PDA

View Full Version : Congress flakes out and hands the power to the Fed



Kelly
18th September 2008, 14:35
"Sept. 18 (Bloomberg) -- The Democratic-controlled Congress, acknowledging that it isn't equipped to lead the way to a solution for the financial crisis and can't agree on a path to follow, is likely to just get out of the way.

Lawmakers say they are unlikely to take action before, or to delay, their planned adjournments -- Sept. 26 for the House of Representatives, a week later for the Senate. While they haven't ruled out returning after the Nov. 4 elections, they would rather wait until next year unless Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke, who are leading efforts to contain the crisis, call for help."

The rest of the story...

http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aVPBaUbYV_qQ

nuslvrkwen
18th September 2008, 15:04
Thanks Kelly for the link! See people! HERE'S OUR OPPORTUNITY to get the word out about how to resolve our issues! See the thread posted about the UK making new rules about short selling today! OUR SUGGESTIONS ain't any where near as lame as those in Congress. If we get the word out, our ideas we've been kicking around on this forum would get to be talked about on the street by like minded folks not yet on this forum. WE could implement what we should do DISPITE the election! This ISN'T an election issue! True the bozos in office are responsible for passing laws to facilitate this meltdown. But it's the consumer that's got to get going and make some changes. The only things our elected officials can do about this issue is 'a study' or two. Then they'll make some recommendations and pass some laws that still won't solve the problem.

Reading this article I was gratified to know if Congress is still going on vacation - at least the stupid buy gold and set it at $500 idea ain't goin' anywhere soon!! ;) THAT's good to know!

Kelly
18th September 2008, 15:43
Did anybody besides me notice how this article was worded in a way that implies that congress is utterly helpless, can't do anything on their own, and truly has to rely upon Big Brother Fed to make ALL the important decisions?

I just makes me want to puke!

I can name ten people RIGHT HERE ON THIS FORUM that would know what to do! We're the ones who should be in Washington...

nuslvrkwen
18th September 2008, 15:59
You know Kelly - WE CAN RUN THIS WITHOUT BEING IN WASHINGTON! Do you know what that would DO? The forum's existance and online talk about this WOULD help make correct changes to the marketplace's operation inevitable AND it would help out the helpless jerks we pay six figure salaries to TO facilitate these changes by passing laws when necessary!

Kelly
18th September 2008, 16:11
You know Kelly - WE CAN RUN THIS WITHOUT BEING IN WASHINGTON!

Well, yes. If everybody here works hard to get the word out to other forums and blogs, and if we keep writting letters to congress and the CFTC.

What amazes me though, is when I watched the Ron Paul video that Sushi posted a link to earlier today, Paul said that congress was being completely bypassed and nobody was even asking them for their input. Of course, Ron also said most of congress didn't have a clue, but still some of the people who write to them do, and we've been writting a whole lot of letters to congress. If they would just listen to THE PEOPLE instead of the Fed, this country just might stand a chance of surviving.

balou2
18th September 2008, 17:35
Did anybody besides me notice how this article was worded in a way that implies that congress is utterly helpless, can't do anything on their own, and truly has to rely upon Big Brother Fed to make ALL the important decisions?

We're the ones who should be in Washington...

Well, this was evident in both tone and rhetoric. BUT...I couldn't do a better job in Washington. I might not manipulate the market, but I certainly don't have the know-how to do this. Wish I did.

nuslvrkwen
18th September 2008, 18:03
I'm enjoying my new titles to this thread. Actually Balou2 you DO have what it takes to get changes made here! YOU at least try to find out solid information before making suggestions. There's so many wise people here who've been made to feel like they don't know what they are talking about because all of us are pretty much on our own through our choice of investment! Pkrebaum's suggestions about futures trading policy SHOULD be sent to Washington AND to Wall Street! If we'd have been paper investors we'd be as much in the dark about how to fix the marketplace as those people!

Posting in other forums and blogs is necessary, but I'm wondering how we'd be able to send a link to a thread TO Congress? Reading forum posts and blogs is a casual format, not like reading minutes to a corporate meeting! I'm not even worried some poor fool politician would try to act like what we posted was all his or her idea! We'd be able to expose the fool so fast their careers would be over! After watching all the meyhem this week, the prospect could be pretty entertaining!

