Tag Archives: End the Fed

Peter Schiff on the Rises Prices of Everything

One of Peter’s best videos:

* What experts are saying about gold. When asked, Suzanne Orman hesitantly admitted that investors can buy gold, but just a tiny bit, and certainly not the physical stuff, but an ETF.

If you believe in sound money and the JP Morgan Gold fraud, then it seems like she’s taking her talking points from some very powerful people.

* Big Media propaganda talking about this was the best September (typically a down month) in 71 years.

This is obviously flawed. If, for example, the dollar loses half it’s value in a day, the same analysis will call it the best DAY the stock market has ever seen.

Peter compares the Dow’s 7.7% and S&P’s 8.8% gains to other things:

A Commodities index gained 8.7%.
Soy Beans 9.5%
Copper 10%
Rice 10%
Oil 11%
Corn 12%
Silver 13%
OJ 13%
Cotton 17% (Peter’s jockey shorts beat the Dow)
Sugar 19.3%
Australian Dollar 9%

Peter Asks: “Do you think stocks really went up in value in September, or is it more likely that the dollar lost value?”

* The bogus CPI index says prices went up 1.5%. Federal Reserve’s Open Market Committee says inflation is too low.

Peter Schiff: Markets, gold bubble, Summers, Bernanke, Obama, Tepper

* Peter thinks dollar is bottomless bit.

* Big media calling gold/silver a bubble. Not true b/c no speculative money flowing into mining stocks.

* Larry Summers resigning. (Returning to pollute the minds of Harvard students.) New adviser should be a parrot that says “print money, print money. . . .”

* At Obama’s CNBC Townhall meeting he talked about the American revolution happening b/c there was “repression without representation,” implying that repression with representation is okay.

* Lots of economics ignorance out there.

PETER SCHIFF ON REGULATION (start @ 6:45)

On Bernanke’s Speech

* Bernanke is ready to keep printing.
* STOP DEFLATION! STOP DEFLATION! STOP DEFLATION! (Deflation would actually be a very good thing. It would reveal who is productive, and who is unproductive.)
* Saint Louis Fed Chairman James Bullard DOES NOT ANTICIPATE A DOUBLE DIP RECESSION. Let’s remember he said this. Shall we?
* Bill Ford, former Atlanta Fed Chairman, makes the same prediction — no double dip recession, though he offers some good analysis. Perhaps that’s why no longer with the Fed.

More Power for the Fed by Ron Paul

Almost 200 members of Congress who care about Federal Reserve transparency voted for this motion to recommit. Unfortunately, they found themselves in the minority.

Any legitimate objections to the audit proposal were addressed in the language of the motion to recommit. Thus, it is clear that the real reasons for opposing it are unstated and indefensible. The real reasons are that politicians like to spend money far exceeding income and it is convenient to have an enabler of this in the Federal Reserve. The easier it is for the Fed to create money, hidden from public view and accountability, the easier it is for politicians to spend that money and make sure their friends and interests are taken care of through shady political processes.

The broader reasons for supporting this entire financial regulatory reform bill are just as sinister. This is not about cracking down on big banks as some claim. Rather, this is about not wasting a crisis. This is about using a traumatic event to increase government power and control over the economy. If it was really about addressing the causes of this recession, Fannie Mae and Freddie Mac would have been dealt with, or abolished. Failed companies would just fail, rather than being bailed out. Instead, a permanent bailout mechanism is being established. The Fed, and its ability to control interest rates and create cheap money, would be reformed or better yet, abolished. But instead its power is being increased and this Congress refuses to even fully audit it! (Read more from iowarepublican.com)

Tell us what’s going on with our money

I was disappointed last week to discover that despite his co-sponsorship of the Audit the Fed amendment, Rep. Dave Loebsack voted against its inclusion in a package of financial reforms.

The Audit the Fed amendment had 320 co-sponsors and broad bi-partisan support. The fact that Loebsack and more than 100 other co-sponsors betrayed the amendment at its decisive moment reflects the power of the Federal Reserve.

