For years liberals, conservatives, independents, DC, Main Street and Wall Street seemingly defied all normality and not only embraced, but nearly worshiped the same individual, Alan Greenspan. After rising in 1987 to the position of Chairman of the Federal Reserve, the most powerful financial position in the world, he presided over the most sustained period of economic growth in the history of America. He rode the wave of private sector technological achievements that created abnormally high productivity growth. To many it was his greatness that brought about the increase in income, increase in homeownership, increase in credit, increase in all things material — while still maintaining price stability.
The Daily Caller has taken notice of increased support of an audit of the Federal Reserve, like that introduced by Rep. Ron Paul (R-TX), from tea party organizations and promoters:
Though Republican Rep. Ron Paul told The Daily Caller last week that he was worried that “some people have slipped into the Tea Party who are awfully close to being part of the establishment,” on at least one particular anti-establishment issue close to the Texas congressman’s heart — auditing the Federal Reserve — Tea Party leaders told The DC that they are all for it.
FreedomWorks vice president of public policy Max Pappas said the PAC has signed onto Paul’s “Audit the Fed” movement as a way to hold the institution accountable.
“A call for an audit of the Fed has been pretty popular,” Pappas told TheDC in a phone interview.
Pappas said news media continually want to label the entire Tea Party movement as a proponent of or a proponent against a particular recommendation, like auditing the Fed, instead of trying to understand the movement is bonded together on core values.
“What brings together the Tea Party movement is general agreement over free markets, fiscal responsibility and constitutionally limited government,” Pappas said. “It [the Tea Party movement] is not a think-tank that produces white papers saying, ‘here’s what needs to be done at X agency or Y agency.’”
As originally published in the Los Angeles Business Journal-
Big Los Angeles companies such as Countrywide Financial Corp., Fremont General Corp. and IndyMac Bancorp - which are among the country’s biggest mortgage players - have fallen on tough times. While man harsh words have been bandied about blaming them for much of the financial panic that we’ve seen in recent weeks, few critics look below the surface to find the true culprit; the Federal Reserve Board of Governors.