Sorry, oug, that's a fairly skinny defence, although I expect Arjay was really grateful for it.

>>pericuil at least takes the time..to rebut an actual point..noting the first bit is pretty much as quoted..[and that no link to the rest was given..to see if the sumation..equates to the context of the shortened quote quoted<<

Let's re-examine the important parts together. No gaps, no ellipsis. Straight word-for-word from both.

Arjay's pretend quote:

"an audit of the Fed would constsiute a take over by Congress"

Bernanke's actual statement:

"making judgments about our policy decisions would effectively be a takeover of policy by the Congress "

Spot the difference?

Arjay made it sound like Bernanke claimed that the audit itself would constitute a takeover by Congress.

Bernanke actually said, verbatim, that it was the judgements about policy decisions that would constitute a takeover by Congress.

So there is no weaseling around, it's there in black and white. Arjay quite deliberately created a falsehood in order to make a point.

And to exacerbate his crime, this was in the very same post in which he accused me of lying, by making up something that I hadn't said.

Chutzpah!

Incidentally, have you had a chance to swot up on elementary bookkeeping yet?

It would certainly help you understand the current financial situation, and the reasons behind the Fed's actions, far more than any amount of scouring the conspiracy sites.

What are the Fed afraid of? Let's have a proper audit with everyone putting all cards on the table.Bernanke is just hiding behind the veiled tradition of their absolute power.Obama giving all these new powers to the Fed is denying the US people any say in the running of their country.This is is not democracy!

How anyone in their wildest dreams could back such an unjust system is beyond me.The US is now totally ruled by the Corporates and we only have to look at how the James Hardy Group have treated asbestos victims to realise that morality and fairness does not enter into Corporate decision making.It is law of the jungle and survival of the fittest.

When Ron Paul reaches 290 members of Congressional support it will happen.There are many who suspect that the Fed has being creating much more than the $2 trillion involved in bailouts.It could be an extra $7 trillion which the Fed is using to bail out it's mates and buy up cheap assets caused by their own incompetence.They could well be intentionally starving the real economy of credit in order the further drive down the value of productive businesses.

Perhaps Pericles and other vultures like this scenario since thay are cashed up ready to buy in at bargain basement prices as happened during the Great Depression.We are seeing the greatest redistribution of wealth in 80 yrs.It is a travesty of monumental proportions and people like Pericles endorses it in the name of market opportunity and their avarice.Judge for yourself.

Arjay, the Fed could indeed have done nothing last September, just
folded its arms, when the global financial system was on the
verge of collapse.

The result would have been quite spectacular! As one bank dragged
down the next bank, for they all owe each other money, given that
they trade with one another, most banks would have closed their
doors. With no banks open, most companies would have closed their
doors, unable to pay employees. Your little card would have
given you nothing, when you went to remove your money.

So hundreds of millions of people would have been left paralysed,
no food, no fuel, no anything. Hardly a great situation.

Jack Welsh, former top CEO of GE for many years, so a fairly
bright kid, credits Bernanke with having rescued the global
financial system from that kind of meltdown and says that
eventually he will be seen as a hero for his achievements.

Whatever Bernanke and the Fed did, was clearly worth it
for all of us.

Frankly, if they created an extra trillion or not, hardly
matters, when you look at the big picture of all this.

gabby quote<<Whatever Bernanke and the Fed did,was worth it/for all of us.>>..not all of us...there are some..who got millions of times more..[who now..are even more ready to snap up the whole of the cake with carbon credit derivitives trading

the point is gabby..the fed dont want an audit,..your willing to forgive and forget..[but have not the slightest incling of what your forgiving]...just so we can keep up the pretense..that the crime was for us all..[it wernt..for all of us..it was for a select..few..

who by and large..are ready to do it..all over again..[in case you missed how they speculated up the price of juice]
http://zerohedge.blogspot.com/2009/06/goldman-sachs-engineering-every-major.html

and very soon...THEY corner the market..in their new govt/gift..of carbon credits..[creating/setting up the next bust]..the carbon credit scam...is their next bubble..[its all new money/credit..

we will pay on everything..we buy and sell..[a new tax..paid not to govt..but diectly into big buisness/speculators pockets]

thats a trillion dollar tax..EVERY YEAR...from those with money able to afford to spend it..[as more go bust..that means you will be paying it as well..[and you cant get it back in your tax..[its not tax deductable

<<Frankly,if they created an extra trillion or not,hardly
matters,when you look at the big picture of all this.>>..but even govt ISNT ALLOWED TO LOOK AT THE BOOKS,...its sort of a minimum accountability...that govt KNOW...what happend...

noting china is cashing in..their us bonds/dollars..[because they dont want to be left holding the bag..of hyperinflating us $]...dont get deffensive..think

pericules..yes i know accounting...do you under stand why we audit the books?

i couldnt give two hoots about yesterdays man..[beyanki]..im more concerned about the two ss-leighmen.sax nurds..running the next scam[allready passed one house]..

cap and trade..[means ever decreasing carbon permits..[meaning ever increasing price..[for the ever fewer permits..[till,..one day..no carbon polution/credit../permitted at all.

.[how you going to breath]..[ok thats extreem..but think what happens by..legitimate supply restriction..[this is legislated..capped..then EVERYONE MUST reduce our carbon output..or buy a permit/tax..

[at speculated../auction type/style/..demand prices,..all the worse because next year..less permits WILL be issued..[for free..to the worst poluters..[getting them for free]..but their cost born by u+me/...we/us..not them doing the poluting

Yabby says,"Well what's an extra trillion ?" This means that a trillion created by the Fed dilutes the currency value of every worker in the US by $7,000.00.It puts them in more poverty while the Corporates rape and pillage more of their assets.The US worker is poor enough without this Bernanke millstone around their necks.

What Pericles and others don't realise is that your wealth is in your people and when the collapse gets to an economic tipping point,whereby human capital is destroyed,there will be no redemption.Money or so called capital will be worthless.

If credit or money does not reach the real economy soon,there will be a collapse of productivity and thus shortages.As the counterfeit money that the Fed creates kicks in ,hyperinflation will destroy our economies.We will have too much money chasing too few goods.This is the road that the Fed has now set us upon.It happened in the Great Depression and we now have worse conditions in terms of debt and the lack of manufacturing that enables real productivity to service our needs.Our service industry caters for wants and this relys on discretionary spending.They will evaporate.

Arjay, you still don't get it.

Lets say that the average worker did lose 7000$. It is chicken feed
in comparison to what they would have lost, if the entire system
had collapsed. That is the reality.

Now the average American has to start looking at themselves and
bare some responsibility for their actions. For it was the average
American who appointed Bush/Cheney as Prez/VP, not once but twice.
They showed bad judgement, now they are paying a price. Thats
life.

It was Bush/Cheney who threw away the rule books, it was Bush/Cheney
who decided that regulation of the financial system was not
required. It was Cheney who made it clear, that the US $ was not
America's problem, but the rest of the world'd problem.

So why should the average American now not be responsible for their
actions?

As it happens, Bernanke's plan is so far working, banks are
repaying their Tarp funds and the Fed can reign in money supply
at any time, once things normalise. It can do that with a snap
of its fingers, at any time, in any amount. So your concerns about
hyperinflation due to too much money, are unfounded.

What will eventually cause inflation, goes way beyond the US economy.
For as China and other countries increase oil use, at some time,
oil prices will sky rocket again and oil affects the cost of
everything. That will drive global inflation, if anything does.