The Fed is a semi-private bank that sets interest rates by an elaborate process that ultimately amounts to printing money and thereby diluting the value of the money in our wallets, bank accounts and mattresses. (Read more from press-citizen.com)

Audit the Fed Defeated

The following 114 representatives who co-sponsored the bill voted against including it in the recently-passed banking legislation.

Alabama
Bobby Bright – AL-2

Arizona
Ed Pastor – AZ-4
Raul Grijalva – AZ-7

Arkansas
Marion Berry – AR-1
Vic Snyder – AR-2

California
Jackie Speier – CA-12
Pete Stark – CA-13
Zoe Lofgren – CA-16
Sam Farr – CA-17
Brad Sherman – CA-27
Adam Schiff – CA-29
Judy Chu – CA-32
Jane Harman – CA-36
Laura Richardson – CA-37
Bob Filner – CA-51

Colorado
Jared Polis – CO-2
John Salazar – CO-3
Ed Perlmutter – CO-7

Connecticut
Joe Courtney – CT-2
Christopher Murphy – CT-5

Florida
Allen Boyd – FL-2
Corrine Brown – FL-3
Suzanne Kosmas – FL-24

Georgia
Sanford Bishop – GA-2
Hank Johnson – GA-4
John Lewis – GA-5
John Barrow – GA-12
David Scott – GA-13

Hawaii
Mazie Hirono – HI-2

Illinois
Jesse Jackson, Jr. – IL-2
Mike Quigley – IL-5
Danny Davis – IL-7
Janice Schakowsky – IL-9
Deborah Halvorson – IL-11
Phil Hare – IL-17

Indiana
Peter Visclosky – IN-1
Baron Hill – IN-9

Iowa
Bruce Braley – IA-1
David Loebsack – IA-2
Leonard Boswell – IA-3

Kentucky
John Yarmuth – KY-3
Ben Chandler – KY-6

Louisiana
Charlie Melancon – LA-3

Maine
Chellie Pingree – ME-1
Michael Michaud – ME-2

Maryland
C. A. Dutch Ruppersberger – MD-2
John Sarbanes – MD-3
Donna Edwards – MD-4

Massachusetts
James McGovern – MA-3
John Tierney – MA-6
Bill Delahunt – MA-10

Michigan
Dale Kildee – MI-5
Mark Schauer – MI-7
Carolyn Kilpatrick – MI-13
John Conyers – MI-14

Minnesota
Timothy Walz – MN-1
Collin Peterson – MN-7
James Oberstar – MN-8

Mississippi
Bennie Thompson – MS-2

Missouri
William Lacy Clay – MO-1

Nevada
Shelley Berkley – NV-1

New Hampshire
Carol Shea-Porter – NH-1

New Jersey
John Adler – NJ-3
Bill Pascrell – NJ-8
Steven Rothman – NJ-9
Donald Payne – NJ-10

New Mexico
Martin Heinrich – NM-1
Ben Ray Lujan – NM-3

New York
Timothy Bishop – NY-1
Jerrold Nadler – NY-8
Anthony Weiner – NY-9
Scott Murphy – NY-20
Paul Tonko – NY-21
Maurice Hinchey – NY-22
Michael Arcuri – NY-24
Daniel Maffei – NY-25
Brian Higgins – NY-27
Louise Slaughter – NY-28

North Carolina
Larry Kissell – NC-8
Heath Shuler – NC-11
Brad Miller – NC-13

Ohio
Steve Driehaus – OH-1
Marcy Kaptur – OH-8
Dennis Kucinich – OH-10
Marcia Fudge – OH-11
Betty Sutton – OH-13
John Boccieri – OH-16
Tim Ryan – OH-17

Oklahoma
Dan Boren – OK-2

Oregon
David Wu – OR-1
Peter DeFazio – OR-4
Kurt Schrader – OR-5

Pennsylvania
Kathleen Dahlkemper – PA-3
Jason Altmire – PA-4
Patrick Murphy – PA-8
Michael Doyle – PA-14
Tim Holden – PA-17

Rhode Island
James Langevin – RI-2

South Carolina
John Spratt – SC-5

South Dakota
Stephanie Herseth Sandlin – SD

Tennessee
Lincoln Davis – TN-4
Bart Gordon – TN-6
Steve Cohen – TN-9

Texas
Ruben Hinojosa – TX-15
Silvestre Reyes – TX-16
Ciro Rodriguez – TX-23
Lloyd Doggett – TX-25
Solomon Ortiz – TX-27
Henry Cuellar – TX-28
Eddie Bernice Johnson – TX-30

Vermont
Peter Welch – VT

Washington
Jay Inslee – WA-1
Brian Baird – WA-3
Jim McDermott – WA-7
Adam Smith – WA-9

Wisconsin
Tammy Baldwin – WI-2
Steve Kagen – WI-8

For the complete vote results, click here.

