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What that means is 25,000 more people are now aware that no one is watching the Fed. We need for millions to see the GROSS NEGLIGENCE occurring RIGHT NOW at the Federal Reserve. Update June 1: 22,000 more taxpayers have now seen this clip from links emailed by you, our amazing readers. Please keep it up and MAKE SURE TO SEND A LINK TO YOUR SENATORS AND CONGRESSIONAL REPRESENTATIVES.
We have an 'Emal This Article' icon at the bottom of this post. This is the 2nd time I have used this headline in our 3 months and 325 stories of existence. she is Elizabeth Coleman, Inspector General of the Federal Reserve.
To the Daily Bail bloggers: I can't thank you enough for all the information you give on this topic. The fact that it is not all over the MSM is dumbfounding. I have referred many to your website and hope many more will start taking an interest in what is happening with their money.
i remember all that hype about the money from the last federal reserve guy and not telling where it went. we are so for something worse than the great depression with this kind of shit.
The politician clearly does not understand the bureaucrat's role, nor the structure of reserve banking in the US It is not her job to know what the individual reserve banks lend, as they lend it. Is _is_ her job to manage and carry out a process of audit on that lending, once its effects have been recorded. She's being asked questions that are nothing to do with her job.
Unregistered Commenter futuregasm This so far as I'm aware is the only person currently charged with looking into the process of lending and does not have any answer other than we are conducting a high level review. The better follow up would have been to ask her when she expects to finish that review.
Registered Commenter DailyBail Futuregasm, are you a complete moron? I took this DIRECTLY from the Fed's website: "Elizabeth A Coleman was appointed Inspector General for the Board effective May 6, 2007. In this role, Ms Coleman leads a staff responsible for promoting economy, efficiency,and effectiveness within Board programs and operations. The Office of Inspector General (OIG) is also responsible for preventing and detecting waste, fraud, and abuse at the Board, among other duties. The OIG achieves its legislative mandate through audits, evaluations, investigations, legislative reviews, and by keeping the Chairman of the Board and Congress fully informed. " That means she's responsible for investigating where the fuck all this off-balance (lost) money went. She is completely avoiding the question, and neglects to give a single solid piece of useful information other than saying "we are conducting an investigation." And she says this, because it is HER FUCKING JOB TO CONDUCT AN INVESTIGATION.
Unregistered Commenter Nick Thanks for the post DB, but I am getting so sick and tired of people refusing to answer the simplest of questions when it's their job to know.
Alan Grayson grilling the Inspector General of the Fed Board of Governors, Elizabeth Coleman, has been making the rounds. Grayson says that there's a Bloomberg article which says that the Fed has entered into $9 trillion of off-balance sheet transactions, and asks Coleman if she has investigated those transactions at all. After Coleman fumbles around for a while, she essentially says no. Grayson makes himself look good in this video, especially because Coleman's performance is so bad, but this is grandstanding of the highest order. First of all, the Bloomberg article never said that the Fed has entered into $9 trillion of off-balance sheet transactions. This is the article he was talking about, and the phrase "off-balance sheet" doesn't appear once. Second, Coleman is the IG of the Board of Governors of the Federal Reserve, not the Reserve Banks. The Fed's various lending facilities are handled by the New York Fed, and Coleman has no authority to audit the New York Fed or any of the other regional Reserve Banks. All the regional Reserve Banks have auditors, and they're all subject to regular external audits as well. Until a few years ago, the Board of Governors conducted examinations of the Reserve Banks in lieu of external audits. But some people thought that was too insular (and I completely agree), so the Board of Governors' examinations were replaced by external audits. Ironically, if there hadn't been concerns about the independence of the Board of Governors' examinations of the Reserve Banks, Coleman might have been able to answer Grayson's questions.
Unregistered Commenter ratboy Sorry Nick, but you're the complete moron. Futuregasm has a point, and if you knew the difference between the Board and the Fed's constituent banks you would understand it.
Unregistered Commenter James H "Sorry Nick, but you're the complete moron. Futuregasm has a point, and if you knew the difference between the Board and the Fed's constituent banks you would understand it." So even if a direct audit is beyond her responsiblity, ensuring that proper auditing is part of important Board programs and proceedures is definately within her role and responsiblity. Considering theres adequate reasonable doubt resulting from lack of this information, the fact that it hasnt been corrected or carried out by the Board means its an area of her concern. The separation doesnt matter for not holding that group responsible to accountability, and she isnt doing it.
Unregistered Commenter Hymen Rothstein It seems that hiding behind the letter of the law - in terms of who is responsible for inflating the money supply and who is responsible for auditing the inflation of the money supply - is irrelevant when the idea that the money being supplied has value i being questioned by the world governments and the best hint that we have from the issuer of this currency is that it probably have to be merged with other currencies to main it value means only one thing to me.
Unregistered Commenter Provenzano To Collective Constable: The country doesn't need a new class of citizens; the country needs a massive influx of common fucking sense* drilled directly into every man woman and child. There is so much job specialization now that no one in any given massive bureaucracy has any idea who's looking at what let alone who happens to be dropping some kids off at the pool while an investigative hearing is going on. No one understands WHY anyone does a particular thing in any organization any longer (my own corporation included) because everyone and their mother has had their eyeballs gouged out by the idiot-producing corporate machine. The next time someone tip-toes around a word like 'investigation' because of its negative connotations I think I might just activate a few latent genes so I can telekenetically bitch-slap them from 1000 miles away. This kind of corporate weenie speak only breeds disinformation and eventually nets a complete lack of understanding of a given situation. Disinformation and lack of information are only guaranteed processes used in the modern corporate (and government) machine, and it was initially to try to keep employees happy by not showing any uncertainty. Now all the grown-up idiots that can't see beyond the bottom line are running companies while half of them probably don't even understand what their company does to make money in the first place, let alone why that bottom line might not match what their general ledger says. Now, no one wants to know why they do anything because it just makes their lives slightly more complicated. God/Satan/Bhudda/Shiva/SpaghettiMonster forbid someone actually stands up, looks over their 4-foot-tall cubicle wall and attempts to understand just what the ultimate goal is of the cacophony around them because it might just empower them to take some goddamn responsibility. People accept their blinders, go on about their immediate business at hand, throw on their ipod headphones and shut out everything surrounding them. After a long-enough period of time, the brain stops asking 'why' entirely and we end up in the exact position we're in now. In comes the loving, caring government to fill that gaping parental void! So we end up with one stinking ...
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