House Rebels Force Fed Audit, Real Economy Onto Agenda

The secretive Federal Reserve, former lair of "masters of the universe" like Alan Greenspan and Tim Geithner and current engine of a Wall-Street-first, Main-Street-last "recovery," is being set up by the Obama administration and Congressional leaders to get more powers.

That's a bad idea.

But it will be made a little less bad if Congress establishes some oversight over the largely-unaccountable institution.

On Thursday, oversight won. An amendment to audit the Fed, which was modeled on a proposal long advocated by Congressman Ron Paul, R-Texas, and Congressman Alan Grayson, D-Florida, was approved on a 43-26 vote by the House Financial Services Committee.

The amendment, which was proposed on the committee by Paul and Grayson, would:

* Remove blanket restrictions on General Accounting Office audits of the Fed

* Allow auditing of every item on the Fed¡¯s balance sheet, including all credit facilities and all securities purchase programs.

A very moderate proposal, the amendment retains a limited audit exemption on the Fed's unreleased transcripts and minutes and sets a 180-day time lag before details of the institution's market actions may be released -- both of which provide Fed governors with all the space and flexibility they might need to act in moments of economic emergency.

The amendment also notes that the approval of auditing should not be construed as interference in or dictation of monetary policy by Congress or the GAO.

In other words, this is about simple transparency, which everyone should favor.

Unfortunately, not everyone is ready to hold the Fed to account.

Democratic leaders in the House, including Financial Services Committee chair Barney Frank, D-Massachusetts, tried to scuttle the "Audit the Fed" proposal.

It would be fair to ask: What parallel universe have we entered where Democrats are the prime defenders of bad bankers and bad practices?

But, luckily, not all Democrats have gone astray.

When the committee vote came, it broke down like this:

Chairman Frank and 25 committee Democrats voted against auditing the Fed.

Grayson and 14 committee Democrats joined 28 Republicans in voting "yes" for transparency and a measure of accountability.

The Paul-Grayson amendment now becomes part of HR 3996, Frank's "Financial Stability Improvement Act of 2009."

That bill, which was expected to gain a vote this week, will not be considered until after the Thanksgiving break.

That's because Frank's rush to win approval for this legislation is being slowed not merely by those who would audit the Fed but also by those who say that Congress must get more serious about addressing real-economy concerns -- particularly unemployment in the African-American community.

The delay in consideration of the Financial Stability Improvement Act is entirely appropriate, even if Frank and his staff are grumbling about it. Over the next week or so, Frank will work with members of the Congressional Black Caucus to address concerns about the failure of the Obama administration and congressional leaders to respond aggressively, or effectively, to high unemployment and other economic challenges in African-American neighborhoods.

Congresswoman Maxine Waters, a California Democrat who is the senior CBC member on the committee, is a prime mover in the effort to get Congress to pay more attention to real-economy concerns. Waters and other CBC members have been meeting with keys figures in the Obama administration and the congressional leadership to argue that more must be done to ease constraints on credit, address foreclosure threats and focus intensely on job creation -- especially in areas that have long been neglected.

The Financial Services Committee is not the only place where these issues can or should be addressed. Indeed, as a Frank spokesperson said of gteh CBC members, "They said that they weren't going to support the bill (Thursday) because of issues absolutely unrelated to the bill -- larger economic issues facing the African American community -- so we put off the vote to give the time for the administration, leadership and the CBC to work those issues out."

But Waters was blunt, and correct, about the importance of focusing attention on the need for the administration and the Congress to pause in the rush to address the challenges of the banks and the financial services industry to ponder the condition of those Americans who have suffered most from not just an economic downturn but the neglect of government: "The recession has created a unique systemic risk that threatens all parts of the African-American community, including the poor and the middle class. I have always been committed to addressing that risk and will continue to do so. This is a critical issue for my constituents."

In fact, the real-economy issues being raised by Waters and her colleagues are critical for out-of-work and foreclosure-threatened Americans across the country. To the extent that the rebellion she has fomented focuses attention on the urgency of a response to rising unemployment and other challenges facing urban communities, the Congress and the country will be well served by this delay.

