---------- Forwarded message ---------- From: Common Sense <commonse...@citizensincharge.org> Date: Wed, Jul 1, 2009 at 10:13 AM Subject: Stress Test for the Fed? (Paul Jacob on Congressman Ron Paul's bill to expose what's really going on at the Federal Reserve) To: t.ma...@gmail.com
Having trouble viewing this email? Click here. <http://campaign.constantcontact.com/render?v=0019P4BLEteY_L6ifvBMjmbWH3zexlWbSHjcyK61Ls7VBMqkW9ApzcliudkplQQsGj3ggbQqsD47MGDVyJi3p3OvRTWm6T76leECGM6efZwe_U%3D>You're receiving this email as part of your free subscription to Common Sense, which is sponsored by Citizens in Charge Foundation. Please confirm<http://visitor.constantcontact.com/c.jsp?t=1102626811981.10329.111866336.2&m=1102339695398&wl=F>your continued interest in receiving email from us. You may unsubscribe<http://visitor.constantcontact.com/d.jsp?p=un&v=001oqwWjY62mfnt-MLnAngfmhsdPUCIY2R7H6YP89p07RLGhTLSQoQdF3fjpWmOcyJXG7MZF99uSxU%3D>if you no longer wish to receive our emails. <http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX3Hh64ksiBCHxCpLA7QmvFYjqoSb8Jcf_ZBwBkkw5_b41_0lu6iOAnErIPGOHIgJPAaRf1JNo9oqHtkboiYzqjBOG0twJrxhojfYxkvLehkpA==> July 1, 2009 Stress Test for the Fed? A bill proposed by Congressman Ron Paul would shine a light on the mysterious goings-on at the Federal Reserve. The Fed has been sopping up many billions in toxic assets, creating money hocus-pocus, loaning vast fortunes to central banks in other countries, and in general behaving as if its actions cannot have bad consequences. HR 1207, introduced in February, would authorize the GAO to audit the Fed's various funding facilities, used with such abandon over the last year. Look under the hood, see what's going on in nitty-gritty detail. Doesn't sound very radical. But the Fed is accustomed to being “independent,” i.e., unaccountable. Yet as Jim Grant, editor of a publication that monitors interest rates, has observed, if the Fed had to accept the auditing it requires of others, it would be regarded as insolvent. Except, of course, for that whole create-money-out-of-thin-air thing. President Obama, a.k.a. Mr. Transparency, has said zilch to support the bill. Still, with over 150 Republicans and over 50 Democrats cosponsoring the legislation, it now has enough votes to pass if congressional leadership allows a vote. An audit with a negative outcome would not force the Fed to shut down. But it would provide more ammo for those interested in slowing or stopping fiscal insanity. And that, too, should be bipartisan. Transpartisan. Universal. This is Common Sense. I'm Paul Jacob. Comment on this episode<http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX06Nb9-nfKr0JvsYGFozo-7TqqkdDQU2IYtR4tr5GCTDcDXvCGCdPxWuEF7UZRiIRhe8ZtlKb-IGAibYdwWPY3JnM2hFqY92Re6HutVU7Bl-KkCHonJErEakKMgz3PO3frUeY4zjQV4yvNQOUsPD0Ue59n6qM1Lnf0Z0PWTXnZmQg==>| Listen to this episode<http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX1AcDf0xdpeyXVfokTxdiZFwxIqUSF48EKgj7hLVNl3wgp-rRWyzsOOw6h-o4oUOdTbBCSW0zyC2NvqBxJGFEBULXjTXo55bn8TXUxGtx8QR01u_ssElqRyZ30YivqD2OPacFen_ch9E7MSbHFhzcgZ> <http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX2DJz0D7243vZNcv0te4ydomMTmZN8w-R4hOOatgclkFQclFcVmbVaDXpMPHaD3qtt0YRi0pTlSn0ZOCYtRPNuq3kdxvc84woWLxHg2_Jregg==> <http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX1SSe5k0npf7YovWIxwBfJknefCRFAnPJbwYe2CzQzBYiBrnqbECVjP8LLe4Fz65m_nTx759NYBogCeXt740M45UQGs7h3jY1Cr8Dc4qki1TtGjehvdvlwzRTyjtCDvbhnHtIAk6gfzJw==> Paul Jacob is President of Citizens in Charge and the Citizens in Charge Foundation<http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX0_Bh-JLubzktMx8gi1FAR7M2-8SVcvoLoLJskrBiEALyHGgHBkBaTw1BN1ykxaMmgVs1ks2enHI3zpcfwsKDqOt2uPVGadmIDmlUSJqGLGRQ==>, which sponsors both Common Sense<http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX3Hh64ksiBCHxCpLA7QmvFYjqoSb8Jcf_ZBwBkkw5_b41_0lu6iOAnErIPGOHIgJPAaRf1JNo9oqHtkboiYzqjBOG0twJrxhojfYxkvLehkpA==>and Paul's weekly Townhall Column<http://rs6.net/tn.jsp?et=1102626811981&s=10329&e=001Zr_eresHcX0SIRFtGphdaydIcVkpDEwXz3S6avIVS_4d-fanUnZ0C0ivBn7UsQyHyHHu9mYVmumOf2wig6F0KxM0kcPy0dH7LhBe9U7fPL0z6PJJmyQAvTzT576PzJ2NiAFgBCJBfTs=>. 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