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« Death March 2010: Fannie Loses A Cool $13 Billion In Q1, Wants $8.4 Billion More -- Bailout Tally Now At $85 Billion | Main | GETTING HEATED: Dylan Ratigan & Wall Street Apologist Judd Gregg Argue The Finer Points Of Bailout Payback (MUST SEE VIDEO) »
Monday
May102010

Fully Transparent Federal Reserve Comedy: Congratulations America! You Own Bankrupt Red Roof Inns

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Video:  Alan Grayson explores Maiden Lane assets -- May 6, 2010

Have you seen this beauty yet?  It's everywhere.  Albeit painful, it's extremely entertaining, and we've transcribed the best quotes for those who can't watch.  Share this one on Facebook or email it to millions of friends, whatever works best for you. 

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There is still time to put pressure on the Senate to reject the Sanders' sellout, and support an aggressive audit of the Federal Reserve.

Call your Senators @ 202-224-3121 and tell them 'NO' on Sanders and 'YES' on Vitter's amendment, which has the exact same language as the Paul-Grayson House bill.

After almost 100 years of secrecy, a decimated dollar and trillions in bailout agreements, the American people deserve a completely transparent, independent audit of the Federal Reserve.

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  • "Let's find out once and for all who owns the hotels, who owns the houses, and let's try and put this wild beast that creates money out of nothing and jams it in the pockets of special interests like Maiden Lane, like Bear Stearns, like JPMorgan, like all their friends.  Let's put them under some degree of restraint before it all comes crashing down, on us."
  • “I want to congratulate the gentleman and, in fact, everyone in America, because you now own a hotel chain.  Congratulations!  It’s this one, right here [pointing to poster board].  You own the Red Roof Inn.
  • Now, I know what you’re thinking.  You’re thinking, ‘that’s funny, I don’t remember buying the Red Roof Inn,’ but the Federal Reserve Bank, in it’s wisdom, has done it for you.  The Federal Reserve Bank has seen to it that you have the pleasure of ownership of this delightful chain of hotels that extends from sea to shining sea.  You, America, you are now the owners of the Red Roof Inn chain.  Congratulations!”
  • "The Federal Reserve became the sucker of last resort.  And in doing so, the Federal Reserve made you -- you, America! -- the sucker of last resort."
  • “You’ll have enough to put a hotel on Marvin Gardens, on Park Place, and probably on Boardwalk, too!  You’ll own all the hotels in America, and isn’t that something?”

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UPDATE:  Grayson has issued an official response to the Sanders compromise amendment:

"If Senator Sanders's Federal Reserve Transparency Amendment passes in its current form, as we hope and expect, then America will finally find out about every secret bailout and 'help for our friends' slush fund established and perpetrated by the Federal Reserve in the past three years," said Grayson. "Yet when it does pass, the Sanders Amendment is only a partial victory. The most important improvement over what the Sanders Amendment offers would be to subject the Fed to audit for what it does going forward. To say that America can learn about only what the Fed has done already is like trying to drive a car by looking only in the rearview mirror.

"The Fed is an institution that has the power to hand out hundreds of billions of dollars on a whim. Because of that power, the Fed must always be subject to independent audit -- completely, and without reservation."

 

 

 

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Reader Comments (54)

Alan Grayson Def Comedy Jam: Congressman Rails On Fed From House Floor, Demands Audit (VIDEO)

http://www.mediaite.com/tv/alan-grayson-if-congress-doesnt-audit-the-fed-they-will-buy-all-the-hotels-on-the-monopoly-board/
May 10, 2010 at 1:20 PM | Registered CommenterDailyBail
Ron Paul Says Bernie Sanders “Sold Out,” Sided With Chris Dodd to “Gut” Audit the Fed

http://fdlaction.firedoglake.com/2010/05/06/ron-paul-says-bernie-sanders-sold-out-sided-with-chris-dodd-to-gut-audit-the-fed/
May 10, 2010 at 1:21 PM | Registered CommenterDailyBail
May 10, 2010 at 1:22 PM | Registered CommenterDailyBail
Fed Audit Is Actually Just An Audit

http://news.firedoglake.com/2010/05/07/fed-audit-is-actually-just-an-audit/

another positive spin on the sanders' compromise...
May 10, 2010 at 1:23 PM | Registered CommenterDailyBail
May 10, 2010 at 1:44 PM | Registered CommenterDailyBail
May 10, 2010 at 1:45 PM | Registered CommenterDailyBail
May 10, 2010 at 1:46 PM | Registered CommenterDailyBail
May 10, 2010 at 1:46 PM | Registered CommenterDailyBail
America has good reason to worry about Greece

http://www.ft.com/cms/s/0/bb184e6a-5b9b-11df-85a3-00144feab49a.html
May 10, 2010 at 1:47 PM | Registered CommenterDailyBail
May 10, 2010 at 1:48 PM | Registered CommenterDailyBail
Girl frozen in time may hold key to ageing
American scientists are keenly studying the DNA of a 17-year-old girl who still has the body and behaviour of a baby

