency. I was just trying to invoke pop culture, not draw such a comparison...

http://news.bbc.co.uk/2/hi/uk_news/magazine/7933175.stm

[FredStembottom]

46. I read a very convincing argument that WoOz....

.. was all about Theosophy. A "mind over matter" religeous philosophy. That's why the ending doesn't make sense to the rest of us ;-)

[Taverner]

52. It was (the book at least) about the Gold Standard

Yellow Brick Road = Gold Standard (a road that leads no where and is useless)

Cowardly Lion = Taft


Funny because once we got off the gold standard, we got on - guess what, FIAT CURRENCY!

[nxylas]

79. I think that's an urban myth

AFAIK, L Frank Baum never said that his book was an allegory, and I think that Populist interpretation is something that other people read into it after his death, and was never intended by the author. But I could be wrong on that.

[Taverner]

81. Here's the Wiki Info - looks like opinions are divided...

The Gold Standard representation of the story
See also: Political interpretations of The Wonderful Wizard of Oz
Some scholars<6> have theorized that the images and characters used by Baum and Denslow closely resembled political images that were well known in the 1890s, specifically the debate of the day regarding monetary policy: the "Yellow Brick Road" represents the gold standard, the silver slippers (which were ruby slippers in the film version) represent the sixteen to one silver ratio (dancing down the road). Many other characters and story lines represent identifiable people or circumstances of the day. The wicked witches of the east and west represented the local banks and the railroad industry, respectively, both of which drove small farmers out of business. The scarecrow represents the farmers of the Populist party, who hoped that their indebtedness would reduce if the dollar were to be partially exchangable with silver. The return to bimetallism would increase inflation, thus lowering the real value of their debts. The Tin Woodman represents the factory workers of the industrialized North, whom the Populists saw as being so hard-pressed to work grueling hours for little money that the workers had lost their human hearts and become mechanized themselves (see Second Industrial Revolution). Toto was thought to be short for teetotaler, another word for a prohibitionist; William Jennings Bryan, the fiery popular candidate (possibly the Lion character) from the Populist Party, was a teetotaler himself. Bryan also fits the allegorical reference to the Cowardly Lion in that he retreated from his support of free silver after economic conditions improved in the late 1890s. It has also been suggested the cowardly Lion represented Wall Street investors, given the economic climate of the time. The Munchkins represented the common people (serfdom), while the emerald city represented Washington and its green-paper money delusion. The Wizard, a charlatan who tricks people into believing he wields immense power, would represent the President. The kiss from the Good Witch of the North is the electoral mandate; Dorothy must destroy the Wicked Witch of the West—the old West Coast "establishment" (money) with water (the US was suffering from drought). Moreover, "Oz" is the abbreviation for the measuring of these precious metals: ounces.

Some biographers and scholars of Baum disagree, pointing to details of Baum's biography, his own statements and writing about the purpose of his book, the ease with which hidden meanings can be found in works not intended to contain any, and the question of why contemporary press did not discuss these perceived metaphors which logically should have been much more obvious at that time. The consensus is that the books are written mainly for the pleasure of Baum's younger readers, to give them a sense of possibility and imagination.<7><8>

[Taverner]

82. And I had heard Cowardly Lion was Taft, not Bryan

[aquart]

83. Didn't the Yellow Brick Road lead to the Emerald City?

Which led to Dorothy's return home?

[Recursion]

98. Clicking her silver (in the book) slippers together led her home

They're ruby in the movie (because they were excited about being able to use color -- first big-studio color movie, IIRC). Whether or not Baum meant it, that does fit in well with the cheap-silver populist movement.

[pundaint]

90. I just saw Wicked Sunday, it clears all that OZ stuff up.

[Kolesar]

66. We needed something to do during Thanksgiving break...eom

[GOTV]

97. Ha!

[Warpy]

10. My sincere hope is that they finally destroy any faith in

a central bank in private hands. That's the grotesque thing here, not the central bank, itself. I'm hoping they find enough to justify nationalizing it, putting it into public hands where it belongs and making sure there is strict oversight in the future.

[Oregone]

12. And if you care about the preservation of the American capitalistic system, destroying such faith...

now may not be prudent.

I don't care about such system really.