And if the final legislation that comes out of the Financial Services Committee holds the Fed to account and better serves the interests of poor and working-class Americans, then the battles on this particular committee might just be the start of a long-overdue redirection of an economic debate that has well served bankers and speculators while ill serving the rest of us.

Comments (43)

1. if there ever was a time for bipartisanship (a term i loathe), this is it.

   Posted by darladoon at 11/20/2009 @ 11:31am

2. The question is whether the Fed should answer to the Bank of England and Deutsche Bank, as it does now, or the American people? No two Americans would disagree on this.

   The Fed passes our money to the International Banker's gang association at near Zero Percent, while bankers loan the same money to Americans at 30%. This is more lucrative than bootlegging.

   Only in America, thieves are rewarded with bailouts and handouts and those who steal our jobs and take them to China are given tax breaks.

   The above extortions are given legitimacy by our Congress, which is on the Payroll the bankers and multinational thieves; welcome to Democracy American style.

   Posted by CripThink at 11/20/2009 @ 12:02pm

3. The above extortions are given legitimacy by our Congress, which is on the Payroll the bankers and multinational thieves; welcome to Democracy American style.

   Posted by CripThink at 11/20/2009 @ 12:02pm

   After reading the above article it is apparent that the banks have their grafting public servants doing their bidding for them on both sides of the isle. In short, nothing will pass that would put a crimp in their business dealings. If something does get passed you can bet your bottom dollar that it will be so riddled with loop holes that the very institutions they are claiming to reign in will be given more freedom to rape the American people more.

   This appears to be the modus operandi of D.C.

   Posted by Wolfgang1 at 11/20/2009 @ 12:32pm

4. NICHOLS: "a proposal long advocated by Congressman Ron Paul, R-Texas, and Congressman Alan Grayson, D-Florida, was approved on a 43-26 vote by the House Financial Services Committee.

   .....Unfortunately, not everyone is ready to hold the Fed to account.....Democratic leaders in the House, including Financial Services Committee chair Barney Frank, D-Massachusetts, tried to scuttle the "Audit the Fed" proposal.

   Chairman Frank and 25 committee Democrats voted against auditing the Fed.

   Grayson and 14 committee Democrats joined 28 Republicans in voting "yes"...... "

   ===========================

   This is about as clear an indictment of Barney Frank AND the complicity of Democrats as there can be!! I wasn't aware that the Feds isn't subject to audit but I find that it hasn't been, to be a major LOOPHOLE or negligent OMISSION!

   Note that just 1 of the 26 NO votes is a non-Dem!

   Note also that MORE Dems voted NO (=25) than YES (=14)!

   Finally, since we don't know who the lone non-Dem NO vote is, we can say that either all 28 Repubs voted YES or, at the least, 28 of 29 were YES votes!

   This is now, or should be, self-evident to the nutjobs that on financial regulatory/oversight matters, the Dems have been screwing the pooch for a f*&king long time!

   Posted by Happy at 11/20/2009 @ 12:40pm

5. One mantra that is repeated here constantly is that it is the conservatives who are mainly "owned" by the banks.

   Well, it seems we have two moments of truth in the past year to gage the accuracy of this charge. First the Tarp and now this audit of the Fed.

   In both instances, it was Democrats on the side of the banks and Republicans who were on the opposing side.

   Granted, this has not always been the case. But those who have been making partisan charges against conservatives have less firm ground to stand upon.

   Posted by antisocialist at 11/20/2009 @ 1:06pm

6. "Auditing the Fed" a dogmatic mantra of the "The Federal Reserve Mind Control Lasers run our country" types....

   problem is, if the Fed is audited...it won't be good enough for them. It never is for conspiracy theorists.

   Unless the audit comes back telling how "the Fed prolonged the Cold War (or started it)...how it killed John F. Kennedy...and how Greenspan personally planted the thermite charges in the Towers on 9/11"....it'll be called a "white-wash" and "cover-up".

