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Friday, May 07, 2010

Alan Grayson Def Comedy Jam: Congressman Rails On Fed From House Floor, Demands Audit

"The Fed is an institution that has the power to hand out hundreds of billions of dollars on a whim. Because of that power, the Fed must always be subject to independent audit -- completely, and without reservation."
Rep. Alan Grayson (D-Fla.) mocked the Federal Reserve in what is best described as a standup comedy routine on the floor of the House of Representatives Thursday.
"I want to congratulate everyone in America, because you now own a hotel chain," Grayson began. "I know what you're thinking -- you're thinking: 'That's funny, I don't remember buying the Red Roof Inn.' But the Federal Reserve Bank, in its wisdom, has done it for you. The Federal Reserve Bank has seen to it that you have the pleasure of ownership of this delightful chain of hotels that extends from sea to shining sea."
"One of the properties," Grayson continued, "happens to be the Red Roof Inn convention center property, right in Orlando, right in my district -- I am so proud. I think I'll stop by there and ask for a free room."
Grayson maintains this verve while explaining a leveraged buyout gone bust that apparently left the Fed holding the Red Roof Inn as part of a pile of crappy assets. "The Federal Reserve became the sucker of last resort. And in doing so, the Federal Reserve made you -- you, America! -- the sucker of last resort." LinkHere

Dear Kangaroo,
Last year, I asked the Vice Chairman of the Federal Reserve Board who received $1 trillion in funds that the Fed handed out to domestic banks and financial institutions. He said, essentially, "I'm not going to tell you." More recently, I asked the Chairman of the Fed who received the half trillion dollars - that's $500,000,000,000 - that the Fed handed over to foreign central banks. He said he didn't know. Half a trillion dollars, and he doesn't know!
That kind of ignorance and arrogance must end. We need to audit the Fed. And now we're closer than ever.
The House passed our bill to conduct the first independent audit of the Fed in its 96-year history. Now it's time for the Senate to act.
A bipartisan group of Senators is pushing for an amendment to audit the Fed. This amendment is similar to the legislation that we passed in the House last year. It's called the Federal Reserve Accountability Amendment. It will ensure that the American people know to whom the Fed is lending our money.
A vote on the amendment is imminent. Time is of the essence. Visit UnmaskTheFed.com NOW to contact your Senators, and call on them to cosponsor and support the Federal Reserve Accountability Amendment.
The amendment is simple. If it passes, the Fed finally will be audited. Regarding all those billions that the Fed hands out like party favors, we will find out who, what, when, where and how. (We already know "why" - the answer to that question is "Wall Street Greed".) But if this amendment fails, the Fed can continue to make hand out our money to whomever it wants, without telling Congress or the American People.
We think we can pass the Senate Amendment, with your help. The amendment is already cosponsored by progressive heroes like Bernie Sanders, Pat Leahy and Russ Feingold. And joining us in this strange-bedfellows coalition are John McCain, Jim DeMint, David Vitter and Sam Brownback. (We hesitate to use the terms "bedfellows" and "David Vitter" in the same sentence, but that would be changing the subject.)
With such bipartisan support, you'd think that passing this legislation would be a slam dunk. Wrong. Wall Street bankers and their lobbyists are twisting arms and pouring millions into the campaign coffers of politicians on both sides of the political divide, to keep their sweetheart Fed loans under wraps. It's time to counter their influence-peddling by making the Senate listen to the united voice of the American People. (That would be you.)
It's time to step up the pressure. Contact your Senators NOW at UnmasktheFed.com.


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