140 thoughts on “Auditing the Federal Reserve”

1. the point of the sidebar diaries is not to post a couple paragraphs and a link.  The point is to post your own commentary.  This site is not intended to merely be advertising for other sites.

2. Here’s another article you’ll like Jessica:

   http://www.slate.com/id/2217811

   So who selected Geithner back in 2003? Well, the Fed board created a select committee to pick the CEO. This committee included none other than Hank Greenberg, then the chairman of AIG; John Whitehead, a former chairman of Goldman Sachs; Walter Shipley, a former chairman of Chase Manhattan Bank, now JPMorgan Chase; and Pete Peterson, a former chairman of Lehman Bros. It was not a group of typical depositors worried about the security of their savings accounts but rather one whose interest was in preserving a capital structure and way of doing business that cried out for-but did not receive-harsh examination from the N.Y. Fed.

3. …when they are everywhere, and everywhere you go.  

   (Besides, you were here first, Julie.)  

   And seriously, aren’t there enough Paulist blogs out there where they can oogle, use the google on the internets, and go teabaggin’ with each other, without taking over this one, too?

4. I need to try to tear this apart and make some sense of it…

   I agree with Jessica that there are huge issues with the Fed. It’s a closed community, running the financial show to their own benefit to a large degree. Obama has continued the trend with his appointments. Will an audit help? Not significantly, I wouldn’t think. The auditors are mainly co-conspirators and this is more systematic as Doug points out, but it couldn’t hurt and I would support the intent of HR 1207. I reject what seems to me to be over simplistic arguments that money (Fed) is the root of all evil.

   On the government involvement, Capitalism/Corporatism discussion, I think there is a lot to untangle.

   I’m hearing Jessica represent the populist, libertarian position to get government out of the way, that government interference in the capitalist system is causing many or all of our problems, that government drags down the system with inefficiency, or worse with corrupt intentions. Is that fairly accurate Jessica?

   Libs want to unfetter the market to let it run wild like free-range chickens, finding it’s bliss and creating efficiencies, perfect competition and raised boats for us all. I believe that they either think that no government regulation is needed because the market is so perfect in it’s own light, or that they have not thought this through well enough to consider the regulation question, because they primarily see the serious problems caused by existing regulation/interference and leap to the conclusion that all regulation is bad. I would be curious to hear your thoughts Jessica about if you think all regulation is bad or not.

   The biggest conflict I see in this whole discussion comes into play when you consider what the other right-wingers are arguing, and why. The populist, libertarian right-wingers are not running the show in the country, or even in their party. The corporate, elitist, power-conserving right-wingers are in charge and making the calls.

   The interesting ploy here is that the corporatists have taken up the cry of the libertarians that we need to get government out of the way to free up the market.

   They have no intention of freeing up the market though.

   They want government out of THEIR way. Then they can have monopolistic power, form anti-competitive cabals, keep working people from gaining collective power, and exploit the capitalist system to funnel benefits to the elite few and leaving the small boats high and dry.

   I’d urge Jessica and other Libs who believe as I do that there are problems with HOW government is corruptly influencing the marketplace, to see the separation between the type of involvement and the need for BETTER regulation to create level playing fields within which real competition can flourish to the benefit of all.

   I would also encourage progressives to resist the urge to defend ANY government involvement as a reaction to the concerns of corruption and cronyism. That’s the propaganda campaign that the corporate right has so effectively employed to prevent any cooperation between the two wings of the populist spectrum.
   

5. But who would do the audit?

6. Follow the link.I think the thirty thousand site you link to is an Onion joke.
   
   JE Quidam listed as the sites author. Quidam is Latin for an  anonymous person.Je quidam may be french for anyone .
   
   Pfitz !

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