Ron Paul: We Need To Know More About What The Federal Reserve Is Doing

Date: 8/31/2009


Male News Anchor: [Congressman Ron Paul] is pushing for the Fed to be fully audited by the end of 2010.

Female News Anchor: Right now the GAO’s access is limited to areas outside of monetary policy. Congressman Ron Paul is joining us now on the phone to talk about this. Welcome congressman and tell us why you’re pushing for this. What’s at the heart of what you think is most important?

Ron Paul: I think it’s the whole issue of transparency that’s become a very popular word in this country. Especially since the bailouts started with the TARP funds and the people waking up and realizing that the Congress had appropriated $700 billion and nobody knew where the money went.

But then I took that as an opportunity to talk once again about auditing the Fed, which I’ve been talking about for quite a few years. And all of a sudden it struck a chord with everybody and they said “Yeah, if they’re dealing in trillions of dollars and they loan money to companies and central banks and other governments, we need to know more about it.” And all of a sudden, you know, we had an avalanche of co-sponsors. We got all the Republicans on it, over a hundred Democrats are on it. So it’s very, very popular for us to find out what they’re doing. It’s the responsibility of Congress to know what a secret bank can do. They’re a government unto themselves. They create the money and they spend the money. And under the Constitution, obviously, the Congress is supposed to appropriate money and allocate money; not somebody who can print the money and pass it out.

Male News Anchor: Are you surprised, Congressman, at the bipartisan level here? I mean, you have Barney Frank… frankly this is the last time I can remember Ron Paul and Barney Frank on such a substantive philosophical issue being aligned?

Ron Paul: Well, I’d qualify that a little bit because we have allied ourselves on such things as Internet gambling and few things like that that I could support. But no, it is interesting because in economic matters he’s very liberal. We have have worked together before and we are friends and he has always talked about more transparency of the Fed. This is not new for him, he’s talked about this for years and he actually supported Gonzalez back in the 1970s with his efforts to find out more about the Fed. But it’s our emergency here that makes it more appropriate and has opened up a door for us. So I think something is going to happen.

Female News Anchor: Representative, I was with Mary Schapiro, the head of the SEC on Friday, and she was sympathetically said transparency will be her biggest push. She thinks that it is the best antiseptic for all these problem. Of course, she was talking about markets and organizations that deal with trading. But how important is it for every taxpayer to know? We here at Fox Business had filed a freedom of information lawsuit and the judge ruled in our favor making sure that the Treasury and the Fed would tell us exactly where…

Male News Anchor: We won on Treasury, not on the Fed. They’re still stonewalling at the Fed.

Female News Anchor: Yeah, they’re stonewalling on the Fed. What does that tell you?

Ron Paul: Well, I think it tells you that it’s a sad commentary on the Congress because we should have responded legislatively many, many years ago and it took private sources like yourselves to file these suits and demand it. So the more the merrier, but it points out how important this is. And I think there was a poll then… whoever imagined that there’s be a poll done on auditing the Fed and 75% of the American people said, “Sounds like a good idea to [me].”

Male News Anchor: Well, people now realize how it affects their lives; I think that’s why people are interested. But I got to ask you: there are some concerns and you’re own Republican colleague, Judd Gregg from New Hampshire, says this is a terrible precedent, what you are doing is is putting the camel’s nose under the tent. It is getting Congress involved in how the Fed, which is supposed to be completely independent from politics, will now operate.

Ron Paul: Well, the Fed is not independent. If they passed out money to Goldman Sachs, I mean that’s politicized by a big corporation. What about the politicization of the Fed for getting the Chairman renominated? Chairmen of the Federal Reserve have been known to accommodate the President when they’re up for re-nomination. So it’s always politicized.

But this bill isn’t designed for that. Yes, it’s getting our nose under the tent to find out the things we’re responsible for, to find out who’s getting the good deals and the big breaks and that’s important. But it’s not designed specifically – and this is one thing that Barney and I will probably work on to make sure that we’re not going to be managing the FOMC meetings. That is not our goal, but we do need to know what’s going on.

Female News Anchor: That’s what we hope. We don’t want too much involvement, but enough to say “Tell the taxpayers everything”. Representative Ron Paul, thank you so much for joining us.

Male News Anchor: Thanks so much.

Ron Paul: Thanks for having me.

  • christine


  • longshotlouie
  • longshotlouie

    House Financial Services Committee Chairman Barney Frank has officially agreed to hold hearings on HR 1207! The hearings are tentatively scheduled for Friday, September 25 at 9:00 am.


