So Fresh and So Clean.

U.S. Senate candidate Rand Paul on Monday pledged not to accept campaign contributions from any U.S. Senator who voted for the bank bailout and challenged his opponents to follow suit. Dr. Paul issued this challenge after learning that Trey Grayson has scheduled a Washington D.C. fundraiser co-sponsored by several U.S. Senators, seventeen of whom voted for the so-called TARP bailout in 2008, which was then used to fund an auto industry bailout Congress rejected. “This isn’t about holding politicians to an impossibly high standard of agreeing with everything one’s supporters say or do,” Paul said. “But a primary focus of my campaign is that we need Republicans in office who will have the courage to say no to federal bailouts of big business.” “There is nothing in the Constitution that allows the government to pick winners and losers in the private sector and the Republican party platform specifically condemns bailouts,” Paul said. “I’m running for the U.S. Senate to stand up for true Republican principles and the Republicans I’ve talked to agree that is what we need.”

What Fed-Audit Legislation Would Mean......

Overturning current limits on government audits of the Federal Reserve has become a key goal of the central bank's critics inside and outside Congress. House lawmakers are expected to seek a comprehensive audit of the Federal Reserve system by the Government Accountability Office, the investigative arm of Congress, as part of a broader overhaul of financial regulation this fall. But the precise scope of such an audit remains undetermined. The move follows a proposal by Rep. Ron Paul (R., Texas), endorsed by two-thirds of the House, that would require the GAO to conduct an audit by the end of 2010. It would override—for at least that period—a law that shields the Fed's monetary-policy decisions from GAO inquiries. Rep. Barney Frank, chairman of the House Financial Services Committee, is in talks with Mr. Paul on the details of the bill, and has said he expects some version to pass the House this fall. But Mr. Frank said he would ensure the Fed's independence in setting interest rates and other aspects of monetary policy...Link

The Fed's Interesting Week.............

It has been an interesting week indeed for the Federal Reserve. Early this week, it was announced that President Obama intends to reappoint Fed Chairman Ben Bernanke to a second term in January, signaling a vote of confidence in him. Bernanke seems to be popular with the administration and with Wall Street, and with good reason. His lending policies have left big banks flush with newly created cash that covers up old mistakes and allows for new ones. By buying up mountains of Treasury debt he has also enabled spending to soar to ridiculous levels that should startle any responsible economist, and scare any American concerned about the value of the dollar. However, these highly sensitive decisions about our money are not made by economists, they are made by politicians. Bernanke, like most of his predecessors, is the politician’s best friend. However, there is no reason to believe any other central planner would behave any differently, considering the immense political pressure on the Fed...Link

U.S. ranks 28th in Internet speed...........

When it comes to Internet speed, the U.S. remains far down the ladder of industrialized nations, ranking 28th behind leaders South Korea, Japan, Sweden and Holland, according to a study by a labor union for telecommunications workers. Using data gathered from Speed Matters, a site that promotes greater Internet speeds, the Communications Workers of America compiled a list of broadband speeds in U.S. states and territories and came up with the average speed for the nation -- 5.1 megabits per second. That's a quarter of South Korea's 20.4 megabits and about a third of Japan's 15.8 megabits...Link

57% Would Like to Replace Entire Congress.

If they could vote to keep or replace the entire Congress, just 25% of voters nationwide would keep the current batch of legislators. A new Rasmussen Reports national telephone survey finds that 57% would vote to replace the entire Congress and start all over again. Eighteen percent (18%) are not sure how they would vote...Link

Neighborhood Tubing Crash - Celebrity bloopers here

$14 billion on turmoil loans.................

LONDON (Reuters) – The Federal Reserve has made $14 billion in profits on loans made in the last two years, The Financial Times reported on Monday, citing officials close to the matter. The U.S. central bank also earned about $19 billion from interest and fees charged to institutions that tapped liquidity facilities during the global financial crisis, the report said...Link

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Compromise..........I say NO.

WASHINGTON (Reuters) – Rep. Barney Frank, the chairman of the U.S. House of Representatives Financial Services Committee, hopes to craft a compromise bill with lawmakers who want to open Federal Reserve monetary policy decisions to audits, a spokesman for Frank said on Saturday. A bill sponsored by Texas Republican Rep. Ron Paul that would allow the Government Accountability Office, a federal watchdog agency, to audit Fed interest-rate decisions has won the co-sponsorship of more than half of the House...Link

Pot News.........

The Drug Enforcement Administration Friday announced that it found 14,500 marijuana plants growing in a Colorado national park, the latest in a series of such finds in national parks that authorities say are linked to Mexican drug cartels. Authorities say they have seen an increase in outdoor marijuana operations run by Mexican drug cartels. In the past several months, federal agents have found nearly $55 million worth of pot plants in national parks and on federal lands in California, Colorado and Idaho...Link

This guy is fast.............