Federal Reserve

Elizabeth Warren Won't Back Rand Paul's Audit the Fed Bill

Populist hero?

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Elizabeth Warren
Bill Maher

Sen. Elizabeth Warren—that beloved populist and bank-busting champion of the little guy—has long vowed to bring accountability to the government, stop reckless corporate malfeasance, and rescue the economy from the hands of our shadowy overlords.

She does not support Sen. Rand Paul's "Audit the Fed" bill, however.

The Wall Street Journal reports:

Sen. Elizabeth Warren (D., Mass.), a member of the Banking Committee and an outspoken critic of the Fed's oversight of big banks, said she does not support Mr. Paul's proposed legislation, which she said could have "dangerous" implications for monetary policy.

"I strongly support and continue to press for greater congressional oversight of the Fed's regulatory and supervisory responsibilities, and I believe the Fed's balance sheet should be regularly audited – which the law already requires," Ms. Warren said in an emailed statement. "But I oppose the current version of this bill because it promotes congressional meddling in the Fed's monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy."

Mr. Paul, a Republican from Kentucky, introduced the so-called "Audit the Fed" bill last month with 30 co-sponsors, of which only one was a Democrat – Sen. Mazie Hirono of Hawaii.

This news will not surprise anyone who has paid attention to the discrepancies between Warren's deceptively populist rhetoric and her partisan actions. She talks a good game bringing a modicum of fair play to the mega corporations and their allies in Washington, but when push comes to shove, she reliably supports their cronyist practices. She supports the Export-Import Bank, for example.

So the next time anyone talks about Warren in the context of a populist hero, remind them that the senator from Massachusetts believes the activities of the most powerful money-related institution in the country should be hidden from public scrutiny.

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108 responses to “Elizabeth Warren Won't Back Rand Paul's Audit the Fed Bill

    1. Warren is just another stupid cunt.
      or politician

      1. Your statement contains a redundancy

        1. Only one?

      2. fake Indian speak with forked tongue

      3. You are a sad case.

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  1. A big government liberal doesn’t want accountability from the big government funny money machine. Shocjing.

    1. Squaw speak with forked tongue.

      1. Let us be fair to the Native Americans – they would very much want to know whether anyone was manipulating their wampum.

      2. Squaw member of Hekawi tribe.

        1. Hekawi means peyote.

      3. I appreciate this comment and admit I loffed at it, but I must say it besmirches the name of the Cherokee people to include this lying whore cunt in their roles of ancestry. Better to see her as a bastard child of a bastard then try to place her in a group she has no business claiming as her own. I know I’d take offense if she claimed to be of Norwegian ancestry.

        1. And I say calling her a lying whore cunt does a disservice to fine liars, whores and cunts across this great nation.

          1. liars, whores, and cunts are fine. It’s when you combine them all in one individual that they become a problem.

            1. It isn’t really a problem. The problem is that people vote for them.

              1. We have a winner!

          2. Liars, whores, and cunts – oh my!

        2. Why would she claim ancestry from a Norwegian? Don’t you know that Northern Europeans are the most evil of all the white devils? White ancestry is only acceptable as long as you accept the false narratives and profess your inferiority.

          1. ^^^THIS

          2. I thought it was Germans ancestry that is the most evil? I’m half German so I still qualify, but I though my half that comes from the socialist paradise that is Scandinavia gave me a pass. No?

            1. I though my half that comes from the socialist paradise that is Scandinavia gave me a pass. No?

              No. The only thing that can give you a pass is if you have “brown people” ancestry.

            2. I thought it was Germans ancestry that is the most evil? I’m half German so I still qualify, but I though my half that comes from the socialist paradise that is Scandinavia gave me a pass. No?

              Germans are ethnically northern Europeans along with all the other Germanics, northern French and Celts. And eastern Europeans by some people’s count. The point is, that these groups look more white and therefore are more culpable for all of the world’s evils.

      4. aww – you beat me to it!

