Thread: House passes Ron Paul bill to audit the Fed

At least someones doing some good work. Nice work Dr. Paul!!

Bill will not get much further unfortunately.


http://content.usatoday.com/communit...1#.UBBPe7RfHWg

Originally Posted by Tuckerman

At least someones doing some good work. Nice work Dr. Paul!!

Bill will not get much further unfortunately.


http://content.usatoday.com/communit...1#.UBBPe7RfHWg

Right on. The FED is audited already but this is good too IMO. Lots of Dem support too. Real nice

Soy........................

Senate Majority Leader Harry Reid (D-Nev.) has said the Senate will not consider the bill, effectively killing its chances of becoming law

Read more: http://www.politico.com/news/stories...#ixzz21fXYTmA1

Originally Posted by Tuckerman

Soy........................

This type of stuff makes me wonder if the GOP were in control of the senate and POTUS would they have still voted for this today? I think not...but hwo knows.

Originally Posted by Adolf Allerbush

This type of stuff makes me wonder if the GOP were in control of the senate and POTUS would they have still voted for this today? I think not...but hwo knows.

Especially since the last time this bill was voted on by the Senate it was a REPUBLICAN who blocked it.

http://thehill.com/blogs/blog-briefi...opulist-fervor

Originally Posted by Harry

Especially since the last time this bill was voted on by the Senate it was a REPUBLICAN who blocked it.

http://thehill.com/blogs/blog-briefi...opulist-fervor

And you probably supported it then, but now you don't.

Partisan fucking hack.

Originally Posted by doughboyshredder

And you probably supported it then, but now you don't.

Partisan fucking hack.

WTF ? Are you talking to me ?

When did I say I did not support it ?

I am just pointing out that both Republicans and Democrats are bought and paid for by the banking industry.

To be honest I am not sure how I feel about it. While I understand the idea that the unelected Fed should be held accountable to the American people, I also realize the the chosen representatives of the American people, our Congress, cannot even handle fiscal policy, giving Congress control over monetary policy too would probably be a disaster.

Originally Posted by Harry

WTF ? Are you talking to me ?

When did I say I did not support it ?

I am just pointing out that both Republicans and Democrats are bought and paid for by the banking industry.

To be honest I am not sure how I feel about it. While I understand the idea that the unelected Fed should be held accountable to the American people, I also realize the the chosen representatives of the American people, our Congress, cannot even handle fiscal policy, giving Congress control over monetary policy too would probably be a disaster.

Agreed. The jokers in congress can't agree on just about anything...how are they going to audit the FED effectively?

I agree that the Fed needs to be held accountable, and needs to be transparent about what they are doing.

I'd also love it if they would do their job. Their two main goals are to keep inflation down, and work towards full employment. Bernanke is basically telling everyone that they are going to keep inflation below 2%, no matter what, which basically kills job growth, since more people working = more gas for commuting, more demand for housing and other goods, which will drive short-term prices up, but drag employment up with it. I think everyone would take a year or two of 4% inflation to get back to 4-5% unemployment, but they pretty much have said they won't do that.

Originally Posted by Phildo_Baggins

I agree that the Fed needs to be held accountable, and needs to be transparent about what they are doing.

I'd also love it if they would do their job. Their two main goals are to keep inflation down, and work towards full employment. Bernanke is basically telling everyone that they are going to keep inflation below 2%, no matter what, which basically kills job growth, since more people working = more gas for commuting, more demand for housing and other goods, which will drive short-term prices up, but drag employment up with it. I think everyone would take a year or two of 4% inflation to get back to 4-5% unemployment, but they pretty much have said they won't do that.

Because that could make the rich people a little less rich.

Originally Posted by Adolf Allerbush

Because that could make the rich people a little less rich.

In that case, carry on.....

Dissolve/bankrupt the Fed and go with a US Treasury Reserve Note (the new dollar).

End USA, INC.

Back to the basics of a non-external money source & supply, and thus its all-important control (hegemony)..


Blah, blah, blah...

Originally Posted by machschnell

Dissolve/bankrupt the Fed and go with a US Treasury Reserve Note (the new dollar).

End USA, INC.

Back to the basics of a non-external money source & supply, and thus its all-important control (hegemony)..


Blah, blah, blah...

Well that's a horrible idea.

HAPPY BIRFDAY STANLEY KUBRICK!!!!

What year was that?

Originally Posted by Adolf Allerbush

Because that could make the rich people a little less rich.

Actually, that would make ALL of us less wealthy.

Do you really think that those who can barely get by as it is, could afford the effects of higher inflation over an extended period of time?

Originally Posted by doughboyshredder

Do you really think that those who can barely get by as it is, could afford the effects of higher inflation over an extended period of time?

It might help. Instead of excessively worrying about inflation, a monetary expansion in an otherwise tight money environment could achieve a higher growth rate which would help marginal workers either find employment or find better employment.

Originally Posted by doughboyshredder

Actually, that would make ALL of us less wealthy.

Do you really think that those who can barely get by as it is, could afford the effects of higher inflation over an extended period of time?

Actually it would make everyone's debt load a little bit less.

Originally Posted by doughboyshredder

Actually, that would make ALL of us less wealthy.
Do you really think that those who can barely get by as it is, could afford the effects of higher inflation over an extended period of time?

