Grayson calls on American public to ‘Unmask the Fed’

By Kathleen Miller
Thursday, October 15th, 2009 -- 9:01 am
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Alan Grayson Grayson calls on American public to Unmask the Fed

Florida Democrat U.S. Rep. Alan Grayson wants Americans to help him block Congress from confirming the Chairman of the Federal Reserve to his second term unless he hands over documents relating to the bailouts of financial institutions, including the rescue of Bear Stearns.

In the "Unmask the Fed" campaign, Grayson calls on constituents to sign petitions demanding that Fed Chairman Ben Bernanke "come clean" before senators re-confirm his appointment to the helm of the Federal Reserve.

Grayson wants access to the Bear Stearns rescue paperwork as well as the details of which financial institutions received $1.2 trillion in bailout money, how much each institution received, and what was promised in return.  He's also seeking Fed documents that discuss the Bank of America/Merrill Lynch merger, transcripts of Open Market Meeting minutes, and the terms and conditions of Fed transactions not reflected in balance sheets from the past three years.

"[T]he Senate should know who got the $2 trillion the Federal Reserve has lent out over the last two years," the petition reads.  "Only then will the Senate be able to judge whether he should keep his job."

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Grayson and Texas Republican Rep. Ron Paul sent Sen. Chris Dodd, who chairs the Senate Banking Committee, a letter last week asking him to postpone Bernanke's re-confirmation hearings until the public has access to more information about the Federal Reserve.

"Without such an understanding, it is impossible to know whether Chairman Bernanke is fit to serve another term and fulfill the Federal Reserve's dual mandate to ensure price stability and full employment," the letter to Dodd read.

It continued: "Today, big banks are being bailed out and have a substantially lower cost of capital through an implicit government backstop even as Americans themselves are seeing their pay cut."

There are separate bills that would authorize an audit of the Federal Reserve that are picking up speed in both the House and the Senate, with bi-partisan support in both chambers. Paul sponsors the House version of that legislation, and Vermont Sen. Bernie Sanders is behind the Senate measure.

"The Federal Reserve has got to understand that this money does not belong to the Federal Reserve. It belongs to the American people," Sanders told Raw Story in an email from his spokesman.  "As long as the Federal Reserve is allowed to keep the information on their loans secret, we will never know the true financial condition of the banking system."


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Story comments are below...
  • James
    The Federal Reserve is killing America. It has been planning to do so for a very, very long time. Slowly but surely the feds noose has been tightening around our necks until it is impossible to breath..impossible to live. No jobs, no money available even after the American people, quite against their will for the most part, gave away enough bailout money, that instead would, have paid for 90% of the home mortgages in this country. Hundreds of billions of dollars this asshole Bernanke and friends BEGGED for just a year ago and it is GONE. NO WAIT a MINUTE...AIG is giving away BILLIONS in BONUS money to their CEO's again. The Fed is a criminal global bank scam, The IRS are the goons that extort the money from American citizens. Our children will be peasants and these elitist scum that have been robbing us over a hundred years will make themselves king. They are now entrenched in US government and are enacting laws to rob us of our freedoms and any hope of ever fighting back. Unmask the fed, punch it in the face and tell them to get the hell out of AMERICA!
  • emkay
    If only the spineless,complicit Dems had just ten percent of the cajones Grayson has!
    The Perpe-Traitor Repugs and the Enabling-DemoCraps are the same party who are Puppets controlled by Big-Biz! End of story! "We The People" NEED TO TAKE ACTION!
  • edwards_com
    Would you prefer the REPUBLICANS?
    .
    BTW, your name calling is juvenile.
  • Hologram5
    After the Fed has been stripped of its powers we then need to revoke the "personhood" status that corporations enjoy allowing them to give huge amounts to campaign funds. Once that is done then our votes will actually mean something again. As long as these corporations enjoy this then our votes and voices mean nothing on Capitol Hill.
  • Mary
    "...the Federal Reserve's dual mandate to ensure price stability and full employment,"

    of which the FED has not only failed, but failed miserably and also can be argued actually caused our present poor economy. Full employment? Failed. Price stability (gas) Failed. And next, the inflation caused by the $2trl "bailout" will make inflation sky rocket once loans start again. We must make the banking/insurance/derivative market pay for this debacle via sales tax on their products, not a national sales tax in order to prevent hyper-inflation on steroids.

