Thanks.

Art Cashin, whose moral compass continues to plummet in my book, disagrees with you Karl.

Art Cashin is a pump monkey

I saw this story this morning. HR 1207 first End the FED second. We have a Constitution for a reason and it has specific duties for our government. The problem is our government was complacent in this whole mess in fact Paulson was probably just as bad if not worse than Bernenke. This stinks and there has to be some ****ing laws broken here for prosecution.

HR1207 will do nothing.

Congress needs to demand Bernanke's resignation right now. If he refuses and they judge they cannot impeach him (I happen to believe they can) then Congress needs to grow a pair of balls and introduce legislation to revoke The Federal Reserve Act, denuding the organization.

In addition, every piece of crap paper that The Fed has BOUGHT (Fan/Fred paper) must be puked back up - right now.

Yes, we're going to suffer through the higher interest rates. But from that will come the austerity we NEED to bring the economy back into balance.

Genesis-
you keep saying that H.R. 1207 is irrelevant - and that may be so if Congress does a sham audit which it may do.
However, If I'm recalling correctly you say 1207 is meaningless because Congress needs to follow the EXISTING laws. However, in the existing U.S. Legal Code, which 1207 will amend, Congress is NOT allowed to know the following:

(b) Under regulations of the Comptroller General, the Comptroller
General shall audit an agency, but may carry out an onsite
examination of an open insured bank or bank holding company only if
the appropriate agency has consented in writing. Audits of the
Federal Reserve Board and Federal reserve banks may not include -
(1) transactions for or with a foreign central bank, government
of a foreign country, or nonprivate international financing
organization;
(2) deliberations, decisions, or actions on monetary policy
matters, including discount window operations, reserves of member
banks, securities credit, interest on deposits, and open market
operations;
(3) transactions made under the direction of the Federal Open
Market Committee; or
(4) a part of a discussion or communication among or between
members of the Board of Governors and officers and employees of
the Federal Reserve System related to clauses (1)-(3) of this
subsection.

1207 would allow Congress to know about all of the above. Wouldn't amending this legal code be constructive?

you can tell by the tone of his voice that it is a lie.
waterboard the ****er.
truth serum, and a polygraph what ever it takes.
After they do Ben, its congress's turn. OR time

This is rather judgemental ... but, you see that Bendover is a liar, it's in
his eyes. Same w/ TurboTim and PO. They all have the eyes of practiced, professional liars.

OMO and related (which is what the above are about) are not and never have been part of the problem. They're already disclosed "when taken" through the Fed Desk data releases.

The problem does not lie there - the "alphabet soup" stuff is not part of that group above, and that's where the problem is. That can already be audited and furthermore, a good part of it (particularly BUYING things other than full-faith-and-credit instruments) is flatly unlawful.

I agree Karl we do need to end the FED but if you look at how Andrew Jackson did it, he did it without planning ahead and it ****ed us for a good twenty years after. We need to plan this out then **** the FED drop them like we have the other two times. Part of the reason for the revolutionary war was because of the banking interests of the BOE and their theft and scamming of the people.

Ben Franklin

Quote:

The refusal of King George to allow the colonies to operate on an honest, colonial money system, which freed the ordinary man from the clutches of the money manipulators, was probably the prime cause of the revolution.

On that same note I dont even know if our government could handle control of the money

Napoleon Bonaparte--

Quote:

"When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes. Money has no motherland; financiers are without patriotism and without decency; their sole object is gain".

lose Bernanke gain Summers - what's the difference? They will all be lying sacks of **** [sackof****].

I mean do any of y'all actually think we will get another Volcker in there?

Quote:

1207 would allow Congress to know about all of the above. Wouldn't amending this legal code be constructive?

Items #3, and #4 probably would not tell you anything significant that is not available through another source.

However, I would be most interested in seeing more info on #1, and #2.

"Yes, we're going to suffer through the higher interest rates."


we NEED to suffer thru higher interest rates. A period of deep austerity is our only hope and it will come either voluntarily or with a fury.

Typo alert? "It also appears to me that he both orchestrated the crash of the market in the fall of 2007" Should that be "fall of 2008?"

I just watched the whole video. Is it me or is Charles Gasparino trying to justify every that has gone down? Wow.....

Yep. He is.

So who would be a good choice for Fed Chairman ? Because if Bernanke is forced out or resigns I fear we get Summers, and that IMO would be just as bad if not worse.

Well I'll take Volcker, but if we must get Summers, then so be it.

The point is that there must be consequences for misleading Congress and the people, especially when you display both raw incompetence AND malfeasance.

There is NOTHING worse than someone who is willing to **** you in the ass when you're not looking.

He'll be fired soon as interest rates go north of 5% or when stocks commence their next bed ****ting. BUT HE WILL BE FIRED AT SOME POINT INTO THE FUTURE. Watch.

Higher interest rates = respect and reward for SAVINGS. Savings, the source of CAPITAL, the basis of a CAPITALIST system; plowing savings back into the productive process. Imagine!

Yes, please!

I say abolish the Fed. Or at least take the control from the major banks and make a complete break from the past. The Fed has participated in the development of what is now a government captured by private interests.

Anyone who has worked within this structure in the past has shown their real allegiance. How people i respect on this forum can recommend volker or summers is beyond me. These guys helped sack america. they should be behind bars.

Bernanke or Summers - pick your poison, guys...

Yesterday Brasils' interest rates went below 10% for first time ever.. Why did this happen?

Repatriation of domestic funds and investment into Brasil instead of the U.S. by Brasils now largest trading partner. China!

What the freakin ethnocentric American does not understand , is that America is NOT needed. Global wealth is the net present value of all workers and in most countries it is still untapped. There is huge global growth opportunities still. China is better off lending $100 to every one of 1 billion Indians and has a better chance of getting paid back than it does lending 17k a year to every American family.. See where this goes??? The U.S. is only 4% of world population. The game is rapidly changing.

First you think you are awesome for playing with the biggest player, then you think you are more awesome for beating them, then you don't get paid, then you learn to diversify… people with lot’s of money to protect learn REAL FAST!!

i recommend Ron Paul, Alan Grayson, or the idea of Alexander Hamilton. Bring the Fed in as a division of the government. Then place people in power that have the interests of the people.

Job number one is to fight off the upcoming debt donkey punch coming from the IMF....

Greenspin sure knew when to get the heck out. He knew the gig was up. I wonder if he would have done anything different than Bendover?