Tuesday, August 4, 2009

End the Fed? A not-so-crazy idea....

Athens, Ga. - Since it was introduced in February, Representative Ron Paul's "Audit the Fed" bill (H.R. 1207) has gained 282 congressional cosponsors. If adopted, the bill would allow the Government Accountability Office to review, not only the Federal Reserve's balance sheet, but its recent monetary policy deliberations and transactions. Fed Chairman Ben Bernanke opposes the plan, saying it would undermine the Fed's hallowed independence...Link

Update - S 604 - 23 Co-sponsors...........

Title: A bill to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

Ben Bernanke's failure at the Fed............

Departing from the normal practice of Federal Reserve board chairmen, Ben Bernanke has taken to barnstorming the country in recent months, giving public talks and recently appearing in a lengthy interview on the NewsHour with Jim Lehrer. The reason for seeking a higher profile is simple: Bernanke wants to keep his job...Link

Federal tax revenues plummeting.........

WASHINGTON – The recession is starving the government of tax revenue, just as the president and Congress are piling a major expansion of health care and other programs on the nation's plate and struggling to find money to pay the tab...Link

Tonights cover is.............