Tuesday, May 11, 2010

Audit The Fed: Wall Street's Little Helpers Geithner And Emanuel Kill Fed Transparency, But Watered-Down Version Passes

Typical American politics. Pass a watered-down smoke screen version of the Audit The Fed bill, which allows an audit, but only for a small window of time, allowing future actions to go on in secret. Nonetheless all the political puppets can go around and act like they have "stood up" to the Fed. Of course, in truth, they care nothing about the populist sentiments wishing fairness and transparency in issues of finance. For the Wall Street and White House types (is there a difference?) running the show today, it seems it's more like Give em a little something to chew on, and let's keep the secret games of corruption going.

From the Wall Street Journal.

Last-minute maneuvering in the Senate allowed the Federal Reserve to sidestep legislation that would have exposed its interest-rate decision-making to congressional auditors.

Pressure from the Obama administration led Senate lawmakers to alter a provision pushed by Sen. Bernie Sanders (I., Vt.) that was gaining momentum despite opposition from the Treasury and the Fed. It would have largely repealed a 32-year-old law that shields Fed monetary policy from congressional auditors...

From ABC News.

White House chief of staff Rahm Emanuel called Sen. Bernie Sanders, Independent of Vermont, to explain to him that the White House officials oppose Sanders’ amendment to allow an audit of the Federal Reserve because their economic advisers believe it “would get Congress involved in the day-to-day affairs of Fed in monetary policy,” Sanders told ABC News.

“That’s just not true,” Sanders said. “It’s not accurate. I know that’s what the Fed is saying. I know that’s what Treasury is saying. But it’s bogus.”


(Dark And Evil Voice) Ha Ha Ha Mr. Sanders. We run the show and we will keep running it. Now, get along old man and do what you are told! Ha Ha Ha.

Geithner grins. Emanuel cracks his knuckles.

End Of Act I

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