Ron Paul: Bernie Sanders sold out on Audit the Fed/switched amendments

Here is the Ron Paul vid talking about what happened today concerning auditing the Fed.

Sanders' Fed Audit Amendment Likely To Prevail

By making a few changes to his financial reform amendment, Sanders has won support from Senate Banking Committee Chairman Chris Dodd, and Majority Leader Harry Reid, and seems more poised than ever to prevail. The Senate should vote on his amendment later today.

In order to allay some of the White House's and the Fed's concerns, Sanders has agreed to limit the scope of what the Government Accountability Office would be allowed to audit--but his plan will still require thorough review of all the Fed's emergency lending, beginning December 1, 2007.

tpmdc.talkingpointsmemo.com...

Whether it was pressure from the White House, Chris Dodd, or other reasons....Bernie Sanders weakened his amendment to Audit the Fed to only allow an audit of transactions after Dec. 1, 2007. They'll allow the TARP and TALF to be audited, but no transparency of the FOMC.

"Notwithstanding any other provision of law, the Board of Governors shall publish on its website, not later than December 1, 2010, with respect to all loans and other financial assistance it has provided during the period beginning on December 1, 2007 and ending on the date of enactment of this Act under the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Term Asset-Backed Securities Loan Facility, the Primary Dealer Credit Facility, the Commercial Paper Funding Facility, the Term Securities Lending Facility, the Term Auction Facility, Maiden Lane, Maiden Lane II, Maiden Lane III, the agency Mortgage-Backed Securities program, foreign currency liquidity swap lines, and any other program created as a result of the third undesignated paragraph of section 13 of the Federal Reserve Act."

www.huffingtonpost.com...

big.assets.huffingtonpost.com...


Edited to change title/added RP video

[edit on 6-5-2010 by David9176]

I think the fact that Sanders was given a cut off date of where he could investigate should send up red flags everywhere. Obviously something is fishy if they don't want you lurking around.

reply to post by David9176


This is still much better than we thought we were going to get.

Also, it looks like they might break up the banks beyond a certain size, which would be VERY positive and VERY surprising.

Best,
SN

reply to post by David9176


I agree this is less than spectacular or what was really needed. Yet, the Fed has never been audited before (correct???) so perhaps it is not all bad.

I feel angrymomma has a good point though; why can't the audit trail go back farther than December 07'? That totally sends one's spiddy senses a'tingling.

It still seems amazing to me why Congress just doesn't move forward with a full blown audit. Are they really that compromised? I hope something positive comes from this but it sure is looking more and more like mollification.

I agree it is better than nothing...but it's not exposing near enough. The Federal Reserve is in favor of this....this is their out. I'm not saying the whole thing is bad...but it's been gimped big time.

Congress could be compromised...or they believe that a full blown audit would light the country on fire and are averting it.

I listen to Sanders every Friday on a radio show and he's been a strong advocate for fighting the fed and getting transparency.

Yet he gave in. He'll be explaining himself tomorrow and I"m curious to hear why he did this.

****Just added Ron Paul vid.

[edit on 6-5-2010 by David9176]

reply to post by ABNARTY

I feel angrymomma has a good point though; why can't the audit trail go back farther than December 07'? That totally sends one's spiddy senses a'tingling.

Well if Ron Paul isn't happy with it....then I'm not. He's knows more of what is happening in the Federal Reserve than anyone. I'm far more inclined to believe him than a compromised amendment that Chris Dodd, the Obama administration, and the Fed itself approve of.

Chris Dodd supposedly stood up and APPLAUDED Sanders. That should tell you something.

Edited to add:

I also believe this had something to do with the stock plunge today....coinciding with the Senate blocking a bill that would have blown up the large banks.

www.abovetopsecret.com...


[edit on 6-5-2010 by David9176]

Bernie Sanders is getting HAMMERED by his supporters on his Facebook page. Many people, Libertarians, Progressives, Constitutionalists, Socialists, Conservatives were all hoping he'd come through and he caved and gave in to the Fed and banks.

What they should have done (RP and Bernie Sanders) is take all the money they could and create a nationwide commercial condemning the federal reserve and talk about the dark things they do with our money. That would have the feds sh**ing their pants.

reply to post by Misoir


I just don't understand why he caved. It makes no sense (unless it had to do with the stock market today). He's been after the Fed for YEARS and was working with Ron Paul on the audit. Sanders' amendment was exactly the same as Ron Paul's.

Originally posted by David9176
reply to post by Misoir

 

I just don't understand why he caved. It makes no sense (unless it had to do with the stock market today). He's been after the Fed for YEARS and was working with Ron Paul on the audit. Sanders' amendment was exactly the same as Ron Paul's.

My guess would be that he just wanted it to pass. Don't forget he was winning over the Republicans but I believe only 7 Democrats supported his amendment which would only give him 48 votes. Obviously that's not enough to pass. So in order for it to pass he had to scale it back.

If it was me I would have been speaking all of tv and attacking the senators that didn't sign for joining with the bankers. He's just too quiet.

Bernie Sanders said today on the radio that he watered it down to get 60 votes.

That was his excuse. He danced around what he did.

reply to post by David9176


Here is a related article on the pending financial reform legislation. Blanch Lincoln wanted to keep tax payer dollars out of the derivatives/speculation support business. She introduced language in the bill to that end.

Lo and behold, Volcker/Dodd/Geithner/et al are killing it. So not only do they not want sunshine on old business, they want business as usual to continue unabated.

Instead of Republican or Democrat from such and such state or head of this or that government agency, maybe they should just wear NASCAR jackets with their sponsors emblazoned all over.

Finance Reform

reply to post by David9176


Alan Grayson has an awesome Fed story on You Tube.

You Own the Red Roof Inn, Thanks to the Fed

[edit on 7-5-2010 by ABNARTY]

[edit on 7-5-2010 by ABNARTY]

Originally posted by David9176
reply to post by Misoir

 

I just don't understand why he caved. It makes no sense (unless it had to do with the stock market today). He's been after the Fed for YEARS and was working with Ron Paul on the audit. Sanders' amendment was exactly the same as Ron Paul's.

IDK

It might be national security type thing or threats (veiled etc)

As far as we all know there could be a whole other alien world we know nothing about.

I really wish the TPM, cons and Progressives could get it together and launch a campaign of disruption waged against the FED... No political party crap, no rhetoric, just a defiant and constant attempt to make these aholes constantly uncomfortable.