Well, we did it! We got an independent audit of the Federal Reserve ready for the President's signature. That's what the Senate's vote to approve the financial reform bill means; the audit authority is in there. Now we will find out which zombie banks on Wall Street got a new lease on life with Fed money, as the Fed's balance sheet grew by over one trillion dollars.
Funny enough, the world of big money isn't collapsing -- as the Fed threatened it would if an audit of the Fed ever came close to passing.
But if you happened to read Rupert Murdoch's Wall Street Journal on May 7, 2010, you would have heard a different story. "Plan for Congressional Audits of Fed Dies in Senate," was the headline. Exactly what Wall Street wanted you to think.
Whoops! It looks like the Wall Street Journal has gone the way of Rupert Murdoch's flagship holding, Fox News.
But we won. And so, to celebrate, we took that Wall Street Journal article from two months ago, did a little photoshopping, and put this together:
We did this. Together. At every moment, as the Fed and Wall Street sought to undermine this cause, it was the phone calls, letters, e-mails, blogging and sheer power of the people -- ordinary people who cared -- that beat them back. We have delivered a succinct message to Wall Street and the Fed: "We Can Beat You."
We will beat you. As often as we need to. And when the battle is over, as Lincoln said, there will be "a new birth of freedom, and government of the people, by the people, for the people, shall not perish from the earth."
Follow Rep. Alan Grayson on Twitter: www.twitter.com/alangrayson
Robert Reich: The New Finance Bill: A Mountain of Legislative Paper, a Molehill of Reform
As long as there's no fundamental change in the structure of Wall Street, the big banks will remain too big to fail, and too politically powerful to control.
Henry Blodget: Now Even the Fed Thinks the Economy's Going to the Dogs
In case you missed this week's Fed minutes, the Fed is now pulling a Wall Street: Cutting its estimates after the stock has already tanked.
The lies of the GOP Greedy old patricians all, are disgraceful
I am more than disgusted by the tone the GOP set in Washington, or should I say selling out the taxpayer for the biggest donor they can pull in. GOP want to continue to sell Washington and to continue to omit from consideration the PEOPLE.
video giving financial advice to the TV audience (often the same bunch that are against such
audits) and who deserve to be remembered and highlighted:
http://www.youtube.com/watch?v=2I0QN-FYkpw
otherwise the hate and Lie's from the right will be even more extreme, if that's possible, until 2012...
He is a rep but should be a senator and hopefully will be soon.
We need to bring back the laws that stopped or at least hindered Media Empires,
that can literally sway, or brain wash, millions of people, and most importantly, voters.
Rupert Murdoch Empires includes 140 media, as if 10-20 wouldn't be enough.
Gannett also owns around 100 newspapers, consistently conservative. USA Today,
our Cin. Enquirer, etc., they push a right wing bias every day. The Enquirer only
endorses a Dem if they can't win, or can't lose, not if it might make a difference.
Read....The Republican Noise Machine by Brock
It seems to me we should be questioning the Feds policies, goals and procedures. We should be questioning our fractional reserve system as well. It seems the Fed could be part of the problem rather than the solution!
If we are going to have all the problems anyway, what is the Fed for? Couldn't we just use a formula to set our monetary policy? Maybe we could set up a way to alter the formula by committee if certain events occur? I believe, never knowing what the Fed will do next is a lot of the problem now and has been over the years. We are at the mercy of a select few "bankers" that basically do whatever they want, usually with rationalization for their actions, but no explanations or parameters required. "They" almost never answer questions clearly, when asked. It is absurd!