Bank of Bonifay closed

[30ashopper]

audit the FED.

The Senate today voted overwhelmingly to adopt an amendment, authored by Sen. Bernie Sanders (I-VT), forcing a comprehensive review of the Federal Reserve's emergency lending activities. The amendment passed by a 96-0 vote.

Though the measure was always popular, it faced extraordinary opposition from the White House, Wall Street and the Fed itself. Late last week, in a move that defused the opposition, and may have saved Wall Street reform legislation, Sanders agreed to limit the scope of the audit to emergency lending only, exempting other Fed activities.

That preserved the broad intent of the plan, which was always aimed at bringing the Fed's shadowy activities during the financial crisis into the daylight. Under the terms of the proposal, the Fed will also be required to make public which companies received upwards of $2 trillion in aide from the Fed, and under what terms.

Senate Adopts Sanders' 'Audit The Fed' Amendment | TPMDC

 

[Lynnie]

Senate Adopts Sanders' 'Audit The Fed' Amendment | TPMDC

Thanks for this. I just was just pondering, 'Why not?,' since Fed sets monetary policy! As taxpayers though, we might uncover some items we wished we'd never seen before!

 

[Busta Hustle]

One of the questions they will be asking is who gets to borrow at the discount window? (no interest) Advantage Who?

And what's up with the $1.5 trillion or so "new assets" at the Reserve?

Do banks up reserves when they don't have to? Or is this the funny money?

Also I thinks it good to remember that the Federal Reserve is not governmental but a group of very "lucky banks".

 

[30ashopper]

One of the questions they will be asking is who gets to borrow at the discount window? (no interest) Advantage Who?

And what's up with the $1.5 trillion or so "new assets" at the Reserve?

Do banks up reserves when they don't have to? Or is this the funny money?

Also I thinks it good to remember that the Federal Reserve is not governmental but a group of very "lucky banks".

...with the ability to create american currency with a few clicks of the mouse.

 

[30ashopper]

[ame="http://www.youtube.com/watch?v=pE3oiKuU8UI"]YouTube - Rep. Alan Grayson: You Own the Red Roof Inn, Thanks to the Fed[/ame]

 

[Busta Hustle]

thanks for putting that post of Alan Grayson. A self made man before becoming a politician. He and Ron Paul deserve much credit for the audit the Federal Reserve vote.

It was reported today that the Federal Reserve will maintain supervision of small banks through their 12 regional branches, instead up perhaps putting some of the smaller local banks ,under certain billion in assets, uner FDIC.

I wonder what the old employees at bank of Bonifay think about that?

It was also noted that Citigroup Inc. Bank of America, JP Morgan chase and Goldman Sachs all had perfect 2010 1st quarters in their trading meaning 0 days of losses on any days trade. It helps when you can dump your losing trades into the Federal Reserve. (buyer of last resort/tax payer)

I wonder what the losers at Lehman Bear Stearns and Merrill Lynch think about that?

Also reported the Federal Reserve "bought" $1.25 trillion of home loan securities off of Fannie Freddie and Ginnie Mae.

 

[Busta Hustle]

Grayson stated after the vote to audit the fed how watered down it will be. No audit of the toxic assets (cdo's/credit default swaps) transactions or of the FEDS hundreds of billions of foreign currency swaps with other central banks.

They get to look at TALF.

Able to leap governments with a single bound!