Lots of competition, but this might win the award for dumbest post on PAssHat.

Inflation helps debtors, by making their debts smaller in real dollars ("real" as in purchasing power).
Inflation hurts creditors, by making debt repayments smaller in real dollars, plus any cash savings lose purchasing power.

Plus mild inflation juices economies, while deflation chokes them (see huge amount of historical evidence).

Most US citizens carry large debt burdens (and the lower ~30% in wealth has negative or near-negative net worth). So right off the bat, mild inflation would make the indebted US majority "more wealthy", pretty much the exact opposite of "ALL of us less wealthy". Plus the increased economic activity stimulated by mild inflation would help the ~10% unemployed.

But inflation hurts the asset-owning class somewhat, depending both on the degree and speed of inflation, and on the asset nature (some assets are inherently inflation-protected (TIPS,I-Bonds,etc.) and some are not.

The quote above wins the prize for managing to sum up a complex question with an simplistic and flat-out incorrect answer.
"For every complex problem there is an answer that is clear, simple, and wrong."

Originally Posted by doughboyshredder

Actually, that would make ALL of us less wealthy.

Do you really think that those who can barely get by as it is, could afford the effects of higher inflation over an extended period of time?

Sure, it would effect all of us...but if we accept the idea that big banks/wall street/1%'ers/super wealthy influence government and the FED the last thing those power players want is a devalued $$. Take Mittens for example...say the economy inflated 4% in one year and his investments did nothing to grow his wealth. His net worth would effectively be 4% less, or roughly $6M down.

Originally Posted by tommyvee

Lots of competition, but this might win the award for dumbest post on PAssHat.

Inflation helps debtors, by making their debts smaller in real dollars ("real" as in purchasing power).
Inflation hurts creditors, by making debt repayments smaller in real dollars, plus any cash savings lose purchasing power.

Plus mild inflation juices economies, while deflation chokes them (see huge amount of historical evidence).

Most US citizens carry large debt burdens (and the lower ~30% in wealth has negative or near-negative net worth). So right off the bat, mild inflation would make the indebted US majority "more wealthy", pretty much the exact opposite of "ALL of us less wealthy". Plus the increased economic activity stimulated by mild inflation would help the ~10% unemployed.

But inflation hurts the asset-owning class somewhat, depending both on the degree and speed of inflation, and on the asset nature (some assets are inherently inflation-protected (TIPS,I-Bonds,etc.) and some are not.

The quote above wins the prize for managing to sum up a complex question with an simplistic and flat-out incorrect answer.
"For every complex problem there is an answer that is clear, simple, and wrong."

Thanks for proving that you are a complete jackass.

If you owe 30k on credit cards, inflation doesn't change that. You still owe 30k on credit cards. That 30k is worth less to the creditors, but does not affect the debtor in any way. If your earnings don't increase there is zero effect on your debt. On the other hand a gallon of milk and a loaf of bread cost more.

We only have to look at Europe for examples of the results of the kind of policy you and others like you want to shove down our throats.

http://www.marketoracle.co.uk/Article26717.html

Clearly Britain's workers are being squeezed hard by a multitude of government policies that manifest in negative real earnings growth as the government seeks to use the stealth tax of inflation to erode the value of the ever expanding public debt mountain

Really, I had an idea that you were kind of an idiot, but the extent of your idiocy was unbeknownst to me. I am shocked that anyone can be as much of an idiot as you are.

Originally Posted by Adolf Allerbush

Sure, it would effect all of us...but if we accept the idea that big banks/wall street/1%'ers/super wealthy influence government and the FED the last thing those power players want is a devalued $$. Take Mittens for example...say the economy inflated 4% in one year and his investments did nothing to grow his wealth. His net worth would effectively be 4% less, or roughly $6M down.

I don't know what you're getting at here.

Many economists hold that inflation affects the lower and middle classes more than the rich, as they hold a larger fraction of their income in cash, they are much less likely to receive the newly created monies before the market has adjusted with inflated prices, more often have fixed incomes, wages or pensions, and lack the means to avoid domestic inflation by reallocating assets overseas

Originally Posted by tommyvee

Inflation helps debtors, by making their debts smaller in real dollars ("real" as in purchasing power).
Inflation hurts creditors, by making debt repayments smaller in real dollars, plus any cash savings lose purchasing power.

Just had to quote this again, as it is so incredibly fucking stupid. Flabbergastingly so.

Originally Posted by doughboyshredder

Thanks for proving that you are a complete jackass.

If you owe 30k on credit cards, inflation doesn't change that. You still owe 30k on credit cards. That 30k is worth less to the creditors, but does not affect the debtor in any way. If your earnings don't increase there is zero effect on your debt. On the other hand a gallon of milk and a loaf of bread cost more.

I normally hate it when someone points out pwnage, but good lord, when a low-functioning mongoloid like dbs lays the smackdown like this, i gotsta recognize

Originally Posted by ilikecandy

I normally hate it when someone points out pwnage, but good lord, when a low-functioning mongoloid like dbs lays the smackdown like this, i gotsta recognize

and candy pwns himself with pwnage.

tommy's on the money