Kelly
18th September 2008, 19:29
Well, this was evident in both tone and rhetoric. BUT...I couldn't do a better job in Washington. I might not manipulate the market, but I certainly don't have the know-how to do this. Wish I did.

Balou2, what do you mean, "You wouldn't know what to do?" You sound like a guy with a fair amount of good old-fashioned common sense. Did you ever hear the old saying "An ounce of prevention is worth a pound of cure?"

So what does your common sense tell you? HOW did this whole mess that ultimately began with the housing crisis start?

The press has blamed the banks and mortgage lenders for making loans to unqualified home buyers. The home buyers have also been blamed for taking out loans they couldn't afford. But that's not what started this whole mess.

Really, there is only one thing that started it. And that was when the Federal Reserve Bank okayed floating interest rate loans to unqualified buyers, because those loans would have never been made in the first place, had not the Fed given the lending institutions their nod of approval to make those loans.

Any good history on the Fed will tell you the same thing I will. There has never been a depression or a recession in the United States of America that was not premeditated and engineered by the Federal Reserve Bank.

It was easy to start the housing crises. All the Fed had to do was raise interest rates, and that's precisely what they did. The Fed knew as well as I do that it would put all the people with floating interest rate loans into foreclosure.

So tell me Balou2, using your own wonderful gift of common sense, what would you do to insure Americans that this sort of thing can never happen again?

What's the easiest fix of all?

balou2
18th September 2008, 19:42
Balou2, what do you mean, "You wouldn't know what to do?" You sound like a guy with a fair amount of good old-fashioned common sense. Did you ever hear the old saying "An ounce of prevention is worth a pound of cure?"

So what does your common sense tell you? HOW did this whole mess that ultimately began with the housing crisis start?

The press has blamed the banks and mortgage lenders for making loans to unqualified home buyers. The home buyers have also been blamed for taking out loans they couldn't afford. But that's not what started this whole mess.

Really, there is only one thing that started it. And that was when the Federal Reserve Bank okayed floating interest rate loans to unqualified buyers, because those loans would have never been made in the first place, had not the Fed given the lending institutions their nod of approval to make those loans.

Any good history on the Fed will tell you the same thing I will. There has never been a depression or a recession in the United States of America that was not premeditated and engineered by the Federal Reserve Bank.

It was easy to start the housing crises. All the Fed had to do was raise interest rates, and that's precisely what they did. The Fed knew as well as I do that it would put all the people with floating interest rate loans into foreclosure.

So tell me Balou2, using your own wonderful gift of common sense, what would you do to insure Americans that this sort of thing can never happen again?

What's the easiest fix of all?

Don't get me wrong here, folks. I DO consider myself an educated, common-sensed, American person. I understand the basic ins and outs of government, and know that common sense is often a path to the right outcome. That said, turning around a system that is so corrupt means being able to fully understand an economic platform that it is teetering on the brink of collapse. Yes...I could hire people to do that for me, but that entails a knowing who to rely on. Yes...I could hire people to find who to rely on to find who could steer economics. You get the point. There is more to turning a situation around than common sense. I'm a CFO and Finance guy, but I'm not a person qualified to run an agency (public, private or governmental) based on my limited knowledge of statutes, limitations, laws and judicial ruling. I'm not saying I COULDN'T be qualified...I'm more than intelligent enough...I just don't have the qualifications. It's that simple.

balou2
18th September 2008, 19:46
But I will ALWAYS allow my voice to be heard. I will never sit idle by.

Do not go gentle into that good night,
Old age should burn and rave at close of day;
Rage, rage against the dying of the light.

Though wise men at their end know dark is right,
Because their words had forked no lightning they
Do not go gentle into that good night.

Good men, the last wave by, crying how bright
Their frail deeds might have danced in a green bay,
Rage, rage against the dying of the light.

Wild men who caught and sang the sun in flight,
And learn, too late, they grieved it on its way,
Do not go gentle into that good night.

Grave men, near death, who see with blinding sight
Blind eyes could blaze like meteors and be gay,
Rage, rage against the dying of the light.

And you, my father, there on the sad height,
Curse, bless me now with your fierce tears, I pray.
Do not go gentle into that good night.
Rage, rage against the dying of the light.

Kelly
18th September 2008, 20:00
Oh Balou! The answer is simple!