   It's how these people think.

   BTW, as to Larry's partisan point....why did the Republicans audit the Fed when THEY controlled Congress, Larry?

   Instead of supporting it NOW, when they're the in minority and it might not happen (but they can make political hay of it)????????

   Posted by Mask at 11/20/2009 @ 1:16pm

7. "This is now, or should be, self-evident to the nutjobs that on financial regulatory/oversight matters, the Dems have been screwing the pooch for a f*&king long time!"

   and how long would that be, happy? i remember the repubs controlling congress from 1994-2006.

   Posted by darladoon at 11/20/2009 @ 1:23pm

8. This is now, or should be, self-evident to the nutjobs that on financial regulatory/oversight matters, the Dems have been screwing the pooch for a f*&king long time!

   Posted by Happy at 11/20/2009 @ 12:40pm

   Happy, aren't you part of the "financial regulation/oversight is bad, unlimited capitalism is good" crowd?

   I like this amendment alot and applaud Ron Paul and Alan Grayson (of the "hurry up and die" quote) for sponsoring this amendment. Barney Frank...I am starting to wonder who owns him and which corporate/banking logos he should be forced to wear on his suit.

   Posted by Stephen_Carver1 at 11/20/2009 @ 1:25pm

9. RX FOR POLITICAL SYPHILIS: Focused Anger, Renewed Resolve and Leadership Most of All

   Here's a special to the Nation magazine by yours truly, B Kool:

   Excerpt:

   "Massive military spending is not only counterproductive and destabilizing for the entire planet, it simultaneously deprives us of the funding sorely needed to educate ourselves and prevent so many from falling in love with soulless, sadistic, hideously ugly, ignorant, media whores like Sarah Palin…..If Palinism is a disease, the American body politic is quickly degenerating into a syphilitic monster."

   EXTRAORDINARY TIMES DEMAND EXTRAORDINARY EFFORTS

   Allow me to begin with the easy and obvious. What's wrong with the right? This is like shooting fish in a barrel, only I find fish far more beautiful, diverse and fascinating than right wingers in America. In Sarah Palin, we have the answer for us, nice and tidy. No, she's not likely to win an election for anything important any time soon, and yes, we should probably be thankful if she's in the conversation for a presidential nomination in 2012 –astronomically unlikely, in my opinion. She's an albatross around conservative's necks, but that's an awful lot of necks connected to an awful lot of absurdly ignorant heads. The problem with the right, broadly, is that there are far too many of them, and they are so obscenely wrong on a multitude of issues that affect the quality of life for all of us. This has been in the making for decades now, but the consequences have begun to queue up like a police line-up of thick-skulled thugs straight out of your worst nightmares.

   Posted by b_kool_66 at 11/20/2009 @ 1:28pm

10. It was Carl Sagan who warned us just before his untimely death in late 1996, that we live in a demon haunted world, at least that's what too many of us see –demons, angels and darkness instead of the intelligent illumination of human love, kindness, felicity and fairness. The disturbing climax of Sagan's superb book, "The Demon Haunted World" is a midway chapter consisting of excerpted letters chosen randomly, written in response to his Parade magazine article that was crafted to debunk claims of alien visitations and abductions of humans on Earth. The chapter, appropriately titled, "City of Grief", is an indictment of our broad abilities to think clearly, and even if it does not represent a scientifically constructed poll, the results should represent a wake up call to our society. We can do much better, and we MUST if we are going to survive for the long haul.

    Posted by b_kool_66 at 11/20/2009 @ 1:28pm

11. I think Jonathan Schell's latest superb Nation piece, "The Fifty-Year War", helps to illuminate the political consequences of a demon haunted world –coincidentally, Tom Engelhardt elaborates on Schell's excellent points here, tinyurl.com/yaxswmf. It's a place where Presidents dance like marionettes to the whims of a fearful and ignorant rightwing mob instead of responding to the reasoned and well-constructed arguments of the best of the left. [Actually, as I've stated on these blog threads before, perhaps a more meaningful division is between the sane and reasonable and the fearful and ignorant rather than "left" versus "right". Sadly, much of the right has essentially found itself in the powerful jaws of a rabid pit bull, being violently whipped around like a rag doll. They seem to enjoy it.] The left in America has been, and certainly is now, an abject failure. Presidents don't respond to it because it doesn't froth at the mouth. But mouth foaming (fortunately) is not the only way to wield influence.

