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« Ron Paul Takes A Victory Lap Around The New York Fed While Crowds Chant: "End The Fed!" | Main | Watch Geithner Ignore CNBC Reporter Who Asks About Sandy Weill's Call To Break Up Big Banks »
Wednesday
Jul252012

Ron Paul Wins, Bernanke Loses As 'Audit The Fed' Bill Is Approved Overwhelmingly

The vote was 327-98...

In a rare bipartisan consensus, and definitely without the expressed, written consent of The Bernank, the House today overwhelmingly approved Ron Paul's bill (H.R. 459) to provide for a complete audit of the Federal Reserve.  All attention turns now to the Senate and the sister bill (S.202), where two years ago H.R. 1207 was weakened significantly.

Dr. Paul explains the differences between the various Fed audits...

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Bloomberg Excerpt:

Similar legislation, S. 202, was introduced in the Senate by Rand Paul, a Republican from Kentucky and Ron Paul’s son. The Senate bill, which has 21 Republican cosponsors, hasn’t been considered by the Senate Banking Committee.

“The Senate will give us trouble,” Ron Paul said yesterday in an interview on C-SPAN, referring to the odds his bill will gain support in the Senate. Paul in his book says eliminating the Fed “is the one sure way to restore sanity to economic and political life in this country.”

Paul’s bill passed with 274 cosponsors, including 45 Democrats and 229 Republicans. Supporters ranging from Jason Chaffetz, a Republican from Utah, and Peter DeFazio, a Democrat from Oregon, said during the House debate yesterday that the Fed needs to be transparent about the inner workings of its decision making over stimulus and financial stability.

Due to the central bank’s role in bailing out Wall Street banks during the financial crisis, “it’s past time to audit the Federal Reserve,” DeFazio said.

“The Federal Reserve balance sheet has exploded in recent years,” Chaffetz said. “The American people and this Congress deserve more openness and transparency and at the very least an audit.”

Continue reading...

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Ron Paul takes a victory lap around the New York Fed building...

Start watching at the 1-minute mark.

 

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Reader Comments (17)

VIDEO - CNN's Erin Burnett Drowned Out By 'End The Fed' Chants Outside Florida GOP Debate

http://dailybail.com/home/video-cnns-erin-burnett-drowned-out-by-end-the-fed-chants-ou.html
Jul 25, 2012 at 4:49 PM | Registered CommenterDailyBail
Actor Vince Vaughn (Who Supports A Full Audit Of The Fed) Introduces Ron Paul At LPAC 2011

http://dailybail.com/home/actor-vince-vaughn-who-supports-a-full-audit-of-the-fed-intr.html
Jul 25, 2012 at 4:50 PM | Registered CommenterDailyBail
Don't get excited; this is not a full audit, but only an audit of those parts of the Federal Reserve that the Federal Reserve allows to be seen.
Jul 25, 2012 at 5:00 PM | Unregistered CommenterMichael Rivero
Michael the other reason not to get excited is the dems want bernanke to help obama so reid will not give this a vote in the senate

Schumer Pushes Fed Toward QE3, Tells Bernanke 'Get To Work Mr. Chairman'

http://www.forbes.com/sites/steveschaefer/2012/07/17/bernanke-to-hint-at-more-stimulus-gold-doesnt-think-so/

Democrats warn Rep. Paul's 'audit the Fed' bill will politicize monetary policy

http://thehill.com/blogs/floor-action/house/239821-dems-warn-pauls-audit-the-fed-bill-will-politicize-monetary-policy
Jul 25, 2012 at 5:12 PM | Unregistered CommenterLiberatedCitizen
I love Ron Paul-- wonderful fellow I have admired for years. Had the pleasure of meeting him this past year and I found him as gracious, approachable, and decent in person as he is in his speeches and books. Unfortunately, the sister to his House bill has little chance of passing the Senate without being, once again, severely watered down to the point of uselessness. This is because although a Representative must nominally answer to his constituents, our imperious roman senators answer only to the wealthy special interests who place them in power, and ante up tens of millions every 6 years to keep them there. This is not done for altruistic purposes, needless to say. The past 6 years should be proof enough of that axiom.
Jul 25, 2012 at 5:32 PM | Unregistered Commentermark
Yeh right the Rothschilds that control the US congress and Senate are going to let the Americans find out what a criminal organization their bank is. this is a common practice for the Zionazis that when people are waking up to their crimes they get politicians (they control) to pretend they are going to have an investigation so to put the sheep that know something is wrong back to sleep by, and then the whole thing goes away just watch. (it;s a con)
Jul 25, 2012 at 9:34 PM | Unregistered CommenterDavid
Ron Paul and this bullshit theater Fed "audit," which no one who can gamble worth half a fuck would bet a penny on, can suck the cheese out of my balls. This fuckhead, who can't ask a question worth a shit after 3 decades of practice, has the audacity to float another fake bill. Did this shithead ever hear of a subpoena?

