Confronting the Fed, Alan Grayson Returns
Alan Grayson Returns To Congress ... Alan Grayson, Jewish Democrat, Rides Hispanic Support Back to Congress ... Thanks to overwhelming support from a growing Puerto Rican community in Central Florida, Alan Grayson, the pugnacious Jewish Democrat ousted in the Tea Party wave of 2010, is returning to Congress after a historic landslide. Grayson's success comes after the 18-point shellacking he took as an incumbent congressman two years ago. This time, he won by a margin of 62 percent to 38 percent in a newly drawn Orlando-area district, after a two-year effort to woo Puerto Rican voters. – The Forward
Dominant Social Theme: Democrats gain a second act.
Free-Market Analysis: So Alan Grayson is back. We certainly disagree with his leftist politics but we liked the way he stood up to Ben Bernanke and analyzed information provided by the Fed.
We've written about Grayson mostly in respect to his grilling of the Fed's inspector general, Elizabeth Coleman. Here's what we wrote about those historical sessions way back in 2009:
We saw the interview with Elizabeth Coleman on TV and then again and again and again on youtube.com. It is entitled "Is Anyone Minding the Store at the Federal Reserve?" and it is one of the single most astonishing moments (or minutes) ever manifested or preserved in this already-amazing digital era. A century ago, when the powers-that-be pushed through the act that set up the American Federal Reserve − which basically kicked off the central banking era in America and abroad − the kind of technological ubiquity offered by the Internet would certainly have been seen as a major and alarming challenge. Well, it is.
The Grayson/Coleman confrontation has to be seen to be believed, and even then it may not seem quite believable. How could the Fed, in all its monied majesty, offer up someone so unprepared to answer the questions of a single quiet and persevering congressman?
During the questioning of Coleman, Grayson asks her over and over if there is a formal accounting available for the trillions in off-book balance sheet activity for the Fed. He asks patiently, and he repeats the question many times. Coleman stutters, makes statements that are obviously evasive and finally all but admits that she actually has no authority even to examine the Fed's off-balance sheet activities. She admits this in a frazzled manner, but only after losing her way so badly that she has to ask Grayson to repeat the question (which he has already asked about ten times.)
Now Grayson is back and we look forward to him continuing where he left off − at least as regards the Fed. Here's an amazing clip of him questioning Ben Bernanke at a House Hearing:
(Video from Conservative1001BG's YouTube video channel.)
Posted by Rasoir on 11/24/12 05:58 AM
PS - thank you for that link, clarifying how they put a finger in the dyke.
How's that working now?
Posted by Rasoir on 11/24/12 05:56 AM
The more they legislate, regulate, procrastinate ...
Whatever happened to integrity, honour, the golden rule, home of the brave, land of the free, the constitution, In God We Trust ... ?
In fact all the things that are righteous and made America the envy of the world (a long time ago) have been milked and exploited, and now ridiculed as naivety, so that anyone who attempts to do what is right is eaten alive by sharks. Those who attempt to run business honestly and openly are plagiarised and destroyed by others, who are labeled more "astute" or who have "great acumen."
Back in the day, we did business on a handshake, and honoured our word.
I am 62 yrs old now, and I do not recognize the world in which I live any more.
Posted by Danny B on 11/19/12 01:10 AM
Rasior, Holder had to turn 2 blind eyes to avoid prosecuting Corzine. When Corzine was in congress, he voted for the Sarbanes-Oxley act. This bill makes it a personal felony if the CFO and other officers don't know where the money is at all times.
Click to view link
The trial wouldn't last over 30 minutes.
Posted by Rasoir on 11/18/12 11:35 AM
Regarding the story of Alan Grayson, and his display of balls taking on the Fed (Coleman and now Bernanke once again) ... I wonder if Grayson would consider loaning some of his ball-power to Attorney-General Eric Holder?
Apparently Holder couldn't find any wrong doing concerning the collapse of MFGlobal ... can't find anyone to prosecute regarding the Goldman Sachs scandals ... and has no idea what BP intends to do with the money they say they will spend after the Gulf oil well blowout.
And now we hear a couple of employees are taking the fall for BP. Whatever happened to vicarious responsibility? One thing is sure ... Holder won't have dirt on his hands!