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  1. #1 Federal Reserve,Under Bernanke, Plays Politics 
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    In the run-up to the financial crisis, the Federal Reserve fueled the housing bubble with its easy money policy. Now, we know that after the crisis struck, the Fed secretly propped up elite bankers all the way from Wall Street to Brussels to the Central Bank of Libya.
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    The Treasury Department was pumping $700 billion into banks under the Troubled Asset Relief Program, the Fed was covertly operating its own bailout program the biggest in American history. The Fed's Shadow TARP issued $1.2 trillion in loans to domestic and foreign banks from 2007 to 2010, far more than Congress authorized Treasury to spend under TARP.
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    Left to its own devices, the Fed would have never revealed its secret bailout. Fed Chairman Ben Bernanke said in an April 2009 speech that disclosing the names of the borrowers "might lead market participants to infer weakness." To obtain the names, Bloomberg LP, the parent company of Bloomberg News, waged a two-year legal battle that was ultimately won in the U.S. Supreme Court.

    While the Fed was fighting Bloomberg's Freedom of Information Act requests, it was also opposing attempts by Congress to audit the central bank for the first time in its 98-year history. Bernanke, who only has his position because Congress delegated its power to coin money to the Fed, testified the audit would "effectively be a takeover of policy by the Congress."

    Congress eventually approved a partial audit that showed the Fed extended an incredible $16 trillion more than the entire U.S. economy in aggregate lending authority to foreign and domestic banks from the end of 2007 to the middle of 2010. Still, no one knows how or why those decisions were made.


    http://teamdemint.com/site/post/2142...ds-shadow-tarp
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  2. #2  
    Resident Grandpa marv's Avatar
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    Not surprising.

    I worked as a computer systems engineer in the Kansas City branch J in the 1970s.

    The original purpose of the Federal Reserve was to regulate affairs between the various national, state, and "street" banks. That meant to arrange overnight loans BETWEEN these banks to insure coverage of demand (checking) accounts. The FRB was also establish the rules for operating these member banks. Nothing more.

    The FRB does not print/coin money, but only recommends to the Department of the Treasury how much is needed in circulation at any particular time. It's the DoT that actually orders the US Mint print/coin the money.

    A political roll for the FRB? My, how times have changed. My response to Ron Paul's call to abolish the FRB is a resounding NO! Interbank management is needed in this complex economy. But reform, YES....back to the FRB's original purpose.

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  3. #3  
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    When you threaten to kill it dont be surprised when it enters the political game. Not saying it wasn't playing politics before, but the problem has definitely been intensified.
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  4. #4  
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    Quote Originally Posted by KhrushchevsShoe View Post
    When you threaten to kill it dont be surprised when it enters the political game. Not saying it wasn't playing politics before, but the problem has definitely been intensified.
    Congress should have some legal authority over the Feds. Helicopter Ben refusing to answer question before a Congressional investigation is shameful and should piss off every legislator and citizen in this country.

    He should be fired cause he has done a lousy job but what do you expect with a dunce in the W.H. whose incompetency is up in the stratosphere.
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    Senior Member Tecate's Avatar
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    I wonder if anyone can find language in the federal reserve act of 1913 that authorizes giving trillions of dollars to foreign banks?
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    Quote Originally Posted by Tecate View Post
    I wonder if anyone can find language in the federal reserve act of 1913 that authorizes giving trillions of dollars to foreign banks?
    Those house of cards may come tumbling down one day. Those holding dollars rather than gold and silver may be in for an awful beating.
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  7. #7  
    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by marv View Post
    The FRB does not print/coin money, but only recommends to the Department of the Treasury how much is needed in circulation at any particular time. It's the DoT that actually orders the US Mint print/coin the money.
    But the Congress and the polticians recommend the spending increases to the FRB and then the Congress in turn authorizes the money to be coined/printed. And they NEVER turn down the recommendations.

    I appreciate your service working for what you feel was a good organization....., but that doesn't make what the end result of what that organization does make it healthy for the country.

    Central Banks are one of the cornerstones of Marxism and Socialism. I'm not sure how comfortable conservatives should be with having one when we say we are against those ideals.
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  8. #8  
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    Quote Originally Posted by Molon Labe View Post
    Central Banks are one of the cornerstones of Marxism and Socialism. I'm not sure how comfortable conservatives should be with having one when we say we are against those ideals.
    Really? I thought central banks-like the Bank of England-were created to aid capitalism. Central banks are private entities, not state-owned. Wouldn't a Marxist banking system have a state owned bank?
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  9. #9  
    Senior Member Tecate's Avatar
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    Quote Originally Posted by Elspeth View Post
    Really? I thought central banks-like the Bank of England-were created to aid capitalism. Central banks are private entities, not state-owned. Wouldn't a Marxist banking system have a state owned bank?
    One of the main pillars of communism is to have a PRIVATE central bank and a graduated income tax.

    The whole concept of "communism" is essentially a fraud and doesn't really exist. It's a phony "for the people" revolution designed to con the slaves right back into slavery. The architects at the top of this system want everyone to be bankrupt and 100% dependent on getting a chicken feed check from the government every month... THAT is true slavery.

    They HATE private wealth, self sufficiency, and independence in the hands of the lowly serf class.
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  10. #10  
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    We should form a super committee immediately. It should consist of Dud, Fwank, Benny, and Timmy.
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