In fact, the answer is spelled out in black and white, clear and concise language in the Constitution of the United States of America.

Our constitution allows our government to coin our own debt free, interest free money. There is absolutely no provision in the contitution what-so-ever that enables us to outsource that responsibility to a second party, namely the Federal Reserve Bank.

And actually, if you check out the constitutional amendment that put the Fed into power in 1913, that amendment gives congress the right to repeal the Federal Reserve Act at any given time.

But at this point, congress appears to be so bamboozled and chicken sh%t, they don't have the guts to do it.

Never-the-less MILLIONS of American people have been writting their senators and representitives for years now demanding that congress do just that very thing. Ron Paul even had the guts to introduce a bill before congress demanding that we get rid of the Fed.

Should congress actually obey THE WILL OF THE PEOPLE, rather than the will of Wall Street and the Central Bankers, the American people will have the money to pay off our entire national debt in just a few years.

No amount of juggling the books and no amount of bail outs is going to fix this mess as long as we continue to give our power away to the very people who created this nightmare in the first place.

The crooks have long been identified. A country that wants to stay alive does not leave it's future in the hands of sneaky, deceptive theives who have stolen the wealth of this nation out from under us.

Trvlr45
18th September 2008, 20:46
I'd know exactly what to do.

Send the national gaurd to surround every Fed bank in the country.
Then send in auditors from the private sector. Then throw them all in jail.

Audit every private foundation such as the Rockefeller Foundation, the Ford Foundation, etc. Then throw them all in jail.

Shut down the IRS and investigate them. Then throw them all in jail.

Audit Fort Knox.

Cut off all benefits to illegals and anyone who can walk and talk without a medical condition or mental problems.

Let anyone who wants to opt out of social security.

Lock down the borders and ports.

Bring our military back here to gaurd OUR country instead of the 150 countries around the world we are babysitting.

Investigate Congress, the Senate, the State Department, the Justice Department and the Commerce Department with outside auditors and lawyers holding copies of the Constitution and the Bill of Rights

Shut down the printing presses and fire up the mint.

Castrate the EPA, OSHA, the Department of Transportation, the Department of Agriculture, the FDA. the Department of Education, the Department of Homeland Insecurity and every other "Department" and send the CIA back to spying on other countries instead of us.

Sick the FBI with copies of the Constitution and the Bill of Rights on anyone I missed in the list above.

Put a moratorium on ALL foriegn aid.

Investigate certain Supreme Court Justices who have been using international law to make their decisions.

And give the UN in New York 72 hrs to get out of the country, then pull the building or give it to the NRA.

With the government out of the way and all the high-rollers tied up in legal battles the economy would be up and running in 6 months and we would all be flush with real cash. We could cut taxation down byu about 75% by getting rid of all the pork and the overpaid deadbeats.

Trvlr45
18th September 2008, 21:01
Oh Balou! The answer is simple!

In fact, the answer is spelled out in black and white, clear and concise language in the Constitution of the United States of America.

Our constitution allows our government to coin our own debt free, interest free money. There is absolutely no provision in the contitution what-so-ever that enables us to outsource that responsibility to a second party, namely the Federal Reserve Bank.

And actually, if you check out the constitutional amendment that put the Fed into power in 1913, that amendment gives congress the right to repeal the Federal Reserve Act at any given time.

But at this point, congress appears to be so bamboozled and chicken sh%t, they don't have the guts to do it.

Never-the-less MILLIONS of American people have been writting their senators and representitives for years now demanding that congress do just that very thing. Ron Paul even had the guts to introduce a bill before congress demanding that we get rid of the Fed.

Should congress actually obey THE WILL OF THE PEOPLE, rather than the will of Wall Street and the Central Bankers, the American people will have the money to pay off our entire national debt in just a few years.

No amount of juggling the books and no amount of bail outs is going to fix this mess as long as we continue to give our power away to the very people who created this nightmare in the first place.

The crooks have long been identified. A country that wants to stay alive does not leave it's future in the hands of sneaky, deceptive theives who have stolen the wealth of this nation out from under us.

The problem we would have with THIS particular Congress is that they would be WORSE than the Fed! You would usher in pure communism because they don't obey the Constitution either. You would end up with government picking up where the Fed left off. It was the government that caused the Fanny and Freddy debacle thanks to Carter, Clinton, Bush, Barney Frank, Christopher Dodd, Chuck Schumer and insiders like Jim Johnson, Jamie Gurellic and a guy named Franklin. I can't remeber his last name.

