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An elaboration

By Al Schumann on Thursday September 10, 2009 12:50 PM

Shocking as it may seem, the House has summoned up what little sense of decency remains in its ghastly collective substitute for a soul. A majority of them have signed up to support H.R.1207 , a very simple bill to audit the Fed. This is what Owen is referring to in the post immediately below.

The sponsors and cosponsors may, to put it delicately, leave a lot (well, everything) to be desired from a left perspective, but some do indeed have what it takes to rake the Fed over the coals. If this Bill is a trojan horse to politicize the Fed, I can't help laughing. There is no quango so thoroughly politicized already. It cannot possibly be made any worse than it is.

Comments (31)

Again, I don't get it. What could Pelosi possibly want from Ron Paul enough to let something like this get to the floor?

Al Schumann:

I have no clear idea. The odds are it's going to fizzle very soon. And if it reaches Obama at all, it's likely to get a veto.

I do have a speculation, however. I think there's been so much vituperation directed at the House and Senate that they feel they have to make some gesture towards democratic accountability. The legislative appetite for corruption and sycophancy is limitless, but they do like to the appearance of concern.


"where was the fed"

"while the fed slept"

better focus then wall street
every one already hates those great satans

but the money changers ????

greenstain needs to be put on trial
for wire fraud
like old sam insull



get on over there
to the dollar temple ob


and stake it to them vamps

clean house
a tenement full of blood sucking
drug dealers



what the house giveth, the senate taketh away

You don't think that, should it pass the gridlock machine, this report will end up looking and being received just about like Jim Baker III's little ballet of an Iraq Report?

Al Schumann:

There's a chance one or two of the congresscritters will seize the opportunity to completely humiliate Ben Bernanke. But, yeah, I think the Iraq Report's reception is on target.


Really, now? The Fed is just Wall Street's brain, severed but preserved intact like the President's nose in Sleeper. Since when has the entire body of Congress been invested with power equal to Wall Street's?


happy 9/11

the greatest uncle hedge pretext since 12/7


"Again, I don't get it. What could Pelosi possibly want from Ron Paul enough to let something like this get to the floor?"

obviously you haven't seen ron in his speedo



was dat a spwec bubble we swaw in commodities wast year
or a " demand swock" ?????

read the neo-slime healthy scepticism type take
at Super Al's satanic gospel 'the anomalist' on this issue

a few points
1 the state could have prevented this bowl of misery and windfalling

supply was already plenty incentivized to be at production max already ....
the "rationing function " was just running amok on its spec driven frenzy ....

2 the market mechanism s here are way more complex
then stories about the dynamics of supply and demand of beaver vs deer pelts
suffice it to say its full of agents stuffed with notions of their own undreamed of in uncle milty's philosophy
and agencies with credit lines of potentially limitless proportions

3 note on ongoing fudd like investigations
a farce "hunting rabbits in a bufflao stampede "

4 i'm bored already

5 that's all folks


i'm using this post as
the up destination for all my stuff till

the father walks across the salt waters
that seperate us from the island of lost boys

nope not even a post card

he must be like l'il abner over there


a nice repost at counter punch
leads us to
father smiff memorial pin up

" weaponization of human rights "
on the queen of bleed
the hurler of heart smart bombs

sam powers

hot hot hot

Son of Uncle Sam:

the island of lost boys

Do you mean lord of flies, I'm a real boy pinnochio, or the lost boys about the vampires-

Happy 9/11 to you- 8 glorious years dealing w/ that security failure by beating the shit out of the poor over seas. Remember the good old days when kids would grab a slice and a coke just before beating the shit out of bums or homo-sexuals.



read here why my salt of the bar room pal son of samson
here votes the straight mammoth ticket


"Given Republican economic priorities that seem to favor the wealthy at the expense of redistributive policies which would provide immediate benefits to larger segments of the population,"

"redistributive policies"

man is that clueless
the fucks
these pinhead ivy crowned social scholars
don't get much eh

many white mcsmurfs
just want to keep what they earned
and have a little law and order in the community

they don't want no stinkin' hand outs
from uncle superior

and demos have other groups in mind anyways
for this redistributing

besides uncle jackass
will take it from me too first
and if i'm lucky
and i get back as much or more then
they take

they'll hand it back in cans of spinach



this punk wants a planned era of 5 % inflation
to tapper back our national debt burden
which has tripled in 30 years
(ration of all debt to gdp)

now first off
the debt held domestically needs to be seperated from foreign held american debt
but i suspect that has risen faster then total debt

second there's gub debt vs private debt
and third private debt is part corporate and part household

ps corporate is part hi fi firms and part real firms

foreign held sovereign debt is one prime target

and who holds our household debt

who are our creditors ???

at any rate its not a bad run

the targeted inflation notion has great merit and 5 % sounds about right

expected inflation is like a well forecast hurricane one prepares for it and the demage is reduced
indexing is the key here plus a fed that keeps close to target

on product and job markets ...and asset markets
but ahh there's the rub
will the fed intervene in asset markets ????


