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Audit the Fed, China’s New No. 1, Short Canada? and More!
Contrarian Profits (July 9th, 2009) Writes:
Idiocracy in action: Congress blocks bill to audit the Fed… No surprise: American loan defaults hit record… Surprise: Could Canadians be next? China takes another “World’s No. 1” from U.S. … Dan Denning, Byron King on recent triumph and tragedy in the oil patch…
Great news: The Federal Reserve will retain its right to operate in secrecy.
“Thank God for Rule 16!”
Late yesterday, the Senate majority put the kibosh on a last-hour provision in the 2010 spending bill that would audit the Fed. Not because it’s a bad idea… but because of the arcane Rule 16, which prohibits policy legislation from being added to spending bills. (The kind of “rule” that’s only evoked when the majority gets uncomfortable.)
“The Federal Reserve will create and disburse trillions of dollars in response to our current financial crisis,” said Sen. Jim DeMint, who spearheaded
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