[No Elephants]

17. America has not had capitalism for while,if ever. We're a plutonomy.

We haven't had faith in our system for a while, either.

[Oregone]

22. Nonetheless, the means of production are owned privately

And the people are subservient laborers who are nothing more than the cost of production to the elite owners (it sounds very much like capitalism to me)

Well, those laborers often exhibit Stockholm Syndrome on a massive level, no matter what you call the system. This may be biting the hand that feeds you (and robs you when you aren't looking). Some people don't want that to happen (Im not one of them)

[ooglymoogly]

63. When "capitalists" own the goverment....capitolism ceases to exist and is replaced

by criminal thuggery. The mob on steroids; We have a thugocracy.

[SusanaMontana41]

78. "Thuggery"

Perfect description. Thanks!

[Enthusiast]

93. Yup, perfect. nt

[Capitalocracy]

84. I call it Capitalocracy

a simple name for a system where the people who control (not necessarily even own, but control, as in the case of CEOs) the most capital control the country.

[No Elephants]

103. As I understand plutonomy, the rich control government and both

transfer wealth from the poor to the rich, with the goal and result of making the rich richer and the poor poorer.

"In the meantime, in between time, ain't we got fun?"


Citicorp coined the word "plutonomy" and described the system in two memos in 2006, well before the bailout.



Government and the economy are one. Voting is a quaint custom we have, but it hardly matters anymore. If you don't believe me, ponder this: Over 70% of Americans wanted a public option. Government changed their mind. Seems to me that government isn't listening to voters and doesn't feel is has to anymore. He who raises and spends the most money wins.

Bush did it, then Obama did it. As Stephen Colbert remarked, when he noted those facts, "The market has spoken!" And we all know where the big bucks come from primarily.

I would rather that what I observe happening did not jibe with Citicorp's world view. But Citicorp's view makes sense when I look arouond. Conversely, when I look around, things didn't totally make sense until I heard about the plutonomy.

And, it seems to be so on a global level, not only a national level.

[Capitalocracy]

108. I think mine's catchier

but yeah, that's a pretty accurate assessment of my views on it

I also think it's pretty perverted that we have a system where the executives, the people who control capital, are chosen by a version of democracy where votes are bought and sold. I wouldn't have a problem with this, but these guys are then going and deciding where these vast reserves of capital go in terms of campaign donations, ad campaigns, and lobbying.

[skeptical cynic]

80. I'm no philospher, just a worker, but...

It seems to me that the ruling class gets the best of capitalism (privatized profits) and the best of socialism (socialized losses).

The working class gets the scraps.

[No Elephants]

104. That seems like a good working description of plutonomy. Pls. see Reply 103.

By any chance, do you write memos for Citicorp?

(kidding!)

[No Elephants]

102. ? The means of production are owned privately in a plutonomy.

[Grinchie]

71. Screw the American Capitalistic System -- It is broken, and the Earth can't take anymore

I'd rather see love of work, extreme education designed for the individual aptitude and desires, and the removal of the overwhelming desire for more Money that is worth less and less as we age.

I left the ACS years ago, and now produce most everything myself, except for the Internet and infrastructure, which I utilize, but no longer depend upon. The Internet could go away tomorrow and it would barely affect me, since I value Books more that online references that can disappear with the next version of the Internet, Force Operating System Upgrades, Security Mandates, the Loss of Net Neutrality, No electricity, etc...

On a side note, after all the Hype about Windows 7 being "So Cool", it is nothing more than a slightly more optimized version of Vista, with much functionality removed. It's much like the GM Model of planned obsolescence embodied in Software.

[Iowa]

74. Interesting...

Do you grow your own food? How about heat in the winter? We've been trying to move toward a more sustainable existence (buying locally grown food, spending less, driving less, cooking everything from scratch, and a lot of other things), but to really cut the cord and live like the Amish would take a ton of work... WAY more work than I'm up for. It certainly has an appeal though.

[Grinchie]

95. Yes

I bought a large tract in the Tropics many years ago and it produces year round.

It's the tropics, so there is ample heat, and ample fuel for the rare occasions when it gets below a chilly 64 degrees.

