Thursday, July 26, 2012

John Carney runs away from his own vote not to Audit the Fed; friends Bernanke

Predictably, US Representative John Carney (D--Special Financial Interests) voted "NO" on the bill to Audit the Federal Reserve yesterday.

Equally predictably (as with his vote to approve indefinite detention in the NDAA), Congressman Carney didn't even have the courage to say why he refused to support governmental transparency and oversight of the national's central bank, which has in effect become and independent fourth branch of the government.

John Carney to his special-interest
contributors:  Don't worry, guys, I'm
holding the line here for you.
Instead, Carney published a love letter to Fed Chairman Ben Bernanke:

"I appreciated the opportunity to ask Chairman Bernanke today about what he believes are the steps Congress must to take in order to encourage economic growth.
“Mr. Bernanke’s testimony today reinforced two important points that must guide the work we do here in Congress as we address the economy and work to create jobs: first, we need to be thoughtful on any cuts we implement in the short-term; and second, the most effective thing Congress can do is quickly pass a comprehensive fiscal plan that includes a long-term tax policy to eliminate uncertainty, which discourages businesses from hiring new workers and investing in new facilities."

Ben Bernanke:  the Fed is like the
Supreme Court, you know, an
independent, non-transparent
arm of Goldmann Sachs, er, I mean,
the government.
Carney's position (if you can dignify his statement with the term) supports Bernanke's own stance that the operations of the Federal Reserve must be completely insulated from all public scrutiny, because any public scrutiny or transparency would represent a "politicizing" of monetary policy.

It's dangerous to let John Carney get involved in major financial decisions, as even our progressive friends at Delawareliberal like cassandra m. understand, writing just two months ago on the Congressman's financial acumen:

I’ve been thinking about this since I saw it this AM and I can’t quite figure out what he is trying to get to here. The choices are:
  1. John Carney thinks  that we really are that stupid.
  2. John Carney actually believes this stuff.

I'm going with option Number One here.

Carney's craven cave-in to Bernanke and his own special-interest backing is one of the primary reasons why Delawareans need to vote in November for Libertarian Scott Gesty, who actually has a position on the Fed and our burgeoning national debt:

America is being consumed by debt. When Congressman Ron Paul introduced House Bill 1207 to audit the Federal Reserve in early 2010, the national debt stood at $11 Trillion. Today, thanks in no small part to the Fed’s “Quantitative easing,” the debt is approaching $17 Trillion—a 55% increase in under three years. We still have not audited the Fed.
Our debt is now greater than America’s entire Gross Domestic Product, the total value of all goods and services produced in this country in a single year. With the Fed printing money, and the current administration spending our grandchildren’s wealth, we are heading into a crisis that will make the 2008 Recession look like a day at the beach. The catastrophe occurring in Greece right now is a warning about where America could be in the next eight years.
We cannot spend or “stimulate” our way back to prosperity. We already know that no miraculous “shovel-ready jobs” are going to put Americans back to work, and we certainly have learned that government money doled out to special interests will not solve our financial problems.
Delaware needs a Congressman who is serious about reducing the size and scope of government. We have to eliminate wasteful bureaucracies like the US Department of Education, while at the same time getting government out of the way of the businesses who can put Americans back to work. Decreasing spending while growing the tax base is the only way to get out of this mess.

Tom Kovach:  Posiions on the issues?
You mean I'm supposed to have them
to run for Congress?  Nobody told me.
I thought you just needed T-shirts.
Oh, and just in case you are wondering, Republican Tom Kovach has NO position on auditing the Federal Reserve, which is possibly the only way you could do worse than John Carney.

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