  • Julia

    Don’t get me wrong, we do need to audit the fed and we do need a political stance, but we shouldn’t focus all of our attention and efforts into the central government. We need to work with the grass roots if we want real change. That’s not berserk or anything, unless you people actually believe that the people shouldn’t work together to fix problems and we should sit back idly while the government debates which rights to take away from us. Sorry if I’m a lil heated from all of this. I have feelings.

    • Julia

      You should be a better person than that, Nate. Instead of questioning my motive, you should question your own.

      “Ask not what your country can do for you, ask what you can do for your country.”

      • Nate Y

        Huh? I questioned your motive?

        I’d much rather follow the sentiment you demanded of me and have people ask themselves “What can I do to be a better person?”

  • Nate Y

    This is a very strange thread. Where on earth did this Julia chick come from? Has she been on here before? Because it’s pretty poor form to just start attacking a fellow poster for no good reason.

    The only quality show Fox has produced is…you guessed it…Freedom Watch.

    • Julia

      I was reading posts on another thread and was disgusted by the arguments against the native american. Then I came here and saw the same person say that they have seen more progress of freedom in the past two years than in the last 20! That’s not what I see. I see a movement in the opposite direction. I’m not a regular here, i’m an average American. I live outside this webpage, so I see whats really going on. I see a movement into socialism. I see bailouts for banks, auto dealers and to who else knows what. I know a little bit about this grass root movement thing but it appears that you people don’t understand the term grass root. It seems like everyone here is relying on one man alone to fix all of our problems. Even though Ron Paul is a great man, no political figure can fix any problem.

      • longshotlouie

        You must remove that filter as you read. I pointed out that I have seen more progress in the recognition that we are losing our rights and that government is becoming more of an imposition in our lives.

        If you had taken more than a few minutes to read through some threads here, you would have no doubt about my reference. Instead, your first two posts here were attacks.
        Not just attacks, but foul and condescending attacks.

        Stick with promoting your own ideas.

        • Julia

          The way you disrespected the Native American was horrible. You disgust me, I have nothing else to say to you.

          • longshotlouie

            No disrespect occured. You must be projecting.

          • Julia

            After the Native American told you that he was going to go away and asked you to leave him alone, you replied:

            “When it comes time to die, be not like those whose hearts are filled with the fear of death, so when their time comes they weep and pray for a little more time to live their lives over again in a different way. Sing your death song, and die like a hero going home.”

            That is disrespectful to that man and native american’s as a whole. You can’t be a freedom loving individual, you’re a jerk!

          • longshotlouie

            #1 – You are supposing that someone was a native American.

            #2 – The quote was from a Mohican chief.

            #3 – You projected yourself into a tizzy.

          • Julia

            #1- He said that he was a native american. Thats what the whole argument was about, pretty much the whole blog. And he told you directly that he was a native american.

            #2- It is okay for a chief to tell his people how to live and how to die as the foreigners raped and killed them. Quoting this cheif in the matter that you did was out of tone. He told you to leave him alone and you wrote that.

            #3- You projected yourself into a tizzy.

            Don’t try to deny your words or your actions.

          • longshotlouie

            Maypole dancing

          • longshotlouie

            You are out of gas ….

            Julia replies:
            September 9th, 2009 at 9:09 am
            Your not in any fight. Your a loser! All you do is sit on the internet and post nonsense. You live in a bubble,

            The quote was offensive? lol

          • Julia

            You deserve that! If you would be off doing something productive instead of sitting on the internet, than you wouldn’t be saying stuff like that. It’s not just you, it goes for everyone. If all of Ron Paul’s supporters spent half as much time working together to solve problems as they spend on the internet, the world would be a better place by now and Ron Paul, me, and the rest of the country would be so ever grateful. We need a cultural movement. That means we need the people to work together. Ron Paul can’t do that by himself.

          • Julia

            You haven’t reached the extent of your capabilities. You don’t know if you don’t try.

          • longshotlouie

            Yepper, it’s your perogative to argue against what noone here is arguing for.

          • Julia

            No you have it backwards. I’m arguing for you to get off your ass and help start a real grass root movement and you seem to be arguing against it now.

            I don’t want to argue with you. I’m sorry for lashing out on you after you said that. You’re a bigger person than I give you credit for. Lets just leave it at that.

