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Geithner: “Fed audit would be problematic for the country”

Oh really?

He says it’s because they don’t want those icky politicians getting their grubby hands into the Holy of Holies that is the Fed and that’s why it shouldn’t be audited. Well, golly, there’s just so much wrong with the statement it’s hard to know where to begin.

Fed decisions always have a political element. To pretend otherwise is fantasy or deliberate deception. The Fed generally does what the president wants. Then of course there was Fed chairman Allen Greenspan, who was a Randian zealot. His decisions had plenty to do with politics – of the extremist right wing variety too.

Also, audits have little to do with politics. Auditors simply look to see if things are done by accepted accounting standards. Why is the Fed so evasive about that?

Even worse, the Fed has never been audited.

Zero Hedge has the video and, as always, great comments. Here’s a few.

independent of politics-RIGHT…
-BUT what about being independent of Goldman?

Absolutely…I mean there are some people who like to do their audits with torches and pitchforks.

Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.
Appointed by the President. Confirmed by Congress.

Auditing the Fed is like auditing the Matrix.

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