Yesterday the House defeats the bailout & the Fed injects $600 billion new credit ANYWAY! End the Fed? HR 2755?
Posted by admin | Under wind power stocks Friday Oct 3, 2008The Fed has been devaluing our dollar more and more sharply to stop needed corrections to allow us to get out of debt and manage our affairs. The dollars we have saved and which we work for go down in value as a result.
Yesterday in a blatant power grab, the fed ignored Congress’s ‘no’ vote on the bailout and put out $600 billion in ‘new credit’. http://biz.yahoo.com/ap/080929/fed_credit_crisis.html
The week before the bailout bill was proposed, the Fed put through $700 billion in bailouts (AIG, etc) without any Congressional input.
Our Constitution requires Congress to have the purse strings as a matter of separation of powers, not an unelected body and private shareholders, with little accountability, placed under the executive branch (to the extent accountable at all). So much for separation of powers.
Ron Paul has sponsored a bill, HR 2755 which would end the Federal Reserve after a one year wind down period, during which there would be more accountability and transparency.
What do you think about the Fed acting this way yesterday? Amongst other things, does this mean the stock market reaction was emotional? Or what?
What do you think of HR 2755?
ruby, here is how to contact your rep:
Capitol Hill Switchboard: (202) 224-3121
or through one of these web sites:
http://www.senate.gov/
http://www.house.gov/
Serenely Someone, it is plus, but I think the $620 bill number is wrong, that is the new total of that particular piece but the actual sum total is the difference between what each of those progams were before, and the new limit. It's about $600 billion, plus the about $700 bill they already did with Fannie / Freddie (so far, the liability is infinite) and AIG etc. Plus the bailout bill would be another $700 bill.
That the Federal Reserve, a private banking cartel, can appropriate $600 billion (or even $1.00) WITHOUT Congressional approval is exactly why the fed must be abolished or reformed.
The Founding Fathers will be rolling in their graves after learning of the Fed’s actions yesterday.
Please add details to post the phone number where I can call my representatives, and links for emails.
Fire every member of the Fed. Why would they try and cure the problem with more of the same problem. The inflated dollar and too much credit is what got us here.
Grr.. these mofos are ticking me off!
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given the current state of the union is such a action legal.?
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we tax opayers need to have independant investigations and jail time for all involved in criminal activity
Personally, I’d rather end the House.
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I think it’s a clear example of why HR 2755 NEEDS to be passed. When a private institution can make decisions which will have the negative impact on our currency and country that those like yesterdays will no doubt have, that institution has far too much power.
It’s time to call our Congress to the carpet and hold THEM to the responsibility of managing our supply of currency once again. The Fed was created by Congress, it’s time that Congress fixed that mistake.
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That the Federal Reserve, a private banking cartel, can appropriate $600 billion (or even $1.00) WITHOUT Congressional approval is exactly why the fed must be abolished or reformed.
The Founding Fathers will be rolling in their graves after learning of the Fed’s actions yesterday.
Please add details to post the phone number where I can call my representatives, and links for emails.
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“If the American people ever allow private banks to control the issue of their currency, first by inflation, and then by deflation, the banks and the corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers occupied. The issuing power of money should be taken from the banks and restored to Congress and the people whom it belongs.”- Thomas Jefferson
I would encourage anyone who has a congressperson with a seat in the House Committee on Financial Services to deliberate and vote on H.R. 2755, the Federal Reserve Board Abolition Act that was introduced by Rep. Paul on June 15, 2007.
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I’m wording a fax and email, now, to send to both my senators and my rep.
Clarify something for me, DAR, if you could. Did the Fed create $700B *PLUS* $620B = $1.32 trillion in under 2 weeks? Or am I doubling up the numbers?
Also, are you aware of any members of Congress who’ve hinted they may co-sponsor HR 2755?
Thanks!
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I thought the fed was created to keep our economy from going up and down ( before the crash of 29 ), seems they can’t do the job. time to go.
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