    We on the left need to be much more assertive, monolithic and far more spinally principled on at least a few of the critical issues we face such as 1) the need to dramatically downsize our military and its overseas footprint, 2) renewed and massive investment at home to create jobs and emphasize environmentally sound living, 3) a T. Roosevelt-like program of big bank busting and 4) a completely revamped system of publicly financed elections to wrest away control of our dying democracy from plutocrats.

    Posted by b_kool_66 at 11/20/2009 @ 1:28pm

12. Why is it that we almost never hear anyone in the so-called mainstream media stating that our military is beached-whale-bloated beyond any reasonable requirement of a so-called democracy? Ours is the military of a fascist state. But you won't hear that because Rachel and Keith and Katrina simply will not get on the same page and repeat it enough Why is it that we almost never hear anyone in the so-called mainstream media bluntly for it to sink in with the general public. This is a gargantuan failure to acknowledge the obvious. Massive military spending is not only counterproductive and destabilizing for the entire planet, it simultaneously deprives us of the funding sorely needed to educate ourselves and prevent so many from falling in love with soulless, sadistic, hideously ugly, ignorant, media whores like Sarah Palin.

    Let me be clear, I don't actually hate Sarah Palin, and she's probably less evil than the quintessential Hitlerian propaganda screech doll, Ann Coulter. But Palin is also vapid, mean spirited, misguided to the point of derangement, and she represents a doppelganger of the abject ignorance and callous-heartedness of a distressingly large swath of America's populace. But what is most disturbing about Sarah Palin is how she has managed to reach such a pinnacle of popularity via a blizzard of lies, half-truths and uncorrected misinformation. If Palinism is a disease, the American body politic is quickly degenerating into a syphilitic monster. None of us should be comforted by the fact that we are not yet affected-- we are, regardless of whether we choose to acknowledge it.

    Posted by b_kool_66 at 11/20/2009 @ 1:28pm

13. The battle, as many of us can clearly see, is an epic one, and it is one that we are losing badly as we speak. And when this war is lost, NO ONE will profit. As Sagan once wisely said, "Extraordinary claims demand extraordinary evidence". We have now arrived at the time for its desperately needed corollary, "Extraordinary times demand extraordinary efforts".

    We need to be keenly aware that virtually everything we think and do is ultimately a political act far more profound than our infrequent, and largely, weakly symbolic visits to the polls. It is time to take seriously the need to change how we live and how we consume, including most intimately, what and how we eat. I strongly encourage readers to investigate some of the fabulously readable books (or CDs) by Michael Pollan, such as "The Botany of Desire", "The Omnivore's Dilemma" or most recently, "In Defense of Food". And then walk and bike more, and eat less and better. If not, perhaps, a giant leap, such moves would represent a giant step in the right direction.

    No, we likely cannot change the world by ourselves, but we have no choice but to try, and then someday maybe….just MAYBE, we'll get the leaders we deserve who will in turn respond to our informed and well-founded wishes.

    The ultimate goal must be nothing less than an unprecedented paradigm shift –for the better-- in what it means to be "human". In the meantime, batten down the hatches and prepare the figurative candles, matches and emergency supplies, because we are most certainly on a direct path into the teeth of a torrential storm of darkness and fear.

    The surest route to blunting its force would be an effective leader –the planet is waiting.

    Posted by b_kool_66 at 11/20/2009 @ 1:28pm

14. Ok, so here is something that many of us will support, common ground and desire, how come I don't see calls for a petition, something, anything?

    Maybe we could all line up and spit in the wind at the same time.

