Congressional Video - Kucinich Rails Against The Fed, Demands A Full Audit (H.R. 459)
Dennis Kucinich on the House floor earlier today. Runs 1 minute.
Transcript
The Fed essentially supplants the Constitutional mandate in Article 1, Section 8, that belongs to the Congress of the United States. Let's look at some recent history here. 2008: subprime meltdown, collateralized debt obligation, go back for mortgage-backed securities, neighborhoods in Cleveland melting down, people losing their homes. The Fed looked the other way and we're saying, "oh, don't go into the Fed, it would be political." Yes, it's political. We have unemployment because of politics. We have people losing their homes because of politics. We have banks getting uncalculated amounts of money from the Federal Reserve and we don't even know about it. Meanwhile people can't get a loan to keep their home or keep their business. Audit the Fed? You bet we should audit the Fed. We have to have accountability. It's time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money. It's time we stood up for America's 99%. It's time that we stood up to the Federal Reserve that right now acts like it's some kind of high exalted priesthood, unaccountable in a democracy.
Let's change that by voting for the Paul Bill.
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More from Kucinich on H.R. 459 (also from today)...
This is the better clip...
Transcript
“The House of Representatives is considering H.R. 459, the Federal Reserve Transparency Act. H.R. 459 would enable the Government Accountability Office (G.A.O.) to conduct a full audit of the Federal Reserve, something it cannot do under existing law. Finally, after trillions of dollars, secret deals and Wall Street bailouts – a thorough audit.
“Recent events remind us how important monetary policy is to our economy. The ever-deepening scandal involving the fraudulent manipulation of the London Interbank Offered Rate (“LIBOR”) reminds us that the international financial system is cloaked in shadow for the benefit of the banks, at the expense of the people. Remember, it took a lawsuit by Bloomberg News to force the Fed to reveal that it had created more than $7 trillion to rescue the banks during the financial crisis.
“We already know that the Federal Reserve had knowledge of the Libor scheme, at least as far back as 2007. During the financial crises of 2008 and in the aftermath, the Federal Reserve extended extraordinary support to financial institutions that crashed the economy with reckless speculation, and on that support many of the firms made billions in profit and paid obscene bonuses. I fought hard to have the partial audit included in the Dodd-Frank and we learned about some of the Fed’s responses to the fiscal crisis, but we need to learn the full extent of the Fed’s activities.
“The Fed should not be permitted to operate in the dark without oversight by Congress and accountability to the people. The American people deserve no less than a full and complete audit.
“The Federal Reserve wants to stay independent; independent of the Constitution, independent of Congressional oversight and independent of the rule of law. We can’t let that happen. It’s time to audit the fed.”
Jul 24, 2012 at 8:04 PM
Reader Comments (8)
http://dailybail.com/home/video-rand-paul-introduces-amendment-to-force-former-elected.html
http://thehill.com/video/house/239831-hoyer-rep-pauls-fed-audit-bill-will-jeopardize-the-feds-independence
Blah, blah, blah...
http://dailybail.com/home/hr-459-s202-message-from-ron-paul-audit-the-fed-headed-to-th.html
http://townhall.com/columnists/julieborowski/2012/07/24/auditing_the_federal_reserve_is_more_urgent_than_ever
http://www.policymic.com/articles/11512/how-ron-paul-has-actually-changed-the-course-of-history/170921
Congressman Ron Paul's H.R. 459, the Federal Reserve Transparency Act, could come up for a vote at any time! (7/25/2012)
http://www.chooseliberty.org/audit_vote.aspx?pid=s185
I asked kuhinich why he is giving up on his constituents during the chaos in this country so if the enemies of our Constitution made it impossible for him to raise enough money to run a successful primary these are also the enemies of the American people.
In my educated opinion our so-called congress isn't worth the powder to blow them all to hell so maybe it's wise for kuchiich to get out but again he has too much to answer for by backing rand and ron paul!!!
maryam fritsch
If you think this is false? Go search (Inside Job) on http://vimeo.com/25491676
See exactly what happened and how all these Bankers THINK they got away with destroying the homes and lives of Millions of Americans. However, See how this all started in Ice Land, How the People of Ice Land refused to bail out those banks and their Bankers are in Jail. Just where they and American Bankers BELONG!
I personally was screwed by Citi-Bank. I have filed complaint after complaint with State, Banking Commission and online Fraud and these Criminal's have eluded the Law and it is time to pull the rugs out from under them.
See how when a Millionaire is reported to have bought a New Condo, Boat Building how he/she got Billions in Loans and then ditched it all on the Tax Payers. It is 100% Criminal.