Rep. Grayson Grills Fed Attorney!

During yesterday’s hearing on HR 1207, Rep. Alan Grayson (D-FL) grilled Scott Alvarez, General Counsel of the Federal Reserve, over market manipulation by the central bank. Notice his devilish grin as he tears into Alvarez.

UPDATE: Ron Paul Gets Hearing on Fed Audit 9:00 AM TODAY

Hearing to audit the fed tomorrow

UPDATE: September 25, 2009 7:30am CT.

To watch the action live, click here. I really do hope this passes without being added appended to some overall financial regulations bill.

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On Friday, September 25th the House Financial Services Committee has scheduled a full committee hearing on Ron Paul’s HR.1207 to audit the Federal Reserve. The hearing is slated to begin at 9am eastern time. For details and a link to the (eventual) live streaming video of the hearing check out the committee website.

As with many of these committee hearings the schedule is tentative and right now there are no witnesses listed.

By now we know what the opponents of the bill will argue, but it doesn’t change the fact that the bill has over 290 bipartisan cosponsors and 75% of the American people want a Fed audit.

The conditions are ripe for passing some form of Federal Reserve audit. Rahm Emanuel has been criticized for not wanting to allow our economic “crisis to go to waste”. In turn, Obama has largely been capitalizing on his honeymoon in popularity coupled with the economic crisis to push his agenda through Congress. The health care debate has stifled that strategy for now.

Without the economic crisis I doubt Ron Paul’s Fed audit bill would have more than 290 cosponsors. So, in a way, Ron Paul is not letting this crisis go to waste either. It is a perfect bill for the America we live in today.

It is Ron Paul’s job to convince others that his bill would not allow Congress to interfere with monetary policy. This is the lone argument against his bill and it’s quite a weak argument.

Friday’s hearings mark a major battle in the long term effort to “End the Fed“.

Source: Liberty Maven

Peter Schiff Announces Bid for US Senate

Schiff for Senate 2010

From SchiffForSenate.com

Today, Weston Republican Peter Schiff formally announced his candidacy for the U.S. Senate. Over the past few months, Mr. Schiff, a successful entrepreneur and well-known proponent of fiscal responsibility, has been inspired by his fellow citizens urging him to bring his principled approach to Congress. As he enters this campaign, Mr. Schiff’s priority is to serve the American taxpayer. Years of reckless federal spending have placed an immense burden on every American that Mr. Schiff vows to ease.

Peter Schiff was born to a working-class family in New Haven, Connecticut. His grandfather came to New Haven in 1910 and helped with the construction of the Yale Bowl. Mr. Schiff spent his childhood in New Haven during the 60s and 70s during which values were instilled in him by his family such as hard work, self-reliance, and loyalty-loyalty to friends, to family, and to country. After successfully building his brokerage firm, Euro Pacific Capital, in California, Mr. Schiff decided to relocate the headquarters to Connecticut in 2003. He currently resides in Weston with his seven year old son. Since returning to Connecticut, Mr. Schiff has published two books: Crash Proof and The Little Book of Bull Moves in Bear Markets.

Mr. Schiff gained notoriety in 2006 with a series of national interviews in which he accurately diagnosed the dangers that confronted the economy and predicted the mechanisms that led to the crash. His correct prognosis of the sub-prime lending crisis and subsequent credit crunch made him a popular economic commentator. Ever since, he has tirelessly sounded these warnings.

In January of 2009, with the near-collapse of the financial system and revelations about the corruption of Connecticut politicians, calls began to surface for Mr. Schiff to run for office. An exploratory committee was formed in June.

To date, 10,000 individuals have convinced him to run for Senate with telephone calls and letters of support; additionally, they have raised over $1,000,000 on his behalf. Schiff now believes a run for the Senate is absolutely necessary to give a voice to the majority of Connecticut taxpayers who are misrepresented.

