Geithner: auditing the Fed is a "line you don't want to cross"

United States
August 27, 2009 1:11am CST
August 26, 2009 Watch the Video [WSJ.com]: http://online.wsj.com/video/digg-dialogg-with-timothy-geithner/A0A13568-043B-468A-A8A9-0D5426057FEF.html “I’m sure people understand that you want to keep politics out of monetary policy.” When Geithner is again pressed on the issue, he makes the stunning assertion that conducting an audit of the Federal Reserve—something never before done in its 96 year history—is a “line that we don’t want to cross,” proclaiming that such a move would be “problematic for the country.” "Allowing the public to know what happened to their $24 trillion in bailout money does not give undue control of monetary policy to the people’s elected representatives. Instead, such an audit would finally allow the public to see how their money has been spent in the midst of the largest spending binge in the history of the world’s economy, hardly an unreasonable demand given the well-documented revolving door between the Treasury and Goldman Sachs, the main recipient of bailout funds."[The Corbett Report]
3 responses
@dragon54u (31651)
• United States
27 Aug 09
Princess Pelosi has already said she won't permit such an audit to be voted on or even introduced. She is directly denying the American people the right to know where their tax dollars have gone and is keeping us from finding out how our money is distributed. The Fed makes no sense to me. They take our money and charge us for controlling it. Nancy Pelosi is an evil, power hungry monster that we should demand step down from her position.
• United States
27 Aug 09
Upon receiving word that OBama is going to give Ben Bernanke another people my eyes just bulged in disbelief....more of the SAME people??? November 10, "Obama traveled to the White House and met w. Bush to discuss transition issues while Laura Bush showed Michelle White House. NBC News reported Obama advanced his economic agenda with Bush, asking him to attemp to pass a stimulus package in a lame duck session of Congress before the Inauguration. [wiki, Obama-Biden transition]
1 person likes this
• United States
27 Aug 09
Big Spenders Society!
1 person likes this
@Koriana (302)
• United States
27 Aug 09
He's probably right, we probably would regret going there. The Federal Gov't books aren't auditable, can you imagine what the Federal Reserves looks like? But, if, by some miracle, they were able to perform a successful audit, what would happen if they found that the Fed is as insolvent as the banks are, as our government is?? What if the whole thing was revealed to the world as just being a big scam? We wouldn't have any trading partners left!!!
• United States
28 Aug 09
@ParaTed2k (22613)
• Sheboygan, Wisconsin
27 Aug 09
I would settle for Congress auditing the abuse of the taxpayer money it allocates every year. Remember when Pelosi promised to investigate the massive fraudulent use of Hurricane Katrina and Iraq war funds? The minute she put her sk@nky butt in the Speaker Seat, she quit talking about any kind of audits. Could it be the little thief has too much to hide?
• United States
27 Aug 09