    2. Apparently, she wants oversight, but not accountability, because oversight is good, but accountability might politicize the fed.

      Just drink a 12 pack and it all makes sense.

      Oversight, accountability, …mmmm…

      All we need is to leverage the synergy of a win-win situation thinking out of the box and we can call bullshit business lingo BINGO!

      1. Oversight is passive. You’re just watching, you know, closely.

        Accountability means action might have to be taken, and that action *could* be politicized.

        Better to “oversee” than risk getting all caught up in a career-killing move like that, disrupting the status quo.

  2. As always, everything before the “but” is bullshit.

    1. “I believe in free speech, but…”

      No you don’t.

  3. you mean Lizzie’s words do not match her actions? Here is my shocked face. No wonder the progtards love her; they believe the prog words, ignore the tard actions.

    1. How could this have happened? How!

  4. No signed paper can hold the iron. It must come from men.

    1. I reckon so.

    2. I love that movie. Where’s Chief Dan George when we need him the most?

      1. He didn’t surrender. They took his horse and made him surrender, though.

        1. I wore this frock coat to Washington before The War. We wore them because we belonged to the five civilized tribes. We dressed ourselves up like Abraham Lincoln.

          You know, we got to see the Secretary of the Interior. And he said, “Boy, you boys sure look civilized.”

          He congratulated us and he gave us medals for looking so civilized.

          We told him about how our land had been stolen and how our people were dying. When we finished he shook our hands and said, “endeavor to persevere!”

          They stood us in a line: John Jumper, Chili McIntosh, Buffalo Hump, Jim Buckmark, and me ? I am Lone Watie. They took our pictures. And the newspapers said, “Indians vow to endeavor to persevere.”

          We thought about for a long time. “Endeavor to persevere.” And when we had thought about it long enough, we declared war on the Union.

          1. All I have is a piece of hard rock candy. But it’s not for auditin’. It’s just for lookin’ through.

          2. One of the best speeches ever in a Western. 🙂

      2. “Well, sometimes the magic works….sometimes it doesn’t” CDG

        1. You take your horn toad down Mexico way.

          1. What if Ten Bears told him he could stay here?

  5. So the next time anyone talks about Warren in the context of a populist hero, remind them that the senator from Massachusetts believes the activities of the most powerful money-related institution in the country should be hidden from public scrutiny.

    But, but, she said the law already requires audits, so it must be true.

  6. So congressional participation equals politicization and that’s bad? I’m sure she will apply this standard across all of her activity in congress. Surely tribe member Senator Warren won’t have a double standard when it suits her!

  7. So Warren is against “congressional meddling,” eh? Good to know.

    Oh wait, she’s only against congressional meddling in other branches of government. Meddling in everyone else’s lives is apparently OK.

    1. “swear jar”

  8. I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions

    “… And I would’ve gotten away with it, too, if it weren’t for those meddling congresskids!”

    1. “Old Man Reid!!!!!”

      *drops mask*

  9. The sheer ball-busting AUDACITY that it takes to say that she opposes a bill “which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy” is FUCKING heart-stopping in its temerity. This is the woman who was going to be head of the UBER-political CFPB, then ran as a populist who COMPLETELY supports Dodd-Frank. God forbid any of those positions end up POLITICIZING anything or lead to financial instability in our economy!

    1. The sheer ball-busting AUDACITY

      Are you kidding? Compared to the other lies and nonsense she has been spewing, this doesn’t even register.

  10. , which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.”

    Emphases added.

    Just a risk.

    1. She doesn’t want to say anything without leaving herself an out in case she wants to deny it later.

  11. How about a banish the fed bill. Anything less is not enough. The fed is already audited, the actual intentions of of his bill are questionable. This piece is a joke and doesn’t include any factual information on what Paul’s bill accomplishes that the already existing audits do not… it’s basically a hit piece, not real news reporting. Shame on you, Reason Magazine for allowing this pointless partisan blather on your page.

