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Monday
Dec072009

Senator Jim Demint (R-SC) Annihilates Bernanke In Confirmation Hearing, Then Places 'HOLD' On Senate Vote

Video: Sen. James Demint (R-SC) torches Bernanke and the failed Federal Reserve -- Senate Confirmation Hearings -- December 3, 2009

There are now 4 Senators who have announced they will place 'holds' of various types on Bernanke's confirmation vote on the Senate floor.  Dodd mentioned to reporters Friday, that the vote may now be pushed into 2010.  Demint and Vitter have made their confirmation roadblocks contingent upon a Senate vote on S 604 to audit the Federal Reserve.

Outside of Bunning's show-stopper against Bernanke and the Fed, Demint's 10 minutes with the Chairman were the best these hearings had to offer.  Do not miss.

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PLEASE email, facebook, re-tweet, share and take our stories with you when you leave.  The only weapon against the madness is GREATER AWARENESS.  Thank you.

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From Sun News

  • "I think a lot of us have to admit that thefederal government - the Federal Reserve - let down the American people," DeMint told Bernanke. "And a lot of people have been hurt."
  • "We did not certainly [do] a perfect job by any means, but I don't think we stand out as having done a worse job than other regulators," Bernanke said. "And again, many of the critical firms and markets that were the worst problems were outside of our purview."

DeMint also charged Bernanke and other top finance officials under Bush and President Barack Obama of persuading Congress to pass a $700 billion bailout for banks without fulfilling its central goal of taking toxic assets off their ledgers.

  • "The folks in the administration and Federal Reserve have claimed credit for saving the system, while blaming capitalism and unrestrained free markets for our problems," DeMint said.
  • "I think you've been a big part of orchestrating that and shifting the blame onto the private sector," DeMint said.

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From Greenspan's Mess

DeMint: I'd like to ask a few questions Mr. Chairman, and I'd appreciate short answers because I want to cover some territory today but we don't know a lot about the operation of the Federal Reserve and for that reason I think the best way to judge performance is to look at outcomes, particularly outcomes based on the goals that you set for yourself.

In your confirmation hearing in 2005, you specifically listed four duties of the Federal Reserve and I'd just like to mention those and just ask you how you think we've done. One of them was fostering the stability of the financial system and containing systemic risk that may arise in the financial markets. Has the Federal Reserve under your l eadership accomplished that goal?

Bernanke: Um. No, but we also had lots of co-conspirators in that problem.

DeMint: Another duty you listed was supervising and regulating the banking system to promote the safety and soundness of the nation's banking system and financial system. Has the Federal Reserve under your leadership accomplished that goal?

Bernanke: We found some mistakes and we've tried to improve them.

DeMint: I appreciate your short answers. Another duty you listed was conducting the nation's monetary policy in pursuit of the statutory objective of maximum employment. Do you feel the Federal Reserve under your leadership has accomplished that goal?

Bernanke: We've moved monetary policy as much as possible to try to support employment growth, but, obviously a 10 percent unemployment rate is not very satisfactory.

DeMint: Again I appreciate your answers.

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Official Statement from Senator James Demint

DeMint Says He Will Oppose Bernanke Nomination

Senator pledges to hold nomination until the Senate votes on the Fed Audit

December 3, 2009 - WASHINGTON, D.C. - Today, U.S. Senator Jim DeMint (R-South Carolina), chairman of the Senate Steering Committee, announced this morning that he will oppose the nomination of Ben Bernanke to serve a second term as the chairman of the Federal Reserve Board. Senator DeMint made the announcement after Bernanke's confirmation hearing before the Senate Banking Committee, and pledged to object to floor consideration of the nomination until the Senate votes on S. 604, the Federal Reserve Sunshine Act of 2009.

"Ben Bernanke is an intelligent and well-intended public servant, but the fact is the Fed has failed the American people during his tenure as chairman of the Federal Reserve Board and I cannot support his nomination for a second term,” said Senator DeMint. “Americans want a new Fed chairman who is willing to provide transparency into the Fed's actions, who is willing to accept responsibility for the Fed's mistakes, and who is willing to support true monetary reform that guarantees the soundness of our money.

"Mr. Bernanke has been one of the chief proponents of the Fed's easy money policy that created the current financial crisis. He ignored asset bubbles, dismissed concerns about the weakness of the dollar, and helped encourage the credit mania that led to the financial panic. Even worse, Mr. Bernanke has refused to accept any responsibility for his role in these actions prior to financial crisis.

On July 6, 2009, Senator DeMint attempted to get a vote on S. 604, which would remove restrictions on auditing the Fed’s discount window operations, funding facilities, open market operations and agreements with foreign central banks and governments. The vote was blocked but Senator pledged to keep fighting to force the Senate to vote on the measure.