And look at what trickled out of his balls. Rand. Worthless moron. Next topic.

My God. If Dr. Ron Paul is what we've got, let's just pull a Hunter. There is NO WAY this bill gets considered by, much less passes, the Senate. This doesn't even qualify as a bad joke.

I'm glad to see Ron Paul go. I don't have to waste any more time pretending about RP's fake causes. This is a prime example.

Mark Pittman got the job done. Ron Paul is a jerkoff.
Jul 25, 2012 at 10:31 PM | Unregistered CommenterCheyenne
CHEYENNE:
Since you posted at 10:31 PM, and it is only five minutes to nine here in the CONUS, I will give you the benefit of the doubt as an ''East Coaster'.
The FACT that it has taken Dr. Paul 30 years to AWAKEN the SLEEPING MASSES to the FED, and ALL the evils that they have wrought upon us, is a testimony to his resolve and FEALTY TO THE CONSTITUTION (unlike little East Coast Nazis, of which you are an obvious member).
Congerssional SUBPOENAS require more than ONE MEMBER, and also require APPROVAL by the LEADERS of CONGRESS, you misleading dickhead.
If you want to pull a 'Hunter', you can call my member anything you wish (but be careful to wear NIOSH-approved 'safety glasses').
RAND is RON'S SON, not his ROBOT. He has 'free will', just like YOU DO, in posting this non-sequitor attack.

END THE FED. DO IT NOW.
WHO funds the CIA, NSA, ILLEGAL WARS OF AGRESSION, MKULTRA, WELFARE COST OVERRUNS, JPMORGAN/CHASE, GOLDMAN/SACHS, BRIDGES TO NOWHERE, BP, the SANDANISTA REBELS, AIR AMERICA, The TSA, the NSA, 'Continuity Of Government', and the sexual habits of prostitutes study in Taiwan?
CONGRESS goes to the 'lender of last resort' to get ALL of this funding.
WHO is this LENDER?
THE FEDERAL RESERVE!

FUCKTARDS like YOU, 'Cheyenne' actually ATTACK people who want to END THIS CRAP (like Dr. Paul), by using 'personal attacks', right out of Saul Alinsky's RULEBOOK.
Show US your 'list of accomplishments', besides being a willing sheople, compliant because of the promises of 'wealth' and 'avarice', there in CHANTILLY.
I RECOGNIZE YOU. Are you a 'liutenant' now?

Does DARPA promise you 'DRONE PROTECTION'?
YOU CANNOT STOP AN IDEA WHOSE TIME HADS COME.
It is OUR time, you minion!
Jul 25, 2012 at 11:17 PM | Unregistered CommenterMontgomeryScott
CONUS? Do you live on an asteroid?

Whatever rock you inhabit plainly has a shortage of Latin books. Sequitor? Does your mom fall for your bogus erudition, or your sister?

Let's get down to brass tacks, which you avoided in your YAWN blather.

I say Ron Paul's audit-the-Fed bill has 0 chances of becoming law. I'll lay odds at 20-1 and put up a $100. (It's actually an infomercial designed to chisel more money out of dupes exactly like you.) The fake audit bill passes this term, I owe you a deuce and an apology. It doesn't pass, you owe me a yard.

Game? Yes or no question.

By the way, where was Howdy Doody when Kaptur sponsored legislation to restore Glass-Steagall?
Jul 26, 2012 at 2:15 AM | Unregistered CommenterCheyenne
Well lets say they do audit the Feds.What if this audit is all a ruse and they do find fraud.Then they send some low level lacky to jail.And with this audit their response is OK your right lets get rid of the Dollar and bring in something else.Could this just might be a way of dumping the dollar and ushering in their new world order currency that they have been dying to do anyway??? Dismantle the Fed but bring it in under a new name with the same players in control behind the curtains.I could be reaching here but Hmmmm.
Jul 26, 2012 at 2:25 AM | Unregistered CommenterS.W.P.
Good questions, but mine is sharper yet.

