Why Don't They Want The Fed Audited?

[Me.]

Dodd Opposes Fed Audit

“Senate Banking Committee Chairman Chris Dodd opposes including a provision to audit the Federal Reserve in the Senate's regulatory reform package, the retiring Connecticut Democrat told the Huffington Post Thursday.

The measure made it into the House bill in November after an unusual insurgency led by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.) beat back a concerted effort by the Fed to kill the provision, and won an overwhelming and bipartisan vote in the House Financial Services Committee. It was an unprecedented legislative defeat for the Federal Reserve, which has never had a real audit in its history. Little is known of what it does with the trillions of dollars at its disposal.

And if Dodd has his way, it will stay that way.

"No, no," Dodd said firmly of the audit requirement. "It's not in the Senate bill."

Asked if he wanted it in, he was just as emphatic. Cont…

“Last November, Gregg said in a statement that "passage of the Paul Amendment by the House Financial Services Committee is a dangerous move by this Congress to pander to the populist anger currently directed against our central bank, the Federal Reserve."

Gregg told HuffPost on Wednesday that while Dodd has not assured him the amendment would stay out of the final bill, he was comfortable that he and Dodd were on the same page.” Cont…

http://www.huffingtonpost.com/2010/01/22/dodd-opposes-fed-audit_n_432717.html

[Arctic Dave]

1. Hurry up and leave Dodd, we won't miss you.

[kentuck]

2. They can't stand the scrutiny...

It's all play money.

[abelenkpe]

3. To avoid

letting creditors know exactly what's on the books?

I dunno.

Seems suspicious though.

[Junkdrawer]

4. Right now, we have $Trillions of no-interest money lent to the banks...

and they have leveraged the money to the hilt and are playing every market they can (especially currency markets) all in hopes of "earning" their way out of their reserve requirement crisis.

If (when?) these markets blow up, we'll all find out just how risky and stupid this idea was.

And for God's sake, don't sneeze!

[Me.]

7. Precisely

They want and...need...those bodies to stay buried.

[TexasObserver]

5. Recommend

[avaistheone1]

6. Hmmm....sounds like Dodd is itching for a position as a lobbyist for the Wall Street banksters

once he leaves the Senate.

Sick.

[anarch]

8. my guess?

b/c it might shed light on what a ridiculous confidence game (take that as you will) our whole economy is...

[Tace]

9. "Pay No Attention To The Man Behind The Curtain"

Just follow the yellow brick road! hehe

[Me.]

10. There Are Now Tolls On The Yellow Brick Road

[closeupready]

11. Because there is something they wish to hide.

n/t

[Me.]

12. Kee-Rect