"I will also object to floor consideration of Mr. Bernanke’s nomination until the Senate votes up-or-down on the Federal Reserve Sunshine Act. This bipartisan legislation, sponsored by Senator Bernie Sanders of Vermont, has over thirty cosponsors and would allow the Government Accountability Office to conduct a full audit of the Federal Reserve. Americans deserve to know how their money is being managed so these mistakes never happen again.

"Under Mr. Bernanke's leadership, the Fed has lent several trillion dollars to failing financial institutions that should have been held accountable by market forces. The total amount of these bailouts exceeds the entire annual budget of the United States. Yet the public has not been given adequate information about these bailouts. In fact, Mr. Bernanke has the led the fight against bipartisan legislation in the House and the Senate to require a full audit of the Fed so Americans know what has taken place and what mistakes have been made.

"Mr. Bernanke's failures extend beyond what critics like me of an overly powerful Fed have cited. He's even failed his own standards. During his first confirmation hearing before the Senate in 2005, Mr. Bernanke outlined what he believed were the responsibilities of the Fed. On virtually every one, whether is was containing systemic risk, promoting the soundness of our banking system, or conducting monetary policy in a way that maximized employment, Mr. Bernanke has failed. We've seen systemic risk in our financial system like never before, the soundness of our banking system has been shaken to its core, and unemployment is now over ten percent," said Senator DeMint.

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Reader Comments (13)

Nice work Demint. Although NOT NEARLY as forceful and accusative as I would like to have seen. Like most other weiners, what Bernanke needs is a GOOD GRILLING ...and Demint only delivered a modest warm-up.

Dec 7, 2009 at 6:31 PM | Unregistered CommenterTimeForLynchings
demint does rip bernanke, but then the only blame he can seem to place is on fannie may? wtf kinda partisan shit is that. loose complete credibility by only mentioning fannie/freddie, while completely ignoring the banks, regulators, congress, bush, obama, and the consumers in this shitstorm we have on our hand.
Dec 7, 2009 at 11:30 PM | Unregistered Commentermathen
We gotta get this guy out!

Whatever happened to "of the people, by the people, for the people"?

Every DB supporter should make it clear to their Senators, that if you don't oppose this clown, you're gone!
Dec 8, 2009 at 10:47 AM | Unregistered Commentermark mchugh
@DB

Best and explosive story not covered in Main Stream Media

Here is the story on $700B bail out Czar

Neel Kashkari, Once In Charge of the Nation's Bailout Plan, Has Opted For a Simpler Life
http://abcnews.go.com/Business/neel-kashkari-tarp-bailout-czar-leaves-washington-california/story?id=9269413


Wherein we get the 'inside story' of the "rescue" of the American financial system, the sacrifices it required from all and sundry, the burdens they bore, and the price they paid.

Oh, the humanity! [/sarcasm]
http://www.washingtonpost.com/wp-dyn/content/story/2009/12/04/ST2009120402037.html?sid=ST2009120402037

http://www.thetreeofliberty.com/vb/showthread.php?t=86011
Dec 8, 2009 at 12:57 PM | Unregistered CommenterKen
@DB

Every one sign this Petition to get rid of Bernanke

http://sanders.senate.gov/petition/?uid=5d1836fe-d883-42bc-af09-4e593a6cab76
Dec 8, 2009 at 2:35 PM | Unregistered CommenterKen
Thanks for that link, Ken
Dec 8, 2009 at 4:56 PM | Unregistered Commentermark mchugh
You are welcome

WALL STREET BANKERS HAVE TO BE CHASED TO THE GRAVE IN THE VERY NEAR FUTURE

Keiser on 'Tsunami alert': Dubai debt crisis awakes storm?
http://www.youtube.com/watch?v=cSWSwhn-AWc&feature=player_embedded#
Dec 8, 2009 at 11:23 PM | Unregistered CommenterKen
good links ken...
Dec 8, 2009 at 11:29 PM | Registered CommenterDailyBail
Signed it the other day.
Dec 8, 2009 at 11:57 PM | Unregistered CommenterJames H
Sanders was on Stephen Colbert tonight....

Crowd response was muted, but I gotta give Stephen mad props for having him on.
Dec 9, 2009 at 12:40 AM | Unregistered Commentermark mchugh
Article I. – Citizen’s Power of Recall.
The right to Citizen’s Power of Recall will be acknowledged for the people to have an annual election of worthiness for all state and federal government offices, to decide on a continuation of service within their government representative offices. The prescribe number of votes to remove a government officer must reach six tenths of the vote in favor of removal. The exception to this will be for the President who resides over the executive branch of the federal government and a Governor who reside over the executive branch of any state government, will require a two thirds vote in favor of removal.

