Blog Archives

“Audit the Fed” Passes Senate, 96-0

Here’s a clip from Jane Hamsher’s article in Firedoglake. I recommend going in and reading the whole thing.
clipped from
The Senate just passed the Sanders amendment, Audit the Fed, by a vote of 96-0.

Though a weaker version than the Paul-Grayson bill that passed the House, the amendment calls for a thorough audit of the Federal Reserve from December, 2007 until the bill is signed into law. This period covers many of the Fed’s questionable activities during the bailouts that have so far been shielded from scrutiny.
I believe the success of the measure can be directly traced to the bipartisan coalition that came together to support Audit the Fed.
Nobody could pretend to be “principled” in opposition and take refuge in partisan politics — it would be clear that they were just covering up for the banks.
Tremendous credit goes to Alan Grayson. It was Grayson who decided to take up Ron Paul’s bill and bring Democratic support for it.
Under the radar, Grayson quietly got the number of cosponsors up to 330, which forced Barney Frank to deal with it on the Financial Services Committee.
blog it

From the NY Times: Dodd & Gregg think Bernanke will be approved…

This is a clip from the NY Times… go HERE for the whole article. There’s a lot more to it.

clipped from
WASHINGTON — Two senior senators, a Democrat and a Republican, jointly issued a statement Saturday predicting that the Senate will confirm Ben S. Bernanke to a second term as chairman of the Federal Reserve, hoping to quell doubts that had shaken markets and forced the White House to scramble to keep him from becoming a casualty of populist anti-Wall Street fervor.
Senator Christopher J. Dodd, the Democrat from Connecticut who is chairman of the Senate Banking Committee, and Senator Judd Gregg of New Hampshire, a Republican who is a longtime member of the panel, said in their statement that “based on our discussions with our colleages, we are very confident that Chairman Bernanke will win confirmation by the Senate for a second term.”
Mr. Dodd, who recently decided to retire as his own re-election looked doubtful, and Mr. Gregg, who also is retiring, not only forecast Mr. Bernanke’s approval but also provided a fulsome endorsement.
blog it

It’s not that easy, though:

At least 11 senators have said they would oppose Mr. Bernanke, including four Democrats, Ms. Boxer, Mr. Feingold, Byron L. Dorgan of North Dakota and Jeff Merkley of Oregon; one independent, Bernie Sanders of Vermont; and six Republicans.

“Especially since the election in Massachusetts, Democrats are waking up to the fact that Americans are profoundly disgusted with the behavior on Wall Street that led to the disaster we’re currently in,” Mr. Sanders said. “In the last week the president has decidedly changed his tone on Wall Street — in my view, quite appropriately. He would be well served to have an ally at the Fed who shares those concerns.”

Quote of the Day…

“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few. What the American people did not bargain for was another four years for one of the key architects of the Bush economy.”

-Senator Bernie Sanders putting a hold on therenomination of Ben Bernanke to the Federal Reserve.

Go to it, Bernie!

Did you know the Deficit has come down $400 Billion already?

We don’t hear a lot about the controls coming from the Obama Administration, but this article in Roll Call caught my attention. Here’s a small clip… but read i all to see why things could get worse in 2011:
clipped from

Far less prominent but no less important was another CBO report released that day — the monthly budget review with revised numbers for fiscal 2009. The bottom line: The deficit was about $1.4 trillion.

Before this deficit is demonized to the point where it’s considered something appropriate for HBO’s “True Blood,” several things need to be explained.
First, the new figure is much smaller than the $1.8 trillion estimate produced earlier in the year by the CBO.
Big swings in deficit projections are often due to dramatic changes in economic conditions, but that wasn’t the case this time.
Depending on what makes you happy, you can call this either a rejection of a spending increase or a reduction from what was proposed.
Either way, not only was federal spending in 2009 much lower than projected earlier in the year, this also is one of the largest one-year spending changes in recent federal budget history.

The real problem is coming in 2011 and beyond
  blog it