    End the Fed. Then we don't confirm anybody anymore! Create a PUBLIC BANK...... because the Federal Reserve Banks DON'T WORK FOR THE PEOPLE.
  • yvonne
    From “Unheralded warnings from the founding fathers”:

    Thomas Jefferson speaking on the first attempt to establish a central bank in America:

    “The system of banking is a blot left in all our Constitutions, which, if not covered, will end in their destruction. I sincerely believe that banking institutions are more dangerous than standing armies; and that the principle of spending money to be paid by posterity is but swindling futurity on a large scale.”

    “The end of democracy, and the defeat of the American revolution will occur when government falls into the hands of the lending institutions and moneyed incorporations.”

    “If the people ever allow the banks to issue their currency, the banks and corporations which will grow up around them will deprive the people of all property, until their children wake up homeless on the continent their fathers conquered.”

    “Paper is poverty… It is not money, but the ghost of money.”

    “There is an artificial aristocracy, founded on birth and privelege, without virtue or talents… The artificial aristocracy is a mischievous ingredient in government, and provisions should be made to prevent its ascendency.”

    __________________

    James Madison speaking on the first attempt to establish a central bank in America:

    “History records that the money changers have used every form of abuse, intrigue, deceit and violent means possible, to maintain their control over governments, by controlling money and its issuance.”

    “It is proper to take alarm at the first experiment on our liberties. We hold this prudent jealousy to be the first duty of citizens and one of the noblest characteristics of the late revolution. The free men of America did not wait until usurped power has strengthened itself by exercise and entangled the question in precedents. They saw all the consequences in the principle, and they avoided the consequences by denying the principle.”

    ___________________________

    Andrew Jackson speaking on the second attempt to establish a central bank in America:

    “If congress has the right under the Constitution to issue paper money, it was given them to use themselves, not to be delegated to individuals or corporations.”

    “I am one of those who do not believe that a national debt is a national blessing, but rather a curse to a republic, inasmuch as it is calculated to raise around the administration a monied aristocracy dangerous to the liberties of the country.”

    President Jackson told the bankers “You are a den of vipers and thieves. I intend to rout you out, and by the Eternal god, I will rout you out!”

    _________________________

    Abraham Lincoln speaking on the third attempt to establish a central bank in America:

    “The money powers prey on the nation in times of peace and conspire against it in times of adversity. The banking powers are more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. They denounce as public enemies all who question their methods or throw light upon their crimes.

    I have two great enemies, the Southern Army in front of me, and the bankers in the rear. Of the two, the one at my rear is my greatest foe. As a most undesirable consequence of the war, corporations have been enthroned, and an era of corruption in high places will follow. The money power will endeavor to prolong its reign by working upon the prejudices of the people until the wealth is aggregated in the hands of a few, and the Republic is destroyed.”

    _____________________

    In 1913, the bankers/corporations finally achieved their goal when the Federal Reserve was created.

    President Woodrow Wilson, after having broken campaign promises and betrayed his country by signing into law the Federal Reserve Act:

    “I am a most unhappy man. I have unwittingly ruined my country.

    A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation therefore, and all our activities, are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world. No longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men.”

    _________________________________

    Congressman Louis T. McFadden (Congressional Record, June 15, 1934):

    “Every effort has been made by the Federal Reserve Board to conceal its power. But the truth is, the Federal Reserve Board has usurped the government of the United States.

    It controls everything here; and it controls our foreign relations. It makes or breaks governments at will. No man, and no body of men, is more entrenched in power than the arrogant credit monopoly which operates the Federal Reserve Board and Federal Reserve Banks.

    These evil-doers have robbed the country of more than enough money to pay the national debt. What the National Government has permitted the Federal Reserve Board to steal from the people should now be returned to the people. The people have a valid claim against the Federal Reserve Board and the Federal Reserve Banks. If that claim is enforced, Americans will not need to stand in bread lines. Homes will be saved. Families will be kept.

    What is needed here is a return to the Constitution of the United States. The old struggle that was fought out here in Jackson’s day must be fought over again.

    The Federal Reserve Act should be repealed; and the Federal Reserve Banks — having violated their charters — should be liquidated immediately. Faithless government officers who have violated their oaths of office should be impeached and brought to trial.