Years ago, I decided to challenge myself and live like my grandparents did in the 1930's, which is only about one generation ago. Imaginemy surprise when I found that Hand tools designed in the 30's are easier on mind, body and environment than the tools widely sold and accepted via mass marketing. I no longer use a weedeater, mowers, and only rarely, a chain saw. My staple tool is a simple machete, which is healthy, less costly, less maintenace, and good exercise. It's quiet, and I can hear the birds sing while I work. I can sharpen it in a few minutes and be back in action. No tools, no fuel, no fumes. Learning the old way of doing things is terrifying to the Corporations, because if more people found out about it, they wouldn't be able to sell all their crappy carden tools and motorized doo dads that the ignorant consumer has to store in there garage lest it get spoiled by the elements.

If you would have asked me this 5 years ago, I would have been just like aeverybody else -- sold on the consumptive, mechanized, corporate way of doing things.

Now, I take my time, get to relax while I work, and surprisingly, I get more work done on the farm than ever. All I had to do was make up my mind and actuallu relearn the simpler ways of doing things. Did it take months of getting used to using new muscles? You bet it did, but I look at it as using muscles I forgot I had, and now that I'm fully utilizing them, I'm a healthier person.

Yes, I know that not everyone will be able to find a large tract of land such as the one I am bless to be the steward of, but it is eminently doable, but it takes soldarity and what initially feels like hard work until you learn the technique, just like any new thing we learn.

The biggest secret is to not have any debt. Being out of debt opens up enormous amounts of time for research and planning without struggling for the cash for daily operations.

If one is physically able to do the labor, it is not as bad as people make it out to be. If you are not physically able, then it's nearly impossible, which is why I take my time, go slow, and always put my body first - physically and mentally. Ignore the warning signs from the body, such as sore muscles and injury at your own peril. Moderation from the start will yield long term stamina after a while.

I'm no amish, but I do laugh at the ridiculous methods of farming imposed on farmers who should know better.

I once owned a farm that I had to irrigate intensively to produce an orchard crop. It was 4 hours a day to just irrigate when the wather was 100+ degrees. I learned my lesson and moved to the tropics where nature irrigates for me. Thankfully, the weather is still holding with rain at night, but we have almost 2 months without rain this winter, and it was a scary sight.

[Iowa]

107. It's amazing what you have done...

I would think the feeling of security would be awesome. I'll probably stay in town, but I plan to keep moving in the direction you have gone in any way that I can.

Actually, you have inspired me to try out a reel push mower. I used to use one when I was a kid, and the exercise would be good. I'll just do a small area initially and try to gradually build up. But as you said, it's very difficult to find high quality tools anymore - especially hand tools. Do you have any idea if there's anyplace that sells quality tools online? I have a Craftsman spade and a set of Craftsman socket wrenches I bought almost 40 years ago, and they are still as good as the day I bought them. They were built to last forever and to do the job they were designed to do. But every tool I have bought in the last ~10-20 years is complete crap, and everything I see at the big box stores looks like complete crap. Do you happen to have a source for tools that you trust?

[Zynx]

109. The whole "Federal Reserve = Private Institution" is a lot of bull.

It is, for all intents and purposes, a government body.

[dorkulon]

37. I'm wondering about this too.

While I'm glad it passed, if we actually find out what's propping up this currency--and what isn't--it could be disastrous.

[awoke_in_2003]

86. "Its like when Alice looked behind the curtain"

You mean Dorothy?

[pundaint]

92. THAT is a very significant risk, but having the corruption at the heart of our system exposed,

may be the only way to get the political clout necessary to defeat the corporatists. I will be amazed if much of the truth really gets out. All the Power doesn't want it to happen, the Senate will be educated as to how they have lost their minds, and a lesser bill with the same sounding name will pass, and we will forget by December as the Presidential campaign ramps up.

[maxsolomon]

5. look at you, republicans, voting for a SOCIALIST's bill!

what's come over you, oligarchs?

[Dappleganger]

6. W O W

They all agreed on something...good??!!

:bounce:

[DJ13]

9. ...good??!!

I think it was watered down so much of the Fed's activities remain a secret from the public in order to get some onboard.

When Geithner and Hank Paulson announced support last week it was obvious it isnt as strong as we needed.