  • Julia

    Why does congress set up town hall meetings and not the people? We don’t want the congress involved in our problems. This just goes to show that nothing will be fixed. The government doesn’t fix problems, they lay them upon the tax payer. Why can’t the people fix the problems, so they don’t have to worry about taxes and the loss of liberty? Why can’t the people set up town hall meetings? Why aren’t you all doing your part in this? You all sit back and try to support the government to fix everything. Ron Paul is not going to fix our problems, only we can. We are the leading advocates for liberty!

    • Julia

      Call every number in the phone book and tell the people that only we can fix our problems. Ask each person if they will participate in a town hall meeting. Get a list of names and take it to the city council to request a place to hold this town hall meeting. Call the news media, every station. Set an example which will echo across the country.. This is the only way that it can be done. The people are the only ones to fix our problems. We need to bring the people together instead of tearing them apart and letting the government clean up the mess.

  • hippiechick

    Be there or be in despair!

  • Alexis

    Fox Rocks!

  • VR
  • longshotlouie

    Ron Paul Has the Council on Foreign Relations Worried

  • 10thAmendment

    If I had a few million dollars to educate people politically, I’d spend the next 2-3 years taking out TV and web ads, making people familiar with the Bill of Rights, preparing them on how to vote, going forward. I can dream, can’t I? 🙂

    However, I think the best way to educate the masses without spending money, these days, is to fan out and challenge ideas on blogs.

    Too often, liberal agenda succeeds on blogs, since they are a vocal minority and since they gang up on people. Since they actually speak up, they “win” on rhetoric and “popularity,” swaying people to their cause. They assume that what’s been taught in public schools and the media is a set of facts not to be disputed. These “facts” get regurgitated on blogs and more people are deceived.

    On the other hand, we should directly challenge them on things such as health care “reform,” public schools, the role of Government, gun control, and other issues by taking them back to the U.S. Constitution.

    Quote the 10th Amendment, mix in a little Thomas Jefferson quote or five, toss in some Benjamin Franklin or John Adams, and watch their heads spin. Be respectful, fair, and logical, while hitting them hard with the Bill of Rights, the Articles, and the words of the Founders.

    It’s fun to see how far you can go with a few words. And, if you’re fair, by criticizing “both parties” and the job Congress is doing, I think you can win people’s hearts, showing them that Federal Government isn’t the answer to most questions.

    You know, you can save your work to be edited and reposted on several blogs, saving time (and also multiply your voice) in the future.

    My story: Ron Paul sounded crazy to me about 2 years ago, even though I labeled myself as a “Conservative Republican.” It wasn’t until his passion about the Constitution caused me to really read it for the first time. My whole perspective was changed. I realized that I wasn’t as “Conservative” as I thought I was and that Modern Republicans should ditch the label.

    It was people’s posts on blog site (oh my, I can’t believe I said that) that pointed me to Ron Paul’s message and Ron Paul’s website/blogs that pointed me back to the Constitution. Thank you, Ron Paul….

    I have been challenging people on blogs the past few months. All we need is a few more million people doing the same. Over time, I think people are being swayed, but I feel, at times, that I am a “lone defender” for truth and that the Socialists are winning on the ‘net.

    Please show me it isn’t so….

    — 10thAmendment

    • longshotlouie

      I’ve been in this fight for 22 years, and the last 2 have seen more progress than the previous 20.

      Just Keep Marching

      • Julia

        Your not in any fight. Your a loser! All you do is sit on the internet and post nonsense. You live in a bubble, nobody follows up with this movement other than those who depend on it to live. Freedom wont come from one man or his pack of dogs. It will come the people in general who don’t believe the government should be taking on such large rolls.

        • longshotlouie

          And the same clowns show up to project their own inadequecies onto others.

          Still waiting for a majorty, Julia?

          • Julia

            It looks like you are a clown that shows up and projects your own inadequacies onto everyone in this site!!! Thanks to the “majority” the obama’s health care bill will give insurance companies time to correct themselves without a public option. Freedom is a cultural movement, not a one man show. Big government exasperates itself, and cannot last forever.

          • longshotlouie

            A minority made the noise that awakened the majority, as usual. Not sure why that makes you angry.

            Freedom a cultural movement? Navel gazing again?

          • Julia

            Fox news made the noise and awakened the majority. Fox news is the number one viewed broadcast. It doesn’t make me angry, your just arrogant and its sad.

            Any serious movement is a movement of the people, a cultural movement.

          • VR

            Thanks for outing yourself, Julia.
            Fox news is years behind the curve.