    Unless this is done by us, I predict the American people — outraged, robbed, pillaged, insulted, and betrayed as they are in their own land — will rise in their wrath and send a President here who WILL sweep the money changers from the temple.”
    ________________________

    WE SHOULD GIVE GRAYSON OUR FULL SUPPORT. THE SUCCESS OF DEMOCRACY REQUIRES THE PARTICIPATION OF THE PEOPLE. IT'S OUR MONEY AND WE SHOULD DEMAND BERNANKE COMPLY AND REVEAL WHAT HAPPENED TO OUR MONEY. ULTIMATELY, WE MUST ABOLISH THE FED--IT IS AND ALWAYS HAS BEEN THE ENEMY OF THE AMERICAN PEOPLE.
  • abrahambenjudea
    I expected no less from you Ivonne, great comment. I already placed my calls and send a few faxes.
  • rexozone
    How great is this...a clear thinking, direct speaking and unbought democrat in the model of Dennis Kucinich.
    That makes at least two to fight the onerous multi-headed corporate and republican beast.
    Any one else?
  • no_bullshit
    yeah, the fed will allow themselves to be investigated by an unbiased third party... i bet that the military industrial complex will allow themselves to be investigated by an unbiased third party about 9/11 also. Pigs will fly, hell will freeze over and Obama will "Change" the corrupt government also.
  • The Money Masters is a good documentary detailing the dealings of the secret private central bank. H.R. 1207 is a good bill to call your representatives over. And S. 604 is the bill to call your Senators about Supporting. Freedom to Fascism by Aaron Russo is also a seminal documentary to have viewed if you are interested in the economics of this country.
  • VicAnk
    Congressman Grayson is my hero because he is the only one under our Capitol's dome that has any cojones. If the other Democrats we elected were to take Grayson's lead, we would not be struggling to get a strong health care reform bill with either a single payer or public option passed and we would have implemented strong regulations, ala FDR, on the banking and financial sectors a year ago. The Democrats in both the House and Senate, starting with Senator Reid, followed by Senator Schumer, are a bunch of wimps. They need to be a lot more aggressive in getting legislation passed that benefit their constituents and the American people as a whole, instead of trying to go the bi-partisan route with the party of NO or protect the interest of special interest groups, lobbyist and big business buddies. Come 2010 and 2012, I will not vote for another Democrat who lacks the same leadership, progressive vision, determination and vigor that Congressman Grayson has demonstrated.
  • joelb007
    GET RID OF THE FEDERAL RESERVE BANK . IT IS A PRIVATELY OWNED BANK.
  • DaL1844
    Why is this guy the only guy in congress making sense & doing something?
    I guess I should be glad he's there, but it really saddens me.
  • donofcali
    I'm becoming a big fan of Grayson. He seems to be sporting a major set of cojones that is so, so rare with dems.

    It's not enough to be correct. You need to be correct and not be afraid to get hurt in a fight.
  • Jeff
    Rock on Grayson!!!!
  • RF
    Federal Reserve is code for Private Bank
  • buckqjohnson
    Our founders knew about central banks from europe. Those institutions where used to destroy economies of countries and make people destitute and enrich the elite of that time and this time. They didn't want a central bank because they and everyone else at the time knew how they operated and who was behind them. This is something that many people don't know or understand, Thomas Jefferson and the others weren't ignorant of these institutions, they lived it and knew about them. People should look over in European history about banking scandals and destroyed economies over the centuries, and see who made off like bandits with the profits.

    http://en.wikipedia.org/wiki/William_Paterson_(...)

    http://en.wikipedia.org/wiki/Central_banks#History
  • mmc2068
    Part of the Federal Reserve's massive corruption is that they claim they are part of the government when it suits them, ie, the taxpayer bailouts, then they claim they are a private company that doesn't have to reveal sensitive information to the public.

    Sorry, but you can't have your cake, and eat it, too.

    This level of corruption is precisely why we have had economic instability in this country, and throughout the world, for decades.
  • END THE FED!!
  • Kurt_O
    A rather thorough unmasking of the FED is very effectively presented here:

    http://www.viddler.com/explore/prommasa/videos/40/

    Spread it around -- the more people know the more pressure can be brought to bear.

    Thanks.
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