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Bernie Sanders: Bill To Audit The Fed Will Pass The Senate (Video)

Bailout politics make for strange bed-fellows.  Again.  The coalition includes Maxine Waters, unless it's a bank in her district, Sanders, Grayson, Sherman, Issa, Demint, Kaptur & Paul, to mention but a few.

So the famous capitalists Greenspan, Bush, Paulson, McCain, Palin, Geithner are actually bailout socialists and the only avowed socialist in the U.S. Senate is a hardcore bailout capitalist.  Listen to Vermont's Bernie Sanders drop bomb after bomb atop the heads of the captured, corrupted and unrepentant financial chieftains who have destroyed the prosperity of future generations.

Among the pressing issues on Bernie's mind:

  • Too big to fail is too big to exist. 
  • And by the way, when are people going to start going to jail?
  • The Senate will pass S 604, their version of Ron Paul's bill to audit the Federal Reserve.
  • Credit card companies practice usury.

There are loads more great quotes from Bernie in this 5-minute clip.


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Reader Comments (16)

Transparency and the Fed

Taxpayers have a right to know where all the bailout money went.

Sep 24, 2009 at 4:07 PM | Registered CommenterDailyBail
Excerpt From Article Linked Above:

Facing a banking collapse that was unlike anything it had seen since the Great Depression, the Federal Reserve created $2 trillion of assets and debts during the past year to rescue the nation's financial institutions. But it did not make clear to taxpayers just where all of this money went. Taxpayers—involuntary investors in this case—have a right to know who received loans, in what amounts, for which collateral, and why specific loans were made.

The Fed says taxpayers don't have the right to know these things. What's more, it went to court to resist giving an accounting of its actions under the Freedom of Information Act. The request was filed by Bloomberg News through its parent, Bloomberg LP.

Last month, Chief U.S. District Judge Loretta A. Preska in Manhattan disagreed with the Fed. In a 47-page ruling, she found that the facts and the law require the central bank to release its lending records. The Fed is now considering whether to appeal her ruling.

The Fed says it can't give up the documents without stigmatizing banks and frightening customers into yanking their deposits. There is no evidence to support such an assertion, and recent events show that the opposite is true. When Citigroup Inc. in November received a government rescue package that shielded it from losses on toxic debt and injected $20 billion of capital, Citigroup shares soared 58% in New York trading. About the same time, E*Trade Financial Corp., the No. 4 online brokerage by client assets, surged 50% (the most in 12 years) after saying it was "optimistic" about receiving taxpayer funds under the government's Troubled Asset Relief Program.

Since its creation in 1913, the Fed has been the watchdog over our money. Now it is running interference for banks that borrowed our money, and went so far as to insist to a federal judge that the public shouldn't worry about what it does with our money.

The law doesn't allow the government to get away with secrecy based on a mere claim that some sort of damage would result if it released the information in question. To prevail, the Fed must "provide evidence that if the requested information is disclosed, competitive harm would be 'imminent,'" Judge Preska wrote. The Fed must show that competitors would use against a bank the fact that it received federal dollars—that running to the government trough for sustenance would become a competitive disadvantage.

That isn't an easy test, and with hundreds of billions poured into financial institutions, it shouldn't be. What's more, the Fed didn't come close to meeting this test. All it offered in court were sworn statements from Fed employees speculating that borrowers might be labeled as losers. They said nothing about how competing banks might use the information.
Sep 24, 2009 at 4:08 PM | Registered CommenterDailyBail
Bank Pay and the Financial Crisis
G-20 accounting rules, not bank bonuses, put the system at risk.

I don't agree but it makes for interesting reading...the G-20 rules were a huge problem...and they remain so..but compensation structure is not helpful...
Sep 24, 2009 at 4:17 PM | Registered CommenterDailyBail
Looking out my window I think I see some pigs flying. Oh Dear God I hope he is right. I am partially frozen in shock.
Sep 24, 2009 at 5:16 PM | Unregistered CommenterSonic Ninja Kitty
Kick out the UN, end the FED, jail the banksters, jail congress, jail the communist in chief, flat tax for americans, end all association with tri- lateral commission,CFR, WB,BIS,IMF,WHO, and all other quasi NWO fascist entities that are destroying freedom.



