Barney Frank caves in to Ron Paul

Discussion in 'Economics' started by IanMacQuaide, Aug 30, 2009.

  1. Finally!
    Maybe something good can come of this. Ron Paul is a very brave man. I laud his courage.

    "WASHINGTON (Reuters) - Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, said he plans legislation to restrict the Federal Reserve's emergency lending powers and subject the central bank to a "complete audit."

    At a recent town hall meeting, Frank said the House would pass a bill to use an audit to crack open the central bank's books more widely, but in a way that will not encroach on the central bank's monetary policy independence.

    In addition, he said the House would move to rein in the authority that allows the Fed to lend to a wide range of non-bank firms in "unusual and exigent circumstances."

    A bill sponsored by Texas Republican Rep. Ron Paul that would allow the Government Accountability Office, a federal watchdog agency, to audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House."
  2. Lethn


    The audit the fed bill has been around for quite some time now, you should do some proper research :p

    Also, read carefully at
    if you look at Ron's latest videos you'll notice he actually said he'd be very careful about this because if they changed the language too much then it would stop the bill from actually doing anything to the Fed. It looks like we're going to see some very careful negotiating between these two on either side, I honestly think frank is one of those democrats who really want to keep the federal reserves system of easy money.

    It is because of the Federal Reserves 'independence' that the economy has gotten the way it has, I think Ron Paul can be trusted on this because clearly like some of the traders here, he's an enemy of the federal reserve and wants them burned at the stake, he's also been very honest with the way he has voted for the most part.
  3. "The audit the fed bill has been around for quite some time now, you should do some proper research"

    I didn't say it hadn't.
    What's your point?
  4. Nothing of substance likely to emerge from it. "They" don't want us to know, so we won't.
  5. If the Audit the Fed Legislation (HR 1207) does not pass it is a slap to the face of every American and just shows that lobbyists and interest groups run this country.

    Average Americans overwhelmingly support the passage of HR 1207. It is completely one-sided and if politicians listened to their constituents it should be passed with ease.

  6. piezoe


    "It is because of the Federal Reserves 'independence' that the economy has gotten the way it has"

    You wouldn't want to blame it all on the Fed would you??

    Granted the Fed was completely derelict under Greenspan and failed regulate mortgage lending while keeping rates way too low too long, and margin too low during the tech bubble, and wrongly believing that the market would somehow correct the excesses by itself, as if by magic.

    But simultaneously we had the SEC completely failing to do its job by allowing unrestricted naked shorting, excessive leverage and failing to follow through on reports of abuses and fraud.

    An then there was the totally out of control spending (military/medicare/medicaid) combined with tax cuts of the Reagan and second Bush administrations, to add to the mess. The first Bush administration and the Clinton administration were somewhat better in this regard, and under Clinton there was even some progress made toward reining in excessive military spending with the base closing commission.

    It took a joint effort of the government and the Fed to get us where we are today. It wasn't just the Fed.