http://www.timesonline.co.uk/tol/news/science/genetics/article7120516.ece
May 10, 2010 at 1:49 PM | Registered CommenterDailyBail
One of Obama's closest friends part of federal probe

http://www.suntimes.com/news/politics/obama/2250646,CST-NWS-whitaker09.article
May 10, 2010 at 1:50 PM | Registered CommenterDailyBail
Tonight's Real Bombshell: ECB Will Begin Quantitative Easing

http://www.businessinsider.com/ecb-will-begin-quantitative-easing-2010-5#ixzz0nYAmZY7T
May 10, 2010 at 1:51 PM | Registered CommenterDailyBail
May 10, 2010 at 1:52 PM | Registered CommenterDailyBail
May 10, 2010 at 1:53 PM | Registered CommenterDailyBail
Audit-the-Fed: What’s Next for the Central Bank?

http://blogs.wsj.com/economics/2010/05/07/audit-the-fed-whats-next-for-the-central-bank/

some comment on Vitter's proposal...
May 10, 2010 at 1:56 PM | Registered CommenterDailyBail
May 10, 2010 at 1:57 PM | Registered CommenterDailyBail
May 10, 2010 at 1:58 PM | Registered CommenterDailyBail
The Stock Market “Glitch”: Blackmail by Big Banking?

http://www.globalresearch.ca/index.php?context=va&aid=19075
May 10, 2010 at 2:00 PM | Registered CommenterDailyBail
Teachable Moments -- But Where's the Teacher-in-Chief?

http://www.huffingtonpost.com/robert-kuttner/teachable-moments----but_b_569476.html
May 10, 2010 at 2:01 PM | Registered CommenterDailyBail
May 10, 2010 at 2:02 PM | Registered CommenterDailyBail
Video Shows Columbia SWAT Team Killing Dog in Drug Bust

http://www.fox4kc.com/news/wdaf-columbia-drug-swat-dog-shot-050710,0,7355120.story
May 10, 2010 at 2:05 PM | Registered CommenterDailyBail
Scientists find sunken islands in the Caribbean

http://www.thelocal.de/sci-tech/20100510-27097.html
May 10, 2010 at 2:05 PM | Registered CommenterDailyBail
VIDEO: Man attacked by 8-foot gator as horrified crowd watches

http://www.wtsp.com/news/topstories/story.aspx?storyid=131699&catid=250
May 10, 2010 at 2:07 PM | Registered CommenterDailyBail
'Out of thin air'
Synthetic CDOs, at center of Goldman suit, inflated the credit bubble

http://www.marketwatch.com/story/out-of-thin-air-synthetic-cdos-pumped-bubble-2010-04-26
May 10, 2010 at 2:08 PM | Registered CommenterDailyBail
May 10, 2010 at 2:08 PM | Registered CommenterDailyBail
The central bankers under Bernanke owns the Red Roof Inn. Don't let Grayson fool you into believing that the U.S. taxpayer owns the hotel. Yes, the U.S. taxpayer will pay for the property and we will pay to manage the property but it is collateral for the central bank. The Fed will shuffle around this collateral as they see fit. To them, it is chump change. Grayson has a point but he thinks everyone is as clever and sarcastic as he is so his message will resonate. Once he describes the central banks web of fraud, he will lose the average Joe who can’t even understand the terms used. After his speech, he is immediately shot down by his colleagues. I did enjoy his presentation but this is world war four, the financial war and we are in the bomb shelter. We are not even in the game. Grayson would have a bigger message if he stood beside Sarah Palin and Michele Bachmann because then the left who like Grayson would think twice and pay attention to see why this shark is swimming with two foxy dolphins.
May 10, 2010 at 2:53 PM | Unregistered CommenterZarathustra
I wish my fellow patriot Grayson, well. Unfortunately, he said in the end, let's audit the federal reserve before it is too late. It is too late. Let's audit, then seize the assets of the people who stole the money. We must start imprisoning these criminals, NOW!
May 10, 2010 at 3:23 PM | Unregistered CommenterBenny and the Talibanks
Just as sad, for me at least, is to watch the American stock market pop 400 points right after the opening bell and hold this 4% gain, steady as a rock, all day just because Germany got behind a trillion dollar European bailout of Greece.

The value of American Industry is now worth 4% more than it was yesterday all because European tax payers will assure that Greece's 15% bonds will be paid.

The bondholders are probably dancing in the streets even though they were certainly tipped off days before the result -- there is no harm in partying anyway.

The rest of us have to be content with 1/2 percent interest on Treasury Bills or putting our money in real estate or the stock market and waiting for the next crash.

