Comments on: Federal Reserve Transparency Act of 2009 (HR 1207) http://www.bargaineering.com/articles/federal-reserve-transparency-act-of-2009-hr-1207.html personal finance blog with anecdotes, advice and commentary. Sun, 12 Feb 2012 23:30:41 +0000 hourly 1 By: Bret http://www.bargaineering.com/articles/federal-reserve-transparency-act-of-2009-hr-1207.html/comment-page-1#comment-329719 Bret Fri, 23 Oct 2009 23:58:34 +0000 http://www.bargaineering.com/articles/?p=5353#comment-329719 The Federal Reserve needs to be audited and held accountable to American taxpayers. The current level of secrecy is a massive red flag, that can only signify problems or discrepancies. I recently read an article that claims if the Fed was audited, congress and taxpayers would demand that it be closed down. What is bizarre is that the Fed is grabbing for more power at every opportunity, despite the fact they have failed the American public. Their latest request is to regulate any industry they deem critical to the financial system. To give a quasi-public entity like the Fed unlimited discretion to regulate is both unwise and unconstitutional. The Federal Reserve needs to be audited and held accountable to American taxpayers. The current level of secrecy is a massive red flag, that can only signify problems or discrepancies. I recently read an article that claims if the Fed was audited, congress and taxpayers would demand that it be closed down.

What is bizarre is that the Fed is grabbing for more power at every opportunity, despite the fact they have failed the American public. Their latest request is to regulate any industry they deem critical to the financial system. To give a quasi-public entity like the Fed unlimited discretion to regulate is both unwise and unconstitutional.

]]> By: Damon Day http://www.bargaineering.com/articles/federal-reserve-transparency-act-of-2009-hr-1207.html/comment-page-1#comment-329610 Damon Day Thu, 22 Oct 2009 14:32:02 +0000 http://www.bargaineering.com/articles/?p=5353#comment-329610 It is absolutely essential that we have this, but my guess is that even if this passes we will still not have real transparency at the fed. What has been done can be called nothing else but outright theft from the American people. They will never disclose the full extent of the damage they are causing our country. It is absolutely essential that we have this, but my guess is that even if this passes we will still not have real transparency at the fed. What has been done can be called nothing else but outright theft from the American people. They will never disclose the full extent of the damage they are causing our country.

]]> By: Josiah Garber http://www.bargaineering.com/articles/federal-reserve-transparency-act-of-2009-hr-1207.html/comment-page-1#comment-329548 Josiah Garber Wed, 21 Oct 2009 16:51:38 +0000 http://www.bargaineering.com/articles/?p=5353#comment-329548 Yes, we absolutely need transparency of the federal reserve. When we have that it will become apparent what is going on in this crisis. Some people know why we are having this crash: massive expansion of the money supply causes malinvestment. The root of this problem is central banking (The Federal Reserve in the U.S.) Here is what happens in laymans terms (according to my understanding). New money is created (lowered interest rates). This signals that now is a good time to invest. Overinvestment occurs, resources run out due to overinvestment, massive correction and disruption of the economy. There is a school of economics that has predicted this crash: Austrian Economics. It makes sense, but is less known, because it is not endorsed by the federal reserve (go figure). :-) Yes, we absolutely need transparency of the federal reserve. When we have that it will become apparent what is going on in this crisis. Some people know why we are having this crash: massive expansion of the money supply causes malinvestment. The root of this problem is central banking (The Federal Reserve in the U.S.)

Here is what happens in laymans terms (according to my understanding). New money is created (lowered interest rates). This signals that now is a good time to invest. Overinvestment occurs, resources run out due to overinvestment, massive correction and disruption of the economy.

There is a school of economics that has predicted this crash: Austrian Economics. It makes sense, but is less known, because it is not endorsed by the federal reserve (go figure). :-)

]]> By: Jason http://www.bargaineering.com/articles/federal-reserve-transparency-act-of-2009-hr-1207.html/comment-page-1#comment-329544 Jason Wed, 21 Oct 2009 16:00:40 +0000 http://www.bargaineering.com/articles/?p=5353#comment-329544 Regulation, rules and transparency keep systems from descending to the lowest common denominator. I think whether or not some one sees this as 'bureaucracy' has to do with how the new rules affect them. The Fed is a very strange and unique institution with incredible power over our lives. I don't think any level of transparency greater than we have now (almost none) would be bad. Regulation, rules and transparency keep systems from descending to the lowest common denominator. I think whether or not some one sees this as ‘bureaucracy’ has to do with how the new rules affect them.

The Fed is a very strange and unique institution with incredible power over our lives. I don’t think any level of transparency greater than we have now (almost none) would be bad.

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