Any person who leaves public office by whatever means shall not retain any pension that in some way requires public monies to pay for. Upon the day a vote for any representative public officer has been acquired for removal, the recalled public officer must step down and is to be debarred form any territory, state or federal public office position of trust within the United States.

Voting on a permanent replacement for any representative public office will be held sixty days after the removal vote has been acquired. The senior public officer of a state, who has not been removed by recall, reserves the right to elect temporary persons who qualify to the empty offices within their respected state, except for position of Governor. No one person shall reside in two or more public offices at one time. When a public office has been filled by a vote of the represented people, the new residing public officer shall finish the remainder of the current term of the once vacant office. The senior public officer of the state retains no right to elect themselves to any vacant office.

Upon a removal vote by the people of many states has been acquired for the President of the United States and/or representative Governors of any state, who of those shall leave their office immediately. The replacement of the Office of President of the United States and Governor of a state must be voted on by the represented people within the same ballot of recall. A Vice Executive officer will not fill the office of the recalled Executive officer after a removal vote by the represented people, that seat is for the newly appointed replacement voted on by the people.
Dec 9, 2009 at 12:03 PM | Unregistered CommenterKen
Article II. – Citizen’s power of veto.
The people of the United States shall retain a veto power against all bills of law from their representatives that become passed by congress, state legislators, or any council thereof that has power to pass laws.

No bill shall become law until approved by an annual vote by the respected, represented people. A vote, by the represented people, of six tenths is required to veto a suggested bill. Upon the bills approval of the represented people by a vote of more than six tenths, the executive officer in office must sign such bill into law. Only a bill that is more than four tenths but less than six tenths in favor of veto, by the represented people, may the executive signing officer retain the right of veto on such bill. No bill of law can be overturned once it has been vetoed by the represented people, unless by future legislation of law.

No order pass by an executive officer can become a law that governs over the people or their way of life, without the consent of the respected state legislators and the represented people, by way of passing first through the respected state legislators, than the represented people within a public vote.

The Congress of the United States retains the right, there after to be described as Immediate Acts of Congress, to declare war on foreign nations, pass bills that only deals with the national budget, affirm treaties with other nations that do not contradict the Constitution or Bill of Rights, enjoying these privileges without having to pause such acts to wait for the annual citizen veto power to be exercised by the people but will still be subject to the annual public veto power, which will require two thirds vote against said immediate acts of congress to obtain the public veto. The President of the United States shall hold the right to veto or affirm Immediate Acts of Congress before an annual public veto vote, said public vote, may still be held if by which congress cannot gain the prescribe votes listed in the United states Constitution to overturn Presidential veto, to determine a reaffirm vote of two thirds by the people towards the Executive vetoed bill.

In the event that a declaration of war is passed, the declaration of war will be put up for a vote of continuance within every annual citizen veto vote that fallows during the war, which if the people vote two thirds to stop a war in progress said war must stop and all forces within the occupied foreign nation must leave at once.

State legislators may only pass laws of Immediate Acts that are in dealing with state budget only without having to pause for annual veto vote, said Immediate Acts of the State will summit to the Veto Power of the Represented People once the time for an annual veto vote of the people comes, which will require two thirds against a Immediate State Act for veto. The Governor of a state may veto an Immediate State Act before an annual public vote but will still be given a vote to reestablish the executive vetoed bill by the people; two thirds vote is required to overturn the executive vetoed bill by the people.
Dec 9, 2009 at 12:04 PM | Unregistered CommenterKen
Washington Criminal Rulers: Good luck with that whole “Tax Us into Poverty” thing! Wait until there is a tax revolt "

TO ANY OF YOU WHO MAY BE (((NEW))) TO THE AWAKENED INFORMATION WARRIORS HERE you probably will enjoy WATCHING THIS because it will SHOW YOU where MOST of this countries MADNESS Started…..


911 Loose Change (full-length)
http://www.youtube.com/watch?v=7E3oIbO0AWE&feature=PlayList&p=97C714AE28851656&playnext=1&playnext_from=PL&index=3
CLIMATEGATE:while reading the speech the EPA gave on greenhouse gases it made me think and I wanted to pass this on. why want they regulate corps. dumping tons of waste in the water! why dont they even talk about it! how bout the real deadly pollution toxic waste. our kids don't even talk about it anymore just global warming they have got everybody mind on warming while they dump deadly waste in the water!

If Obama signs this CAP & TRADE Bill and the Senate ratifies this piece of garbage, every American should be on the streets of Washington the next day with those 350 million + firearms we own. I’ll be damned if my children are going to grow up under tyranny because I did nothing.
Dec 9, 2009 at 12:10 PM | Unregistered CommenterKen

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