Ron Paul now in charge of Federal Reserve oversight committee

[rambone]

Sounds like great news to me. The Federal Reserve is getting ready to print $600 billion more by 2nd Qtr 2011 (on top of the 1.7 Trillion they have printed in the past 2 years), and they refuse to let anyone, including Congress to examine their books. They need somebody watching them that's not one of their lackeys.

The committee has been low key under Rep. Melvin Watts (D-N.C.). His web site says he plans to hold hearings on "equal access by the visually impaired to U.S. coins and currency."

It's safe to say that a Paul chairmanship might be a little more intense.

Ron Paul in charge of Federal Reserve oversight? - On Congress - POLITICO.com

News Headlines

 

[dross]

That's sweet news indeed.

 

[SemperFiUSMC]

They couldn't have put anyone better in charge. I hope he gets his full audit now.

Can't wait to watch the hearings on CSpan.

 

[John Galt]

The one, single event that would turn this country around would be an independent, full-blown audit of the Fed. The ensuing rage from Americans over the looting and theft that is being allowed would be the catalyst needed to put us back on track. Pain and chaos, sure, but worth it to return to sanity.
Plain and simple, audit the Fed.

 

[PatriotPride]

Great news!!!

 

[csaws]

Wait! What? The ones that call him a whack job gave him what??? Oh I can't wait to see this play out.

 

[littletommy]

The one, single event that would turn this country around would be an independent, full-blown audit of the Fed. The ensuing rage from Americans over the looting and theft that is being allowed would be the catalyst needed to put us back on track. Pain and chaos, sure, but worth it to return to sanity.
Plain and simple, audit the Fed.

+1. I can't add anything to this.

 

[Que]

That's good news. Hopefully, he can spur the country into allowing more people with his ideals to take political offices.

 

[Expat]

I am not even a Ron Paul fan and think this is a good idea. I would expect him to actually do some oversight.

 

[The Bubba Effect]

They couldn't have put anyone better in charge. I hope he gets his full audit now.

Can't wait to watch the hearings on CSpan.

Can't you just imagine Paul pacing back and forth in front of Bernanke, waiving his fist and yelling.

I might have to take a day off just to stay home and watch.

It's a nice kick off for his presidential run.... Just when price inflation is really taking off he can drag the bums in front of the cameras and dress them down on national television.

 

[Panama]

Personally, I will be saying a few prayers for Rep. Paul's continued health and well being.

We are living in some strange and desperate times.
I do not think the Fed would allow one man to expose them for what they truly are.

 

[SavageEagle]

Can't you just imagine Paul pacing back and forth in front of Bernanke, waiving his fist and yelling.

I might have to take a day off just to stay home and watch.

It's a nice kick off for his presidential run.... Just when price inflation is really taking off he can drag the bums in front of the cameras and dress them down on national television.

^^^^^THIS!

The ONE good thing so far to come of this election...

 

[whiskeytangofoxtrot]

He's gonna have to roll up his sleeves because I'm sure they aren't going to let him in all that easy. It's gonna be a fight, but he will see it through. Hearing this just made my day.

 

[Redemption]

Personally, I will be saying a few prayers for Rep. Paul's continued health and well being.

We are living in some strange and desperate times.
I do not think the Fed would allow one man to expose them for what they truly are.

I thought this same thing. These men will do anything to preserve their hold on power. Ron needs to watch his six.

 

[lashicoN]

I can't actually believe that happened.

 

[rambone]

Here's another article:

Ron Paul is about tot Totally Revolutionize the House Monetary Policy Panel

 

[SavageEagle]

Here's another article:

Ron Paul is about tot Totally Revolutionize the House Monetary Policy Panel

JewfromRussia posted this in the comments:

Brophy -

We are going in circles, but I am happy for a another chance to explain:

1. This monetization is "good", because it provides support for this languishing economy. Nothing else to add.

2. It is inflationary -- and purposefully so. The whole idea is to accelerate inflation until it reaches that sweet spot of 1.7 to 2.0 percent per annum.

3. What Fed is forced to do today is an indirect consequence of the boom/bust crisis which was greatly exacerbated deficit spending. However, budgets are beyond the Fed's control.

4. I think transparency of the Fed is a horrific idea. Because this transparency is of zero value without being actionable upon. You may only want transparency, i.e. accountability, if you plan to exert some influence on the reporting agency. And this is something that cannot be allowed.

I think Ron Paul is a perverted libertarian, but let's just assume that he is an inflationary hawk. But what if the next congressman to oversee Fed will be an inflationary dove. What are you going to do then?

 

[Expat]

JewfromRussia posted this in the comments:

He does make some good points.

 

[jsgolfman]

He does make some good points.

What, the ones on his head?

 

[Expat]

What, the ones on his head?

2 and 3. Then 4 is certainly debatable and I can see the arguments on both side. The closing paragraph has some humor in it depending on where you are coming from but does have a good warning. I can see a liberal being committee chairman one day and it being a problem.