Ron Paul Wins in House Vote: Fed Audit Passes Despite Foolish Opposition From Democratic Leadership

Michael Luciano in Business, Monetary Policy 4 months ago

Ron Paul Wins in House Vote Fed Audit Passes Despite Foolish Opposition From Democratic Leadership

UPDATE: The House of Representatives just passed Ron Paul’s Federal Reserve Transparency Act by a vote of 327 to 98. Find out if your Representative voted for this important piece of legislation here.

The bill now heads to the senate, where it will be up to the majority senate Democrats to bring it to vote. Sadly, it may not get that far. Stay tuned.

. . . . .

Originally slated for a vote on Tuesday, Ron Paul’s Federal Reserve Transparency Act was pushed back to Wednesday on the House of Representatives’ suspension calendar. This means that the vote will require a two-thirds majority for passage (290 out of 435), debate will be limited to 40 minutes, and it will be a closed rule, thus preventing amendments from being added. For all intents and purposes, the vote should be quick, painless, and successful because Paul’s “Audit the Fed” bill has 274 cosponsors, and House Democratic leaders have said they will not whip against the bill, even though they have attacked the bill as dangerous. From there it will go to the senate, where the prospect of passage is not so rosy.

During debate on the Fed Transparency Act yesterday, House Minority Whip Steny Hoyer (D – MD) gave a foolish floor speech against bill, and circulated a letter to House Democrats urging them to vote “no.” It read in part:

“In order for the Federal Reserve to do its job effectively, it should not be subject to short-term political pressures. The experience during debate on the debt ceiling last summer should demonstrate to the American public that House Republicans cannot be allowed to hold our economy or our critical economic institutions hostage in order to further their extreme agenda.”

One must wonder, what job would that be? If the job of the Fed is to act as the primary rescue vehicle for troubled banks by infusing them with money at virtually zero interest while debasing the currency, and while millions of Americans struggle to get manageable interest rates on mortgages, car loans, and credit cards from those very banks who get interest-free loans, then by this standard the Fed has done a bang-up job.

But if the job of the Fed, as its mandate says, is to achieve full employment and stable prices, it has failed abysmally. Even worse, it helped facilitate the very mess we currently find ourselves in. After the September 11 attacks, the Bush administration and the Fed were so frightened the country would slip into recession, they slashed interest rates to below 2% and kept them there for three years hoping the easy flow of credit would spur consumer demand. It did, especially in the housing market. The bubble fueled by the Fed’s loose monetary policy and the monstrous speculative casino on Wall Street that is the derivatives market burst in spectacular fashion, bringing down with it the global economy.

And now leading House Democrats oppose an audit of the Fed because it might hinder the Fed’s ability to do its job.

Given the above considerations, that wouldn’t be such a bad thing.

As for Hoyer’s contention that the Fed mustn’t be subjected to short-term political pressures, the reality is, everything is political, as a fiery Dennis Kucinich (D – OH) pointed out yesterday on the House floor.

Ron Paul Wins in House Vote: Fed Audit Passes Despite Foolish Opposition From Democratic Leadership.

Ron Paul’s 0% Tax Proposal Would Create Most Jobs “In History of the World”

As The Wall Street Journal’s Stephen Moore explained on FOX Business to Judge Andrew Napolitano after Monday night’s debate:

Judge Napolitano: But the biggest sound bite of last night comes from another cowboy from Texas. Congressman Ron Paul, whos tax ideas outgunned his opponents.

Ron Paul: We should have the lowest tax that we’ve ever had, and up till 1913 it was 0%. What’s so bad about that?

Debate moderator: So you’re answer is 0?

RP: Zero

Judge Napolitano: Zero! Joining me now to discuss abolishing the income tax is a man who’s no stranger to studying and analyzing taxes. He’s Stephen Moore, head of the editorial board of the Wall Street Journal.

Judge Napolitano: Can we take Congressman Paul seriously at his word? That were he to be nominated and elected President, he would move to reduce the income tax rates to zero, or as he says, gradually abolish the income tax, shrink the government down to its Constitutional size, and force it to go to other resources for cash.

Stephen Moore: This is a point Ron Paul made very effectively last night, which was for the first roughly 130 or 140 years of our nation we didn’t have an income tax, and yet we did have a prosperous country, we got richer every year, and so there’s no reason we can’t imagine what America would be like without an income tax.

Stephen Moore: As an economist, can you imagine America’s competitive position in the world if Ron Paul were able to get our income tax rate down to zero, when other countries have 30, 40, 50% rates… you would see the most insourcing of jobs into America in the history of the world.

Ron Paul's 0% Tax Proposal Would Create Most Jobs "In History of the World" | Ron Paul 2012 Presidential Campaign CommitteeRon Paul 2012 Presidential Campaign Committee.

ELECTION Fraud? Why Did ABC-TV Post Illinois GOP Primary “Vote Count” 24 Hours Early?!

by SGT:

On the eve before the GOP Illinois primary, one might ask:

How the hell does SGTreport have election “results” for a Republican primary in Illinois which has yet to take place?

We have long argued that the fix is in, but this… um… leaves us speechless. We don’t believe these numbers will represent the “actual” results of Tuesday’s Primary, the question is, why are ANY results, and a clear winner shown here? And why is Ron Paul shown with only 3% of the vote?

Posted on – MONDAY NIGHT, March 19th – on the web site of Chicago ABC News Affiliate WLS-TV are the following election results, clearly labeled as “Illinois Races, Federal Offices”. If we have this wrong, please let us know why this information exists in ANY form. Or, if we are indeed living in a banana republic, copy that. You now have our blessing to move out of the country.

The time stamped screen shot from my computer, on Monday, March 19, 2012 at 11:29 p.m. CST is posted below.

**UPDATE: Some time around 12:40 a.m. CST on Tuesday morning the web page (original link below) with the election data you see here was removed from the WLS-TV website.

ELECTION Fraud? Why Did ABC-TV Post Illinois GOP Primary “Vote Count” 24 Hours Early?! A “Test”? « SGTreport – The Corporate Propaganda Antidote – Silver, Gold, Truth, Liberty, & Freedom.

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