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Oct142009
« Mobilize: End The Fed Action Day Is November 22 (Video) »
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Wednesday, October 14, 2009 at 3:33PM
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Reader Comments (16)
A friend brought up a good point last year about having the protest on a Saturday (and this year on a Sunday). I get the reason for the date --Nov 22, but business districts are dead on the weekend. No people, no traffic, no coverage. Do I have to wait until 2010?
Barofsky's on the hunt.
But i fixed all 3 photo links and the WATCH links for email readers...and twitter...and facebook...what a pain in teh ass when i fuck up a title...the dominoes start falling...
http://www.govtrack.us/congress/bill.xpd?bill=h111-833
Contact your elected officials and ask them if they do not support this because they need contributions from agents of the FED for re election.
I guess at least the equity holders would have been crushed and the Daily Bail would have been able to monetize his short positions. It's true that the bond holders should also have been required to take a hair-cut but remember your pension funds and insurance providers hold the largest positions so you'd still have suffered some major pain. With respect to the AIG-Goldman connection, mea culpa. I realize that Lloyd, aka The King of the Golden Scrots, can hardly contain his glee given the $3.2bn 3Q09 earnings results and that's really not fair.
Yeah, we should be audited and our true indepence ensured but, really, no Central Bank? I'm interested in learning what you End the Fed'ers think might reasonalby replace a functioning monetary authority. Remember that a fixing global currencies requires a completely closed system, can exacerbate the transmission of economic shocks from one country to another, requires all countries to adjust interest rates to maintain the balance of payments parity, may still manipulated, may be deflationary if the amount of the physical asset which backs the system remains constant, can still lead to maxi-devaluations and, ultimately, doesn't limit a government's abilty to issue debt.
Even without the Fed you'd still be dependent upon your elected officials to practice fiscal discipline and if they don't you've given up a shock absorber. In absence of the ability to adjust monetary policy the US would inevitably suffer more volatility in growth, unemployement and inflation.
Face it folks, it's not the Fed, it's your elected officials.
Curious,
HB
If you want my honest answer...It's a political ploy...we want an audit...a real scrub...maiden lane parts 1,2 and 3, the ring fences...the collateral on your sheets...the strip malls, hotels and office buildings you now own...the mbs securuities...the other agency crap on your books...the Bear Stearns and AIG dredge...let us see EVERYTHING...
Once we know what kind of gargantuan mistakes (giveaways) you're responsible for then we'll talk about next steps...Despite your thoughts, we can advance and exist without the Fed...Congress can charter a completely public instiuttion to handle most of your duties...
But if we scare you with talk of ending your charter (political ploy), we are much more likely to win the first step which is the AUDIT I spoke of above...from there we will take it one step at a time...
Demand a lot, accept less. Demand more next year if we don't like what we see. Any politician worth his salt knows this by heart.
http://letthemfail.us/archives/2315