    1. The existing audit is a complete sham. From Wikipedia:

      Audits of the Reserve Board and Federal Reserve banks may not include:

      transactions for or with a foreign central bank or government, or nonprivate international financing organization;
      deliberations, decisions, or actions on monetary policy matters;
      transactions made under the direction of the Federal Open Market Committee; or
      a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items

    2. Ah, so if you consider them “audited” could private businesses do the same and them and escape prosecution, shareholder suits and being laughed out of exchanges and capital markets?

    3. As long as the current Fed bribes the Dems with forward trading info to further line their nests there willl be no true audits of the Fed.

      http://www.zerohedge.com/news/…..-plans-are

      It would be interesting to know how much money was made by the favored few in the 24 to 48 hours this info was released to only that favored few.

  12. Would Ms. Warren have us believe that the policies and actions of the Fed are not already politicized? Any doubt about even that would be reason enough for an investigation, think I.

  13. Warren appears to fail to understand that the US government should have been the only agency to ever operate as a central bank. And boy is she failing now. She’s going to lose all of her support.

    1. What? Why would the wisemen of the US federal government make central banking any less unjust or incompetent?

      The only agency that should operate as a central bank is a free market institution that earned it’s position by consumer choice and could just as easily have it taken away by that same mechanism.

  14. “But I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.”

    Does she literally believe that monetary policy is not already a politicized decision? The fed has long ago demonstrated that it treats economics as a means to political ends.

    Elizabeth Warren after being in Washington a little while has probably realized that the injustices of the Federal Reserve System are the foundation of all her policy preferences. For without it’s theft there would be no way her progressive socialism could be paid for.

    1. Wppeveryone knows all the inveterate progtard elected officials regularly meet at their Legion of Doom headquarters. It’s a skull shaped fortress in the Bayou.

  15. “The Comptroller General of the United States shall conduct an audit of the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board of Governors of the Federal Reserve System against supervised financial institutions.”

    From the language of section 3 of the bill it appears that the intent is to determine the extent to which the FRB was complicit in precipitating the home mortgage crash. If they weren’t involved then why should they care if we take a little looksy? What you got to hide there folks?

  16. “So the next time anyone talks about Warren in the context of a populist hero, remind them that the senator from Massachusetts believes the activities of the most powerful money-related institution in the country should be hidden from public scrutiny.”

    Didn’t she answer that critique with the below statement?

    “I strongly support and continue to press for greater congressional oversight of the Fed’s regulatory and supervisory responsibilities…”

    It really cracks me up that a so called populist can get away with such an elite statement. Who needs transparency when you have top people in congress to make sure everything is hunky-dory.

  17. This just in: notorious leftard is a tool of the banister cartel. Is anyone surprised?

    -jcr

    1. There’s a cartel for stair handrails? NO wonder those fuckers are so expensive.

      1. You can rail all you’d like against them, but it will do no good.

        1. As long as it’s not just bravado and baluster, it would help take a step in the right direction, and get a better handle on the situation.

          1. Just so we don’t get a hard landing.

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  19. Quite honestly, I don’t understand “audit the fed”. I’m not saying it’s bad, I just don’t understand what it’s all about. I wish I could find a simple, straightforward explanation of exactly what that bill would do.

    If the bill ends up essentially letting congress muck around with monetary policy, do you really think that would be wise? I’d worry that congress would be even more inclined to run the printing presses, for reasons of short-term political gain.

    1. The Fed-hating business makes no sense. The Fed has operated with public supervision for 100 years already, and it has cooperated with audits all along, which you can easily discover by using something like, oh, Google. The anger directed against it seems misguided somehow, like some billionaires want to discredit the Fed because they want their gang of cronies to control it instead of the current gang.

      1. From google for the statist whore, who claims atheism

        Audits of the Reserve Board and Federal Reserve banks may not include:

        transactions for or with a foreign central bank or government, or nonprivate international financing organization;
        deliberations, decisions, or actions on monetary policy matters;
        transactions made under the direction of the Federal Open Market Committee; or
        a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items

      2. The Fed-hating business makes no sense. The Fed has operated with public supervision for 100 years already,

        Yup. One hundred years of ripping people off by stealing the purchasing power of their dollars by means of currency and credit expansion and manipulation, otherwise known as inflation.