Sep 24, 2009 at 5:48 PM | Unregistered CommenterKen
Ron Paul Gets Hearing on Fed Audit 9:00 AM Friday 9/25!
Posted September 22nd, 2009 by sunny
via LibertyMaven | September 19, 2009
On Friday, September 25th the House Financial Services Committee has scheduled a full committee hearing on Ron Paul’s HR.1207 to audit the Federal Reserve. The hearing is slated to begin at 9am eastern time. For details and a link to the (eventual) live streaming video of the hearing check out the committee website.
As with many of these committee hearings the schedule is tentative and right now there are no witnesses listed.
By now we know what the opponents of the bill will argue, but it doesn’t change the fact that the bill has over 290 bipartisan cosponsors and 75% of the American people want a Fed audit.
Continue at LibertyMaven
Here's the url with a link to watch it steam live:
Sep 24, 2009 at 5:56 PM | Unregistered CommenterKen
Notice it took the PUBLIC to cry uncle...UNCLE SAM (that is),,,,before there was ANY talk about this. We have had enough taxation, bailout nation, golden parachute, and elitist A-Holes running our Country.You see, the Federal Gov't is the only one who can practice usurious lending. It just lends money to ITSELF through the Fed and other shell games. Problem is that this 3 card monty is being played with OUR tax dollars. We are pissed and come hell or high water...there will be some MAJOR changes in 2010...THAT AIN'T NO B.S....................AB
Sep 24, 2009 at 7:03 PM | Unregistered CommenterAin't Bullshittin'
We are pissed and come hell or high water...there will be some MAJOR changes in 2010...

Repeated for emphasis.

Yes, SNK, those were pigs flying...

Sanders is generally very pessimistic about legislation so to hear him say what he did is a pretty big deal...
Sep 24, 2009 at 7:15 PM | Registered CommenterDailyBail
For the record...anyone who views the Repubs as 100% of the solution is IGNORING they are 50% of the problem....AB
Sep 24, 2009 at 9:07 PM | Unregistered CommenterAin't Bullshittin'
Fellow Americans

I am yelling every day at:


You all need to do the same..........................

Dr. Paul is Going Into Battle
Posted September 24th, 2009 by Gary Patridge

Friday against perhaps the single most powerful entity to ever exist on the planet. They're a cabal that has fomented countless wars, overturned governments and clandestinely killed or in someway "neutralized" anyone who has ever dared cross their path. The Federal Reserve Bank is Goliath to the world.

Let us all keep Ron in our prayers tonight that he might have courage and strength and clarity to carry out the vital cause he's chosen to engage and for God to protect him and his family from the evil he is confronting.

God-speed Ron Paul!

Ron Paul MSNBC "We Should Never Be Fearful Of The Truth"
Sep 24, 2009 at 9:24 PM | Unregistered CommenterKen
For the record...anyone who views the Repubs as 100% of the solution is IGNORING they are 50% of the problem....AB

Repeated for emphasis...
Sep 25, 2009 at 12:48 AM | Registered CommenterDailyBail
tomorrow is a big day for hr 1207...will be putting up a post about it later this morning...
Sep 25, 2009 at 12:53 AM | Registered CommenterDailyBail
Taxpayers—involuntary investors in this case—have a right to know who received loans, in what amounts, for which collateral, and why specific loans were made.

"Involuntary investors",wow, that is sugar coating it. At the very worst, the taxpayers are hostages, at the very least, we are the extorted. But then, only the government has the right to practice organized extortion, racketeering, etc. (sarcasm emphasized).

"For the record...anyone who views the Repubs as 100% of the solution is IGNORING they are 50% of the problem....AB"

I'll drink to that.

SNK, are you from Cincinnati? we see flying pigs all the time, LOL.
Sep 25, 2009 at 10:21 AM | Unregistered CommenterS. Gompers
Hi Gompers! As a matter of fact, I am originally from there, but after 10 relocations now live in SE Wisconsin. I have seen those pigs, lol, but these new ones are different altogether!! Maybe you will see unicorns down there instead.
Sep 25, 2009 at 3:21 PM | Unregistered CommenterSonic Ninja Kitty
Sanders: blah blah blah blah blah

Pardon my cynicism.
Sep 27, 2009 at 5:36 PM | Unregistered Commenterano mous
Sanders: blah blah blah blah blah...Pardon my cynicism.

We try to put on an optimistic face but i feel your pain...we and many other blogs will be putting pressure on the Senate in the next month to do all we can to aid passage...
Sep 28, 2009 at 10:17 AM | Registered CommenterDailyBail

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