Federal Reserve Transparency - Audit the Fed

[Guest ALWAYSRED]

Senator John McCain is against Ben Bernanke.

 

I plan on opposing Chairman Ben Bernanke’s confirmation for a new term as Federal Reserve Chairman

[Guest Tea Party 2012]

Your doing a great job. Keep it up. End the Fed!!!!!!!

 

===============================================

 

January 26, 2010

 

The Honorable Edolphus Towns

Chairman

Committee on Oversight and Government Reform

U.S. House of Representatives

Washington, D.C. 20515

 

Dear Chairman Towns:

 

New information has come to light about documents in the possession of the Federal Reserve Board of Governors regarding the Federal Reserve's decision to bail out AIG in September of 2008. Given the potential importance of these documents in informing the current debate about the role of the Federal Reserve in the bailout of AIG, and in light of the Committee's upcoming hearing on this issue tomorrow, I am writing to request that you issue a subpoena to the Federal Reserve for these documents as soon as possible.

 

This morning, Senator Jim Bunning, a Member of the Senate Banking Committee who is familiar with documents in the possession of the Federal Reserve, publicly referred to an e-mail sent by Chairman Bernanke to his staff "after his recommended that the Federal Reserve not touch AIG, just like Lehman Brothers." Accprdomg to Senator Bunning, Chairman Bernanke's staff "did not agree with him."

 

In addition, my office has received important information from a whistleblower that confirms Senator Bunning's public statements. According to the whistleblower, the documents reveal troubling details about Federal Reserve Chairman Ben Bernanke's personal involvement in the original decision to bail out AIG in September 2008. These documents date to September 15, 2008, and are identified by the following electronic labels: "sb-aig-01000092 to sb-aig-01000125" and "Draft Memo on AIG.pdf."

 

My staff attempted to obtain these documents directly from the Federal Reserve Board of Governors, but the Board's staff did not return their phone calls.

 

I reiterate my request that you subpoena the Federal Reserve and the Treasury Department for all documents related to the AIG bailout, including the decision to pay AIG's counterparties at par and subsequent efforts to prevent public disclosure of counterparty payments. Only through a comprehensive evaluation of all documents in the possession of the relevant institutions can this Committee's investigation of this issue be complete.

 

Once again, I request that you issue a subpoena to the Federal Reserve for the documents described by Senator Bunning, as well all additional relevant documents from the Federal Reserve and Treasury, as soon as possible so that the Committee can obtain the documents and Members can be fully informed for the Committee's upcoming hearing.

 

Sincerely,

 

Darrell Issa

Ranking Member

[Guest Tea Party 2012]

On Monday, Bunning sent a letter to Dodd, asking him to subpoena the emails and other documents. Bunning and other committee members have thus far had to view the documents at the Federal Reserve and are bound by confidentiality from revealing their contents. "He thinks that all members of the Senate should have access to the documents he's seen," said Bunning spokesman Mike Reynard.

[Guest Tea Party Patriot]

See WHY the Federal Reserve VIOLATES the U.S. Constitution

 

Find out how the corporate media facilitates the partnership

between the Fed and Congress and why it fails to disclose what’s

going on. Lastly, find out how the Federal Reserve Member Banks

are owned and controlled by an elite group of insiders.

 

For more information please call

763.633.6273 or 763.633.1576

[Guest Jesse]

I just want to understand why the AIG bailout is turning out to be a secret bailout of Goldman Sachs.

[Guest Fedup]

Here is a current list of Senators voting positions on Bernanke.

 

[Guest T Black]

Those who have been complaining about the Fed for decades now have a real chance to do something about it. These chances are very rare, but this is the best one in many, many decades. Even Paul Adolph Volcker, who had been responsible for an obscene 22% prime rate three decades ago, had an easier time getting reconfirmed than Bernanke. Once Bernanke has been defeated, it will be time to secure the ouster of Treasury Secretary Geithner, the former head of the New York Fed and currently the most visible member of the entire Obama cabinet. The basic outlines of a criminal indictment for Geithner on tax fraud and securities fraud can be culled from virtually any daily newspaper.

[Guest Rock the Boat]

No more Ben Bernanke. We would be better off with Bernie Madoff. All the fed has done is postponed the inevitable. You can’t borrow your self rich. Sooner or later the printing press will run out of ink and the flame will go out. It is time to end the magic show and get rid of the Federal Reserve.

