United Liberty
The truth about Herman Cain and Audit the Fed
Wed, 10/12/2011 - 12:10pm | posted by Jason Pye
As I was perusing the web this morning reading recaps of last night’s Republican debate, I noticed a reoccuring theme. Apparently, Ron Paul directed his question to Herman Cain (each candidate was allowed to ask a question of another) about his issues with an audit of the Federal Reserve. Ed Morrissey briefly recounts the exchange:
Paul scored big on Cain’s Greenspan comments, and also had some good points about overregulation and how both parties have contributed to it. No real crazy moments, but he did get a hard rebuke from Cain after misquoting him and ended up looking contrite.
For reference, here is the exchange between Ron Paul and Herman Cain from last night’s economic debate at Dartmouth College:
REP. PAUL: Since the Federal Reserve is the engine of inflation, creates the business cycle, produces our recessions and our depressions, the Federal Reserve obviously is a very important issue. And fortunately tonight, we have a former director of the Federal Reserve at Kansas City, so I have a question for Mr. Cain.
Mr. Cain, in the past, you’ve been rather critical of any of us who would want to audit the Fed.
You said — you’ve used pretty strong terms, that we were ignorant and that we didn’t know what we were doing, and therefore there is no need for a(n) audit anyway because if you had one you’re not going to find out everything because everybody knows everything about the Fed. But now that we have found — and we’ve gotten an audit, we have found out an awful lot on how special businesses get, you know, bailed out — Wall Street, the banks and special companies, foreign governments. And — and you said that — you advised those of us who are concerned and you belittled. You say, call up the Federal Reserve and just ask ‘em —
MR. ROSE: Question?
REP. PAUL: — to get the PR person. So do you still stick by this, that this is a — this is frivolous? Or do you think it’s very important? Sixty-four percent of the American people want a full audit of the Fed on a regular basis.
MR. ROSE: Mr. Cain?
MR. CAIN: First of all, you have misquoted me. I did not call you or any of your people “ignorant.” I don’t know where that came from.
All right? Now, so you got to be careful of the stuff that you get off the Internet because that’s just not something that I have said. (Laughter.)
Secondly, when I served on the board of the Federal Reserve in the 1990s, we didn’t do any of the things that this Federal Reserve is doing. I don’t agree with the actions of this Federal Reserve. I don’t agree with the actions that have been undertaken by Ben Bernanke. We didn’t have a $14 trillion national debt to prop up with some of the actions that they are taking.
And I have also said, to be precise, I do not object to the Federal Reserve being audited. I simply said if someone wants to initiate that option, go right ahead. It doesn’t bother me. So you — I’ve been misrepresented in that regard. I don’t have a problem with the Federal Reserve being audited. It’s simply not my top priority. My top priority is 9-9-9. (Laughter.) Jobs, jobs, jobs! (Applause.)
Well, there’s a problem with this. Herman Cain wasn’t misquoted. While filling in for Neal Boortz back in Decembert 2010, Cain was very dismissive of calls to audit the Federal Reserve (you can hear it in his voice) and did in fact say that people were calling for such a statutory measure “don’t know enough about [the central bank]” (emphasis mine):
[T]he Federal Reserve already has so many audits, it’s ridiculous. I don’t know why people think we’re gonna learn this great amount of information by auditing the Federal Reserve. Now, I no longer serve on the board of the Federal Reserve. I’m not being defensive of the Federal Reserve; in fact, some of the policies and some of the actions of the Federal Reserve, I don’t agree with because the attitude and the non-politization in the 90’s when I served is totally different than what’s going on today. But that’s another matter.
But people who say, “we outta audit the Federal Reserve because we don’t know enough about it.” Well, here’s the advice I’ve given to people who ared worried about an audit of the Federal Reserve; call ‘em up, and ask ‘em if you can stop by and have one of their PR people or one of their Public Relations people explain to you how the Federal Reserve operates.
