Michael Salvi's weblog
U.S. Rep. Barney Frank's (D-Mass.) House Financial Services Committee has voted in favor of a proposal to have the Government Accountability Office audit the Federal Reserve, according to the Associated Press. Auditing the Fed is a thinly veiled first step toward wiping out the Fed. So those who support auditing the Fed should simultaneously propose a new institution that will do a better job of stabilizing the financial markets, because going back to a world without a U.S. central bank is not a realistic option.
Before getting into why we shouldn't audit the Fed, a brief word on Rep. Frank. Last year, I appeared on a Boston-area TV program right after Frank. As I was sitting in the green room waiting to go on to the set, I was told I had to evacuate immediately.
The reason? Frank wanted the green room for himself -- alone. When Frank slowly waddled onto the set -- where I was sitting -- he completely ignored me and made it clear he did not want to interact with anyone but the fellow interviewing him. Frank ended up taking up all but five minutes of my allotted time. To be fair, he had many interesting things to say.
Why is Frank supporting Rep. Ron Paul's (R-Tex.) proposal to audit the Fed ? According to the AP, Rep. Paul has the bipartisan support of more than 300 members of Congress for his proposal. Frank has been in Congress a long time; he realizes that if he includes the audit proposal in his bill, he can get its backers to support the part of the legislation he cares about -- which is a proposal to get banks to pay $150 billion in upfront fees into a bailout fund. For obvious reasons, banks oppose this idea.
Paul's proposal is very popular among Fed haters everywhere. You know them well -- their rants will fill the comments to this post. But it's a really bad idea, because the Fed needs to be independent of political interference in order to act in what it sees as the best interests of the U.S. economy and financial system. Auditing the Fed will provide its opponents in Congress with an ongoing mechanism to meddle with its operations.
And from what I have seen of Congressional inquiries into the financial meltdown, the members of Congress have much better insight into what it takes to win elections than into how to govern the U.S. financial system. Meanwhile, the Fed plays a crucial role in providing stability amidst the raucous ups and downs of capitalism.
Without an independent Fed, we would need some even better way to stabilize financial markets when they are gripped with the emotional extremes of fear and euphoria. If the supporters of auditing the Fed can propose such a better way, then by all means, let's analyze it and see whether it would really work.
Until then, I suggest that those who want to audit the Fed go for a five-mile run to blow off some steam.
http://www.dailyfinance.com/2009/11/20/why-we-shouldnt-audit-the-fed/
Categories: Current Events
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Showing comments 1—3 of 3
Posted 11/20/09
ChadSweigert
Annville, PA | Strangely after my 5 mile jog, I feel pretty much the same,... END THE FED |
Posted 11/20/09
Isomies
Mechanicsville, VA | It's amazing how powerful the Fed propaganda machine is. I work at a securities firm and a few reps mentioned the passage of the Paul amendment and how bad it would be that Congress would interfere in monetary policy. I said look "they've created $2 trillion in the past year, and nobody knows where that money went. When the Fed chairman goes to the Hill for Committee meetings and they ask him that, he says 'that is privileged information we don't have to divulge.'" THAT'S WHAT THIS BILL IS ABOUT. It's amazing how even well educated people can fall for the straw man argument of Congress taking over monetary policy. |
Posted 11/20/09
Michael Salvi
Melrose Park, PA | Here's my reply on dailyfinance.com
"Great idea, just got back from my 5 mile run, thought about it...and you're right, auditing the fed would be stupid. Why would we want to know where our money comes from, where it goes, and why the dollar has lost 95% of it's purchasing power since 1913. What a ridiculous idea! What was I thinking planning the END THE FED rally in Philly this Sunday 11/22/09? Without a central bank how else could the federal government get away with run away spending? How else could we prop up the US empire around the world? How else are big banks supposed to survive without skimming the American people? I see the light now, and I'm sorry for supporting opening up the books of those who have a strangle hold monopoly on our money supply, thanks for this article.