[Guest Alaska Tea Party]

Vote all senators out that vote for Benny as they are corrupt paid off friends of the banksters. REVOLT AMERICA!

[Guest D Davis]

End Ben Bernanke's lies and corruption - Stop his manipulation of The People Consitution and The Republic!!

 

As a citizen of Maine and America, I want our nations SENATORS to vote AGAINST BEN BERNANKE. This needs to stop, the corruption needs to end, the and re-writing of the Constitution to take power away from the people is a threat to America and is the ultimate crime.

 

Write and call your Senators and TELL THEM TO VOTE NO against Ben Bernanke, the conservative movement is watching closely.

 

We are tired of government officials having no accountability to the people and unlimited access to the benefits of our labor. The violations against the American people needs to end.

 

The hypocrisy is beyond description.

 

http://teaparty.freedomworks.org/

[Guest Jim]

Why does one person or one group have to set interest rates in a free economy? Can't it be set by the market, like gold and oil and shaving lotion? The answer is, of course it can, and it has been that way in many civilizations over many thousands of years. There's nothing unique about today's world that requires us to use central banking and fixing of interest rates.

[Guest 420]

Money is merely a commodity like all other commodities, with the unique property valued in the market as being tradeable for all other commodities.

[Guest Daily Caller]

Americans are fed up with the Fed, its secrecy, and the unchecked power it has wielded over our lives. And they are now, more than ever, demanding greater transparency from not only their elected officials but from government and quasi-government agencies.

 

This call for transparency must be answered before any cloture motion or other vote is taken to confirm Ben Bernanke for another term as Fed chairman.

 

http://dailycaller.com/2010/01/28/audit-the-fed-bernanke-confirmation-can-wait/

[Guest LAW]

The 70-30 roll call Thursday by which the Senate confirmed Ben Bernanke for a second term as chairman of the Federal Reserve.

 

A "yes" vote is a vote to confirm the nomination.

 

Voting yes were 47 Democrats, 22 Republicans and 1 independent.

 

Voting no were 11 Democrats, 18 Republicans and 1 independent.

 

ALABAMA

 

Sessions ( R ), No; Shelby ( R ), No.

 

ALASKA

 

Begich (D), No; Murkowski ( R ) , Yes.

 

ARIZONA

 

Kyl ( R ), Yes; McCain ( R ), No.

 

ARKANSAS

 

Lincoln (D), Yes; Pryor (D), Yes.

 

CALIFORNIA

 

Boxer (D), No; Feinstein (D), Yes.

 

COLORADO

 

Bennet (D), Yes; Udall (D), Yes.

 

CONNECTICUT

 

Dodd (D), Yes; Lieberman (I), Yes.

 

DELAWARE

 

Carper (D), Yes; Kaufman (D), No.

 

FLORIDA

 

LeMieux ( R ), No; Nelson (D), Yes.

 

GEORGIA

 

Chambliss ( R ), Yes; Isakson ( R ), Yes.

 

HAWAII

 

Akaka (D), Yes; Inouye (D), Yes.

 

IDAHO

 

Crapo ( R ), No; Risch ( R ), No.

 

ILLINOIS

 

Burris (D), Yes; Durbin (D), Yes.

 

INDIANA

 

Bayh (D), Yes; Lugar ( R ), Yes.

 

IOWA

Grassley ( R ), No; Harkin (D), No.

 

KANSAS

 

Brownback ( R ), No; Roberts ( R ), No.

 

KENTUCKY

 

Bunning ( R ), No; McConnell ( R ), Yes.

 

LOUISIANA

 

Landrieu (D), Yes; Vitter ( R ), No.

MAINE

 

Collins ( R ), Yes; Snowe ( R ), Yes.

 

MARYLAND

 

Cardin (D), Yes; Mikulski (D), Yes.

 

MASSACHUSETTS

 

Kerry (D), Yes; Kirk (D), Yes.

 

MICHIGAN

 

Levin (D), Yes; Stabenow (D), Yes.

 

MINNESOTA

 

Franken (D), No; Klobuchar (D), Yes.

 

MISSISSIPPI

 

Cochran ®, Yes; Wicker ( R ), No.

 

MISSOURI

 

Bond ®, Yes; McCaskill (D), Yes.

 

MONTANA

 

Baucus (D), Yes; Tester (D), Yes.

 

NEBRASKA

 

Johanns ( R ), Yes; Nelson (D), Yes.

 

NEVADA

 

Ensign ( R ), No; Reid (D), Yes.

