Political Quotes

“On a day Congress will decide whether to audit the Fed, The Washington Post reports that the New York Fed ``did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging Libor,'' the index which sets interest rates worldwide. The Fed wants to be spared a full audit. They want monetary deliberations private. Then they use that privacy shield to keep irregularities from regulators and from congressional view, exposing investors and consumers to massive losses. Of course the Fed wants to continue a system where there is no transparency, no accountability, where they can cover up manipulations of markets and interest rates. But should we endorse this system? When things fall apart, who do the banks come to clean up the mess? Congress. The Fed creates trillions of dollars out of nothing and gives it to banks; Congress is in the dark. The Fed sets the stage for the subprime meltdown; Congress is in the dark. The Fed takes a dive on Libor; Congress is in the dark. The Fed doesn't tell regulators what's going on; Congress is in the dark. It's time to bring the Fed into the sunshine of accountability. Vote for the audit. ____________________”