Bill introduced to abolish the Federal Reserve.

[dixiegrrrrl]

H.R. 833....
by Ron Paul, of course.

And he is right. The Fed. Reserve and Bernanke made this mess, then made it worse.

[bluestateguy]

1. I'm sure the bill is already in Barney Frank's trash can

I would change one thing, however: I would make the Fed Chairman somebody who could be hired and fired by the president at will.

[notesdev]

11. The Federal Reserve is a PRIVATE institution

which is why it is insane that they are given control over the money supply.

[The Brethren]

12. You're right and it's amazing that so many people don't

realize that.




Full text of the Stimulus Plan ("American Recovery and Reinvestment Act of 2009"): Orig. House version -- http://appropriations.house.gov/pdf/RecoveryBill01-15-09.pdf , House spreadsheet -- http://spreadsheets.google.com/ccc?key=pV-c6t5fOVmNorqMpHvnCMw ; Senate version -- http://appropriations.senate.gov/News/2009_02_02_The_American_Recovery_and_Reinvestment_Act_of_2009.pdf ; and Senate compromise -- http://www.govtrack.us/congress/billtext.xpd?bill=h111-1 , Text and $$$ details of Senate compromise -- http://appropriations.senate.gov/News/2009_02_08_UPDATED_Appropriations_Provisions_of_American_Recovery_and_Reinvestment_Act.pdf?CFID=4043629&CFTOKEN=40573040 in addition to -- http://readthestimulus.org/amdth1.pdf ; along with -- http://www.readthestimulus.org/ .

[Bolo Boffin]

2. And off to committee it goes to die.

Which is just what this silly bill from a reactionary rightwing Congressman from Texas deserves.

[dixiegrrrrl]

3. Most likely.....I am tracking it, just in case.

[Bolo Boffin]

6. Sitting shiva is more like it. n/t

[FieldsBlank]

4. wrong villian

much more to blame than just the Fed

a greedy financial industry
an incompetent government
and an inherently flawed banking system

[rocktivity]

5. Well, it's certainly worth considering whether is should remain

a private company. SHOULD a private company be in charge of regulation the nation's money?

:headbang:
rocktivity

[FieldsBlank]

7. don't think so

From Karl Denninger's Market Ticker
The Swindle Continues....

"The Fed is a private bank: Half true. The Fed itself is not owned by anyone; it is chartered by Congressional action. The Fed district banks are "the policy arms" by which Fed policy is enforced, so one must look to them as well. These banks are owned via mandatory capital stock purchases made by their member banks; those banks in turn are, for the most part, publically traded. However, The Fed as a whole is operated not for the private profit of its owners but rather with the gains and losses born by The United States Treasury. This is, in fact, why I rant and rave about The Fed's actions when they go beyond The Federal Reserve act of 1913 (formally Title 12 Chapter 3 of US Code) because losses are taken by the United States Treasury, that is, the taxpayer. If The Fed was a private bank then losses would be born by its members - and they're not. Likewise, profits are not given to its members - they belong to the Treasury (such as they are.)"

http://market-ticker.denninger.net/archives/2009/02/07.html

[dixiegrrrrl]

9. I make it a point to never argue with Denniger.

and wish more Congress critters would listen to him.

[marketcrazy1]

10. I read the "ticker"

every day! Denniger is pretty sharp! tells it like it IS! more people should be reading his stuff.

[I Have A Dream]

8. I completely agree. nt