    Posted by !immutable at 11/20/2009 @ 1:42pm

15. One wonders where the disenchanted will seek refuge next?

    Americans have been bouncing from one stick to the second stick; and back, like bewildered canary who is attempting to ride out a hurricane in the confine of small cage.

    Vote Republican in 2010, as we voted Democrat in 1992 and Republican in 1994, Democrat in 1996, Republican in 2000, then Democrat in 2006 and 2008. Henry Ford promised to give it to you in any color you want, as long as it is black. Noam Chomsky coined the term: Manufacturing Consent to describe our delusion about our Democracy.

    The bankruptcy of the two-party apparatus in quelling America's decline is a painful reminder that we have been duped for too long.

    Posted by CripThink at 11/20/2009 @ 2:16pm

16. Happy, aren't you part of the "financial regulation/oversight is bad, unlimited capitalism is good" crowd?

    I like this amendment alot.....

    Posted by Stephen_Carver1 at 11/20/2009 @ 1:25pm

    I have NO problem with some set of basic "financial regulation/oversight".....it's called rules of the game in everything we do (or watch, as in football). Unfortunately, most such rules grow from dozens of pages into thousands of pages...to the point, the rules are so complex and cross-referenced (see IRS) that people just say, fuck this shit and I'll do what I can and blow off the rest.

    All that said, in my basic tool chest on financial matters, auditing is about as foundational as it gets....which is what I meant by saying earlier: "I find that it hasn't been, to be a major LOOPHOLE or negligent OMISSION!"

    Glad we agree on something!

    How about some agreement that the Dems are the ones screwing the pooch at our expense?

    Posted by Happy at 11/20/2009 @ 2:35pm

17. How about some agreement that the Dems are the ones screwing the pooch at our expense?

    Posted by Happy at 11/20/2009 @ 2:35pm

    COKE! PEPSI!

    Posted by frosty zoom at 11/20/2009 @ 2:41pm

18. and prevent so many from falling in love with soulless, sadistic, hideously ugly, ignorant, media whores like Sarah Palin.

    Let me be clear, I don't actually hate Sarah Palin, and she's probably less evil than the quintessential Hitlerian propaganda screech doll, Ann Coulter. But Palin is also vapid, mean spirited, misguided to the point of derangement, and she represents a doppelganger of the abject ignorance and callous-heartedness of a distressingly large swath of America's populace. But what is most disturbing about Sarah Palin is how she has managed to reach such a pinnacle of popularity via a blizzard of lies, half-truths and uncorrected misinformation. If Palinism is a disease, the American body politic is quickly degenerating into a syphilitic monster. None of us should be comforted by the fact that we are not yet affected-- we are, regardless of whether we choose to acknowledge it.

    wow Insert Obama for Palin and some of this gibberish would make sense.

    Posted by Parses6 at 11/20/2009 @ 2:51pm

19. I have NO problem with some set of basic "financial regulation/oversight".....it's called rules of the game in everything we do (or watch, as in football).---Posted by Happy at 11/20/2009 @ 2:35pm

    Cool...any chance (in hell) you could list those "rules"...specifically...that you'd support?

    Posted by Mask at 11/20/2009 @ 3:23pm

20. Frank is in way over his head. He actually believes that saving financial institutions will solve our economic problems. Barney's all caught up in the Wall Street drama; the front page headlines; the big names. He loves being the center of attention and is tone deaf about the collapse of wages.

    Posted by Buddy33 at 11/20/2009 @ 4:14pm

21. Cool...any chance (in hell) you could list those "rules"...specifically...that you'd support?

    Posted by Mask at 11/20/2009 @ 3:23pm

    As much chance as my asking you to list all odd numbers....LOL!

