By tmartin • August 31, 2009
56 commentsHere’s an updated transcript of what Barney Frank really said about Ron Paul’s HR 1207 (also see Misinformation Alert: Barney Frank Never Said That HR 1207 Will Pass In October). Audience: Okay, hi, Mr. Frank, thank you for coming. I was just going to mention of something that I’ve noticed people and blogs talking about on the Internet, that these banks all across the country are overvaluing their assets, their mortgages that they hold on their books, and I’ve actually been to a few foreclosure auctions and I noticed banks are buying back houses for themselves in order to prevent themselves from having to mark down the value of these assets. And they’re basically lying to us about their solvency. And this is only possible by the Federal Reserve lending money to these institutions. And I just want to ask you, when will you put HR 1207, the bill to audit the Fed, up for a vote in the Committee. Thank you very much. Barney Frank: [...] while I really disagree that the Fed is the cause of this but yes, I have been pushing for more openness on the Fed, back when the Democrats were in power, and Henry Gonzalez, and we did get some of it. [...] I want to restrict powers of the Federal Reserve in a number of ways. First of all, they will be the major losers of power if we are successful, as I believe we will be, in setting up that financial product protection commission. The Federal Reserve is now charged with protecting consumers. They were supposed to do sub prime mortgage restricted. Congress in 1994 gave the Federal Reserve the power to adopt rules to ban bad sub prime mortgages. Alan Greenspan refused to do it. He said that was too much market intervention. They had the power to ban credit card abuses. They had the power to [...] overdrafts. They under Greenspan did nothing. Under Bernanke they started do things but only after Congress started. When I became Chairman of the Committee they began to act on these things. Sub prime mortgages, credit cards, overdraft, and in every case after we started the [...], so that’s one of the reasons why in the new consumer protection agency, we will take away from the Federal Reserve the power to do consumer protection. Secondly, they have had since 1932 a right, under Herbert Hoover and the Democratic Congress combined, the right, that they had to use it until recently, to intervene in the economy almost whenever they thought. Last September, the Federal Reserve came to us and said that they were going to advance $82 billion to AIG. I was kind of surprised and said, “You have 82 billion dollars, Mr. Bernanke?” He said, “I have 800 billion dollars.” Under section 13.3 of the Federal Reserve Act they can lend money to anybody they want. We are going to curtail that lending power. We are going to put some restraints on it. Finally we will subject them to a complete audit. I have been working with Ron Paul, who is the main sponsor of that bill. He agrees that we don’t want to have the audit appear as if it is influencing monetary policy because that would be inflationary. Ron and I agree on that. We also [...], one of the things the audit will show you is what the Federal Reserve buys itself. And that will be made public, but not instantly, because if that was made instantly you would have a lot of people trading off of that and it would have too much impact on the market. [...] agrees with that, so we’ll probably have that data released after a time period of several months, enough time so it wouldn’t be market sensitive. That will be part of the overall federal regulation that we are redacting. Audience: By the end of the year? Barney Frank: The House will pass it probably in October.
On Saturday's show with Ian Punnett, editor and publisher of International Forecaster, Bob Chapman, discussed the economic crisis, how brokerage firms such as Goldman Sachs played a part in fueling the collapse, and where he sees the economy heading into the future. He dismissed news that the economic crisis may be abating. Instead, Chapman said, we are merely seeing a "barrage of government propaganda, the payoffs that go on everyday, convincing people that everything is going to be okay."
He decried the use of derivatives by large firms like Goldman Sachs and alleged that their nefarious activity goes even further than that. According to Chapman, these companies pay a fee to have their automated trading computers positioned closest to the central computer of the New York Stock Exchange, which processes incoming and outgoing trades. "Because of its proximity, in nanoseconds," Chapman explained, the computers, and thus the firms, become "privy to orders before anybody else is and they are able to counteract what is going on with the orders, in order to make a larger profit.
JFK may have been assassinated because he was planning to disclose information about UFOs, and MJ12 and the keepers of the secret considered this to be a threat to national security, he said. Marrs also spoke about " Secrets of Red Gate," his investigation into a small community in Montana that has had ongoing experiences with UFOs and ETs for decades. A remote viewing experiment indicated that children may have had encounters with "grey" type aliens in the Deer Lodge woods in 1952, he detailed.