the guy gets china all wrong

"For the past year, China has maintained positive growth mainly by expanding fixed investment--in other words, by increasing the capacity of its factories to export more goods. Thus, in spite of the effort it has made to reduce its dependence on global demand, China's growth for the foreseeable future still depends in large part on exports to developed country markets."

in fact china's domestic consumption
is now growing at a 15% annual rate
and its exports y/y are off 25%

the re orientation of production toward domestic markets has already begun..big time

these are the glories of
the state controling the credit commanding heights
and putting schlock keynes methods to work


the benefit now of a bout of stagflation???
rising wages without rising employment

shrinks household real debt to real wages ratio

for the winners with jobs...
while maybe not increasing the real wage in purchasing power
cause of course product prices and service fees will rise maybe as fast or faster then wages

consider this path for the next stage
of the great american cattle drive

Call it inflation, stagflation, or a slight shift toward labor -- whatever. It ain't happening. This is market totalitarianism. Capital never cedes a thing, at least not intentionally.

5% percent inflation would require about that much real wage growth. How dat, especially without new jobs?



of course you get the gist

5% percent inflation would require about that much nominal wage growth to hold real wages even

but feature this
it won't even reduce household debt
unless the nominal rate of wages
exceeds the interest on household aggregate debt even if debt nominal levels stay as they are now

imagine going no where
unless the nominal wage growth rate
exceeds say 6 % and then some

and that's a trivial reduction rate at best


but the fed could buy up the entire mortgage
inventory have its value
and then place an off setting tax on profolios
a one time levy

"hey the market took more away from you rentiers portfolios then we are "

ah the musings

How about restoring the tax-deductibility of credit-card rape-fees? I won't even mention capping those fees at, say, prime plus ten, or, gasp, forgiving existing balances.


the delinquency default premium
is the only add on to uncle's t rate that can be systemically justified
the rest is credit scarcity rents

hey if we were operating our production platform at full tilt
we might reign in consumer credit by
lifting the base rate above the t rate
but since credit extension requires no
household or firm saving behind it
to flow so long as we got stag we can have
heavy duty debt reducing inflatio

its catering to the ass hole innocent petty rentiers that fuck the credit buck free lunch
when we're below full ttilt


my pal
herb sorrell III
got this today

Dear herb,

Yesterday at the opening session of the 2009 AFL-CIO Convention in Pittsburgh, I had the opportunity to thank my family, staff and labor leaders from across the country and around the world for their commitment, personal sacrifice and hard work during the past 14 years. Today, I want to thank you.

I've loved our labor movement all my life. There is no greater honor than the opportunity to serve working people. It has been an amazing 14 years, and together we transformed the debate over globalization and helped redefine the global labor movement as a champion of workers' rights. We called the hand of the greedy corporations that sent our jobs overseas, scammed our mortgage markets and nearly destroyed our economy.

We brought health care and labor law reform to the top of our national agenda. We seated a pro-working-family majority in the United States Congress. We elected a champion of working families as the first African American president in the history of our country.

We changed the direction of our country, and we should be just as proud of how we changed our movement. We built the strongest grassroots political operation in our country and brought hundreds of thousands of union volunteers into the fight to protect the dreams we share. We knew we were faced with building a movement on changing ground, and we reached out to organizations and workers outside our walls.

At the opening of our 2009 convention, I'm filled with optimism. We've helped create one of those rare moments when history invites dramatic improvement in the human condition.

But the excitement over our possibilities is tempered by the realities of our times. We're seeing glimmers of an economic recovery, yet nearly 20 million of our brothers and sisters are still without work. The poor and the out-of-work are no longer invisible or abstract figures—they're our friends and neighbors, our mothers and fathers, our sons and daughters.

We're on the cusp of the greatest advance in labor law reform in 70 years, but we're taking heavy fire from the corporate captains of deceit. We're closer than ever to winning our long struggle for universal health care, but our success has kindled a firestorm of meanness stoked by politicians playing on fear, racism, nativism and greed.

Every one of our achievements represents unfinished business—and the tasks we're challenged with are daunting. But if there is one thing we've learned over the past 14 years, it is this: Miracles present themselves on the shoulders of commitment, unity and action.

At the center of these is unity—the solidarity that flows through the marrow of our movement. For us, solidarity is more than just a strategy, it's a way of life. We believe in helping each other. We care about our brothers and sisters.

Solidarity is what gives workers the collective courage to form a union, to fight back against a greedy employer.

Solidarity is what compelled thousands of first responders and construction workers to risk their lives at Ground Zero eight years ago last Friday.

Solidarity is what saved 155 airline passengers who could have drowned in the icy waters of the Hudson River.

Solidarity is what compels a firefighter to dive into an inferno to save a stranger, a teacher to refuse to give up on a child or back off from a battle with a school board.

