Is Anyone Minding the Store at the Federal Reserve?

[Tcas]

another incompetent idiot.

Rep. Alan Grayson asks the Federal Reserve Inspector General about the trillions and trillions of dollars lent or spent by the Federal Reserve in the last eight months and where it went.

The Federal Reserve's Inspector General, Elizabeth Coleman, responds that the Office of the Inspector General does not know and is not tracking where this money is or where it went.

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[StevieD]

But try being 5 minutes late on a credit card 2 years ago! :mj07:

These crooks started stealing America under Bush and it looks like Obama ain't stopping any of it.

 

[Dead Money]

Federal reserve is the biggest fraud perpetrated on America

Federal reserve is the biggest fraud perpetrated on America

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Mr. Sunshine? Ron Paul Wins Support to Audit Fed Reserve
Rep. Ron Paul so far has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.

By Judson Berger

FOXNews.com

Tuesday, June 30, 2009
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All of a sudden, Congress is paying close attention to Ron Paul.

The feisty congressman from Texas, whose insurgent "Ron Paul Revolution" presidential campaign rankled Republican leaders last year, now has the GOP House leadership on his side -- backing a measure that generated paltry support when he first introduced it 26 years ago.

Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.

Paul attracted just 18 co-sponsors when he authored a similar bill, which died, in 1983. While the impact Fed policies have on inflation is once again a concern, fears about loose monetary policy and excessive federal spending appear even more widespread in 2009.

"In the past, I never got much support, but I think it's the financial crisis obviously that's drawing so much attention to it, and people want to know more about the Federal Reserve," Paul told FOXNews.com.

With the Federal Reserve holding interest rates at rock-bottom levels, pumping trillions into the economy and now poised to have new powers to oversee the financial system under President Obama's proposed regulatory overhaul, Paul said lawmakers want transparency.

"If they give them a lot more power and there's no more transparency, that'll be a disaster," he said.

The bill would call for the comptroller general in the Government Accountability Office to audit the Fed and report those findings to Congress. The GAO's ability to conduct such audits now is severely restricted.

 

[Chadman]

Although I'm sure there are many layers to this, legally, this concerns me a great deal. The people who have been put in charge of this institution for a very long time have had pretty much unfettered control over an incredible amount of resources. I've been concerned for a long time about how the Federal Reserve has suppressed interest rates, from Bush through Obama, and the connections and antics of the leaders of this organization certainly deserve some attention. I applaud Ron Paul for pushing for this as something he believes in and is good for our country.

On a related note, I think there HAS to be a better answer than the woman gave to some simple questions, although I don't know legally what her powers are. I'm long since tired of non-transparency, and hiding crap, and this sounds like more of the same - I don't care who is president and who is running the organization. It's too big and too important to all of us - at least I assume it is.

As much as I have a hard time with some of the stuff Paul gets into, I admire the basic premise of much of what he stands for. I'm worried about where the country is headed on some fronts, and think perhaps we need to learn how to attack conventional protections and organizations like this one - maybe more than any other.