    2. Audit the Fed puts the Fed reserve corporation to the same audit standards as everyone else, no special exemptions like they currently have which allow them to do everything unscrutinized

  20. Guys, it is really simple.

    Interfering in private business is good, because they are evil and need to be controlled.

    Interfering in a powerful government bureaucracy (that is really a crony capitalist state-private partnership, but she doesn’t care about the details) is bad, because they are good and watching out for their lessers.

  21. Rand Paul apparently doesn’t know how to find Fed audits online, like this one:

    http://www.federalreserve.gov/…..mt2012.pdf

    You know, in other contexts libertarians wouldn’t support politicians like the Pauls who keep harassing private businesses and threatening their management with the deadly force of the state. A logically consistent libertarian or Objectivist should instead demand that the U.S. Government leave Janet Yellen alone so that she can use her sovereign mind to make rational decisions. Instead they support pointing guns at Yellen and the other Fed governors.

    1. Apparently you cannot comprehend English

      Audits of the Reserve Board and Federal Reserve banks may not include:

      transactions for or with a foreign central bank or government, or nonprivate international financing organization;
      deliberations, decisions, or actions on monetary policy matters;
      transactions made under the direction of the Federal Open Market Committee; or
      a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to items

    2. There’s a mighty big difference between meddling and using Force against a completely private entity subject to the vagaries of a free market, and a behemoth monopoly created by the ultimate backing of government Force. The tip off between one and the other is the “federal” embedded right in the name, just as a heads up.

    3. Just because something is called an audit, doesn’t mean it’s effective or thorough or has teeth. YOu are being intentionally dense.

      Surely you recall how the FISA courts were keeping the NSA in check because they were an “oversight function”, right?

      “leave Janet Yellen alone so that she can use her sovereign mind to make rational decisions.”

      And there’s the dead give-a-way of Top. Men. thinking: ‘a soveriegn mind’. Soverign over what – all of us, via monetary policy? Statist.

  22. Easily one of the dumbest members of the Senate, along with Bernie Sanders and Lindsey Graham.

    1. I keep looking for Sanders on Church St. hoping to see him barefoot and with a guitar singing prog-folk tunes.

  23. Run, Lizzie, Run. Run from your phoniness!

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  25. Just another in a along line of lying pols, not serious in her Populism at all.

  26. “that beloved populist and bank-busting champion of the little guy”

    If the information on The Fed was publicly available, they wouldn’t need her as a champion, would they?

    Like any good Prog, she wants to ensure that the people she “champions” are kept ignorant, powerless, and entirely dependent on her.

  27. Like it or not, the Fed’s relative distance from politics is what makes it work, and without it we’d be seriously fucked. Libertarians would have more evidence for their government=evil position, but it’s too steep a price to pay for that.

    Rand Paul doesn’t think the country should have a central bank, and he should just say that. “Auditing the fed” as Paul means it (not actually auditing, as that already occurs) actually makes no sense–its whole purpose is to house the experts on monetary policy. Why does Paul want to create an additional layer of bureaucracy of non-experts whose sole purpose would be to do a worse job at monetary policy?

    1. Take him boys

    2. The fed is incompetent and was a major cause of the last position. They are not distant from politics. They would have raised rates by now, but they cant take the heat if they do because they would prick this bubble

    3. Like it or not, the Fed’s relative distance from politics is what makes it work

      Really? The fed works? Are you high on something? Tony the socialist believes that one of the most crony capitalist institutions is “working”? Well, I suppose if you favor massive crony capitalism, it is indeed “working”.

      Why does Paul want to create an additional layer of bureaucracy of non-experts whose sole purpose would be to do a worse job at monetary policy?

