No “perhaps”; statistically, they find fewer criminals when they concentrate on race than when they don’t.
Why don’t you tell us what you think? I’m not doing your reaearch for you. Furthermore, from what I have heard of Paul’s “audit the Fed” statements, he doesn’t explain what kind of an “audit” he wants either. What he seems to want is for the minutes of Federal Reserve deliberations to be provided to Congress. That isn’t an “audit,” and frankly, it’s utterly pointless and the only possible outcome would be to allow Congress to pressure the Fed to change interest rates for short term political gain, which is a terrible idea. There’s a reason that pretty much every decent, industrlaized country in the world has an independent central bank.
Bill passed 327-98.
It doesn’t matter:
edited to add: I think that Republicans in the House knew this, and voted for it just to look good to the Randians and Teepers.
Do you think this lopsided vote validates the need and reasonableness of the legislation?
The Maiden Lane transactions were economic ones - and profitable for taxpayers at that. The Fed has paid the US Treasury over $75 billion a year in profit the last several years.
All of the Fed’s earnings go to taxpayers. The Fed makes a profit on every single loan it extends to member banks. Lehman was not a member bank in 2008 and neither were the Maiden Lane counterparties. That is why Maiden Lane required a separate entry on the Fed’s very public balance sheet.
Feb 28, 2012
No. I’m not in the habit of looking to congress for wisdom and reasonableness.
Ever looked up details about the “profit paid”.
[QUOTE=Feds News release]
The Federal Reserve Banks’ 2010 net income was derived primarily from **$76.2 billion **in income on securities acquired through open market operations (federal agency and government-sponsored enterprise (GSE) mortgage-backed securities, U.S. Treasury securities, and GSE debt securities)
[/QUOTE]
In other words, the earning comes from interest on Government-issued or guaranteed (Treasury and GSE’s) securities. Guess where the funds to pay interest on Government-issued or guaranteed securities come from? Yes, from taxes and/or increase in public debt.
So, to put it in simpler terms, Feds “paid” profit to the same Government that paid interest on the securities Feds hold (less, of course, fees and dividends that Fed pays out to God knows who).
Not to mention, Government still holds about 70% of AIG shares.
But, yeah, sounds good when folks read that “Feds paid US treasury all the profits” and then you offer it as a “proof” of a sound policy.
:rolleyes:
Finally, something everyone can agree on. 
Yes, that is exactly right and is no surprise to financial people.
The Fed is not only Lender of Last Resort but also Buyer of Last Resort in difficult times. This downturn should have been magnitudes worse than the Great Depression based on wealth lost in 2007-08. But Bernanke and Obama stepped in to juice the system to prevent the GD II.
To delay it you mean.