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WSJ: House Attacks Fed, Treasury


House Attacks Fed, Treasury

Panel Votes for Tighter Political Rein on Central Bank; Some Call for Geithner to Quit


WASHINGTON -- Political frustration over the rescue of Wall Street and high unemployment erupted in Congress Thursday, with one committee threatening to impose tighter scrutiny on the Federal Reserve and another excoriating Treasury Secretary Timothy Geithner.

The House Financial Services Committee voted, 43-26, to approve a measure sponsored by Texas Republican Ron Paul, vociferously opposed by the Fed, that would direct the congressional Government Accountability Office to expand its audits of the Fed to include decisions about interest rates and lending to individual banks. The Fed says the provision threatens its ability to make monetary policy without political interference.

The vote was the latest blow to the central bank, which has been become a lightning rod for politicians responding to popular anger that Wall Street was bailed out while the public was not. The Fed faces a stinging backlash from legislators from both parties who argue that has too much power and too little oversight. On Thursday, the Senate Banking Committee began debating legislation that would largely remove the Fed from bank supervision over the objections of both the Fed and the Obama administration.



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If they want the economy to get any better....

they need to wipe out debt from every, and I mean every consumer in the US, not only the Wallstreeters, or Banks. That is the only way small businesses, and consumers will be able to get out of this, will they, hell no, the American taxpayer will be bailing out the BIG Banks, Wallstreeters, and Big Corporations, even if it means every household in the US goes under. My suggestion would be is to call all debts cleared, that includes everyone, and re-instating honest money, gold and silver. Physical Gold, and Silver by the way. This is currency that cannot be manipulated. Zimbabwe is doing it now, just look at how long it took them to realize that real money is value, and a trillion of the fiat printed money can't buy much.


So what say does this Continental Congress have to do with our current government, and what difference are they going to make if any for our Republic??? Not much from what I understand.. Please let me know, because more than 80 percent of the American people do not have a clue about them.

Well, sounds like you haven't done your homework! Look into it

its historic.

It is up to each of us to make this viral like everything else we do that is good, moral and makes sense!

It is up to each of us to make these resolutions, once completed November 22nd, to manifest.

Remember when Audit the Fed was a pipe dream, a long shot. Ain't so now is it?





Unexpected reenforcements appear

"Richard Trumka, President of the AFL-CIO, Andy Stern, President of the Service Employees International Union (SEIU), and Leo Gerard, President of the Steelworkers Union, all signed a letter with economists, labor leaders, and bloggers blasting Rep. Mel Watt’s amendment to gut the audit of the Federal Reserve."

This will put pressure on some Democrats to support HR 1207. RP and the SEIU agree on something. Who'd a thunk?


Wow unusual suspects

For Freedom!

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

This makes my blood boil

Barney Frank, a Massachusetts Democrat, had planned to put to a vote Thursday. But he abruptly announced late in the afternoon that the bill wouldn't move ahead until after Thanksgiving. The reason: Ten members of the Congressional Black Caucus on the committee said they would oppose the bill to protest a lack of action to address the economic pain borne by their constituents. Although the economy appears to be growing again, lawmakers face increasing pressure in their districts to do more to boost growth and address an unemployment rate now at 10.2% and expected to rise.

The POOR is exactly who will benefit the most from this! WTH

A Republic, If You Can Keep It

Barney Frank is a...

putz. This man needs to be charged with many crimes, unfortunately that will not happen with a Demonotic Congress, especially while Broom Hilda Pelosi is still Speaker of the House.