They did with Fanny and Freddy what happened with Enron except the problem they and the government caused is about 500 times worse. They have turned this country into a communist country. That's why government programs are un-constitutional in the first place. ABUSE!

thetackle
18th September 2008, 21:02
I would like to abolish the designated hitter once and for all during this massive clean-up effort.
Thank you.

JesterJay
18th September 2008, 23:20
I'd have to fight you on that one.
Vote Trvlr45 for KING!
JesterJay



I would like to abolish the designated hitter once and for all during this massive clean-up effort.
Thank you.

Raven
18th September 2008, 23:27
Does this mean I can get out my torch and pitchfork?
Nothing says fun like a good old fashioned angry mob.
:cool:

mapletree
19th September 2008, 00:06
im down. +1

Kelly
19th September 2008, 00:28
The problem we would have with THIS particular Congress is that they would be WORSE than the Fed! You would usher in pure communism because they don't obey the Constitution either.

I know that is correct today, BUT if you get rid of the Fed who butters these theives' bread, the answer to this one is that though the government has the power to coin it's own money, NOBODY ELECTED TO GOVERNMENT SHOULD BE ALLOWED TO OVERSEE THAT PROCESS.

The money system should be controlled by a group of citizens who are appointed for no more than 1-2 years at a time to serve on a financial committee that oversees and controls the money system.

In this entire country there has to be at least several thousand people who are honest enough and qualified enough to serve in that capacity and the "Peoples' Banking and Finance Committee" (or whatever it is to be called) should be chosen from that group. They should not be wall-street tycoons or major corporate executives. They should be people who have already proven that they understand the problems with the economy. There are professors, economists, authors and even every day citizens with great thoughtful web sites and blogs who are far more qualified and honest than ANYBODY in Washington DC or the Federal Reserve Board today!

We need real people who understand the real problems of everyday Americans to run the money system. Once the names of 6000 people or so were selected and put on a list, and the committee should be selected by lottery from that list just like when the military draft is in place. They should get paid a minimal yet reasonable wage for their term of service, and any attempt to individually profit from their position while serving should be punishable by a life sentence in prison.

Those people need to have an iron clad fist on how this country creates its money and what it does with it. They should not be lobbied by either congress or Wall Street. Citizens who have suggestions should be allowed to write to the committee and voice their ideas, and those ideas should be tabulated and the most needed and popular ideas put into practice. Since Wall Street and Congress don't listen to the will of the people, The People's Committee on Banking and Finance must.

Once a committee like this was put into place, I can just about guarantee you that the incentive that makes thieves and thugs want to run for political office (personal or corporate gain) would be completely removed from the system. The quality of people who actually run for office would improve by 1000%.

I don't have any patience left with the present system because it has completely been taken over by thieves. I personally think that the only thing that will work at this time is that the citizens of the United States of America begin to stand up and take a very hard line with what goes on in Washington.

Our elected officials should be there to serve the people, and right now, obviously, it's the people who are being made to serve them.

We have to take our country back or it really is all over for us.

balou2
19th September 2008, 01:25
NOBODY ELECTED TO GOVERNMENT SHOULD BE ALLOWED TO OVERSEE THAT PROCESS.

The money system should be controlled by a group of citizens who are appointed for no more than 1-2 years at a time to serve on a financial committee that oversees and controls the money system.


The number of historic figures that have subscribed to this notion is staggering. Ben Franklin, Thomas Jefferson...hell...most of the founding fathers. As much as getting rid of the Fed is appealing, it's a scary thought. I believe the quote is something to the effect of:

"Would you trade 1 tyrant 1000 miles a way for 1000 tyrants 1 mile away?"

