Sanders on why he voted yes on the Fed Bill

[Skwmom]

Too much of the Fed’s business is conducted in secret, known only to the bankers on its various boards and committees. In 2010, I inserted an amendment in Dodd-Frank to audit the emergency lending by the Federal Reserve during the financial crisis. As a result of this audit, we learned that an institution that was created to serve all Americans had been hijacked by the very bankers it regulates.

We must expand on that first review of the Fed’s activities. Requiring the Government Accountability Office to conduct a full and independent audit of the Fed each and every year, would be an important step towards making the Federal Reserve a more democratic institution that is responsive to the needs of ordinary Americans rather than the billionaires on Wall Street.”


http://www.usnews.com/news/articles/2016-01-12/democrats-kill-rand-pauls-audit-the-fed-bill-though-sanders-votes-yes

This makes sense to me. To try to pretend that the Democrats have not been in bed with Wall Street is laughable. Though that's not to say that Republicans aren't also. Could Corporate and Non Corporate Republicans have voted for the fedbill - Yes. But since they can count and knew it wouldn't pass, they can profess how they are not owned by the banks.

Corporate Republicans and Corporate Democrats have both sold out to Wall Street. To try to pretend otherwise takes a heck of a lot of nerve. Since the non corporate left have been called extremists by the Corporate Democrats it's hard not to believe that they aren't playing a similar game on the other side.

Note: People are starting to realize that there are a heck of a lot of Corporate Democrats and a heck of a lot of Democrats willing to get on board and play ball in return for favors - family members running for office, the hiring of family members, their own promotion, etc. What a heck of a corrupt system.

[fleur-de-lisa]

1. "Corporate Republicans and Corporate Democrats have both sold out to Wall Street"

Which is why we deseperatley need Bernie! Thanks for posting!

[arcane1]

2. "But it's different when it's OUR Corporate Democrats" or something... n/t

[Uncle Joe]

3. Kicked and recommended.

Thanks for the thread, Skwmom.

[bigtree]

4. the Paul bill was a sham; a well-known sham

...presenting it as a credible bill is nonsense.

Painting Democrats as corrupt and unwilling to confront the Fed is sophistry. There have been other proposals which don't seek to (as Paul's bill does) politicize monetary policy or undermine the Feds' independent role in determining that policy.

An overwhelming number of Democrats correctly opposed this bill. Our recent Democratic convert is hiding behind rhetoric to defend voting for a dangerously flawed tea party-sponsored bill.


from the article:

Sen. Paul's measure would have authorized the GAO to review more information as part of an audit, but opponents said that would give lawmakers too much information and power to exercise oversight.

“We’ll see many members of Congress pushing the Fed to side with the bondholders and Wall Street on combating inflation rather than siding with main street and small businesses and workers in dealing with unemployment,” said Sen. Sherrod Brown, D-Ohio, who spoke against the bill.

[Skwmom]

5. What's a sham is the promise to provide a transparent government.

Good old Sherrod. I'm sure the Democratic Establishment will help his daughter come up through the ranks.

http://www.dispatch.com/content/stories/local/2015/08/16/late-entry-on-ballot-following-dads-path.html