    Posted by Happy at 11/20/2009 @ 4:19pm

22. Droop-Once again you know scant details about something outside of your bragging area.It has nothing to do with you making a quick buck so you are clueless.Santi,I agree with you that the Democrats certainly are in the banks pockets. This is a recent development,it must be seen as more honest than the health care concerns pouring money into their pockets.What the article is about is the Fed.The Fed to my knowledge has never been audited.Who are the protectors of the Fed?It looks like people want to know where and when the printing presses have been turned on and off.Barney Frank is wrong on this issue and should question the Fed rigorously.

    Posted by whatozz at 11/20/2009 @ 5:00pm

23. How about some agreement that the Dems are the ones screwing the pooch at our expense?

    Posted by Happy at 11/20/2009 @ 2:35pm

    Happy...we agree on ONE thing and you start pushing my limits! Can't you just be HAPPY with the one thing?

    Deregulated capitalism under the Republicans is what has gotten our pooch screwed lately (starting with St. Reagan). That's part of the reason I am for MORE regulation of the finance/banking industry. I am FOR breaking up the "too big to fail" banks and Wall Street companies.

    None of which I know you are for, because you support deregulated capitalism.

    BTW, did you know that the "buy gold" commercials now play on liberal radio stations? It's not just conservatives buying gold, baby.

    Posted by Stephen_Carver1 at 11/20/2009 @ 5:41pm

24. For shame Barney Frank, and a huge disappointment, but the Paul/Grayson bill is a good start, time to audit. B_Kool, nice writing, I couldn't agree more, AND, I can't believe I'm going to write this, but I sort of agree with Happy, g-d that hurt!

    Posted by Denise29 at 11/20/2009 @ 5:48pm

25. Barney Frank...I am starting to wonder who owns him and which corporate/banking logos he should be forced to wear on his suit.

    Posted by Stephen_Carver1 at 11/20/2009 @ 1:25pm

    and barney's only second string.

    Posted by frosty zoom at 11/20/2009 @ 7:56pm

26. Yesterday Republicans shamelessly thwarted efforts by Democrat Senator Chris Dodd to help Middle America by freezing credit card interest rates on existing balances. At a time when people in this country are literally going hungry and without work, Republicans had the chutzpah to throw Middle America under the bus and instead line the pockets of credit card companies. Oy gevalt . . .

    I understand the great plight suffered by credit card companies. The gravy train with biscuit wheels that they've been riding for years will soon be coming to an end. However, if they are looking for sympathy from Middle America, they can find it in the dictionary, somewhere between "s###" and "syphilis."

    As you may recall, especially if you're an insomniac and have needed something on the nightstand to help you sleep, the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act enacted in May, prevents arbitrary interest rate, fee and finance charge increases on a consumer's existing balance.

    In response, credit card companies have been hiking credit card interest rates to 30% in a last ditch effort to take advantage of consumers before all of the CARD Act's provisions take effect. To stem the hiking of fees on Middle America, Dodd's bill would have sped up some of the provisions in the CARD Act, which don't take effect until February or August of 2010.

    There is nothing honest about what credit card companies are doing to consumers with these rate increases and fees, which are simply usury and legalized extortion.

    If you're keeping score, let the record reflect that in keeping with its tradition of whoring for big business, Republicans have once again chosen big business over Middle America.

    A. Muser http://americanmuser.wordpress.com

    Posted by AmericanMuser at 11/20/2009 @ 10:49pm

27. the Dems have been screwing the pooch for a f*&king long time!"

    and how long would that be, happy? i remember the repubs controlling congress from 1994-2006.

    Posted by darladoon at 11/20/2009 @ 1:23pm | ignore this person | warn this person

    Terminally stupid is your disease DarlaLOON! Congressional control by Demoncrats from 54' to 94' and from 2oo6 to date 2009 doesn't even penetrate your brain! Who do you think passed all those banking and financial boondoggals that are now bearing fruit. Try the congressional record for a start and focus on Franks and Dodds control and you might reach a new nirvana!

    Posted by BigPasture at 11/21/2009 @ 12:45am

28. Posted by AmericanMuser at 11/20/2009 @ 10:49pm | ignore this person | warn this person

    That was about the most ignorant partison biased LIE I've read here today! Demoncrats control the Senate and the committee and you are to dumb to recognize a grandstand play made by the party that was bought and paid for by banks and financial institutions in the 2008 elections! Wake up!