 

NEW HAMPSHIRE

 

Gregg ( R ), Yes; Shaheen (D), Yes.

 

NEW JERSEY

 

Lautenberg (D), Yes; Menendez (D), Yes.

 

NEW MEXICO

 

Bingaman (D), Yes; Udall (D), Yes.

 

NEW YORK

 

Gillibrand (D), Yes; Schumer (D), Yes.

 

NORTH CAROLINA

 

Burr ( R ), Yes; Hagan (D), Yes.

 

NORTH DAKOTA

 

Conrad (D), Yes; Dorgan (D), No.

 

OHIO

 

Brown (D), Yes; Voinovich ( R ), Yes.

 

OKLAHOMA

 

Coburn ®, Yes; Inhofe ( R ), No.

 

OREGON

 

Merkley (D), No; Wyden (D), Yes.

 

PENNSYLVANIA

 

Casey (D), Yes; Specter (D), No.

 

RHODE ISLAND

 

Reed (D), Yes; Whitehouse (D), No.

 

SOUTH CAROLINA

 

DeMint ( R ), No; Graham ( R ), Yes.

[Guest Senator Richard Shelby]

U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing, and Urban Affairs, today spoke on the Senate floor regarding the nomination of Ben Bernanke to serve a second term as Chairman of the Board of Governors of the Federal Reserve System. Shelby took aim at Bernanke’s record at the Federal Reserve on a range of issues in calling for accountability and explaining why he will oppose the nomination. Excerpts of Shelby’s remarks are below in bold, followed by the full text of the speech.

 

 

“…The principal reason for my opposition to this nomination is that I believe in accountability. In particular, I believe that it is the duty of this body to hold accountable those regulators whose poor oversight of our financial institutions and markets helped produce the greatest economic crisis this country has experienced in eighty years…

 

“…I do not believe that Chairman Bernanke has executed sound judgment and oversight over the Fed’s monetary policy, lender of last resort, and regulatory and supervisory functions…

 

“…And yet, amazingly, given a history of failure in supervision and regulation, Chairman Bernanke continues to actively campaign for maintaining and further expanding the regulatory powers of the Fed…

 

“…Bernanke fiddled while our markets burned…

 

“…the full story of AIG has yet to be told…

 

“…What is clear, however, is that the Fed knew more about AIG’s problems than it has admitted so far…

 

“…I believe it is far more important to consider the facts surrounding Chairman Bernanke’s record than it is to speculate about the impact of his departure…

 

“…If we don’t hold Chairman Bernanke accountable, what precedent are we setting for future regulators? What incentive will they have to take the tough steps necessary to ensure that our financial institutions are adequately regulated?...

 

 

The full text of Shelby’s floor speech, as prepared, is as follows:

 

 

“Mr. President, I rise today to oppose the reappointment of Ben Bernanke for a second term as Chairman of the Board of Governors of the Federal Reserve System.

 

“The principal reason for my opposition to this nomination is that I believe in accountability. In particular, I believe that it is the duty of this body to hold accountable those regulators whose poor oversight of our financial institutions and markets helped produce the greatest economic crisis this country has experienced in eighty years.

 

“Because the Federal Reserve during Chairman Bernanke’s tenure failed to take the steps to ensure that our financial institutions were properly regulated and would not need Federal bailouts to survive, I do not believe he should be confirmed for another term.

 

“Prior to the recent financial crisis, as a member of the Board of Governors, Dr. Bernanke advocated monetary policies that contributed to excessive risk taking.

 

“Subsequently, as Board Chairman, he ignored or downplayed serious emerging risks; failed to use regulatory authority available to the Fed to prevent housing speculation and unsound lending practices; often misjudged the nature of problems in markets; contributed to market turbulence by appearing to act inconsistently and in an ad hoc manner; failed to ensure transparency of actions; and took actions damaging to the political independence of the Federal Reserve and our Nation’s monetary policy.

 

“I do not believe that Chairman Bernanke has executed sound judgment and oversight over the Fed’s monetary policy, lender of last resort, and regulatory and supervisory functions.

 

“Chairman Bernanke advocated a policy of remarkably low interest rates for an extended period of time following the 2001 recession, providing an environment that helped fuel a speculative bubble in real estate lending.

 

“Subsequently, in the face of rising home prices and risky mortgage underwriting practices, the Fed failed to act under Bernanke’s watch by choosing not to use its rule-making authority over mortgages to arrest the risky practices and address growing risks.

