Glenn Beck and Jim DeMint discuss Audit the Fed bills HR 1207 and S 604




This Tuesday Glenn Beck interviewed Sen. Jim DeMint, who recently became the first co-sponsor of S 604, the companion bill of Ron Paul’s Audit the Fed bill (HR 1207).

Show: Glenn Beck Program
Host: Glenn Beck
Date: 6/23/2009

Transcript

Glenn Beck: Why would we consider it’s sane to give new powers to the Federal Reserve? Yeah, you’re right. It’s not. Republican Senator Jim DeMint is here with us. Senator, how are you, sir?

Jim DeMint: Hey, Glenn, I’m doing great.

Glenn Beck: So help me out. Why in our wildest dreams would we consider giving the Fed, which there’s no transparency whatsoever, more powers to regulate our economy?

Jim DeMint: Well, I’m glad you’re bringing this up and Ron Paul has the right idea on this. The Federal Reserve is supposed to be an independent agency that guarantees the value of our money by managing the money supply, but it has gotten involved in so many other things, regulating our banks, making it harder for them to lend money and at the same time, the Treasury is pushing TARP funds into the banks. They’re starting to monetize our debt, which is basically printing more money than we’ve every printed before.

Glenn Beck: When you’re saying printing the money, their books, we believe that there’s $9 trillion in Fed transactions, but they’re only admitting to 2 trillion and when Congress asked them up the Hill to explain, Bernanke declared something called the Banker’s Privilege, which means they don’t have to answer.

Jim DeMint: Right.

Glenn Beck: Well, what are we doing?

Jim DeMint: Well, the current law apparently does not give us the authority, our comptroller general, to actually audit their books and that’s what Ron Paul has introduced in the House and I’ve introduced in the Senate along with Bernie Sanders, of all people, the ability to audit the Federal Reserve, all aspects of the Federal Reserve, so we can see what they’re doing because we’re questioning their independence. They’re working now with the Treasury and there’s a lot of suspicion that’s well founded that the Federal Reserve has gotten out of control like the rest of our government.

Glenn Beck: You know, I have to tell you, you know, everybody in Washington always talk about a big tent. If you’ve got Ron Paul who is a libertarian, you have Bernie Sanders who is an avowed Socialist, not like… “oh, Glenn is calling somebody..” he’s a Socialist, he admits to that, and then you, one of the only real conservatives in Washington, that’s a pretty big tent. What are the odds that you’re going to be able to wrangle the Fed?

Jim DeMint: Well, we’ve already got 237 House members, enough to actually pass it in the House if we can get Pelosi to bring it up and I think if we can get that much attention on this bill, I don’t believe Senators could vote against it if people knew what they were voting for because everyone is suspicious of the Federal Reserve and I am too.

Glenn Beck: You should be.

Jim DeMint: And I’m just hoping that we can get a clear audit because this is… our money supply, the value of our money, Glenn, our whole economy rides on it and I’m worried that in doubling our money supply over the last year and this plan to withdraw money as our economy improves, I don’t think they can pull it off. We need to know what they’re up to and so Ron Paul, Bernie Sanders, they got the right idea.

Glenn Beck: Okay. All right. So Senator, let me say something risky here. I mean, why not? It’s the Glenn Beck show. Let me say something risky.

Jim DeMint: Oh, yeah. That wouldn’t surprise me.

Glenn Beck: I think you guys are losing power. I think Congress… I think you guys are going to find yourselves in a box if you don’t stop the czars and Fed and the Treasury, the executive branch is going to be all powerful and you guys are… I mean, does anybody is seeing this, what’s happening here. That we’re building a regal executive branch that answers to no one really?

Jim DeMint: Well, yeah. We all see it. The Democrats who are the majority now in the House and the Senate like it because they tend to agree with the executive branch.

Glenn Beck: But wait… but Senator, I mean, can’t you explain to them that the next time, you know, their guy is out of office, they’re going to hate it just as much as they hated it with George W. Bush. This is a very bad idea.