    Posted by BigPasture at 11/21/2009 @ 02:05am

29. Secretive? Undoubtedly.

    But it was no secret that Repub bankers at the Fed have deliberately manipulated interest rates to influence elections: to overthrow Dems (1980 & 1994) and to re-elect Repubs (1992 & 2004).

    That's why the notion of an independent, apolitical Fed is so preposterous. The proposal of Dennis Kucinich and others to bring the central bank under the control of the Treasury Dept. makes more sense than window-dressing 'audits'.

    Posted by samcrossett at 11/21/2009 @ 07:51am

30. As much chance as my asking you to list all odd numbers....LOL!

    Posted by Happy at 11/20/2009 @ 4:19pm

    a number n is odd if there exists some integer k such that

    n = 2*k + 1

    Posted by Blair Wooff at 11/21/2009 @ 09:09am

31. I laugh at the "buy gold" advertising spots for this reason,who is buying?Does anyone posting here have a friend or friends that are buying gold with their unemployment checks?These spots have been running for months now. The juxtaposition of the middle class fighting for their economic lives and buy gold ad spots just doesn't mix well.Liberal talk shows have to pay the bills I guess.Big Pissture, who passed the deregulation legislation that opened the floodgates?The Republicans that's who,it is part of the public record look it up.When you start doing a smidgen of research you will be taken seriously.The bankers saw the changing tides and went Democratic recently.It is time for term limits,Congressional Chairmen are not too big to get tossed out.This goes for both sides of the aisle.Ted Stevens didn't get led out of town in a tar wagon because he was wearing a snowy white suit. Tom Delay and Trent Lott both saw Tom Daschle driving around town in a limousine and slipped out of their positions. There is something wrong with a system that makes millionaires out of former Congressmen virtually overnight.

    Posted by whatozz at 11/21/2009 @ 09:42am

32. Ron Paul and Alan Grayson sponsoring a bill together - will cats and dogs live together at last?

    Seriously, I am glad that opposing views - one a libertarian and one a progressive - can get together and put forth legislation that will reign in Geithner, Summers and any of the failing ex-Feds that got us into this mess.

    Posted by JustOneBobofMany at 11/21/2009 @ 10:19am

33. As much chance as my asking you to list all odd numbers....LOL!

    Posted by Happy at 11/20/2009 @ 4:19pm | ignore this person | warn this person

    ...-3, -1, 1, 3...

    Posted by ibbleblibble at 11/21/2009 @ 12:08pm

34. 33 posts...

    nevermind

    BALLOON BOY GOES ROGUE!

    Posted by frosty zoom at 11/21/2009 @ 3:46pm

35. I must say, b_cool_66 I think you have it backwards. It's not that Presidents ignore the left because of its own ineptness (it's no worse than the right at doing stupid things) but it's rather that we haven't had a genuine reformist president since Jefferson. FDR was close, but basically these guys are all mobsters and the Mob is based in Wall St., London, Tel Aviv and Rome.

    I had hopes for Obama, but with his zionist mafia cabinet, he's shown himself to be a reptile with the best of 'em. A black Boris Yeltsin.

    Posted by DejaVu at 11/21/2009 @ 10:40pm

36. World Social Justice. We cannot allow large Corporation, to us the issue foreign Competition to their Advantage. We need to reform the UN, in a way that allows the UN, to represent the people of the world. P The kind of poverty that leads to Human Death is totally unacceptable in a Civilized World. A new way for the US to approach World Social Justice, must begin with an end to the" War on Terror", and a beginning to the "War on Poverty". Our nation's Security depends on how we deal with World poverty. We have to put our money, where our mouth is. We spend much more on war, than the needs of our Own People. Audit of the Federal Budget, to see how we can spend federal tax dollars, in a way that shows we have derailed the Corporate Gravy Train. When Congress conduct's the Audit, look at Federal Agencies like the Energy Dept. The Energy Dept was a place where the Bush administration, use to hide money for a Nuclear weapons Upgrade Program. I have no reason to believe this has changed under President Obama. Why are we upgrading nuclear weapons, when President Obama, says he wants to reduce our Nuclear weapons Stock pile? The fact is Foreign governments know more about Federal spending than most Americans. The US should push the UN to establish its own method of financing it Development programs. I have said, I support a Transaction Tax, of 5% on all Financial Transactions, think of it as Tithing. The US Military is Both Feared and in many cases hated. The US military should not be running development programs, in Iraq, or Afghanistan.