[Arkana]

11. Huffington Post: Tim Geithner Announces That He Favors Breathing Air,

Liberals Everywhere Start Breathing Pure Helium In Protest

[AllentownJake]

14. Nah, I'll say I hope you enjoy stale prison air Timmeh nt.

[No Elephants]

25. If I wanted Republicans like Paulson, Bernanke and Geithner deciding, I would have voted Repuke.

Don't know why that's hard for any Democrat to understand.

[rhett o rick]

87. I see only two possible explainations. Either Obama doesnt want to reign in wall street

or he doesnt have the power. Either way we are screwed.

[No Elephants]

106. Maybe we said "what is good for General Motors is good for America"

for so long that the politicians came to believe it. At first, they just didn't want to hurt the common folk by hurting General Motors. Then, lobbyists began outnumbering legislators and both Democrats and REpublicans wanted those lovely corporate campaign donations and, even better, that lovely soft money. And, somewhere alone the line, the power shifted from voters and politicians to ccorporations. Voila! Le Plutonomy.

Please see also, Reply # 103.

[Dappleganger]

16. OK

Guess I don't know enough about how it stands now...where did they make a wrong turn?

[DJ13]

20. It only applies to "emergency actions" taken by the Fed

It has zero provisions for a full audit.

[Dappleganger]

23. Then this is no audit.

Back to the drawing board. Wasn't this what Bernie wanted though?

[No Elephants]

21. Geez, Hank Paulson supported it?

[whereaminow]

47. It's all good

Bernie still looks like a hero. He played a good game, and we lost, as usual. But reelection is a dead cert..

[JDPriestly]

54. Some of the opposition to a full audit may fade when Congress

sees this preliminary audit. And this is a preliminary audit in my view. If Congress is happy with the unilateral decisions of the FED in this narrow area, Congress will not look further. If Congress finds conflicts of interest, discrepancies, favoritism in the conduct of the FED in the transactions it is permitted to audit under this bill, then Congress will audit further.

That is why this is a good preliminary step.

[DJ13]

55. That would make sense, but I suspect the bodies are sufficiently buried now

When Tim Geithner lent his support to the Sanders bill last week its a safe bet he wouldnt have done that unless he was sure this limited audit wont embarrass the Fed he once worked for.

[pokercat999]

68. You think they're going to look THAT close? This is

Congress lifting the rug while the administration gets the broom.

[earcandle]

89. Agreed!

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[DJ13]

15. Its a good show

But I predict it will flop before reaching Broadway.

[99 Percent Sure]

45. You are so right. To quote the late Ed Sullivan, 'It's a big, big show.'

:rofl: @ DJ13's post.

[AlbertCat]

18. "exempting other Fed activities"

Yes, just what "other" activities are they up to? And why can't the Fed function with clear and open oversight?

Jess askin"....

[No Elephants]

33. Sounds like a compromise-a pretty big one.

"Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities."

[SpartanDem]

36. Setting interest rates

the exemption merely keep audit from anything do with monetary policy

[Oregone]

24. Why is Bernie Sanders interested in conducting a fake audit?

Are you suggesting he is a fake progressive?

[No Elephants]

26. For reasons similar to the reasons Kuch voted for a "health care reform" bill he disliked?

Something's better than nothing and you hope like hell it's a toe in the door and future bills will do more?

Just a guess.

[Oregone]

27. Care to mention what those reasons are?

All I know is that a self-declared socialist wants to audit the fed, mandate private insurance purchases, and vote with the Democrats. Since he kicks ass, I know the Democrats do too!!! He fits my desired niche enough to pacify me and make me open up my coffers.

[No Elephants]

29. I was editing my post while you were posting.

I like Sanders, too. However, he is often disappointed in what he has to vote for and is usually pretty open about saying so.

On so-called health care reform, based on things Sanders said on TV, I think his reasons were very similar to those my post ascribes to Kuch (plus Sanders got bucks for health care in his state).

[Oregone]

32. Well....I don't know

I don't know anything anymore.

Maybe it is "something is better than nothing"

Maybe its about appealing to an energized niche that will perpetually propel you to office and fund your endeavors, while at the same time allowing you to whitewash issues to activists and pacify them.

Maybe its all just a bunch of unorganized bullshit that flows and ebbs and changes daily.