Jim DeMint: It is a bad idea and you’re right that Congress is playing in to their hands. I mean, we’ve given Treasury $700 billion as a slush fund that we thought they were going to bail out banks and they bought General Motors and Chrysler. It’s really out of control. They’re not following the rule of law. We’re way out of the bounds of any constitutional framework and now, we’re going to try to give more power in healthcare to the executive branch and so we’ve got to put on the breaks and I’m glad to see Americans standing up everywhere and saying “enough is enough” and I’m hoping we’ll see a lot more tea parties on July the 4th because if Americans don’t stand up, we’re not going to be able to stop what’s happening here.

Glenn Beck: And a lot of Americans are frustrated, Senator. They just don’t feel like anybody is listening to them in Washington. I know you have and you’re one of the few people that I ‘ve actually trust in Washington. Fannie Mae and Freddie Mac, these guys are really responsible for a lot of what is going on in our economy. There isn’t one word in this new financial regulation, not one word about Fannie and Freddie. They had 200 people looking over their shoulder and they didn’t see it coming. Is this financial regulation going to pass?

Jim DeMint: I hope not. It’s just another power reach by the Federal government. It ignores what really caused the problems, which were bad government policies, bad Federal Reserve policies, and the fact that we’re continuing to push the reform of Fannie Mae and Freddie Mac and hopefully the breaking up and privatization of them, we keep pushing that down the road while we expand government supervision. The government is not going to stop the problems we’ve had if we don’t recognize that we created all these perverse incentives seen in the financial market and the markets were just following government policy.

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21 Comments:

  1. Pingback: Hot Air » Blog Archive » Video: ‘Cuda attack in Hong Kong

  2. Pingback: Hot Air » Blog Archive » Video: ‘Cuda attack in Hong Kong

  3. Pingback: Ron Paul: Congress Should Read Bills Before Voting on Them | Austrian Economics Blog

  4. The Declaration of Independence Hollywood Style (audio/video)
    http://www.youtube.com/watch?v=jYyttEu_NLU

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  5. whoever said this was not an accident is correct. this has been set in play and is deliberate. this is to bring United States to its knees. Rothschild wants to issue a new world order the only way it could happen is to destroy the economy of this country. than nothing stands in his way. the politicians we elect and put in office answer to a higher power . $700 billion I don't know of one job other than government that was created, it just fattens the fat cats who put us into this mess deliberately

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  6. "It’s really out of control. They’re not following the rule of law. We’re way out of the bounds of any constitutional framework and now, we’re going to try to give more power in healthcare to the executive branch and so we’ve got to put on the breaks and I’m glad to see Americans standing up everywhere and saying “enough is enough” and I’m hoping we’ll see a lot more tea parties on July the 4th because if Americans don’t stand up, we’re not going to be able to stop what’s happening here."

    DeMint: If they're outside the law and the Constitution, then it's time to remove them and restore the Congress to Constitutional Law. Tea Parties in a city park won't do it. Walking onto the floor of Congress and arresting them will. Waiting for "Nancy to introduce legislation?" March up to her podium, take her gavel, and YOU introduce the legislation. Next guy in office? What happens if they suspend elections because of the fiscal emergency? Beck's right. You're running out of time. If you keep playing parliamentary games much longer, the exponential increase of federal power now will soon overwhelm all.

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  7. As if Bernanke has any right to make any censure or reprimand over the government or the american people... he does not even want ANY transparency for anything he does... the man has zero accountability and his hands on a very very powerful wheel... the wheel to the ship that EVERY AMERICAN IS ON... and we are sinking. Screw 2012, we need Ron Paul NOW! If we have to wait till 2012, though... so be it.

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  8. Dollar And Stocks Drop As China Calls For New Global Currency

    http://www.bloomberg.com/apps/news?pid=20601087&sid=amGrlyCGwYwk

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  9. T.T.Time for change

    You could audit the Fed but when you have millions of peoples from around the world flooding your immigration system annually, and millions more attempting to destroy your borders.
    You have a much more serious problem.
    Has anyone ever invited you to their country lately?