      I suspect Paul would have it audited by experts. And I suspect Paul hopes to gather enough ammunition to argue for abolishing the Fed, fraud that it is.

      1. Socialism, at its core, is nothing but cronyism. There is no other realistic way it can operate with real actual people running things.

        1. No, socialism is corrupt and oppressive, but it isn’t cronyism, since there is no private entity left to funnel money to.

          What the American so-called left advocates is regulated private businesses, and that’s progressive or fascist economics because the regulators invariably succumb to cronyism.

      2. It’s a central bank. All countries have them–for a good reason.

        1. Yes, and the reason is that all countries have a pack of thieves running things.

        2. Not “all countries” have central banks, but definitely the ones that have had they assess kicked by the U.S. recently.

          The reason is it creates a stronger 1%.

  28. which risks politicizing those decisions

    They ought to be politicized, because right now, the Fed just prints money to benefit a few people, and politicians acquiesce because it helps their careers.

  29. Most investors now believe three things about the Federal Reserve, money and interest rates. They think that the Federal Reserve is artificially depressing rates below what would be a “normal” level. They believe that in the process of doing so the Federal Reserve has enormously increased the supply of money and they believe that the USA is on a fiat money system.
    All three of those beliefs are incorrect. Money is what can be used to buy things. Historically money has first been specie (gold and silver coins), then fiat money which is paper currency and checking accounts (M1) and more recently credit money. The credit money supply is what in aggregate can be bought on credit. Two hundred years ago your ability to take your friends out to dinner depended on whether or not you had enough coins. One hundred years ago it depended on the quantity of currency in your pocket and possibly the balance in your checking account.
    Today it is mostly your credit card that allows you to spend. We no longer have a fiat money system. Today we have a credit money system. Just because there is still some fiat money does not negate the fact that we are on a credit money system.
    The effective money supply is the sum of the traditional fiat money aggregates plus the credit money supply. Thus, despite the claims of Ron Paul and Rick Perry to the contrary, the effective or true money supply has fallen drastically over the last few years….”
    http://seekingalpha.com/article/1514632

    1. Regardless of the merit of the argument itself, how does adding a “credit money supply” on top of a “traditional fiat money supply” cause the “true money supply” to “fall drastically”?

      In any case, most of these money supply arguments are irrelevant; the fed is simply a mechanism by which government funnels money to private institutions.

    2. Whether it is called fiat money or credit money there is no denying the fact that the Fed arbitrarily controls the amount of it in existence and therefore its purchasing power or value.

      Let the market decide its true value or purchasing power: Get rid of legal tender laws and the requirement that taxes be paid in dollars. Repeal income and capital gains taxes on the conversion of other assets into dollars.

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  33. Her oversight means I get to see what’s going on but not the public. Need to keep the money printing going to fund the socialist state she supports.

  34. Elizabeth Warren all hype, no action.

  35. Elizabeth Warren, is doing exactly what she should do, i.e., not wanting to politicize the Fed, this is exactly right, at least, for now. Rand Paul, may be making a gesture to the voters, seeking votes with his take on a audit. Rand Paul’s father, Ron Paul, was an advocate of auditing the Fed maybe this is what Rand Paul is imitating.

  36. Found this comment on the DailyBeast….

    Elizabeth Warren is the best senator we have in congress period. Do you not remember the crash of 2008 caused by the rich. She is one of the only Senators out there that is working toward helping the middle class and the poor unlike the Tea Party that is all about what the Koch brother want.

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  38. “I strongly support and continue to press for greater congressional oversight of the Fed’s regulatory and supervisory responsibilities, and I believe the Fed’s balance sheet should be regularly audited ? which the law already requires,” Ms. Warren said in an emailed statement. “But I oppose the current version of this bill because it promotes congressional meddling in the Fed’s monetary policy decisions, which risks politicizing those decisions and may have dangerous implications for financial stability and the health of the global economy.” http://www.dailykos.com/story/…..e-Fed-bill … the problem is with the bill, not with the idea.

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