 

“And yet, amazingly, given a history of failure in supervision and regulation, Chairman Bernanke continues to actively campaign for maintaining and further expanding the regulatory powers of the Fed.

 

“The financial panic our markets experienced in 2008 was the most severe in modern memory. Its repercussions have resulted in our unemployment rate surging to more than 10 percent and the worst economic growth in a generation.

 

“Our present economic troubles, however, are no accident. In large measure, they stem directly from the actions of our financial regulators.

 

“It is the responsibility of our financial regulators to ensure that our financial institutions are properly supervised and that they promote, rather than threaten, our national economy.

 

“Unfortunately, the recent financial crisis demonstrated that our financial regulators did not do their jobs. Our banks were undercapitalized, mortgage lending standards were far too loose, and expectations of government bailouts were too prevalent.

 

“Ben Bernanke’s Federal Reserve played a key role in setting the stage for the financial crisis.

 

“First, it failed to ensure that our financial institutions were adequately capitalized.

 

“Indeed, the Federal Reserve led the effort to reduce capital in our largest financial institutions through the adoption of the Basel II capital accords. The Fed even considered abandoning the leverage ratio, which ensures that all banks maintain at least 4 percent capital.

 

“As a result, when the crisis struck, many of our financial institutions did not have the capital necessary to withstand the downturn.

 

“Not surprisingly, the Federal Reserve then argued that a taxpayer bailout of the banks was the only way to prevent an economic collapse. Rather than do its job and ensure that our financial institutions were adequately capitalized, the Fed waited until the crisis was at hand and then rescued its banks with taxpayer funds.

 

“Ben Bernanke’s Federal Reserve also failed to detect and address the decline in lending standards and growing use of subprime loans. At the core of our financial crisis is the fact that far too many home loans were made that borrowers will be unable to repay.

 

“The failures of Bear Stearns, Lehman, Washington Mutual, and AIG largely stem from the sharp declines in mortgage values.

 

“Although Congress gave the Federal Reserve authority to address lending standards and subprime loans when it passed the Home Ownership and Equity Protection Act in 1994, the Fed failed to enact strong regulations until 2008, more than two years into Chairman Bernanke’s term.

 

“In addition, Ben Bernanke’s Federal Reserve has failed to adequately supervise many of our largest financial institutions, most notably Citigroup.

 

“For years, the problems at Citigroup have been well known, but the Federal Reserve always sought to look the other way rather than deal with its complicated problems.

 

“By failing to address Citigroup during the good times, the Federal Reserve left our largest financial institution highly vulnerable to the next downturn.

 

“In the end, the Federal government had to inject 40 billion dollars and guarantee more than 300 billion dollars of Citigroup’s assets. The Fed’s failure to supervise Citigroup placed U.S. taxpayers and our economy directly at risk.

 

“Mr. President, regardless of how Chairman Bernanke performed during the financial crisis, the record of the Fed leading up to crisis should not be ignored.

 

“A close examination of Chairman Bernanke’s performance during the financial crisis reveals that he was slow to recognize how serious the situation was, and when he did react, he acted in an ad hoc fashion that greatly exacerbated the crisis.

 

“After the housing market bubble began to burst in 2006, Chairman Bernanke was slow to entertain possible spillovers from housing into the general economy and the financial system.

 

“Even after Bear Stearns failed, Chairman Bernanke did little to prepare for additional failures.

 

“In other words, Bernanke fiddled while our markets burned.

 

“In the six months between the failure of Bearn Stearns and Lehman, the Federal Reserve did very little to prevent either another taxpayer bailout or a sudden and disorderly collapse of Lehman, even though its problems were well known.

 

“As a result, when Lehman was ultimately allowed to fail, our markets responded sharply because they could not understand why the Fed let Lehman fail but rescued Bear Stearns.

 

“Markets need clarity about policy, especially in times of crisis. Yet, just when our markets needed clarity about Fed policy, Chairman Bernanke’s ad hoc responses left our markets in the dark. Consequently, the failure of Lehman was far more disruptive and damaging than it needed to be.

 

“Bernanke’s response to the financial crisis also raises questions about his judgment.

 

“In October 2008, he appeared before the Banking Committee to urge the passage of TARP. He testified that government purchase of toxic assets from banks was the best way to respond to the crisis.

 

“At the time, I opposed TARP because I did not believe that purchasing toxic assets was a workable solution. I argued that it risked making our financial woes worse by indirectly causing the failure of other financial institutions.

