Video: Ron Paul's Audit the Fed Full Hearing 10/04/11

From the YouTube description:

Panel I:
Orice Williams Brown, Managing Director, Financial Markets and Community Investment, Government Accountability Office

Panel II:
Robert D. Auerbach, Professor of Public Affairs, Lyndon B. Johnson School of Public Affairs, University of Texas, Austin

Mark A. Calabria, Director of Financial Regulation Studies, Cato Institute

They found out some pretty significant stuff, and a lot about what we DON'T know about that we need to find out!!

Thank you Ron Paul for bring attention to the corruption in the Federal Reserve. It may seem boring and long, but everyone should listen to this. When I hear, shredding documents, employee theft, corruption, the incestuous relationship of a select few cutting special deals, the feds avoidance of any audits, accounting fraud, it tells me this is just the tip of the iceberg. Can anyone watch this and not realize we are being ripped off big time? It's time to nationalize this corrupt central bank, audit it, prosecute the perpetrators and shut it down.

Take home for me is 1) internal audits by Fed are worthless... duh, 2) not much confidence in GAO to do competent audits... duh again, 3) the only group the Fed is independent of is Congress; in bed with Wall Street and Executive branch...more duh.

Until individual transactions are audited, there's no real way to know what the hell the Fed has been doing.

The Fed is actively destroying records and deliberately *not* making records of various functions. So, even if a full audit were done we can be sure we'll never know what they've really been doing. So, just closing the Fed is about the best we can hope for.

No outrage being directed at the Fed by any of the other Committee members. Seems like they are still of the mind that somehow if they just tweak the regs, the Fed will start being good... Paul is the only one on the committee even questioning why we need the Fed...

Quote of the Day: "Congressional oversight of the Fed amounts to about twelve hours of hearings per year, and that's as far as it goes. Of those twelve hours, no more than five or ten minutes goes to any one Congressman, who has the opportunity to ask at most one question of Chairman Bernanke every six months. To claim that this is effective oversight is laughable." - Rep. Ron Paul

Listening now (0:31), anyone find anything interesting yet?