    Posted by peacekeepertwo at 11/22/2009 @ 2:23pm

37. At least it passed. This one of the few promising pieces of legislation lined up for this Congress. Still, the fact that a majority of Democrats voted against this is shocking. This party used to stand for financial regulation, now we're seeing the merciless gutting of Sarbanes-Oxley and a general hesitance to conduct a desperately needed audit of the Fed.

    Posted by nkurland at 11/22/2009 @ 4:04pm

38. Posted by DejaVu at 11/21/2009 @ 10:40pm

    Not quite sure I agree with you. LBJ accomplished far more than FDR on the domestic front, even accounting for the fact that Vietname derailed the Great Society.

    Posted by nkurland at 11/22/2009 @ 4:11pm

39. Republicans are correct - all the Democrats are defending is a great big pile of sh--!! Audit the Fed!! What thwe f--- is the problem with an Audit?? If they're innocent, then they have nothing to fear!!!!!

    Posted by DPGrassley at 11/23/2009 @ 3:12pm

40. they are claiming to reign in will be given more freedom to rape the American people more. This appears to be the modus operandi of D.C. Posted by Wolfgang1 at 11/20/2009 @ 12:32pm | ignore this person | warn this person

    rein, not reign

    Posted by emile duBois at 11/23/2009 @ 4:55pm

41. Extremists and ideologues are the biggest political threat we have. The only people who stand to loose by the public of all political types calling for common sense are the politicians and corporate welfare recipients. I am a libertarian, but not an ideologue. The whole country is in the habit of jumping to government intervention instead of first asking if government intervention is part of the cause of a problem. I would never oppose government intervention if it were needed to solve real problems. The word bipartisan is a cover for those who would keep us divided into bitterly opposing groups. Who says there are only 2 positions on an issue? Let's unite on this and make the Fed transparent.

    Posted by stthomasaquinas at 11/23/2009 @ 10:21pm

42. COKE! PEPSI!

    Posted by frosty zoom at 11/20/2009 @ 2:41pm

    Coke made Nazi pop.

    Posted by koroviev at 11/24/2009 @ 03:11am

43. If Palinism is a disease, the American body politic is quickly degenerating into a syphilitic monster. None of us should be comforted by the fact that we are not yet affected-- we are, regardless of whether we choose to acknowledge it.

    Posted by b_kool_66 at 11/20/2009 @ 1:28pm

    I was talking to a Polish immigrant yesterday about Sarah Palin. Without knowing any of my positions on anything, she said, "I can't believe republican people are so stupid as to follow the lead of a person like Sarah Palin. I didn't know that the republican party was so ignorant."

    I couldn't have summed up better what she said. The republican party really is two parties. One is the really wealthy people who are smart and are using the system to their advantage (they are aholes to the nth degree, but they aren't stupid). Then there are the morons drooling all over themselves about the red, white and blue, the military, and setting things right in the world at the end of a muzzle.

    Presently, I don't know what to think of the democratic party as it is. We'll see what they do with Afghanistan, healthcare, and jobs for working Americans......either they are with us or they are against us! LOL So far, they appear to be more on the republican side of things than on the side of us working folks. As Frosty has pointed out infinity to the n+1 times.....Coke, Pepsi, Coke, Pepsi....We need to throw some Mountain Dew, Beer or something else into the works.

    Posted by Wolfgang1 at 11/24/2009 @ 08:09am