Really! What was Ron Paul thinking when he wrote that 2 page bill that specifically states that congress will not have any say in the fed's monetary policy. Let's keep the fed private and continue to allow unelected officials decide the fate of the American people through the only thing we all have in common...federal reserve notes.
a reformed idiot,
mike" |
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Gold probes $1,150 mark as dollar's tugged lower
The metal's 10-week spike is the result of "neither inflation nor geopolitical developments. The dollar-carry trade, as applied to the commodities sector, remains the suspect of choice," Jon Nadler, senior analyst at Kitco Metals Inc., wrote in a note.
Housing outlook: Slower sales, falling prices, more foreclosures
The housing market dropped off a cliff in October, as the original Nov. 30th expiration date for the first-time home buyers tax credit approached, according to the Housing Market Monitor of the Center for Economic and Policy Research. Add to that the 6.25% 60-day delinquency rate in the third quarter -- 58% above the level of one year ago -- and you've got a recipe for housing disaster: more foreclosures, slower sales and ultimately a greater decline in house prices.
Housing starts unexpectedly plunge in October
Construction on new housing unexpectedly plummeted 10.6% in October to a seasonally adjusted annual rate of 529,000, the U.S. Commerce Department announced Wednesday, gouging a pothole on the housing sector's road to recovery. It was the lowest housing start level in six months.
Inflation creeps up in October on higher energy, auto prices
A few bread crumbs for the inflation hawks in October, as consumer prices rose 0.3% in October, the U.S. Labor Department announced Wednesday. Energy prices rose for the fifth time in six months.
Note to Goldman: Small-biz education is good. Showing them the money is better
Goldman Sachs seems to have a lot of money these days. Enough to pay its employees nearly $700,000 in 2009, on average, all in. That's more than seven times the net salary of the average small-business owner in America. And it's a very nice chunk of change for a job that, thanks to the U.S. Treasury Department, has zero risk of losses or defaults.
Goldman's $500 million small-business offer is no great deal
Are you angry at Goldman Sachs Group (GS) for potentially paying itself $23 billion in bonuses a year after you rescued it from oblivion? If so, would you be willing to let go of that anger in exchange for a vague apology and a $500 million fund to help small businesses? That's the latest Goldman trade on the table.
Asian real estate shares plummet, steep fall for Buffett's BYD Co.
In Hong Kong, property companies led the decline, as fears that a property bubble pumped up by excessive speculation on the part of mainland Chinese buyers, may be looming. According to the Economist, prices are now just 13% below the astronomical levels they reached in 2008, just before the financial crisis.
Categories: Finance, Current Events, Economy, Monetary Policy
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The House Judiciary Committee is scheduled to hold a hearing on Castle Doctrine legislation on Thursday, November 19. Gun owners should contact the members of the judiciary committee to support the measure - HB40.
This specific Castle Doctrine bill will ensure that law abiding residents don't have to retreat in their own homes before defending themselves from criminal attack. It also protects citizens from the expense of fighting civil lawsuits filed by criminals or their families when self-defense was justified. Here are key provisions of HB40:
- The bill eliminates the duty to retreat within one's home, including attached structures like porches, decks and patios. There is an exception for people who are using their property to further a criminal activity. The provision also applies to vehicles, including non-motorized vehicles.
- The bill also eliminates the duty to retreat on the streets provided one is in fear of grave bodily injury or harm, and provided they are not engaged in criminal activity.
- It provides civil immunity for actions that are ruled self-defense. If the perpetrator sues anyway, it's a loser pays system, so you can recover attorneys fees.
- HB40 clarifies the definition of loaded firearm to include magazines being secured in a separate pouch, rather than specifying a separate container, provided the magazine is secure, and the ammunition covered.
Contact the members of the House Judiciary Committee today. Based on the response to Castle Doctrine in other states, we know that gun control groups will get involved in this fight, making it seem as if we will have gun fights on every street corner. As we know, such dire predictions have yet to come true. Make sure you voice is heard! Call, e-mail, tweet, or even leave a note on their Facebook walls - just make sure your voice is heard!
Email 11 representatives with two clicks!
