The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

‘Gentleman’ Jim Moran Has The Right Of It: Audit the Fed Passes House, 327-98

Posted on | July 25, 2012 | 13 Comments

by Smitty

Good news via Freedom Works: the Audit the Fed bill passed. And now it goes to the Senate, where Dingius Maximus (Harry Reid), remains mostly paralyzed by a head-shaped object in an unlikely location (emphasis mine):

“Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve,” Romney posted on Twitter.
The bill, of course, is not without critics. Democrats say the Act could “politicize” the Federal Reserve’s decisions–what Federal Reserve Chairman Ben Bernanke has called a “nightmare scenario.”
“This bill would … jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit,” said House Minority Whip Steny Hoyer, a Democrat from Maryland. “I agree with Chairman Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.”
While Wednesday’s passage in the lower chamber is a victory for Paul and his supporters, the bill is considered dead on arrival in the Senate. Harry Reid, the Senate Majority Leader and Nevada Democrat, has vowed not to put it to a vote.

Now, why would you put it to a vote, Harry? That would be like doing your job, or engaging in reasonable stewardship while in office. Which would be totally out of character for you, sad clown.

Props to Jim Moran, my Congressman, for getting it right.


13 Responses to “‘Gentleman’ Jim Moran Has The Right Of It: Audit the Fed Passes House, 327-98”

  1. Bob Belvedere
    July 25th, 2012 @ 9:24 pm

    Did Moron, er, Moran get it right, or did he vote for it because he knew it would be smothered in The Greatest Deliberative Body In The World?

  2. Kenneth Hall
    July 25th, 2012 @ 9:53 pm

    Even Dennis Kucinich gets this one right, and apparently from conviction, as he has supported it before.

  3. CPAguy
    July 25th, 2012 @ 11:34 pm

    Umm….actually, the Fed is already audited.  Just go to their website…they have more info than you would ever want…

    Also, to a certain extent, we shouldn’t be publicizing what the Fed does.  I mean…like all central type banks…they create stuff out of thin air (that is what our economy is based upon)…don’t need people thinking too long about that.

    For the most part, the Fed is doing a terrific job.  The biggest issue for them is that they are being forced to aide the Treasury in issuing debt. 

    They warn the government every minute of the day to stop spending, but they don’t.  Once the Treasury starts printing money, the Fed is hard pressed not to help ease it into the system…fearing economic collapse.

    The only thing the Fed could do is stop cooperating with the Treasury, but that could be economic suicide.  The easiest thing is for Congress to stop authorizing spending.

  4. Adjoran
    July 26th, 2012 @ 12:56 am

    I’ve pointed out before that each of the individual Federal Reserve Banks is regularly audited already, and the Board of Governors doesn’t really have any assets independent of what they buy and sell in federal paper – and they announce all that stuff as it is approved and executed anyway.

    But there is no convincing the uninformed.  And while Congress (never a bastion of knowledge, intelligence, or common sense) may be humoring them, I’m sure many in Congress would dearly love to get their grubby little hands on the power of the currency.

    What could possibly go wrong with letting the politicians have the keys the to printing press?

    Ironically enough, as much as Congress and the President vie for power over history, this is the one power they both recognize they just aren’t equipped to handle.  Yet some are determined to give that power back to them.


  5. Thane_Eichenauer
    July 26th, 2012 @ 5:55 am

    I doubt anybody in Moran’s office is likely to offer an answer to your question.  I am thankful for any yes vote in favor of an audit.  

  6. Thane_Eichenauer
    July 26th, 2012 @ 5:57 am

    “actually, the Fed is already audited.” That is only partially true.  If that were true they why does the Federal Reserve oppose the Audit the Fed measure?  Where do you get your information from?

  7. Thane_Eichenauer
    July 26th, 2012 @ 5:59 am

    You seem to be saying that the Federal Reserve is audited.  I can find no reason to believe that Ron Paul, first elected in 1976, has been pursuing an audit of the Federal Reserve if one is already being performed.  

  8. smitty
    July 26th, 2012 @ 6:59 am

    I think CPAguy is being sarcastic.
    In defense of Bernanke, cancer does what cancer must.
    If you like it not, pressure must be applied to do otherwise.

  9. smitty
    July 26th, 2012 @ 6:59 am

    If you read Paul’s book, he talks about how the audits performed on the Fed are not terribly meaningful.

  10. The Demonratic Senate – Led by Chief Demonrat Commie Harry – Is The Roadblock to Change | ZION'S TRUMPET
    July 26th, 2012 @ 7:42 am

    […] ‘Gentleman’ Jim Moran Has The Right Of It: Audit the Fed Passes House, 327-98 […]

  11. Red
    July 26th, 2012 @ 9:09 am

    You almost got that Yoda thing down Smitty. The Force is strong with you 😉

  12. CPAguy
    July 28th, 2012 @ 11:44 am

    No audit will find something that somebody is trying to hide.  Though it doesn’t appear that the Fed is trying to hide much of anything.

    The Fed is audited.  They just don’t receive an SEC audit because it is not a public company.

    Energy is wasted worrying about auditing the Fed.  What they are doing is clear.

    That they are doing it, is concerning.

  13. Thane_Eichenauer
    July 28th, 2012 @ 12:00 pm

    I really must work at my sarcasm-fu.  There are so many experts.  I am only an egg.