Sad days for "free" enterprise.
May 10, 2010 at 4:53 PM | Unregistered CommenterJames Street
Jim Rogers keeps saying that running the printing presses is just kicking the can down the road. He said that it would also not be good for the Euro. We don't get to see a lot of Jim Rogers around here, not sure why. I am sure I have been told a few times but "deleted".
May 10, 2010 at 6:29 PM | Unregistered CommenterZarathustra
After watching this i dont feel bad about what i did to the bed sheets in my Dating days LOL.
Dam farm animal make a mess dont they Gomp.
May 10, 2010 at 7:11 PM | Unregistered CommenterJTS
When can we expect our dividend checks from all the banks and business's we have bailed out, or now own. Oops, that's right, we are not allowed to think like that...

May the rich get richer, and the rest of us get poorer.

There, that is better.


Anyone familiar with what Red Roof Inns stand for? The law defends the plunderer.
May 10, 2010 at 7:18 PM | Unregistered CommenterS. Gompers
The financial markets are like a Mexican soap opera:

All the television spectators figure out exactly who the bad guys are, during the first episode, and would gladly shoot them if asked to. But the show has to go on for 99 more episodes and therefore the bad guys must be allowed to proceed with their ridiculous melodrama.

I could provide a list of some of the greatest investment advisers of the last generation, and the generation before, who are telling us that we are facing a financial catastrophe of unprecedented proportions, and Jim Rodgers would be just one on the very long list.

Brokers who advise buying into this new bubble mania are the same ones who give out candy, along with their bad advice, to widows and orphans and other gullible people.

I myself have nothing to add to their warnings except to say that when the music stops, the stampede to the few remaining chairs will be awesome and the entire system will have to go on holiday.

Last Friday should have been a warming call but it wasn't, obviously.
May 10, 2010 at 7:22 PM | Unregistered CommenterJames Street
MPDorDIDRLRABJTSBORING
May 10, 2010 at 8:07 PM | Unregistered CommenterZarathustra
Priceless. Grayson is priceless. What a delivery, and seemingly as a total surprise. Loved the sarcasm, the message and the delivery.

But the most important thing said was Street's comments about our market seizing on the EU's $1.0 trillion buyout. How exactly does this work? They needed $650 billion, but what the hell, let's throw in another 1/3 of $1.0 TRILLION, that is trillion with a T, for good measure.

And our "market maker" trading idiots are thrilled.

Cash, baby, cash.
May 10, 2010 at 10:00 PM | Unregistered CommenterOberron4life
Oberoon...it was an attempt at shock and awe...the bond traders who have been attacking weak euro-nation debt do not scare easily...in order for the bailout plan to work, these bond vigilantes needed to be scared off a bit...it was the paulson bazooka all over again...and it worked for at least a day...

but the euro got weaker because the ecb announced they will begin quantitative easing...printing euros to buy distressed assets...the same as bernanke did with mbs...
May 10, 2010 at 10:31 PM | Registered CommenterDailyBail
Hey...i think I found Ken...and he's on a hunger strike...this is actually a very bizarre story...

'Starving yogi' astounds Indian scientists

http://www.breitbart.com/article.php?id=CNG.ce6e076d355a498ef621bad2bbef1a32.f1&show_article=1
May 10, 2010 at 10:35 PM | Registered CommenterDailyBail
What not to wear boarding a flight... a pair of electronic massage shoes (complete with batteries and an on/off switch)

http://www.dailymail.co.uk/news/worldnews/article-1275952/Pakistani-air-passenger-caught-electronic-circuits-concealed-shoes.html#ixzz0naImUWo5
May 10, 2010 at 10:35 PM | Registered CommenterDailyBail
South Korea better bitch slap North Korea soon or they will lose all Korean cred. That would be a real shame.
May 10, 2010 at 11:14 PM | Unregistered CommenterZarathustra
SK is afraid to name NK as the guilty party...there will be no confrontation...
May 11, 2010 at 1:20 AM | Registered CommenterDailyBail
but the euro got weaker because the ecb announced they will begin quantitative easing...printing euros to buy distressed assets...the same as bernanke did with mbs...

Isn't it amazing, this is the new blueprint? Does it end? Or is Paulson and Bernanke tight, just keeping throwing trillions at it?

If any other currency is deflated in the near future like the dollar and the Euro, do they all level out with each other? When the China bubble bursts, imagine the number that gets printed...
May 11, 2010 at 6:41 AM | Unregistered CommenterOberron4life
If any other currency is deflated in the near future like the dollar and the Euro, do they all level out with each other?

----

That's pretty much what i think will happen...we print to buy $2 trillion in mbs...the ecb prints to buy euro bonds and more...i would look at Singapore dollars for a strong stable currency for the next decade...
May 11, 2010 at 11:56 AM | Registered CommenterDailyBail
Hey...i think I found Ken...and he's on a hunger strike...this is actually a very bizarre story...

If you look close his shirt says Nation of cowards with no balls LOL
May 11, 2010 at 4:46 PM | Unregistered CommenterJTS

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