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Readers' forum: Letters: Endorse bill to audit Fed
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It is the Senate that may be the problem. Contact your senators and ask them to support "Audit the Fed" ( I believe S604 is the Senate version of the bill).
Abolishing the Fed is a better idea as well as repealing the Commodities modernization act, the community reinvestment act, & Gramm-Leach-Billey.
If we had any real leaders in Congress, the CRA would have been repealed long before any stimulus bill was passed.
Congress is kind of like health care: Health care gives you pill B to treat the side effects of pill A, and then prescribes pill C to treat the side effects of pill B. Congress pass'es bill B to clean up the consequences of bill A, and then passes bill C to clean up the consequences of bill B, etc.
When it becomes obvious that a bill causes more harm than good, it would be much better to just get rid of the problem bill rather than add insult to injury.
Paul Krugman disagrees with you. When he advocated for the creation of the housing bubble.
"To fight this recession the Fed needs…soaring household spending to offset moribund business investment. [So] Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble." Paul Krugman 2002 (I could provide the link if allowed)
How could Greenspan create this bubble other than to lower interest rates?
Whether or not these regulations are needed, the last organization that control them is the Federal reserve.
I'm not really a Ron Paul guy, I like to take things issue by issue. I've seen too much allegiance to parties, and pundits. I try to avoid making the same mistake.
Since FDR brazenly took silver coins out in the first Great Depression money has done nothing but inflate,inflate and inflate. Who benefits from this? Insider financiers. Who loses? Everybody else.
The machinations of the Fed need to be seen at all times. This bill is long overdue.
Who has benefited by the bank bailouts? The biggest banks. Who lost? Everbody else. Who are the members of the Federal Reserve? What are their actual and specific connections to the banking industry?
The Fed has about the same relationship to Capitalism as a terrorist to national security.
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