The point being, that at least at this point, whether we like it or not (and no matter how much the Fed is in the pockets of the government, and visa versa), pulling the plug is but one step closer to total control. The ONLY solution is literally a public oversight group, with no ties to social or political interest, who oversee a completely impartial regulation and oversight of the monetary system. Yeh...like that's going to happen, but it would work if statutes were put in place to regulate the operation of oversight. This doesn't necessarily mean regulation of the system, only that the qualifications of the oversight committee demand regulation. The fundamental and most crucial aspect would be that no person could benefit monetarily (at any time pre, post, or during service) other than any attached and monitored salary. Police commissions use this type of oversight on a regular basis, as do certain state commissions that require impartial oversight. The city of Oakland, CA went through this 3 years ago when it went in to bankruptcy. It doesn't mean that it works, and there are many loopholes if not done properly, but the only way to completely eliminate manipulation and bias is to have a constantly changing, completely impartial oversight group that can "regulate" the operations of other folks. It's actually a rather risky position, putting that much power on a group of individuals, but it's no worse than the position we're in now. The unfortunate thing is that the puppeteers behind the financial systems (i.e. the folks we don't know) would not allow this to happen. That's where our voices must be heard.

Then again...what do I know.

Trvlr45
19th September 2008, 02:23
I can understand everyones comments concerning an "oversight group" and the comments on how you could get them to stay honest.

That's easy. This country was founded on Christian values and those values taught honesty and a work ethic. No other religion is as "decent" as Christianity even Bill Mahr, a hard core lefty, admitted to that! Yep, the Christians can get pretty wierd with the blue laws and all but the communists are far worse.

Communists hate Christianity and other religions for that matter because morals and core values are what hold a society together. The Democratic party, whether any Democrats are on this forum or not, has become a full blown communist party. That is a fact. Communists want you to worship the state and depend on THEM for your very survival. They are your God. THAT is why the ten commandments, history and civics have been removed from the cirriculum in our schools. Ignorance, laziness, irresponsibility and depravity are easy to enslave. When it comes right down to it I think the Ten Commandments are a pretty damn good idea, They are the basis for every decent culture on the planet when you really look at them. Irregardless of the religion, nailing someone elses wife or husband isn't acceptable. The only problem I see with them is that the first one should be changed to "Mind your own biusiness". Or, for the hardcore Christian types we can ad an eleventh stating the same.

Any Democrat that is on this forum can go to the Protocols link Kelly posted and see exactly what their party has become. It's right there. It cannot be denied. The Communist Manifesto and the UN's Habitat Agenda are all the same thing. Enslavement. Of US!

The Republicans (which I once was) on the other hand have become a Fascist party which is just as bad. We are in deep Kimchee in this country because we have a central banking system which is using both methiods of enslavement on us at the same time with them in control of the money sytem which controls the greed on both sides of the isle. Whether it is the Fanny and Freddy debacle caused by the communists or the "Military Industrial Complex" Eishenhower warned us about and the corporations run by the Fascists it's ALL bad news for US. BOTH sides are ripping us off!! The only difference between the two is what is the best method to enslave us. Working for The State or Wal-Mart!

I am about as far away from being a "bible thumper" as anyone can get but I do realize that if core values were still being taught in the education system in this country we wouldn't have to worry so much about our elected representatives being honest about the money supply because with a work ethic and core values taught at a young age THE PEOPLE would make sure our representatives did what they were supposed to do and for the most part the representatives would do it on their own. We could kill the ones that don't. At least if we got rid of the ACLU (American Criminal/Communist Liberties Union)

I don't know near what most of you do when it comes to PM's or investing in general and many of my posts are interpreted as being off topic but my thought is that everything is inter-connected and the social programs caused by a communist party while the fascist party passes legislation to allow the world's biggest corporations to take us to the cleaners has EVERYTHING to do with why we are all investing in PM's. We are OUT of options.

I personally just want to be left alone as long as I'm not bothering anyone else and I want my ENTIRE paycheck. I"LL decide how to spend it. Not some scumbag in Washington.

Now, I'm going to sleep. Thank You.

Trvlr45
19th September 2008, 02:55
I'd have to fight you on that one.
Vote Trvlr45 for KING!
JesterJay

Thank you, Jester.
I'm a little on the radical side but I have been told that before after voicing my opinions. I know I'm NOT alone in my thoughts.

Kelly
19th September 2008, 08:36
The ONLY solution is literally a public oversight group, with no ties to social or political interest, who oversee a completely impartial regulation and oversight of the monetary system. Yeh...like that's going to happen,

Yeh? Well, it's really up to us to scream and yell, pitch a fit, write letters like mad, and organize a full-scale effort AND MAKE IT HAPPEN, because until we do, we will remain at the mercy of despots and theives.