Fed's Follies & Systemic Risk & Senate blocked Fed. Reserve audit

[Robert Oak]

There was a hearing last week which received scant MSM attention on the idea of the Federal Reserve being Systemic Risk regulator.

In Fed's Follies & Systemic Risk Regulation are quotes from various experts showing how the Federal Reserve has repeatedly failed to either predict or prevent past financial crises and even worse, actually enabled the current one!

It's pretty astounding testimony with both progressive and conservative experts basically saying giving the Fed more power is a really bad idea.

http://www.economicpopulist.org/content/feds-follies-systemic-risk-regulation

Then, if you didn't see this, Ben Nelson (D!) in the Senate, blocked the Federal Reserve audit legislation from even getting introduced!

http://www.economicpopulist.org/content/what-happened-audting-federal-reserve

[dixiegrrrrl]

1. People need to know about this.

I watched a clip of an almost cocly Bernanke at the hearing saying the Congress was trying to usurp the
FED'S power to manage money policy.
A power the Congress has in the Constitution but gave up long ago, dammit.
Link to clip:

http://www.youtube.com/watch?v=hqG1OXNU6yI&eurl=http%3A%2F%2Fmarket-ticker.denninger.net%2Farchives%2FP2.html&feature=player_embedded