Senate Votes 37-62 against Fed Audit

How They Voted:

Akaka (D-HI), Nay
Alexander (R-TN), Nay
Baucus (D-MT), Nay
Bayh (D-IN), Nay
Begich (D-AK), Nay
Bennet (D-CO), Nay
Bennett (R-UT), Nay
Bingaman (D-NM), Nay
Bond (R-MO), Nay
Boxer (D-CA), Nay
Brown (D-OH), Nay
Brown (R-MA), Nay
Burris (D-IL), Nay
Cardin (D-MD), Nay
Carper (D-DE), Nay
Casey (D-PA), Nay
Conrad (D-ND), Nay
Corker (R-TN), Nay
Dodd (D-CT), Nay
Durbin (D-IL), Nay
Feinstein (D-CA), Nay
Franken (D-MN), Nay
Gillibrand (D-NY), Nay
Gregg (R-NH), Nay
Hagan (D-NC), Nay
Harkin (D-IA), Nay
Inouye (D-HI), Nay
Johanns (R-NE), Nay
Johnson (D-SD), Nay
Kaufman (D-DE), Nay
Kerry (D-MA), Nay
Klobuchar (D-MN), Nay
Kohl (D-WI), Nay
Kyl (R-AZ), Nay
Landrieu (D-LA), Nay
Lautenberg (D-NJ), Nay
Leahy (D-VT), Nay
Levin (D-MI), Nay
Lieberman (ID-CT), Nay
Lugar (R-IN), Nay
McCaskill (D-MO), Nay
McConnell (R-KY), Nay
Menendez (D-NJ), Nay
Merkley (D-OR), Nay
Mikulski (D-MD), Nay
Murray (D-WA), Nay
Nelson (D-FL), Nay
Nelson (D-NE), Nay
Pryor (D-AR), Nay
Reed (D-RI), Nay
Reid (D-NV), Nay
Rockefeller (D-WV), Nay
Schumer (D-NY), Nay
Shaheen (D-NH), Nay
Specter (D-PA), Nay
Stabenow (D-MI), Nay
Tester (D-MT), Nay
Udall (D-CO), Nay
Udall (D-NM), Nay
Voinovich (R-OH), Nay
Warner (D-VA), Nay
Whitehouse (D-RI), Nay

Byrd (D-WV), Not Voting

Barrasso (R-WY), Yea
Brownback (R-KS), Yea
Bunning (R-KY), Yea
Burr (R-NC), Yea
Cantwell (D-WA), Yea
Chambliss (R-GA), Yea
Coburn (R-OK), Yea
Cochran (R-MS), Yea
Collins (R-ME), Yea
Cornyn (R-TX), Yea
Crapo (R-ID), Yea
DeMint (R-SC), Yea
Ensign (R-NV), Yea
Enzi (R-WY), Yea
Feingold (D-WI), Yea
Dorgan (D-ND), Yea
Graham (R-SC), Yea
Grassley (R-IA), Yea
Hatch (R-UT), Yea
Hutchison (R-TX), Yea
Inhofe (R-OK), Yea
Isakson (R-GA), Yea
LeMieux (R-FL), Yea
Lincoln (D-AR), Yea
McCain (R-AZ), Yea
Murkowski (R-AK), Yea
Risch (R-ID), Yea
Roberts (R-KS), Yea
Sanders (I-VT), Yea
Shelby (R-AL), Yea
Snowe (R-ME), Yea
Sessions (R-AL), Yea
Thune (R-SD), Yea
Vitter (R-LA), Yea
Webb (D-VA), Yea
Wicker (R-MS), Yea
Wyden (D-OR), Yea