The Audit The Fed Bill Gets Passed By The House But Obama And The Democrats Are Going To Kill It
On Wednesday, Ron Paul’s bill to audit the Federal Reserve was overwhelmingly passed by the U.S. House of Representatives. The vote was 327 to 98. You would think that a bill with such overwhelming support would easily become law. But it won’t, because Barack Obama and the Democrats plan to kill it. Senate Majority Leader Harry Reid has already said that the Senate will not even consider the bill. But of course if Barack Obama called Harry Reid and told him that he wants this bill to get through the Senate so that he could sign it then Harry Reid would be singing a much different tune. Sadly, we all know that is not going to happen. Barack Obama’s good buddy Ben Bernanke called the Audit the Fed bill a “nightmare scenario” last week, and Obama is certainly not going to do anything to upset Bernanke – especially this close to the election. Obama needs Bernanke to do everything that he possibly can to stimulate the economy so that Obama will look as good as possible in November. The sad truth is that there is absolutely no chance that the Audit the Fed bill will become law and that is a crying shame.
So why is an audit of the Federal Reserve so important?
Why does Federal Reserve Chairman Ben Bernanke consider an audit of the Federal Reserve to be a “nightmare scenario” that must be avoided at all costs?
Well, perhaps it is because there has never been a true comprehensive audit of the Federal Reserve since it was created back in 1913.
The Federal Reserve has more power over the economy than anyone else in the country does, and yet they are virtually unaccountable and the American people have very little idea what has been going on behind closed doors over at the Fed for the past 100 years.
A very limited audit of the Fed that was passed a couple of years ago that examined transactions during the last financial crisis discovered that the Federal Reserve had actually loaned out more than 16 trillion dollars in nearly interest-free money to the “too big to fail” banks between 2007 and 2010.
Keep in mind that U.S. GDP for the entire year of 2011 was only slightly more than 15 trillion dollars.
The Federal Reserve loaned out trillions upon trillions of dollars to their friends and never told the American people about it.
Whoa.
The Rest…HERE
