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Tag Archives: Congress

Politico: A coming crackdown on Federal Reserve power? (Seriously?)

I’ll believe this only when I see it. This could be more chaff shot by the Fed to quell “audit the Fed” efforts in Congress. But maybe it indicates real tumult behind the doors of the Federal Reserve. It’s too early to tell.

I will also say that it appears the citizenry has an ally in Congressman Jeb Hensarling who is the chairman of the House Financial Services Committee. Not only is Hensarling publicly open to this new proposal from Richard Fisher, the head of the Dallas Fed, the congressman is also actively seeking to kill the Export-Import Bank. An effort which we have given considerable digital ink. The Fed of course is far bigger game. The biggest.

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The GOP is fighting over more military spending, What one Republican president had to say about such spending (Video)

Some within the GOP will always want more military spending. Whether in peace or during times of war their bias is always toward MORE. This disposition is not good for the Republic as President Eisenhower in his farewell speech explained.

Remember, this guy led our forces in World War II as a five star general, was a Republican president, and has an aircraft carrier named for him.

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Both parties poll below 40 percent (favorability) in new Gallup survey

This is because in many respects both parties are vestiges of the 20th Century and do not reflect the will of even the real people who make up the respective parties, never mind the people who operate outside of the parties. (Most of us.)

The disgruntled Republicans were the first to really break with their party. The Democrats, filled with folks who embrace a more union lockstep mentality have been slower to voice their displeasure, but even they are leaving the herd.

People are fed up. They are increasingly empowered thanks in large part to the Internet. This poll is just a blip in an ongoing American trend.

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For Every Dollar Spent Influencing US Politics, Corporations Get $760 Back

I almost don’t want to write it, but if one is OK with crony capitalism, essentially stealing from the American citizenry via any number of official means, investing a few bucks in cronies gives amazing returns.

I am always astounded by the favors (almost always legal favors) politicians give out for relatively paltry sums. Sure Mr X goes to work for Y company after working at Z agency and Y company just happens to get a contract. But that contract(s) might be worth billions. The newly hired ex-bureaucrat costs maybe a few hundred thousand dollars per year. Chump change.

A solid return on investment. And with campaign contributions to congresspeople the ROI is often even better.

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Dems vow to protect Boehner from conservative coup

Boehner has a pretty tough job. He is a Republican stuck in the 20th century trying to lead a caucus which is very much of the 21st Century. The Republican Party has changed. Many within its ranks are actually for smaller government and working within the parameters of the Constitution. They are not of the New Deal “consensus” of which Boehner is a vestige (if a Republican one).

Add a president who seems more than willing to push the envelope of executive power (to be kind) and one has to have some degree of pity for Boehner. Not much. But a bit.

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The “Audit the Fed” bill currently in Congress has the central bank scared

By far the most secret and least accountable operation of the federal government is not, as one might expect, the CIA, DIA, or some other super-secret intelligence agency. The CIA and other intelligence operations are under control of the Congress. They are accountable: a Congressional committee supervises these operations, controls their budgets, and is informed of their covert activities. It is true that the committee hearings and activities are closed to the public; but at least the people’s representatives in Congress insure some accountability for these secret agencies.
It is little known, however, that there is a federal agency that tops the others in secrecy by a country mile. The Federal Reserve System is accountable to no one; it has no budget; it is subject to no audit; and no Congressional committee knows of, or can truly supervise, its operations. The Federal Reserve, virtually in total control of the nation’s vital monetary system, is accountable to nobody – and this strange situation, if acknowledged at all, is invariably trumpeted as a virtue. – Murray N. Rothbard from The Case Against the Fed

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The GOP led effort in the House and Senate to legalize hemp nationwide

Hemp for those who don’t know is the male of the cannabis plant. The female plant is what contains THC, the substance that gets one high. Hemp is just an amazing industrial product.

If one has ever had a shirt or a piece of rope made from hemp one is struck by its durability. Much more durable than cotton for instance. It is tough but also soft. It has a million uses, from paper to building material. However for years the drug war (not to say cotton producers and producers of chemical based products such as Nylon) have gotten in the way of the legal cultivation of this very useful plant.

Perhaps no longer.

There was a time when this country was filled with hemp fields. In fact at one point in early colonial America it was actually against the law NOT to grow hemp because it was so useful.

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