Abolishing The Fed Suddenly Sounds That Much Better
 Wednesday, October 8th, 2008  by Connie T.

Federal Reserve Headquarters in Washington, DC

In 2007, Congressman Ron Paul introduced the Federal Reserve Board Abolition Act, HR 2755, which would end the Federal Reserve Act and phase out the Federal Reserve within one year.

The proposed legislation has been stalled in the House Committee on Financial Services (surprised?) with no sign of progressing...but suddenly, there's a new buzz about the bill.

Now the Federal Reserve will be: a) bailing out banks and Wall Street financiers to the tune of $850 billion +; and b) cutting the federal funds interest rate (which is the rate that banks lend to each other) again, this time by 1/2 a percent. They are also the ones who bailed out AIG with around $85 billion of taxpayer funds.

The Fed has essentially no oversight by Congress or anyone else, and there seems to be no one convincing them to give the market a chance to readjust itself on its own for once. Changing the federal funds interest rate at will can be harmful instead of helpful, and it seems not to have done any convincing with the DOW thusfar.

The Fed's inflationary policies, their burden to the American taxpayer, and their tendency to bail out corporate perpetrators is neither helping the market, nor the survival of the middle class.

So will you tell your Congressman and Senators what you think?


Contact Congress and your Senators and tell them what you think of HR 2755. It wouldn't hurt to remind them that many Senators are up for re-election this year...

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