The battle lines are being drawn.

[Usrename]

Audit the Fed? The Battle Against Obama’s Bankers Begins on Capitol Hill
By Glen Ford
Created 11/25/2009 - 00:48

For the first time since the Crash of 2008, there is cause for hope that Wall Street’s devouring of the U.S. state can be halted. Republican libertarian Rep. Ron Paul (TX), leading a bipartisan coalition comprising a solid majority of the U.S. House, last week won committee approval of a bill that would open the books of the Federal Reserve, the heretofore unaccountable engine of bankster thievery on a cosmic scale.

The Obama presidency has seen by far the greatest transfer of wealth in the history of the world – some $23.7 trillion as of July <1>, in the form of grants, loans and guarantees to the financial sector. Only a small fraction of this mind-bending mass of money – a sum approaching in volume two years of total U.S. economic activity (GDP) – was legislatively authorized by the U.S. Congress.

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Congressman Paul’s stunning success in gathering over 300 co-sponsors, including all the Republicans and more than 100 Democrats, is indicative of broad and deep hostility to Wall Street – even in the corporate cash-soaked halls of Congress...

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Of the ten Black lawmakers on the committee, two (William Clay, MO; David Scott, GA) were already co-sponsors of the Paul bill. The other eight (Maxine Waters, CA; Andre Carson, IN; Keith Ellison, MN; Emanuel Cleaver, MO; Mel Watt, NC; Gregory Meeks, NY; Al Green, TX; Gwen Moore, WI), voted to shield the Federal Reserve and its collaborators in the administration. This is likely to become an increasingly untenable position for anyone that wants to avoid being portrayed as pro-banker. (Chairman Frank, himself, had previously endorsed the Federal Reserve Transparency Act, but suddenly changed his mind, no doubt after a talk with Democratic leadership.)

The other twelve Black Caucus co-sponsors of Ron Paul’s bill are Sanford Bishop, GA; Corrine Brown, FL; John Conyers, MI; Danny Davis, IL; Donna Edwards, MD; Marcia Fudge, OH; Jesse Jackson Jr., IL; Eddie Bernice Johnson, TX; John Lewis, GA; Donald Payne, NJ; Laura Richardson, CA; and Bennie Thompson, MS.


more> http://www.blackagendareport.com/?q=print/content/audit-fed-battle-against-obama%E2%80%99s-bankers-begins-capitol-hill

This looks like it could be the most important development to occur up to this point in the Obama administration.

I still say we are very fortunate to have a charismatic leader in office, one who is decidedly NOT an ideologue, far from it.

I think this one will definitely be won by the Conyers faction, and Obama will most likely get on board with it when that happens. This is a good thing. More than a tiny glimmer of hope, it's a bright new day dawning if this succeeds.

[anonymous171]

1. All of the republicans and only 100 democrats?

That is seriously fucked.

[Usrename]

3. There ya go!

How long have we been told that this is a partisan fight?

I'm with the Republicans on this one, be this Democratic Underground or not.

[Truth2Tell]

2. The plan now

will be to weaken the bill and attempt to render it meaningless in a Senate version or in conference. Then we will see how many Congress weasels are on board because they really wanna take on Wall Street and how many are on board for political cover. Personally, I don't expect a final bill of any real significance. Although when Frank made his about-face it gave me some hope that maybe it is putting a tad bit of pressure on the banking cartel criminals whose boots he usually licks.

[rateyes]

4. If this passes, (and I hope and pray it does) look for some kind of "immunity"

bill coming next. I can't believe the Fed has never been audited. It ought to have to be audited every year.

[Usrename]

5. It's hard to imagine how this will play in the Senate.

Health care was sort of predictable, setting the blue dogs and Republicans against the progressives.

This attempt at legislation will be even more telling. I hope everyone here pays close attention.