August 8th, 2012
(HigginsBlog) – The republican party is pushing Romney to take up the issue of forcing a full audit of the Federal Reserve – and why you should be to (even if your a democrat).
First a proper introduction:
$9,000,000,000,000 MISSING From The Federal Reserve, Fed Inspector General Can’t Explain – Audit the FED
Chapter 1 - July 21, 2011:
A partial audit of the Fed reveals why the establishment resisted an audit for so long – The U.S secretly provided an eye-popping $16 Trillion in secret loans to bailout U.S. and foreign bankers.
The (Partial) Fed Audit
From Senator Bernie Sanders:
The first top-to-bottom audit of the Federal Reserve uncovered eye-popping new details about how the U.S. provided a whopping $16 trillion in secret loans to bail out American and foreign banks and businesses during the worst economic crisis since the Great Depression. An amendment by Sen. Bernie Sanders to the Wall Street reform law passed one year ago this week directed the Government Accountability Office to conduct the study. “As a result of this audit, we now know that the Federal Reserve provided more than $16 trillion in total financial assistance to some of the largest financial institutions and corporations in the United States and throughout the world,” said Sanders. “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else.”
Chapter 2 - June 14, 2012:
Details of a (partial) GAO audit of the Federal Reserve’s eye-popping secret $16 trillion-dollar bailout reveals that Federal Reserve board members gave their own banks $4 trillion.
Last Year Senator Bernie Sanders reported a long overdue audit of the Federal Reserve revealed an eye-popping $16 trillion in secret loans to bailout out Wall Street banks.
Bernie Sanders has now reporting that 18 Federal Reserve Board Members gave their own banks $4 trillion of these secret bailouts in the form of loans with nearly zero interest.
From the documents released, I put together this list of the offenders:
Firm Bailout amount Citigroup $2.5 Trillion Goldman Sachs $814 Billion JP Morgan $391 Billion Lehman Brothers $183 Billion State Street Corporation $42 Billion KeyCorp $40 Billion Marshall & Ilsley $21 Billion Citibank $21 Billion General Electric (GE) $16 Billion Sun Trust $7.5 Billion PNC $6.5 Billion Texas Capital Bank $2.3 Billion Webster Bank $2.2 Billion Popular Inc $1.2 Billion Wilmington Trust $550 Million LegacyTexas $5 Million
Here’s the text of the PDF summary released by Senator Sanders highlighting the culprits identified in the GAO audit on the Federal Reserve’s conflicts of interest.
Federal Reserve Chairman Ben Bernanke calls it his “nightmare scenario.” One of Mitt Romney’s top economic advisers called it “trouble.” Yet as they look to their national convention starting in Tampa on Aug. 27, Republicans are considering including a plank in their party platform calling for a full audit of the central bank.
Prodded by the failed primary bid of longtime Fed critic Ron Paul — and the grassroots enthusiasm the Texas congressman’s cause inspired among bail-out weary Tea Party activists and small government advocates — Republicans are entertaining a prospect that has long made them and some of their financial supporters cringe.
Paul, in an interview, warned that if Romney’s backers resist the effort, it could result in a politically distracting and messy fight in front of the national media. “It’s good economics and it’s good legislation, but it’s also good politics, because 80 percent of the American people agree with it,” Paul said. If Republican leaders “exclude it, I would think some of my supporters would be annoyed and feel strongly enough to take it to the floor under the rules.”
Read this article in full:
** For those with short attention spans that will not read the full article here is ‘the bottom line’ >>
“Other Romney allies say they expect the platform committee to finesse the issue in a way that satisfies Paul and avoids a public feud without ceding the power to dictate the party’s message to a candidate who didn’t earn enough delegates to contend for the nomination.
“They will find a way that accommodates some of his concerns and recognizes that he worked hard and ran a good campaign that struck a chord with people,” said Steve Duprey, a New Hampshire Republican National Committeeman. “But if you lose, you don’t get to write the platform — that’s the way this works.”
You get to decide how this story ends.
Call your congressman and demand a FULL AUDIT OF THE FEDERAL RESERVE.
Source: Higgins Blog