econocrash updates: the fed, failures & bailout bust

geithner says auditing the fed is a ‘line that we don’t want to cross’
from corbett report: In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating “I’m sure people understand that you want to keep politics out of monetary policy.” When Geithner is again pressed on the issue, he makes the stunning assertion that conducting an audit of the Federal Reserve—something never before done in its 96 year history—is a “line that we don’t want to cross,” proclaiming that such a move would be “problematic for the country.”

Geithner’s response that auditing the Fed would give politicians dangerous control over American monetary policy is mistaken at best and a deliberate lie at worst. Allowing the public to know what happened to their $24 trillion in bailout money does not give undue control of monetary policy to the people’s elected representatives. Instead, such an audit would finally allow the public to see how their money has been spent in the midst of the largest spending binge in the history of the world’s economy, hardly an unreasonable demand given the well-documented revolving door between the Treasury and Goldman Sachs, the main recipient of bailout funds. Ultimately, the Treasury Secretary is left spewing the absurdity that “I think even the sponsor of that bill recognizes how important it is to us to have the Fed independent of politics,” which can only be said to be true insofar as Ron Paul—the sponsor of House Resolution (HR) 1207— wants to abolish the Federal Reserve system altogether.

secret societies for c-suite executive assistants*
spain’s bbva buys guaranty bank; 2009 toll hits 81*
analyst sees 150-200 more US bank failures*
video: bankunited ceo says 1,000 banks to fail in next 2yrs*
millions face shrinking social security checks*
unemployment edges up to great depression level*
judge orders fed to disclose who received bailout trillions*
brookings ‘experts’ admit stimulus a bust*
rhose island gov to shut down state govt for 12 days*
obama’s spending plans will nearly double the national debt*
US problem banks at 15-year high*
bernanke personal bank account struck by identity theft*
video: sudden ominous music heard across US, nation panicking*

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