            A Faux News Cultural Revolution? ROTFLMAO

          • Julia

            No, I don’t believe Fox news is going be the answer for freedom. Every revolution has come from a cultural movement. A cultural movement is when the people change they way they live to shape the way things work. All of our problems come from man and the government tries to fix them. Man has to solve these problems to get the government out of the way.

            But yes, you can thank Fox news for provoking the trend that has gone around in the town hall debates.

          • VR

            Fox News is piggybacking this trend. They have one motivation, a $hare of a market.

            This trend is not new. The fact that you heard it recently on Faux News just means that both of you are late on the scene.

            Are you selling advertising for Fox?

          • Julia

            I don’t watch Fox news, but I know they are the only main stream conservative news broadcasters and receive the highest ratings.

            I know Fox news didn’t create liberty, I never said that. I said you can thank them for spreading the message. A lot of nonsense that came up in those town hall meetings originated from Fox.

            You can also thank Fox news for giving Ron Paul so much publicity. 9/10 times Ron Paul is on tv, he is on Fox.

          • Julia

            And the trend thats going on now is new. How many people did you see protest when George Bush extended socialized medicine? How many tea party protests did we have while George Bush was in office? Fox news was behind George Bush, so the people didn’t react the same way. It’s all propaganda, any way you want to look at it.

          • VR

            Fox news is no different than any other main-stream media when it comes to distorting arguments and pitting one group against another.

            “A lot of nonsense that came up in those town hall ….”

            Well, now we know from which side of this manufactured left/right paradigm you attack. Who would call citizens voicing their concerns, ‘a lot of nonsense’?

            Faux News started having Dr. Paul on after he started showing up on all of the other cable news shows.
            After all, everyone wants to know what he thinks, now.

          • VR

            That BushBama stuff just doesn’t fly here. BushBama are not the cause, just the last two straws that broke the camel’s back.

            There were plenty of protests of many kinds against the Bushwacker.

            Why did you use it, if it was propaganda?

          • Julia

            No shit Fox news distorts arguments pitting one group against another. That is the “nonsense” that I am talking about.

            Just because I call out distortions and some lies that Fox makes doesn’t mean that I not a fighter for liberty.

            Dr. Paul didn’t come up with the idea of liberty, he is conveying the message just as Fox news is. I’m not saying that Fox news is superior to liberty. I said fox news has the largest tv audience and has persuaded the majority of people now and throughout past history.

            There were no protests for socialized medicine or tea parties while Bush was in office. If their were, they don’t compare to the size of attendance today.

          • VR

            What you haven’t seen is that you are falling for the same nonsense when you distinguish Fox from any other purveyor of propaganda (MSM).

            Now because the protests are against your belief system they have become nonsense, and had to be fired up by some corporate entity?

            Hard to tell if you despise Fox,
            or worship them.

          • sean

            haha! nice stuff.

            Looks like VR is again trying to argue and has no idea what about.

            She is obviously fighting for liberty. Your arguing with lies to a person about them self. What a dummy..

          • Julia

            You yourself said that Fox News distorts the truth VR. I for one believe that liberty should not need to be distorted. If it is distorted than how are we going change anything together as people?

            I do believe that Fox has persuaded the people to fight against more socialized clinical treatment. That is a good thing. But I believe in the process, they have torn apart the country with all of their distortions. Now both the right and the left think each other are crazy and we ignore the real problems at hand.

            The government cannot solve any problem. I believe that we need a culture movement. We the people need to fix the problems, not the government. This movement should directed towards the people instead of the government if we want to fix anything.

  • Everyone, please try to make it out to meet up with the Tea Party Express bus. It is going from coast to coast and if you can get to one of the stops, please try. Fox news is covering it and it will get a lot of press. Sarah Palin may even be showing up at the last stop in DC.

    • Lindsey

      Tracy: I hope Palin shows up! Nobody fires up a crowd better than Palin.

  • christine

    Reflections And Warnings – An Interview With Aaron Russo {Full Film}

  • VR

    If a presidential election were held last night on the campus of Loyola University New Orleans, the winner would not have been the 48 year old occupant of the White House, but a spry 74 year old physician from Texas.

    U..S. Congressman Ron Paul (R-TX) enthralled a huge crowd of supporters and students with a one hour address on topics ranging from the war in Afghanistan to the Federal Reserve. The crowd was so large that the university set up five overflow rooms to accommodate the intense interest in Dr. Paul’s message.