The Fourteenth Banker Blog

May 8, 2010

Audit the Fed Progresses! One for the people!

Filed under: Uncategorized — thefourteenthbanker @ 1:36 PM

Here are a few useful articles.

1)     The first is by Dean Baker, who explains what is and what isn’t in the Sanders compromise amendment: http://tpmcafe.talkingpointsmemo.com/2010/05/07/unwashed_masses_1_fed_0_sanders_scores/

The Sanders amendment has a weaker audit provision than the House language, though it would force the Fed to post online most of its transactions from 2007-2010, which the House provision doesn’t do.  Do not be deceived that this Senate ‘deal’ is done, though. The amendment has not passed, and I have heard rumors that Geithner and Bernanke are still fighting this compromise quietly behind the scenes.  If it does pass, Fed transparency reformers will be in a very strong position going into the conference committee, which will merge the Senate and House bills.

2)     The second is a funny speech by Rep. Alan Grayson, who notes that the Federal Reserve may own recently foreclosed Red Roof Inns, but we don’t know, because we don’t audit the Federal Reserve: http://www.youtube.com/watch?v=pE3oiKuU8UI

Zero Hedge notes that the Fed has marked its Maiden Lane I-III holdings at historically high values despite the debt cramdown:http://www.zerohedge.com/article/fed-discloses-no-new-liquidity-swaps-lies-about-value-maiden-lane-i-iii

3)     Dylan Ratigan lists the Senators who voted for the bailout but voted against the Brown-Kaufman amendment to break up the banks: http://www.huffingtonpost.com/dylan-ratigan/is-your-senator-a-bankste_b_567907.html?view=screen

4)     Finally, Eliot Spitzer gives an exceptionally cogent article about why an audit would be help restore trust in the Federal Reserve:http://www.slate.com/id/2253236/

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.