 

“Despite Chairman Bernanke’s urging that an asset purchase was the best solution, just days after the passage of TARP the Treasury Department and the Federal Reserve abandoned the very asset purchase plan that he judged to be the best course forward.

 

“Equity injections were employed because the asset purchase plan had proven to be unworkable.

 

“Mr. President, the full story of AIG has yet to be told.

 

“Unfortunately, the Fed and other regulators have gone out of their way to hide what really has gone on at AIG both before and after the bailout from Congress.

 

“What is clear, however, is that the Fed knew more about AIG’s problems than it has admitted so far.

 

“The Fed has repeatedly stated that it did not learn of AIG’s problems until the weekend of September 12, 2008, and that it was stunned to learn of its problems.

 

“Yet, in his recent book Too Big to Fail, Andrew Ross Sorkin reports that the CEO of AIG met with then-New York Fed President Tim Geithner about AIG’s problems on at least two occasions before September 12.

 

“On one occasion, AIG’s CEO gave President Geithner documents detailing AIG’s financial condition and its exposures to other financial institutions.

 

“We still do not know what Treasury Secretary Geithner did upon learning about the problems at AIG, or whether Chairman Bernanke knew of AIG’s meeting with the New York Fed.

 

“The fact that the Fed may have known about the problems at AIG before its collapse raises serious questions about whether they ignored early warnings and failed to take action before the situation became untenable without massive taxpayer bailouts.

 

“Mr. President, many have said that if Chairman Bernanke is not reappointed, financial markets will be rattled.

 

“The notion seems to be that continuity of leadership will be valued more by markets than the assurance of responsible and accountable leadership at the Fed. I believe this perspective is short-sighted and wrong.

 

“It is more important to find the most competent person available for the job than to simply adhere to the status quo.

 

“It also is wrong to speculate as to what ‘might’ happen should someone other than Ben Bernanke serve as Chairman.

 

“I believe it is far more important to consider the facts surrounding Chairman Bernanke’s record than it is to speculate about the impact of his departure.

 

“The record clearly indicates that considerable economic devastation occurred as a result of Chairman Bernanke’s loose monetary policy and weak regulatory oversight. Millions of people now are out of work and trillions of dollars in savings have been lost.

 

“Mr. President, those who try to frighten others with notions of what might happen are ignoring the hard reality of what already has happened.

 

“If we don’t hold Chairman Bernanke accountable, what precedent are we setting for future regulators? What incentive will they have to take the tough steps necessary to ensure that our financial institutions are adequately regulated?

 

“I fear that the prospects of a high-paying job on Wall Street will diminish their incentives to be good regulators unless they know that Congress will hold them accountable if they fail to do their job. How can we ever expect our regulators to perform if, after the greatest financial crisis in living memory, not a single culpable regulator is held accountable?

 

“Unfortunately, this is a theme that is repeated far too often here in Washington.

 

“Something terrible happens, and although Congress exposes both institutional and individual failures, nobody is held accountable and the only thing that ever seems to happen is that the failed institutions along with their failed leaders get more authority and more money. Mr. President, this needs to end.

 

“The American people rightly believe that when any one of us neglects to do our job, we should be held to account, not rewarded. Mr. President, I intend to do my job and vote no on a second term for Ben Bernanke.

 

“Mr. President, I yield the floor.”

[Guest Julie Hasquet]

U.S. Sen. Mark Begich issued the following statement today after he voted against the confirmation of Ben Bernanke for a second term as chairman of the Federal Reserve Board:

 

"As President Obama pointed out in his State of the Union address Wednesday night, greed and recklessness by the Wall Street financial industry nearly brought down our entire economy. The official President Bush installed to oversee that industry - and who President Obama re-nominated - was Ben Bernanke.

 

"Like most other Americans, the international recession is hurting Alaskans, driving our state unemployment rate and home foreclosures to record highs. The federal government, especially those responsible for regulating Wall Street, needs a wake-up call that they must do more to help everyday Americans and keep our economic recovery on track. That's my message to the President in voting against Mr. Bernanke."

[Guest Kathryn Heisten]

Citing a myriad of reasons, U.S. Sen. Jim Inhofe (R-Okla.) today voted against Federal Reserve Chairman Ben Bernanke’s confirmation.