Mr. Schiff says,

I plan to bring my dedication and experience to the taxpayers of Connecticut. I may make mistakes in this campaign—but I will not make mistakes in representing you in the Senate. I look forward to an exciting race where I can share my vision with the people of Connecticut.

For more information please visit www.SchiffforSenate.com or email Peter Schiff your thoughts and questions at PSchiff@SchiffforSenate.com.

Update on the Enumerated Powers Act

D o w n s i z e r – D i s p a t c h [From DownsizeDC.org]

The Enumerated Powers Act (HR 450) would require Congress to identify the Constitutional authority for each law it passes. We think this requirement is an important step on the long road to restoring Constitutional limits and the Bill of Rights.

When we last reported to you on August 11 the bill had 48 co-sponsors in the House. Good news! Now it has 51!

Unfortunately, the companion bill in the Senate (S. 1319) is still stuck at 21 co-sponsors, but perhaps we can change that.

We think letters to Congress from DC Downsizers have played a big role in recruiting all of these co-sponsors. We know of no other organization that is pushing this bill at all, let alone as much as we have. Let’s keep pushing.

First, check the lists below to see if one or more members of your Congressional delegation is already co-sponsoring this legislation. Then, use our Educate the Powerful System to write a letter to your delegation, thanking or requesting participation, as the case may be.

Here’s the list of House co-sponsors of HR 450 . . .

Bachmann, Michele [MN-6] — Barrett, J. Gresham [SC-3] — Bilbray, Brian P. [CA-50] — Bilirakis, Gus M. [FL-9] — Bishop, Rob [UT-1] — Blackburn, Marsha [TN-7] — Rep Boozman, John [AR-3] — Broun, Paul C. [GA-10] — Conaway, K. Michael [TX-11] — Culberson, John Abney [TX-7] — Davis, Geoff [KY-4] — Deal, Nathan [GA-9] — Flake, Jeff [AZ-6] — Forbes, J. Randy [VA-4] — Foxx, Virginia [NC-5] — Franks, Trent [AZ-2] — Garrett, Scott [NJ-5] — Gohmert, Louie [TX-1] — Goodlatte, Bob [VA-6] — Heller, Dean [NV-2] — Herger, Wally [CA-2] — Hoekstra, Peter [MI-2] — Hunter, Duncan D. [CA-52] — Johnson, Sam [TX-3] — Kline, John [MN-2] — Lamborn, Doug [CO-5] — Mack, Connie [FL-14] — McCaul, Michael T. [TX-10] — McCotter, Thaddeus G. [MI-11] — McHenry, Patrick T. [NC-10] — Miller, Jeff [FL-1] — Moran, Jerry [KS-1] — Myrick, Sue Wilkins [NC-9] — Neugebauer, Randy [TX-19] — Olson, Pete [TX-22] — Paul, Ron [TX-14] — Poe, Ted [TX-2] — Posey, Bil l [FL-15] — Price, Tom [GA-6] — Roe, David P. [TN-1] — Ryan, Paul [WI-1] — Sessions, Pete [TX-32] — Smith, Lamar [TX-21] — Terry, Lee [NE-2] — Thompson, Glenn [PA-5] — Wamp, Zach [TN-3] — Westmoreland, Lynn A. [GA-3] — Wittman, Robert J. [VA-1] Tiahrt, Todd [KS-4] Rep Wilson, Joe [SC-2] Souder, Mark E. [IN-3]

Here’s the list of Senate co-sponsors for S. 1319 . . .

Barrasso, John — Brownback, Sam — Bunning, Jim — Burr, Richard — Chambliss, Saxby — Crapo, Mike 7787 — DeMint, Jim — Ensign, John — Enzi, Michael B. — Graham, Lindsey — Grassley, Chuck — Hutchison, Kay Bailey — Inhofe, James M. — Isakson, Johnny — Kyl, Jon — McCain, John — McConnell, Mitch — Risch, James E. 7787 — Thune, John — Vitter, David — Wicker, Roger F.

