Ron Paul is right: Audit the Federal Reserve bailout money
Ron Paul is right: Audit the Federal Reserve bailout money
By Brent Budowsky - 11/12/09 06:53 PM ET
Rep. Ron Paul (R-Texas) has a bill with 300 sponsors that won’t pass, which is very unfortunate, but revealing. Let me suggest a variation that might pass, and would be extremely valuable:
Let’s begin with a complete audit of all bailout programs initiated by the Federal Reserve Board, the Federal Deposit Insurance Corporation and other relevant agencies.
This audit would be all-inclusive, from top to bottom. It would include zero- to low-interest loans and financing facilities. It would include federal purchases of any form of financial instrument that was initiated in response to the financial crisis. It would include all forms of business and loan guarantees and every other program that helped any financial institution respond to the crisis.
SNIP . . . .
Financially this is rational and sound. Politically this should gain bipartisan support, especially uniting legitimate conservative and progressive populists and guardians of the taxpayers’ money. This is a reasonable and manageable proposal that would have a sweeping impact assuring transparency, integrity and fairness to taxpayers.
Source:
http://thehill.com/blogs/pundits-blog/economy-a-budget/67603...
