CHESSNOID

This is a good thing.  The federal reserve is one of the reasons we are in this economic downturn.  Ron Paul has a bill in place in Congress to audit the fed:

Ron Paul’s bill to audit the Federal Reserve (HR 1207)

***now has 290 co-sponsors, and the numbers keep growing!

***HR 1207’s companion bill in the Senate, S 604, has already attracted 25 co-sponsors-

Now other senators are questioning the effectiveness of the Federal Reserve and have also taken notice that they are responsible in bringing about this economic calamity.  Could this financial collapse have been prevented?  Absolutely!  The source of this Great Recession is from the housing bubble.

The source of the housing bubble that went bust came about from the Federal Reserve setting artificially low rates 8 years ago to support the political policies of former President Bush.

Bush and Bernanke video

WASHINGTON (AP) —

Consensus is building in the Senate for legislation that would significantly weaken the Federal Reserve by stripping its power to oversee banks and hand that job to a single federal bank regulator.

The proposal by Senate Banking Committee Chairman Christopher Dodd to merge federal prudential oversight into a single regulator differs from a plan by President Barack Obama. But it’s gaining traction among Dodd’s colleagues who think the Fed didn’t do enough to prevent the current market crisis.

“If you look at the record here of the failure of the regulatory bodies, all roads seem to lead to the Federal Reserve,” said Sen. Richard Shelby of Alabama, the top Republican on the banking panel.

Since its creation almost a century ago, the Fed has grown into a major power broker and guardian of the financial system. It plays various roles on the government’s behalf in protecting the economy, including the supervision of banks to ensure the “safety and soundness” of the financial system and enforcement of rules to protect consumers.

But the Fed’s primary mission is considered its role as the nation’s central bank.