Insiders predict financial package will pass, but without Fed audit

Mon, 02/08/2010 - 3:20pm | posted by Jason Pye

Insiders don’t expect the Audit the Fed language to be part of any financial “reform” legislation that passes Congress:

Washington insiders overwhelmingly believe Congress in 2010 will pass new regulations on the financial industry.

According to a new poll by FD, a communications and strategy firm, 76 percent of Washington insiders say financial regulations will head to President Barack Obama’s desk this year.
[…]
A similar 74 percent of insiders believe Congress will not pass legislation requiring an audit of the Federal Reserve’s monetary policy. The Fed has come under heavy criticism this year for its role in propping up the economy and carrying out bailouts of major financial institutions. Federal Reserve Chairman Ben Bernanke received the fewest votes in favor of his confirmation of any Fed chairman.

It’s probably for the best. Whatever financial “reform” package passes Congress is not going to help the economy or strengthen financial institutions. Even Rep. Ron Paul (R-TX) voted against the bill in the House, which contained his audit language because it was a horrible bill overall.

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Tagged: Audit the Fed Ben Bernanke End the Fed Federal Reserve

It’s obvious how they found the money for the bailouts now. Little Tommy Tucker stuck $20.00 into his investment account, which in turn, with some shrewd business sense (where was that then?), turned into $8,000,000,000,000 of price signals for every dollar invested (don’t take the figure seriously), problem solved!

I think it’s time to just sit back and wait to see if it explodes as predicted because nothing will stop them until it does. I still think they were fighting off a hostile takeover from elsewhere. From what I can see of this high frequency trading, computers are making the decisions that control the stock market so I guess that’s the next thing they’ll shut down.

If you get the chance, take a listen to this: http://www.bbc.co.uk/iplayer/console/b00nk55r THIS is the death of Capitalism!