 

“On a variety of matters, Chairman Bernanke’s leadership has proven inadequate to continue leading the Federal Reserve,” Inhofe said. “He failed to see the dangers lurking in the growing market for subprime mortgages, saying as recently as 2007 that they didn’t pose a threat to the broader economy. The subprime market blew up, and now we have one in ten Americans out of work. In addition, he has yet to acknowledge the Federal Reserve’s role in the housing bubble, saying that the ultra-low interest rate policies didn’t lead to the housing bubble. The housing bubble burst, and now one out of five Americans is underwater on their mortgage.

 

Inhofe continued, “Chairman Bernanke says he supports transparency, yet he says that Congress doesn’t have a right to have a full audit of what the Federal Reserve has done with trillions of taxpayer dollars. He concurred with then-Treasury Secretary Henry Paulson and then-New York Fed Chairman Tim Geithner’s scheme to save the economy with a $700 billion bank bail-out. The scheme was supposed to use taxpayer dollars to purchase toxic assets from banks, but we now know that didn’t happen. Finally, Bernanke supported the current Administration’s $787 billion failed stimulus package which was supposed to keep unemployment under 8 percent. It is now at 10 percent. For these reasons, I believe Chairman Bernanke should be replaced.”

[Guest Congressman Ron Paul]

No one should be compelled by law to operate in Federal Reserve notes if they prefer an alternative. We should repeal legal tender laws and allow Americans to conduct transactions in constitutional money. Only gold and silver can constitutionally be legal tender, not paper money. Instead, it is illegal to conduct business using gold and silver instead of Federal Reserve notes. Simply legalizing the Constitution should be a no-brainer to anyone who took an oath of office. Consequently, private mints should be allowed to mint gold and silver coins. They would be subject to fraud and counterfeit laws, of course, and people would be free to use their coins or stay with Federal Reserve notes, as they see fit. Finally, we should abolish taxes on gold and silver, which puts precious metals at a competitive disadvantage to paper money.

 

The Federal Reserve is a government-sanctioned banking cartel that has held far too much power for far too long and is in the end stages of running the dollar into the ground, and our economy along with it. The very least Congress can do, if they are not willing to abolish the Fed, and perhaps not even conduct a serious audit of it, is to allow citizens the freedom to defend themselves from being completely wiped out by their monopoly power.

[Guest Alaska Tea Party]

I am pissed off at my party. Republicans could have derailed Ben's nomination. But, they didn't. Makes me wonder why. Maybe there is truth to what I am hearing tea party meetings. Republicans are Democrats and Democrats are Republicans. There is no difference. The problem is that they are allowing the big banks and big business to run our country into the ground.

[Guest liamh2]

On the evening of Jan. 27, 2010, Rep. Ron Paul (R-TX) spoke before a capacity audience at Loyola College in Baltimore, MD. He urged the U.S. Congress to pass a law authorizing the auditing of "The Fed." Rep. Paul was also sharply critical of the bailout of the Wall Street Banksters and how their policies, and the policies of "The Fed," have contributed to the recession

[Luke_Wilbur]

Why does Congress on both sides of the aisle not listen to its constituents? We The People are not going to let this issue go. Congress will learn that Citizens do not serve them. Congress serves its Citizens.

[Guest Luke]

Speculators and China are now manipulating our Markets. The price of any hard commodity on the planet is overwhelmingly influenced by what China buys.

[Guest Human]

1. Who controls the Fed= Democrats

2. Who controls hiring at the fed= Democrats

3. Who is the Biggest Employer at the Fed= G.S.A.

 

Does that answer YOUR QUESTION?

 

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I am pissed off at my party. Republicans could have derailed Ben's nomination. But, they didn't. Makes me wonder why. Maybe there is truth to what I am hearing tea party meetings. Republicans are Democrats and Democrats are Republicans. There is no difference. The problem is that they are allowing the big banks and big business to run our country into the ground.

[Guest Feigan]

Senator Shelby is against the Volcker Rule, he thinks the same system should be NOT be more regulated.

 

The Republicans are against Commercial banks being barred from proprietary trading.

 

The Republicans are against capping banks market share of national deposits to 10%

 

Senator Shelby is against these bank rule changes. Rather Senator Shelby wants more of the same.

 

Instead Senator Shelby believes that just a better regulators need to be hired to do the job.

 

The real truth is financial institutions like Goldman Sachs could loose up to 10% of their income.

 

Goldman Sachs made 13 billion dollars in 2009.

[Guest Luke]

Valley National Bancorp CEO Gerald Lipkin think Volcker Rule will focus banks to lend money.

 

http://www.youtube.com/watch?v=KeomiPsSl9U