I don't know what to believe anymore. I know not to believe anything.

[No Elephants]

34. ....

"Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities."

Not sure what you're saying "I don't know" to, but, if you follow Sanders--and I do--it's clear he compromises a lot--with Democrats.

[dotymed]

48. I was surprised to see that firedoglake

and other progressive sites have been dissing Bernie a lot lately. They say he is caving in to Obama and his gang a lot. this "audit" is not what he said he was going to fight for. After talking to Obama, we got this instead.

[90-percent]

53. Kuchinich

The same scenario played out when Dennis was against HCR. After a visit with Obama, he drastically changed his position on HCR.

Almost seems like Obama is operating in the same manner as the BFEE, doesn't it?

-90% jimmy

[dotymed]

96. It sure does.

Money and/or blackmail in our corporate government is rampant.

[Javaman]

72. Throwing the masses a dead fish and calling it fresh.

be prepared for the now patented finger wagging and feigned indignation by our congress people.

They will be all so surprised at what they find and completely aghast at such practices were occurring, blah blah blah.

they will take this right up to the edge, but not a one will dare look down into the pit. They will just paper it over until the next massive financial crisis that finally brings down our fiat currency.

Then, whom ever is still in office, will express "we did the best we could".

Sadly, their best is really pretty shitty.

Prepare for the grand kabuki dance of stupidity brought to you live on c-spaz.

[florida08]

19. yes

it was Sanders revamped version of the audit. David Vitter tried to get the original one thru and it failed.
http://imarketnews.com/?q=node/13273

Sanders' amendment charges the GAO to conduct an audit of all of the Fed's emergency lending activities since December, 2007. Sanders said it is important to better understand the Fed's "hugely expanded role" since 2007 and to examine possible conflicts of interest.

Sanders said his amendment would require the Fed to put on its website all of the recipients of emergency assistance since December of 2007. The Fed would have to disclose how much money went to borrowers, the dates the assistance was offered, the terms of repayment and the "specific rationale" for the creation of the lending programs.

The amendment explicitly bans the GAO from reviewing the Fed's monetary policy, as well as its transactions with other central banks.

Senate Banking Committee Chairman Chris Dodd has said he is supportive of his amendment and he believes the Obama administration is comfortable with it as well.

The Senate will also vote on the original version of Sanders' amendment which is now being offered by Republican senator David Vitter.

[xxqqqzme]

30. If the administration is

'comfortable' with, then the all clear was sounded. They are 'comfortable' nothing will be discovered.

[progressoid]

44. They went from " extraordinary opposition from the White House" to "comfortable with"

Apparently all asses are covered.

[Enthusiast]

94. Exactly. nt

[No Elephants]

31. Paulson, Geithner, Dodd and Bernanke. What a quatrefecta!

[midnight]

28. I was for a Grayson Audit. One with more sunshine into all the mortgage manipulation.

[defendandprotect]

35. Oh, joy -- oh, joy -- Amazing!!

:bounce:

[chill_wind]

38. Yess!! Far from where Grayson's House version started, which was

an amazingly successful process, but even this is beyond what I thought at last would happen.
I thought sure the Senate would find a way to kill it, no matter how watered down. It's
a good step. It is historical legislation and I'll take it. One for the people!

K & R.

[tomm2thumbs]

39. they'll just reclassify what they want to hide as not 'lending' and not 'emergency'

is it lending if you give it away? or exchange it for something else? I don't think so....

[Lance_Boyle]

43. It's not really 'lending' if you don't expect it to be repaid, right? Wink wink. n/t

[tomm2thumbs]

85. true, and it's not 'lending' if you extend credit that someone 'else' fulfills based on your offer

you know - 'the full backing of the Fed' can open a lot of banks' wallets, without ever having to officially open the Fed's wallet

[idahoblue]

40. Well...

at least it is a start. And bipartisanship at last.

[CanonRay]

41. And does anyone think the Fed will turn the right shit over?

If so, I have a bridge up for sale. They'll bury the real evidence so deep, Congress will never find it.

[whereaminow]

42. ...agreed to limit the scope...

