Aww Snap! The Ticker Takes on the Fed... and Um, Kicks Their A$$ets
Holy shit, Market Ticker tore the Fed a new one today and it's so good that I can't resist pointing you there (in case having the Ticker directly to your right isn't obvious enough).
The Federal Reserve appears to have been involved in a pattern of conduct in its decision-making and lending that has favored certain institutions over others, rather than acting as a neutral arbiter and "policeman" of Congressionally-enacted mandates and regulations.
The Federal Reserve has willingly acted in concert with Wall Street to blow financial asset bubbles that, mathematically, could not possibly lead to sustainable economic growth in an environment of price stability, in direct contravention of its charter. This conduct has spanned nearly three continuous decades and is a matter of mathematical fact and record.
The Federal Reserve's current lending and other programs have been executed in an environment of intentional secrecy while it is clear "on its face" that The Constitution provides Congress with the exclusive right to regulate all of the functions that The Federal Reserve currently engages in.
While Congress is empowered to delegate it's authority, it is inexcusable for The Federal Reserve to resist or otherwise attempt to obstruct any desire by Congress (or the people, under the general standard of a representative republic in which government must take place "in the sunshine") for a full and complete audit of The Federal Reserve's activities.
I therefore call for HR1207 to pass in the House, be taken up and pass unaltered by The Senate, and to be signed by The President of The United States.
In addition I call upon Congress to hold The Federal Reserve to account for its outrageous dereliction of duty toward its stated goal, that of promotion of sustainable economic development in an environment of price stability, over the previous 30 years.
To the extent that these actions have taken place in concert with private actors, including Fed District Banks, and have involved the willful and intentional hiding of losses, misrepresentation of credit quality, or other acts that can be reasonably construed as a separate and distinct offense under existing law I call for immediate investigation and prosecution of those criminal offenses, irrespective of the identity of the actors involved.
JDA has done HR 1207 to Audit the Fed before and while I commend Denninger for his stellar Fed ass-reaming skills, an audit is useless. If any Big 87654 (tm Skeptical CPA) auditor cares to tell me how they would perform a useful non-GAAP audit using the client's own rules as a gauge, I would love to hear it. Until then, useless. Beyond useless.
That being said, if you had any doubt in your mind as to the Fed's culpability in the brazen murder of the dollar's purchasing power and potentially criminal activity in financial markets not at all cleared by any system of checks and balances (you know, there's that whole Constitutional argument but that's nothing new), this should offer some insight into the matter.
As in... holy fuck. Why are we even debating this? The financial ATF needs to strap on the riot gear and raid the joint already.