This week, Ron Paul came back with his Fed audit bill, the original bill that passed the House. It wasn’t attached to anything, it wasn’t part of a Christmas tree where people could vote for or against the bill for other reasons. It got a vote in the House on the suspension calendar, which needed a 2/3 vote. The Democratic leadership, taking their cues from the Fed and in all likelihood the White House, whipped against the bill. And it still passed by a wide margin.
|By: David Dayen Wednesday July 25, 2012 11:45 am|
After watching as they missed both their employment and inflation targets, the Federal Reserve pronounced themselves ready to act, but in the same sluggish, ineffective ways they have over the past couple years. There are few things the Fed might do to help, and they should do them, but they’re no substitute for direct fiscal stimulus.
|By: David Dayen Wednesday May 23, 2012 10:30 am|
Elizabeth Warren has been talking about the conflict of interest inherent in having Jamie Dimon sit on the board of directors of the Federal Reserve Bank of New York. Timothy Geithner even recognizes a problem. Now Bernie Sanders and Barbara Boxer have co-authored a bill that would ban bankers from sitting on the boards of directors at the regional Fed banks.
|By: Scarecrow Monday November 28, 2011 7:00 am|
A report by Bloomberg reveals that the Federal Reserve under Ben Bernanke and Tim Geithner (at the New York Fed) secretly loaned over seven trillions dollars to arguably insolvent banks and financial institutions to keep them afloat, while concealing the scope of the lending from Congress and even member of the Treasury Department charged with allocating TARP bailouts.
|By: Jane Hamsher Saturday August 13, 2011 11:20 am|
Transpartisan alliances are one of the most powerful organizing tools available to activists today, and perhaps the only one that can force elected officials to become responsive to the will of the people on broadly popular issues. Which is why elite interests manipulate identity politics to castigate those willing to make them as apostates to their respective tribal values (“working with racists…dihmmi”) in order to discredit them and undermine their efforts.
|By: David Dayen Friday July 22, 2011 11:37 am|
We don’t really have real debates on much of anything in America anymore, so it’s worth questioning whether this will be the effect. But for what it’s worth, Bernie Sanders’ office has released the major investigation coming out of that amendment – a GAO audit of the emergency lending programs carried out by the Fed in the wake of the financial crisis. These programs – not TARP, which mostly put the Congress on the hook for the bailout politically – represented the bulk of the federal government’s support for the banking sector. And they were carried out largely in secret. This GAO audit provides a window into just what the Fed did.
|By: Jon Walker Friday April 29, 2011 4:45 pm|
Arguments supporting design of the Fed mirror arguments in favor of dictatorship.
|By: Teddy Partridge Wednesday March 9, 2011 9:20 am|
Those of you who read Firedoglake and enjoy, count on, contribute to, and recognize the impact of this blog are now advised: we’re changing the enterprise’s funding model. And you’re an integral part of that change.
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|By: masaccio Friday December 31, 2010 9:30 am|
The Audit the Fed program was a transpartisan success for FDL and a broad coalition of activists.
In 2011 we’re beginning a new chapter with the FDL Writers Foundation – a new non-profit designed to support the work of talented journalists covering the issues you care about most, like financial reform and Fed transparency. Donate $25 to the FDL Writers Foundation today.
|By: David Dayen Tuesday December 28, 2010 8:30 am|
I have so many problems with the narrative that TARP and the bank bailouts in general were an unqualified success that I don’t know where to begin sometimes, but a few articles out today should provide a good place.