Now it is up to you to bring even more solidarity, revive our economy and make it work for everyone.

We will pass the Employee Free Choice Act and help millions of America's workers lift their lives and realize their aspirations. We will guarantee every family in America health care when they need it. And we will be true to our enduring mission of improving the lives of working families, bringing fairness and dignity to our workplaces and securing economic and social equity in our nation.

That's our mission, that's our job—let's get at it.

John J. Sweeney
AFL-CIO President
Labor Warrior At-Large "

feel free to frolic on it

This clown was once thought to be fresh and new...

My main comment is how reckless he is with the word "solidarity."

Fuck me.

Son of Uncle Sam:

Labor Warrior at Large.... Opie did you add that or is this shit heel really acting like he's on the battle rattle?

Solidarity obviously is defined as a mystical force to this guy. He might as well of said-

Solidarity is how a positrac works and how come metal sticks together after it's welded, why a child loves its mother, and why mice like cheese - you can't explain it, it just does.


" a teacher to refuse to give up on a child .."

liberal waterboarding a minority ???

or back off from a battle with a school board. "

what?? ala shanker ???

wrong on both counts
pub sec rah rah for our teaching professionals

and what's with the ever burnished
shield of our gallany 9/11
fire fighter ???

what's next
the triangle fire ??
a mine cave in from the hill country

weep over little nell and mealy potatos
but the uaw kulack collars ...nope


"Labor Warrior at Large.... Opie did you add that or is this shit heel really acting like he's on the battle rattle"

nope so far as i know its a pure product

of tollet admiral johnny sweep not hizzseff

but herb tells me
he's planning to add it to his own DBA

Herb N Sorrell (LWAL)

-- labor waarior at large --
pronounced like AWOL


Actually it can get a lot worse. The IMF already has the power to audit the Fed Res; Bush II stalled for 7 years but agreed to the audit in his last year provided they didn't finish til he was out of office: the results will be released in 2010. If they find the Fed Res a hazard, they can just take it over.
So the real question is not what will Pelosi gain, but why is Ron Paul pretending that an audit will accomplish anything positive?


another note in a bottle
for senior sorrell

"Dear herb,

Yesterday afternoon in Pittsburgh, I had the honor and privilege of being elected president of the AFL-CIO along with our new Secretary-Treasurer Liz Shuler and Executive Vice President Arlene Holt Baker. Before I share my thoughts on what we can accomplish together in the future, there’s someone I need to thank—someone I think all of us need to thank.

John Sweeney has renewed our commitment to organizing, restored our voice in government and reminded us that organized labor isn’t just an institution; we are a movement.

That's right, we are a movement, and today, on my first full day as president of the AFL-CIO, my message to America is that just as unions built the middle class once before, if you give us the chance, we can build it again.

The surest, the fastest, most effective way to lift workers and our families into the middle class is with the strength that can only, only come with a union contract!

And, sisters and brothers, that fundamental truth has never been more critical to the future of this country than it is right now. Because today the American middle class isn’t being squeezed: We are being crushed. The mirage of prosperity through borrowed money has dissolved—and now we’re left with the reality of a hollowed-out economy and a broken financial system.

What kind of labor movement do we need to rebuild America?

A younger labor movement. A greener labor movement. A labor movement that can project its power—to defend workers anywhere in the world. A labor movement that’s organizing the unorganized.

A labor movement that’s winning health care for every family—and, yes, a labor movement that stands by its friends, punishes its enemies and challenges those who can’t decide whose side they’re on.

Can we make it happen?

I know we can.

It’s up to us to build a newer, stronger labor movement and a unionism that speaks clearly and boldly to the needs of Americans today.

What’s labor's dream for America?

We dream of an America where men and women work at jobs where they’re treated with respect and paid what they’ve truly earned.

We dream of an America where workers have jobs they look forward to going to every morning—not the kind they can’t wait to leave every night.

We dream of an America where young parents tiptoe over to the crib where their baby’s sleeping...and look down at that little boy or girl...and know, in their hearts, that the America they’ll leave to that child will be better and fairer than the America that was left to them.

What does labor want?

We want a nation where it doesn’t matter what the color of your skin is...or what sex or religion you are...or whether you’re gay or straight or what country your family’s from because here, in America, we believe everyone ought to have their chance to step into the winner’s circle.

What does labor want?

We want an America...where every man, woman and child who needs a doctor can see one! Where every worker looking for a good job can find one! Where every American who wants to have a union can join one!

What does labor want?

We want an America whose future will always, always be better than its past and where every voice is heard.

I believe this is our moment.

And today I'm telling you that we will seize this moment.

We will act, we will lead and we will win.

This is our time.

And we will not be denied.

Richard L. Trumka
AFL-CIO President

P.S. Help grow the movement. Together we can pass real health care reform, the Employee Free Choice Act and rebuild America’s middle class. I need your help. Invite your family, friends and co-workers to join us and rebuild America’s middle class."

what a barn burner ...eh ??

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