House approves GOP legislation to increase Fed oversight

[UK2K]

[QUOTE]WASHINGTON (AP)

[falc39]

It's been obvious that the Fed has been trying to manipulate the psychology of the market by constantly talking about raising interest rates when it really had no intention of doing so. Incredibly, this has been going on for years with little protest. That's what happens when you are a country guided by central planners. They have fooled the people in spectacular fashion, which have allowed the continual plundering of savings through their policies. It's criminal. It really is. Ironically, the people who support such policies are also the ones drowning in debt.

Furthermore, you have to be the most gullible of types if you really believe the Fed operates independently of politics. It's a common argument you will only see from college textbooks and politicians, but any sensible person with at least a basic knowledge of economics and some observational skill can easily debunk. Taking it further, that because of this independence, there is an argument that more transparency can actually hurt it? Ridiculous. It's just hilarious that somehow every citizen should have to forfeit their rights to privacy for national security, yet the most powerful economic entity in this country (actually, in the world) doesn't need strict transparency because of... Independence??? Lolllllllllllllllllllllll

[Dresta]

It's been obvious that the Fed has been trying to manipulate the psychology of the market by constantly talking about raising interest rates when it really had no intention of doing so. Incredibly, this has been going on for years with little protest. That's what happens when you are a country guided by central planners. They have fooled the people in spectacular fashion, which have allowed the continual plundering of savings through their policies. It's criminal. It really is. Ironically, the people who support such policies are also the ones drowning in debt.

Furthermore, you have to be the most gullible of types if you really believe the Fed operates independently of politics. It's a common argument you will only see from college textbooks and politicians, but any sensible person with at least a basic knowledge of economics and some observational skill can easily debunk. Taking it further, that because of this independence, there is an argument that more transparency can actually hurt it? Ridiculous. It's just hilarious that somehow every citizen should have to forfeit their rights to privacy for national security, yet the most powerful economic entity in this country (actually, in the world) doesn't need strict transparency because of... Independence??? Lolllllllllllllllllllllll

Couldn't agree more.

People also forget the current Fed set-up completely annihilates the supposed balancing of powers - the Fed allows the Executive to bypass the legislature to take money from the population as it pleases, without legislation or law - it allows the President to rob his subjects, much like a despotic king would. It makes the President into a despot, and gives him more power than George III ever wielded.

Not to mention the banking interest, and how intertwined it is with the so-called 'independent' Fed (lol). It is a mire of corruption and abuse, and any congressional oversight would be an improvement for sure, which is why they're opposing it. Its board is filled with Harvard men and people who have worked in finance and banking - they care not a whit about the interests of the American people, only of themselves and their connections.

[ISHGoat]

KevinNYC will avoid this thread like the plague

[NumberSix]

The United States needs to start having its mind on its money, and it's money on its mind.

[Akrazotile]

The United States needs to start having its mind on its money, and it's money on its mind.

Are you kidding??

I think poop swastikas are a little more important than "the economy"

[HitandRun Reggie]

[KevinNYC]

Ok, a bill that would force the Fed to be more transparent. Who doesn't agree that is needed? Apparently, our friends on the left think it's a bad idea:

It's a terrible, terrible idea and economists from the left and right would agree.

If you needed brain surgery which presidential candidate would you want operating on you? Trump? Clinton? I'm guessing it's probably Carson.

The FED is independent by statue because it allows it to act independently without political interference.

[Akrazotile]

It's a terrible, terrible idea and economists from the left and right would agree.

If you needed brain surgery which presidential candidate would you want operating on you? Trump? Clinton? I'm guessing it's probably Carson.

The FED is independent by statue because it allows it to act independently without political interference.

If it were more transparent then political interference would be easily identified and easier to root out, no?

Im not an expert on the fed and dont pretend to be, but transparency rarely seems like a bad thing.

[UK2K]

It's a terrible, terrible idea and economists from the left and right would agree.

If you needed brain surgery which presidential candidate would you want operating on you? Trump? Clinton? I'm guessing it's probably Carson.

The FED is independent by statue because it allows it to act independently without political interference.

Kevin...

Find me one independent person on this planet.

You think the money of our country being handled by our government, but we don't get to know what they're doing.... is a good idea. Really....

I think being able to see exactly what they're doing prevents abuse, agree?

[ISHGoat]

It's a terrible, terrible idea and economists from the left and right would agree.

If you needed brain surgery which presidential candidate would you want operating on you? Trump? Clinton? I'm guessing it's probably Carson.

The FED is independent by statue because it allows it to act independently without political interference.

Generic opinion which is not true.

Totally unrelated rherorical question.

Circular reference.

[Akrazotile]

Kevin...

Find me one independent person on this planet.

You think the money of our country being handled by our government, but we don't get to know what they're doing.... is a good idea. Really....

I think being able to see exactly what they're doing prevents abuse, agree?

If Obama/Democrats take a position, Kev will ALWAYS take that same position.

Long established fact of ISH.

[NumberSix]

It's a terrible, terrible idea and economists from the left and right would agree.

If you needed brain surgery which presidential candidate would you want operating on you? Trump? Clinton? I'm guessing it's probably Carson.

The FED is independent by statue because it allows it to act independently without political interference.

That's not remotely the argument for why the fed claims everything it does needs to be done in secrecy. Their claim is that the information being available to the public would influence markets too much.

[KevinNYC]

This bill IS about reducing the political independence of the FED. There's been a giant campaign to "AUDIT THE FED" for several years. The folks who pushed this campaign knew their audience didn't know that the the FED already undergoes several types of audits every year.

You want transparency? Knock yourself out. Here's the notes from every Federal Open Market Committee meeting since 2010

There more know about the FED decision making and who is dissenting within the FED then there has ever been.

The idea of tying inflation to some basket of commodities is a stupid-quasi gold standard approach and would have lousy, lousy policy over the last several years. Lousy policy as in higher unemployment.

The Speaker of House is an idiot on monetary policy and consistently wrong about inflation for oh most of the last decade and he gets his ideas from shitty novels. This is an actual ****ing quote.
[QUOTE]I always go back to, you know, Francisco d

[KevinNYC]

If it were more transparent then political interference would be easily identified and easier to root out, no?

Im not an expert on the fed and dont pretend to be, but transparency rarely seems like a bad thing.

Transparency is a fig leave in this case. Does the Patriot Act Make you a Patriot? Follow the link above and you can see what the FED has been debating for the last 5 years. Go on youtube and you'll see public speeches by members of the Fed. Including those that disagree with Janet Yellen. Yellen has promoted this discussions.

This is the old Ron Paul Audit the Fed bill. Actually he wants to End the Fed, but he knows that won't fly, so he tried Audit the Fed. That didn't work either as several Audits are currently in place. So the Audit the Fed bill is now renamed. Transparency, that's the ticket.

They don't like the moves the FED took in response to the Financial Crisis. Paul Ryan said it would lead to runaway inflation and a debased dollar. Governor Perry said the Fed chief shouldn't feel safe in Texas. They are trying to lock in policies that would prevent such responses.

Republicans used to be big fans of Monetarism of Milton Friedman, but this latest crop doesn't think he was radical enough.