Translation: agreed to water it down to make it toothless. More business as usual, and Bernie saves face.. Win win, huh? Sickening this is... More so knowing that most of these bums will be reelected in another cakewalk. To bad the tea baggers are the only ones putting up any "opposition".

[99 Percent Sure]

49. Well, since 2000, I've been advocating that we get our

pitchforks, tar and feathers and storm the Bastille Capitol Hill, but no one's game. We'd rather squawk online, as we've become a rather sedentary, sheepish bunch. Ain't no rabble-rousers in America no more.

[femrap]

50. The Fed opened the

floodgates yesterday with an over 400 point move up. On Sunday, all the Banksters got together and put together a trillion $$$ bucket of $$$....including Our Fed.

Now when this $$$ is all gone, there will be another one of those 1,000 point drops cuz there will be NO BIDS again.

Throwing all of this money at the Global Debt problem is simply stupid. It's not going to make it worse.

Buy crap that you can barter.

And the Fed will show Congress exactly what it wants to show Congress. This is just Circus, IMHO.

[AlbertCat]

51. Buy crap that you can barter.

Chickens?

[femrap]

73. wine,

liquor, canned veggies/fruit, socks. You know stuff people need. I'd add cigs, but I just don't want smokers around....allergic. How about toilet paper?

Chickens give eggs! yum.

[No Elephants]

105. I hear you pay doctors with chickens.

Actually, a doctor said, during the Depression, sometimes he got paid by being served dinner. (Doctors made house calls then.) He took what he could get because he was going to treat the people anyway, whether they could pay him or not.

Having heard that story, I kind of got what she meant by saying pay the doctor with chickens.

I don't think anything like that is going to happen this time, though.

[Taverner]

56. What they're not telling us is that it will be a SCIENTOLOGY Audit ...

Sorry couldn't resist :)

[katandmoon]

57. Obama: For transparency before he was against it.

[tomp]

99. you nailed it. we got change wall st. can believe in. nt

[tomp]

100. the rationalizing here is amazing.

anyone promoting the "toe in the door" rationalization for this watered down "compromise" bill is seriously naive or complicit.

[erpowers]

58. All Fed Activities Should be Audited

I can understand why Sanders limited the audit to emergency lending only. However, all of the Fed's activities should be audited. The Fed uses money from the American people so their activities should be audited by the government.

[KDLarsen]

60. You mean like the yearly audits conducted by the GAO?

[erpowers]

62. Audits

I want members of Congress to be able to learn what the Fed is doing with taxpayer money. So far the GAO does not have the ability to audit everything the Fed does. In my opinion the GAO or any other group that audits the fed should be able to audit everything done by the Fed.

[LaPera]

59. Another do nothing watered-down garbage bill meant to pacify us ignorant stupid peasant assholes!

[Blue_Tires]

61. I hope they really do it and it isn't just a show

like the senate 9-11 hearings...

Then if they really want to have fun, they can audit the Pentagon...

[earth mom]

64. Another case of I'll believe it when I see it.

:argh:

[ooglymoogly]

65. Just another lame coverup.

All they have to do is move everything illegal and scary out of the emergency bracket leaving nothing but a grandstand platform and the kabuki continues unabated. I'll bet even O jumps on it now. 96-0 spells a big fat 0.

[watajob]

67. I've said it before...

...and I'll say it again: They are ALL corporate shills. Even our "darlings" of the left, (Sanders, Kucinich, Kaptur, Grayson et al). While it's going to be very difficult time, I, for one, hope that Greece is the opening salvo in a worldwide realignment of society.

[quiet.american]

69. Congrats to Bernie. I'm looking forward to seeing line-by-line where the money went. nt

[Grinchie]

70. It's a start, even though eviscerated.

Yet, it establishes a precedent allowing another audit when more criminality surfaces, which is inevitable.

[avaistheone1]

75. K&R Shout out to Senator Sanders

[sellitman]

76. The old "Its better than nothing meme".

Frankly I am sick of it.

Oh well idol is still on.

[chill_wind]

77. I like what William Grieder has had to say:

May 10.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=535286&mesg_id=535286

[The Doctor.]

88. It's a start.

Should be fun to watch.

[liberation]

91. If it pleases and sparkles.... Sunshine!

[D23MIURG23]

101. Go Bernie.