Ron Paul’s ‘Audit the Fed’ Bill Passes the House

Via Yahoo! News:

While Ron Paul may not be the next president, he can chalk up one victory this year. The Texas Republican’s “audit the fed” bill has passed the house. Needless to say, Federal Reserve Chairman Ben Bernanke and his allies are not pleased:

“This bill would … jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit,” said House Minority Whip Steny Hoyer, a Democrat from Maryland. “I agree with Chairman Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.”

Despite the excitement of House Republicans, Paul’s victory can probably be considered a moral one only: Democratic Senator Harry Reid described the bill as “dead on arrival” once it arrives at the Senate.

Read more at Yahoo! News:

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  • Liam_McGonagle

    Fair play.  Not that it’s going anywhere in the Senate, though.

    I tend to see this as more a case of the dumb*ss Republican caucus saying:

    “Okay, we’re all out of pointlessly stupid symbollic gestures to waste time on.  So in order to prop up our dead carcass careers, we’re actually reduced to trying to grandstand on something that actually makes a little bit of sense.”

    As a P.S., and out of respect to the one feeble semi-achievement of Paul’s career, it would have been nice to source this from a media outlet NOT called “Yahoo”.

    • http://twitter.com/mattstaggs Matt Staggs

      I’m thinking that your average reader won’t consider “Yahoo!” to be a reflection on Paul’s career.

      • Liam_McGonagle

        Well, I don’t either, necessarily.  Just having a bit of fun.

        • http://twitter.com/mattstaggs Matt Staggs

          :)

  • Linsang811

    I’m sure when this is over, the FED will get a nice little spanking and everything will go right back to business as usual. Call me a cynic if you like, but I will bet my left and right buttocks that NOTHING will come of this. 

    • charlieprimero

      True, but it gives the Patriots hope. 

      Hope is needed to keep them lost in voting.

      Every carnival game operator knows hope is crucial.

  • http://www.facebook.com/rthoneunomia.celine Threedinium

    “what Federal Reserve Chairman Ben Bernanke has called a “nightmare scenario.””

    No shit, then we’d all be able to see that they got squat.

    • Liam_McGonagle

      Didn’t need an audit to see that.  How many rounds of quantitative easing do we have to go through before it becomes apparent to everyone that Bernanke’s shooting blanks?

      Still, it’d be interesting to see the details of some of the “emergency loans” handed out during the crisis.

  • WhatTheWhat

    “The final vote was 327 to 98 and all but one Republican and 89 Democrats voted yes.” Why would any Democrat vote against this?? It does not make any sense…

    Check out this impassioned speech from Kucinich: http://www.youtube.com/watch?v=nn0wrdalZsE

    • Liam_McGonagle

      “Why would any Democrat vote against this??”

      1.  The representative does not understand the issue.
      2.  The representative’s constituents do not understand the issue.
      3.  The representative’s constituents are believed to have formed an a-critical partisan bond with the current administration.
      4.  Any action that can be portrayed as critical of the current administration will lose the representative votes in November.

      In the circumstances, that’s actually a pretty rational line of thought.  All it requires is a bit of laziness and willed ignorance, which are not so hard to come by.  No malice necessary.

      Empty conflict makes the world go ’round.  Ignorance is a precious natural resource, without which almost everybody would be without a job.

    • DeepCough

      The votes that passed this bill, which are overwhelming Republican, are a “bandwagon vote.”
      The one time the Republicans can actually do some good, they’re just making a symbolic
      gesture and all because of their disdain for the presidency. As for the Democrats: truth be told,
      it was Woodrow Wilson who started the Fed, so there ya go.

    • Jesus Borg

       For some reason, God Knows why, people from a dissenting viewpoint that identify as left wing, liberal, what have you, can’t for the life of them catch on to the fact that most Democratic politicians are phonies, long sold out to the interests of the Corporate Oligarchs. They just can’t accept it.

      Kucinich is onto this fact. I have a friend that still can’t see Obama for who is, a paid spokes model basically. She still insists that his only problem is that he is too sincere and reaches out to the Republicans too much  in a naive attempt to try to build consensus.

      Meanwhile he continues to approve drone strikes, and passes draconian police state legislation Bush never would have gotten away with.

      • kurisushiro

         That’s all politicians, not just dems.

      • http://profile.yahoo.com/UJIVOJPM2ALCAKT5WL2K4TOJUA jeff

        Both Political Parties are a chrade , and give the sheep a sense of choice . Bush got away with murder .. Literally..Obama has just carried on with the agenda..

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