Show support for Castle Doctrine on Twitter with two clicks!
http://blog.pafoa.org/2009/11/11/castle-doctrine-to-be-heard-in-pa-house/?utm_so
urce=pafoa&utm_medium=notification&utm_term=castle-doctrine&utm_cont
ent=castle-doctrine&utm_campaign=castle-doctrine
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FEATURE: MAINE VOTERS APPROVE MEDICAL MARIJUANA DISPENSARIES
Maine has become the latest state to approve state-licensed medical marijuana dispensaries. It joins New Mexico and Rhode Island. But locally-allowed (or not) dispensaries are the rule in California, Colorado, and Washington. Both paths have their pluses and minuses.
VETERANS INCARCERATED AND IGNORED WHEN THEY COULD BE GETTING HELP, REPORT FINDS
Nearly a quarter of a million American veterans were behind bars in 2004, many of them for drug abuse-related offenses, a new report finds. While the military, the Veterans Administration, and other agencies are taking some steps to help them, there is much more that could -- and should -- be done.
COLORADO SKI TOWN VOTES TO LEGALIZE CANNABIS, MEASURE PASSES WITH 73%
Breckenridge, Colorado, a Rocky Mountain ski town, just voted overwhelmingly to legalize marijuana under municipal ordinance. Denver did that in 2005.
LATIN AMERICA: MEXICO DRUG WAR UPDATE
No break in Mexico's prohibition-related violence as the death toll since December 2006, when President Calderon called in the army, has now topped 15,000. The latest victims include a US soldier gunned down in a Ciudad Juárez strip club with five other people.
DRUG LEGALIZATION: SENATOR PUSHES AMENDMENT TO CENSOR ANY TALK OF THAT
Sen. Charles Grassley (R-IA) is floating an amendment to Jim Webb's bill to create a commission on criminal justice reforms. Grassley's amendment would bar any talk of legalization or decriminalization.
LAW ENFORCEMENT: THIS WEEK'S CORRUPT COPS STORIES
The drug war corrodes the integrity of law enforcement in multiple ways, as we see this week: Testilying, sexual extortion, thievery, and the usual just plain old corrupt practices.
STUDENTS: INTERN AT STOPTHEDRUGWAR.ORG (DRCNET) AND HELP STOP THE DRUG WAR!
Apply for an internship at DRCNet and you could spend a semester fighting the good fight!
Stop the Drug War (DRCNet) is an international organization working for an end to drug prohibition worldwide and for interim policy reform in US drug laws and criminal justice system. Read more about DRCNet.
Founded on March 16, 2002, LEAP is made up of current and former members of law enforcement who believe the existing drug policies have failed in their intended goals of addressing the problems of crime, drug abuse, addiction, juvenile drug use, stopping the flow of illegal drugs into this country and the internal sale and use of illegal drugs. By fighting a war on drugs the government has increased the problems of society and made them far worse. A system of regulation rather than prohibition is a less harmful, more ethical and a more effective public policy.
The mission of LEAP is to reduce the multitude of unintended harmful consequences resulting from fighting the war on drugs and to lessen the incidence of death, disease, crime, and addiction by ultimately ending drug prohibition.
LEAP's goals are:
- To educate the public, the media, and policy makers, to the failure of current drug policy by presenting a true picture of the history, causes and effects of drug abuse and the crimes related to drug prohibition and
- To restore the public's respect for law enforcement, which has been greatly diminished by its involvement in imposing drug prohibition.
LEAP's main strategy for accomplishing these goals is to create a constantly enlarging speakers bureau staffed with knowledgeable and articulate former drug-warriors who describe the impact of current drug policies on: police/community relations; the safety of law enforcement officers and suspects; police corruption and misconduct; and the financial and human costs associated with current drug policies.
