Bernanke's lies...

AUDIT THE FED BREAKING: Bernanke's Blatant Lies: Q&A From Today's Speech

Fed lies as compiled so far...

* "Currently, every program that we initiated during the crisis has been completely open to the GAO. All the information has been provided to the public.”

* "On December 1st, we put out a complete record of all 21,000 loans that we made during the crisis....explaining...who was the borrower, what was the collateral....All that information was provided.”

* "Every aspect of the Fed’s financial dealings are wide open.”

All of the above quotes are absolutely untrue. Indeed, they have NOT provided all the information, in particular information about collateral. The information they provided in regard to Dodd-Frank only lists a dollar amount for the loan, along with the face value of the collateral – but we have NO IDEA what kind of collateral was used or how it was valued. Bernanke just flat out lied here.

More mendacity from the Chairman...

* “What Audit the Fed means, in the language that has been used by some members of Congress, is not about the financials of the Fed. Rather, it’s about, quote, auditing monetary policy."

* “[T]he GAO would be assigned by the Congress to look at monetary policy decisions, to take the materials prepared for the [FOMC] meeting, to depose, potentially, the members at the meeting, to essentially provide an evaluation to the Congress at very short horizons of whether or not the Fed was making the right monetary policy decision.”

* “[Auditing the Fed] has nothing to do with financials. It would be very much a significant step towards direct congressional oversight of the decision-making process itself.”

No one. I mean, NO ONE, who favors an audit of the Fed wants Barney Frank and John McCain running our monetary policy. Ron Paul has made it crystal clear that his Audit the Fed bill has NOTHING to do with monetary policy, and there is nothing in the Audit the Fed bill that suggests that. Moreover, the release of FOMC minutes will be delayed by several months to a year before release. Again, Bernanke is just making things up.

Read more:
http://dailybail.com/home/audit-the-fed-breaking-bernankes-blatant-lies-qa-from-todays.html

Ron Paul on the Federal Reserve...