I think a lot people are calling for this audit fo the Federal Reserve because they don’t know enough about it. There’s no secrets going on in the Federal Reserve, to my knowledge. And I tell people, we’ve got 12 Federal Reserve banks, find out which district you’re in, call ‘em up and go from there.
We don’t need to waste money with another commission, or an audit that’s not necessary, because, folks, we’ve gotta lot of other problems we need to worry about.
Cain, a master of rhetoric, may come across more convincing than Paul, who just isn’t that great of a debater. But on substance, Paul wins. Cain’s point is that he didn’t call those the Audit the Fed crowd “ignorant.” But as you can see, he said, “they don’t know enough about [the Fed].” That’s what we call semantics. Cain may not have used that exact word, but it’s hard to argue that he essentially called them ignorant.
Additionally, Cain is also off on another point. As you can see, he clearly said that an audit of the Federal Reserve was “not necessary.” Cain changed his opinion on this not long after making his original comments, but he has shifted back and forth over the last several months.
I’m not a Ron Paul partisan. I’m not voting for him. There are things that the guy supports that I don’t necessarily agree with and I’m frequently disappointed with how he handles himself in debates.
However, I do appreciate what he brings to the table in terms of economic policy and understand of our financial system. And to be honest, I’d trust him more than Cain on these issues. Why? Because if you listened to Cain you would’ve believed that the housing bubble didn’t exist and that the economy was just peachy. In fact, a month before Congress passed TARP, which Cain supported because “[o]wning a part of the major banks in America is not a bad thing,” he argued that the economy was actually growing.
With a record like that, why would you believe a word of what Cain says?
Actually, the way I read this it seems Cain is simply saying “we don’t need ANOTHER audit”. Maybe existing audits are subject to Open Records requests, or are otherwise available, in which case I’d side with Cain. I’m not interested in more _pointless_ regulation and auditing, if there are already regulations and audits in place we should be leveraging.
The audits in place never found what the hard fought for audit last year found. They were obvously not sufficient.
The audits in place never released information to the public.
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Nice try on twisting Cain’s words there, but he’s been straightforward the whole time: Auditing the fed MORE is a waste of time, as there are better things that can be done right now.
Those audits aren’t available to the public. The audit being pushed currently would make certain information available. It’s about transparency, given the Fed’s substantial role in the economy.
He did not twist Cains words go on youtube and you can listen to Cain in is own words as Ron Paul stated back to him. He openly lied on a National Debate to the American People.
Like what? Print more money? The more we audit the Fed, the more we will see that it is one of the causes of our economic situation. It isn’t even constitutional. We need to end it!
Cain is a crook..From a long line of crooks..Also there token Black in the FEd…..
Who Audited the FED GOLDMAN SACS…..WHAT A JOKE…..ITS TIME TO MAKE OUR MOVE…..
I agree, I too think Cain is simply saying “we don’t need ANOTHER audit.” In FACT Cain has said he would support a Fed audit. So fine, audit the fed & in the mean time Cain’s plain would help the American people while the criminals are prosecuted.
As I noted, he said that after he said an audit was “not necessary.”
Cain is a criminal. Look at his 9-9-9 plan. Stealing is wrong. It’s illegal if you or I do it. The government stealing from the people is not justified.
CAIN AIN’T ABLE
A Federal Reserve stooge named Herman
Tried givin’ American po’ folk a sermon
“If you ain’t rich
You must be a lazy beotch!”
He’s about as subtle as General Sherman.
Now where does Uncle Tom get the nerve
After working for the Federal Reserve,
The biggest thieves on the earth,
To question anyone’s worth
When unemployment’s on an exponential curve?
Herman says “Lift yourself by your laces!
There’s plenty jobs around for all races!”
But there’s no factories
‘Cause with Fed subsidies,
They all went overseas without leaving any traces!
But Herman’s Fed prints out trillions for euro banks
Then hands the bill to taxpayers, without thanks!
Man, it’s as good as it can get
When you’ve got a license to counterfeit,
And now Herman wants to join the Presidential ranks!