Use DownsizeDC.org’s campaign for the Enumerated Powers Act to send your letter to Congress.

My two Senators are already co-sponsors, but my House Representative is not, so here’s what I said in my personal comments:

“I applaud my Senators, McCain and Kyl, for co-sponsoring this bill, and urge my Representative, Ms. Giffords, to join them by co-sponsoring the House version, HR 450. I view support for this bill as evidence that you want to walk-the-talk of your oath to serve, protect, and defend the Constitution.”

You can send your letter to Congress here.

Democrats Now Comprise Majority of ‘Most Corrupt in Congress’ List

Citizens for Ethics and Responsibility in Washington was once characterized as a liberal group on a witch hunt to oust then-House Majority Leader Tom DeLay (R-TX).

Not anymore. On Tuesday, the Washington watchdog group released its list of what it called the “most corrupt members of Congress” — and Democrats, who now control both chambers of Congress, comprise the majority.

The group posted the list of their 15 most corrupt members of Congress on a special website, CREWsMostCorrupt.org.

Democrats on the list are Sen. Roland Burris (D-IL), Rep. Jesse Jackson, Jr. (D-IL), Rep. Alan B. Mollohan (D-WV), Rep. John P. Murtha (D-PA), Rep. Charles B. Rangel (D-NY), Rep. Laura Richardson (D-CA), Rep. Pete Visclosky (D-IN) and Rep. Maxine Waters (D-CA).

Republicans on the list include Rep. Vern Buchanan (R-FL), Rep. Ken Calvert (R-CA), Rep. Nathan Deal (R-GA), Sen. John Ensign (R-NV), Rep. Jerry Lewis (R-CA), Sen. Mitch McConnell (R-KY) and Rep. Don Young (R-AK). For what it’s worth, there are more Republicans percentagewise than there are in Congress, but this is probably small consolation to those who voted in a Democratic majority on the heels of the Jack Abramoff lobbying scandal.

Read the full article

The Case for Doing Nothing (in Iran)

Should we help?

As usual, the United States Congress has voted to condemn actions of another nation by voting 405-1 to condemn Iran’s crackdown on protesters last week. It seems to be our policy to stick our noses into others’ businesses. The chicken-hawks are starting to make waves about Obama’s lack of intervention in the Iranian protests. While nearly every American surely wishes to see some change in Iran, it is wisest to not meddle in their affairs.

First, everyone assumes that a change in leadership in Iran means a change in their foreign policies. That’s not entirely accurate. Mousavi has stated that he would not put an end to their nuclear ambitions. Honestly, I don’t blame him. What incentative does he have? The US has rewarded those who attain nuclear weapons in the past.

Another reason we shouldn’t intervene is that there is some evidence that shows that Mousavi may have orchestrated terrorists attacks against US targets three decades ago. According a June 22nd article by CQ,

…Mir-Hossein Mousavi was waging a terrorist war on the United States that included bloody attacks on the U.S. embassy and Marine Corps barracks in Beirut.

Mousavi, prime minister for most of the 1980s, personally selected his point man for the Beirut terror campaign, Ali Akbar Mohtashemi-pur, and dispatched him to Damascus as Iran’s ambassador, according to former CIA and military officials.

CQ continues their evidence,

…Lyons, sometimes called “the father” of the Navy SEALs’ Red Cell counter-terror unit, also fingered Mousavi for the 1988 truck bombing of the U.S. Navy’s Fleet Center in Naples, Italy, that killed five persons, including the first Navy woman to die in a terrorist attack.

Bob Baer agrees that Mousawi, who has been celebrated in the West for sparking street demonstrations against the Teheran regime since he lost the elections, was directing the overall 1980s terror campaign.

But Baer, a former CIA Middle East field officer whose exploits were dramatized in the George Clooney movie “Syriana,”  places Mousavi even closer to the Beirut bombings.