Categories: Current Events
Tags: drug war
Showing comments 1—3 of 3
Posted 11/12/09
fadestyle
Walnut Bottom, PA | LA TIMES:
http://www.latimes.com/news/nationworld/nation/la-na-marijuana-ama11-2 009nov11%2C0%2C3003312.story?track=rss |
Posted 11/12/09
fadestyle
Walnut Bottom, PA | remember to check for any silly spaces in the URL |
Posted 11/12/09
Michael Salvi
Melrose Park, PA | link didn't work, spaces weren't the problem |
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Pennsylvania House of Representatives Committee to Debate Medical Marijuana Bill
November 9, 2009 - Chris Goldstein, Communications Director PhillyNORML
WHO: Pennsylvania House Health and Human Services committee
WHAT: Public Hearings on HB 1393, medical marijuana in PA
WHEN: December 2, 2009 at 11AM in Harrisburg
CONTACT: media@phillynorml.org
Philadelphia - Pennsylvanians for Medical Marijuana (PA4MMJ) is pleased to announce that the PA House of Representatives Health and Human Services Committee will have hearings on HB 1393, The Compassionate Use Medical Marijuana Act.
Scheduled in Harrisburg on December 2, 2009 these will be the first public hearings on medical cannabis in the history of the Commonwealth.
On April 29, 2009 Rep. Mark B. Cohen, the Chair of the House Democratic Caucus, introduced the bill to legalize medical marijuana. HB1393 is solid legislation that would allow registered patients to grow six plants or purchase cannabis through Compassion Centers. A provision in the bill allows these medical cannabis sales to be taxed.
Representative Cohen has taken on the issue with courage, drive and a real understanding of patients needs. At a press conference at the bill's introduction Cohen said, "It's time to create a new, honest image for marijuana. One as a form of treatment that when prescribed by responsible doctors could help thousands of patients across this commonwealth."
Three newspaper Editorial Boards endorsed the bill immediately after it was introduced: The Philadelphia Inquirer, The Pocono Record and the Daily Review of Towanda.
The topic of medical marijuana has been well covered this year by local media. Rep. Cohen and spokespeople from PA4MMJ have appeared in television programs on the radio and in newspaper articles covering the issue.
The December 2nd hearings will feature PA patients who have the tremendous courage to tell their legislators about their personal experiences finding benefits from cannabis therapy. Medical professionals and other experts have contacted PA4MMJ and expressed their commitment to testifying at every stage of the legislation.
Volunteer advocates Derek Rosenzweig, Ed Pane and Chris Goldstein have been interacting with legislators including Representative Frank Oliver who chairs the twenty-six-member HHS committee. Overall reaction to the bill by elected officials has been positive and filled with curiosity.
PA4MMJ hosts a website that includes a detailed look at the legislation, medical marijuana information and action points for volunteers. The group is still seeking those patients and professionals who wish to testify.
PhillyNORML and PA4MMJ hosted a series of medical marijuana information seminars over the summer and held a candlelight vigil was held in front of Independence Hall on July 11th. Awareness and fundraising events for HB1393 are planned throughout the winter. Please visit www.pa4mmj.org.
Please take a couple minutes to ask your legislator to support HB 1393.
Sincerely,
Derek Rosenzweig
Categories: Law, Current Events, State Legislation
Tags: pa, medical marijuana, NORML
Showing comments 1—2 of 2
Posted 11/10/09
dean.engelhardt
Westgrove, PA | The NORML link gives a method to email our state representatives. Good Stuff! |
Posted 11/11/09
Miley02
sgdyh, AL | Breckenridge, Colorado has gone on a Libertarian tangent, and though brave, progressive, and certainly forward thinking, it's only a small step in the right direction. Breckenridge passed a law, for the town, that will partially legalize marijuana. It is legal for people to possess up to an ounce of pot. However, that's only within the town. Areas outside the jurisdiction still prohibit possession, sale, or use of marijuana. Medical use in Colorado is legal, though not federally. Currently, more people are in jail for marijuana than for murder or rape, and more people smoke than ever before. It won't bring revenue to Breckenridge, but less money spent on policing it might lead to some <a rev="vote for" title="Breckenridge, Colorado, Legalizes Pot | Can They Do That?" href="http://personalmoneystore.com/Debt-Settlement-Relief/ ">debt relief</a>. |
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