Yes, this former pizza peddler named Cain
Says God told him to get into the campaign
With his 9-9-9 tax plan
But turn it over and scan
And the “Mark of the Beast” becomes plain!
When Herman’s tax plan is laid on the table
It’s apparent that it’s a tax increase fable
It’s austerity in disguise
Which Herman vehemently denies
But when asked to prove it, CAIN AIN”T ABLE!
But Herman says he’s an old foreign policy hand,
Claims he’s familiar with all the world’s land.
But when put on the spot
Cain had but one thought,
He got “Ubeki-beki-beki-beki-stan-stan”ed!
_____________________________
Charles Ulysses Feney
_____________________________
Tell the Truth, but tell it in a way that makes them ashamed and embarrassed!
“The best way to drive out the devil, if he will not yield to texts of Scripture, is to jeer and flout him, for he cannot bear scorn”
[Martin Luther]
“The devil … the prowde spirite … cannot endure to be mocked”
[Thomas More]
I think what Dr. Paul meant by ignorant was actually “stupid”.
”
Republican presidential candidate Herman Cain makes it clear in his new book that Texas Rep. Ron Paul’s supporters annoy him with their “stupid” questions about the Federal Reserve.”
http://dailycaller.com/2011/09/27/cain-annoyed-by-%E2%80%98stupid%E2%80%…
So we don’t need another audit? I mean, the partial audit that we got only revealed that we gave away $15 trillion to banks including $5 trillion to foreign banks in 2008. That’s enough to pay off the national debt, and the Fed is giving away this money in an effort to bail out banks? Who knows what else we could find out if we audited the Fed?
if you do not vote for ron paul and you choose to side with hermain cains cancerous ideas let me tell you something there isnt enough treatment that could get you healed. your dead!
There’s a big difference between saying someone doesn’t something, and labeling them “ignorant.” To call someone “ignorant” is to say they don’t know much in general, and to disrespect them.
Herman Cain, a proven liar at the debates, is an ex-Fed Chair, he’ll never eliminate the Fed (and his 9%+9%+9% plan = 27% tax rate as bad as Libs). Mitt equates corporations to people, killing his general election chances. Ron Paul is the only candidate that will end all the wars. Both Republicans and Democrats support endless Wars for Israel, it all started nearly a decade ago under a false flag attack.
9/11 and Israel, here: http://www.iuniverse.com/Bookstore/BookDetail.aspx?BookId=SKU-000190526
Read Cain’s website: 999 is just the first phase. The next phase of Cain’s plan is a National Sales Tax will be 23%, perhaps as high as 30%. That is 23% PLUS state tax PLUS local tax. That would be 30 to 40% more for EACH AND EVERY PURCHASE of food, clothes, medicine, you name it. How’s 40% sales tax sounding to ya?
And Cain has lied already about the National Sales Tax too. Here’s what he said on July 10, 2011 : “The opponents of replacing the tax code with the Fair Tax will launch their usual distortions and lies against the Fair Tax. The most common ones include that it”s on top of the federal taxes we already pay. That”s a lie. Or, that the rate is really 30 percent, which is another lie. Proposed legislation clearly states that the rate is 23 cents on a dollar of goods purchased. ”
He states that he won’t add a National Sales Tax (Fair Tax) on top of the IRS income tax. But 999 is EXACTLY THAT. It is the IRS income tax plus a national sales tax. Seems old Hermie has a bad habit of lying.
If we go by another quote of old Hermie on Sept 18, 2011 he states, “bad behavior would determine how much tax they (people) pay,”. If he wants that, I say he should fork over some cash each time he lies. I should think lying qualifies as bad behavior. I think we’ve had enough liars in Washington to last a lifetime. It’s time to choose the one candidate who in 30+ years on the public record, for all to see, has never once lied, has always been true to his word. Has never betrayed his voters or the Constitution of the USA. That one honest man is Ron Paul. Choose him or lose America.
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There are things that the guy supports that I don’t necessarily agree with and I’m frequently disappointed with how he handles himself in debates. Mini Ring Die Pellet Mill
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