Let's see what the Jesus freak says. You'll notice he didn't challenge Pittman's superior effectiveness.
Jul 26, 2012 at 2:43 AM | Unregistered CommenterCheyenne
Montgomery & Cheyenne

I will chime in briefly. You might not know it from the stories I post or the headlines I write, but I have understood from the beginning that this bill wouldn't get through the senate, and if it somehow made it, that Obama would veto it. But that doesn't mean that small or partial victories shouldn't be celebrated. It's the only way I can continue writing this blog. I have to have hope. And I must be optimistic, otherwise demons take over and I'd rather just quit covering the entire sordid mess, which I did for 4 months of this year.

Ron Paul has his faults, like any other candidate. But he's highlighted here often because he's often the best and sometimes the only voice we've got on the issues that matter to me: Bailouts, deficits, war and personal liberties. There are a few others - Marcy Kaptur, sometimes Kucinich, etc.

I'm certainly not deifying Paul. But hyping headlines is part of the job description to a certain degree. And I understand what you were saying, Cheyenne. You're tired of all the Ron Paul hype, hope and promise. Not specifically my site, but everywhere in the financial contrarian media that we both inhabit. And I agree, that he gets a HUGE amount of press but has accomplished little in a long career.

My response would be that virtually no one in Congress accomplishes anything useful no matter how long they stay (so Paul is no different), and that the press and hype help the causes.

And I think we can all agree that Mark Pittman kicked Fed ass until the day he died. And remember that, as he explained to me over the phone once, he was backed by Bloomberg lawyers who fought the Fed for more than 2 years. He estimated the legal costs of the challenge were in excess of $5 million, not something that a member of congress has at his disposal.

You guys can fight at will, be my guest. I just wanted to point out to Montgomery that Cheyenne was probably just expressing his frustration with the ratio of Paul's accomplishments to his hype factor, which is a valid point.

And Cheyenne, while I understand that this bill is now DOA in the Senate, I do not agree that this bill is a fraud or a joke. But I can't tell if you're even saying that or not. It's definitely a tough bill without much wriggle room for the Fed as it is written.
Jul 26, 2012 at 4:57 AM | Unregistered CommenterDailyBail
Lood, DB. I have no issue wtih you or this site. It's my favorite, period.

And I love what Paul stood for. But damn, man, four years of loss after loss after loss--all amid zero prosecutions--has jaded me. I feel like an asshole counting on ANY politician. You mentioned Kuciniich. Look at his fate. To me, Rand-Romney was the white flag in a rigged game.

At this point I have more hope in Billy Jack or Godzilla showing than I do in a bill I've seen before.

Frustrated? That sentiment got displaced by furious a lomg time ago. I don't know a single person who's not significantly worse off than 4 years ago. Not one. Jimmy Carter's malaise is on steroids, and yet the rage in the populace somehow manages to stay beneath the surface.

It's a long way of saying that politics is a total waste of time. Incredible Hulk re-runs are less predictable.
Jul 26, 2012 at 8:39 AM | Unregistered CommenterCheyenne
cheyenne

No worries. I was not implying that I took it personally. Quite the opposite. I understand your frustration, believe me.
Jul 26, 2012 at 11:05 AM | Registered CommenterDailyBail
THIS FIGHT ISN'T OVER YET, FOLKS! MOMENTUM. WE HAVE IT NOW. LET'S USE IT, TO THE FULLEST EXTENT!

CONTACT Sen. Harry Reid on H.R. 459's Passage (327-98) - TODAY!

I did! Here is the text of my message:

"I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE 'FED' passed! I was also just informed, that 'Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.' And, to 'Please contact his office today and tell him to support AUDIT THE 'FED' and allow for a Senate vote!'

327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? You may wish to think about this question when it comes time for your re-election"

CONTACT SEN. HARRY REID TODAY! LET'S FLOOD HIS EMAIL ON THIS ISSUE!
(Feel free to Copy and Paste the message above, if you wish)
http://www.reid.senate.gov/contact/index.cfm

Related News:

Audit the Fed Passes the House! 327(Y)-98(N)
http://www.campaignforliberty.org/profile/7788/blog/2012/07/25/audit-fed-passes-0
Jul 26, 2012 at 11:17 AM | Unregistered CommenterAnon
Also, support Dennis Kucinich's Bill to REPLACE THE SO-CALLED 'FED', WITH THE U.S. TREASURY (which, in effect, is the same thing, as END-ing THE 'FED'!
Jul 26, 2012 at 11:30 AM | Unregistered CommenterAnon

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