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  10. "Capitalism without failure is like religion without sin - it just doesn't work." - Ben Bernanke

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    • This is a lot more than failure Sean.Every tens yrs or so we have rescessions and now as in the Great Depression we have an absolute disaster.Quoting Bernanke is like asking the devil which path leads to heaven.Obama has given the keys to prosperity to the very devils who created this catasrophy.

      The US people must now stand up and be counted.This is the most crucial time in their history in over 100yrs.Obama is a failure already,as witnessed by the reality of giving the Fed more power.

      Congress will not act unless the people show their displeasure.Make the 4th July really count.Go out with a bang ,not a whimper!

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      • That quote was about government power. Ben Bernanke does not think the government should bail out companies or take ownership..

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      • The Fed alone didn't create this disaster.. There was like 10 factors other than the federal reserve. 62% of bankruptcies were from people with outstanding medical debt.

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      • The Fed planted the seeds of this disaster.
        The most potent of those seeds were the artificially low interest rates.

        No sense in dickering with trolls. They want us to believe that this government, and Ben Bernanke, have our best interest at heart. In other words, they believe in fairy tales.

        This disaster is not an accident.

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      • Ross,you couldn't be closer to the true,with your knowledge of that fact of 100 yrs.now. Our government, constitutionally commited to We the People.Our congress & Senate People are educated,pride minded and {are uniting together}, That fact of educating and motovating them is what is needed.Our Constitutional Law is in violation for 100 yrs.now. 1st. Ammendment Art.1 Sec.8 Congress shall have the right, authority to create,coin the value of the dollar thereof,threw the system of heights and measures dept. Our country's dollar is now run under the biggest ponzie,fractional lending,debt money system in history. Our Congress & Senate People need our reliant support H.R.1207 & now Senator, Demitt's bill S.604 are right. Our Constitional Founders Know this fact. That finanacier's would do every attempt they could to yield this power for themselves and that is why Art.#1 Sec.#8 of the First Ammendment was writtin. With Congress & Senate creating our dollar as it was early in our country's independent days after "July 4th 1776, had no public national "private" debt. Dollars were created in both gold & silver coins forged in mixed percentage and paper dollars as well, threw the treasury and mint and circulated to the People with no debt and interest on the people because Congress & senate governmently managed our money system threw the act of the 1st. ammendent.All Congress & Senate have to do is declare this Law and rid the federal reserve they will then bring our country back like We haven't seen before this. The G.A.O, Treasury dept. and the mint can easily produce the Country's money supply manage it and distribe the currency amply at will. Without debt,without interest,Like the Our Country's Founders Know Well to bring this , True Common Weatlh To The People.

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    • “Capitalism without failure is like religion without sin - it just doesn’t work.” - Ben Bernanke
      ---------------------
      What do you think that he meant in this quote, Sean?

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      • I know exactly what he meant. I watched the three hour trial he had yesterday. That is where I got the quote. Again, Ben Bernanke does not think the government should bail out companies or take ownership.. Do you even watch cspan or have ever seen a government hearing? Obviously not, you are way too out of touch with what is going on.

        This disaster is an accident. Do you know what the baby boom is? There was a 50% increase in patients which inflated medical cost and caused 62% of bankruptcies. A majority of the bankruptcies, almost 2/3 of them were due to medical debt, not negative amortization.

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        • Once again, you point to symptoms instead of the root of the problem.

          And do you believe that just the boomers inflated the patient rolls? Do you have some numbers to account for this 50% increase?

          This most certainly was not an accident. If it was, then that would mean that the economics of this country is being run by complete buffoons. No sean, they are not buffoons, they know exactly what they are doing.

          p.s. Do you think that you could carry on a conversation without the derision?

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          • Those figures came from the American Medical Journal. Just because you are ignorant (lacking in knowledge or training; unlearned) to the fact, doesn't exclude it's substance.

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          • Still didn't see the numbers.

            If you got'em, post'em.

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  11. Goin' Mainstream

    Beware The Sharks

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