2009-10-07 — wsj.com
``In a letter they will send to Senate Banking Committee Chairman Christopher Dodd this afternoon, Reps. Ron Paul (R., Tex.) and Alan Grayson (D., Fla.) will ask that the Senate hold off on Federal Reserve Chairman Ben Bernanke’s confirmation hearing until the central bank releases more information about its rescues... Mr. Paul has won broad support [300 co-sponsors] in the House for a bill that would subject the Fed to audits by Congress’s Government Accountability Office.''
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Comments:
tvsterling at 05:24 2009-10-08 said:
Isn't there something unfair about a bunch of elite privileged bankers (the FED) setting the price for money? Think of it like this; What if the A$$ociation of Gas Station Owners met every quarter & decided the wholesale price of gasoline? You bet, they would quickly vote themselves gas at .05 a gallon & continue selling at 3.00 a gallon. Is there any real difference here? Today banks get their operating funds, their raw material, from the treasury at close to nil & from depositors at close to nil. Where is the fairness to the depositor? A really sweet business for the banks indeed. Could this be why interest rates for a decade have been, shall we say, tepid at best? Permalinkadd a comment | go to forum thread
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