Now, this post isn’t meant to be pro-Ahmadinejad. It is meant to show that intervention doesn’t always mean better results for the US. In fact, intervention tends to destabalize regions and cause resentment. That in turn leads to violence against American targets, known as “blowback.”

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To see the culture of Iran and experience their struggles, I highly suggest you watch Rageh in Iran and listen to this free course (.mp3) from Berkeley, titled War Clouds Over the Persian Gulf: U.S. Iranian Relations by guest speaker Karim Sadjadpour of Carnegie Endownment for International Peace.

Rageh in Iran

Clueless Federal Reserve Inspector General

I’m not typically a fan of The Huffington Post, but they offered a great article recently detailing an exchange between Rep. Alan Grayson (D-Fla.) and inspector general Elizabeth A. Coleman. (See video below)

Coleman could not tell Grayson what kind of losses the Fed has so far suffered on its $2 trillion portfolio, which has greatly expanded since September.

She appeared unaware that the Fed engages in trillions of dollars in off-balance-sheet exchanges.

She is not investigating the role of the Fed in allowing the collapse of Lehman Brothers.

She did not know where the Fed has invested its $2 trillion on the liability side of the balance sheet. “I do not know. We have not looked at that specific area at this particular point on,” she said.

This exchange highlights just how little anyone knows about what’s going on at the Federal Reserve. Since Congress delegated their Constitutional obligations to “coin Money, regulate the Value thereof, and of foreign Coin” to the Federal Reserve in 1913, the US dollar has been devalued 95%.

The Federal Reserve is immune from government audits, specifically, they are allowed to make make transactions between foreign governments and banks without any approval or oversight from the federal government. If the State Department did this, they would be considered a rogue agency and would be taken down by the Department of Justice. If a civilian did this, he would be tried for treason under the Logan Act. Yet, the Federal Reserve continues these policies without fear of either consequence.

There is a bill in the House that would allow for a full government audit into the practices of the Federal Reserve. H.R 1207 currently has 149 cosponsors and will most likely get a hearing within the House Financial Service Committee in the very near future.

Great news! Neugebauer to cosponsor HR 1207!

I just received a call from Kathy Bergren from Randy Neugebauer’s D.C. office. She wanted to be the first to inform us that Neugebauer will be co-sponsoring H.R. 1207! She said that coming in the office the other day and the phone calls they’ve received about it helped with his decision to co-sponsor the bill.

Great work guys! Thank you for your efforts; they’ve paid off!

Letter to Rep. Neugebauer about H.R. 1207

I stole many of the phrases and ideas of this letter straight from Ron Paul. I hope he doesn’t mind.

Dear Representative Neugebauer:

As a constituent represented by you in the House of Representatives, I am writing to encourage you to support and cosponsor H.R. 1207: Federal Reserve Transparency Act of 2009.

The Federal Reserve System has always operated in the dark, without sufficient scrutiny or supervision of its actions. Most recently, they have refused all Freedom of Information Act requests, citing they that are a private organization; however, they maintain the privileges of a government agency. To this day, we do not know the exact terms of the agreements made between the Federal Reserve and the banks receiving special assistance. In fact, we do not even know which banks are receiving their assistance.

In addition, it is in the taxpayers’ interest to know the Federal Reserve’s agreements with foreign central banks and foreign governments. The idea that the Federal Reserve has the ability to negotiate with the European Central Bank, the Bank of International Settlements, and other institutions without any government oversight whatsoever is shocking. As one of your fellow congressmen put it, “if the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this, he might face prosecution under the Logan Act; yet the Fed avoids both fates.”

You have been a beacon of light for fiscal conservatives in these dark economic times. I hope, with your support of H.R. 1207, you will promote transparency and shine a light on the Federal Reserve.

Sincerely,

Ron Wheeler
Republican Party Precinct 67 Chair