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Glenn Beck attacks the "Taboo" subject. Careful Glenn...... watch!

youtube.com — Glenn Beck asks about the Federal Reserve with Peter Schiff.

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  • bucfish, on 09/22/2008, -14/+140Yes the Federal Reserve might get your show cancelled. END THE FED, The Biggest Fraud on the American Citizen ever!!!
    • jaymzdean, on 09/23/2008, -10/+7Once you have your opponent in check-mate, it's safe to explain to him how you did it. The only reason Beck's show is about to be canceled is because the cable-watching audience is largely going to be in FEMA camps very soon (and he knows it).
    • EndGamePlayer, on 09/23/2008, -0/+6Oh the games they play - watch for the "BIG STORY" they will use to get this bail out passed. Humm, will it be a story on the "human suffering" caused by the banking problems (tearing up just thinking about how sad for them to not be able to buy a new yacht this year)? Or, will they play bate & switch (a story over shadowing the banking collapse so they can pass this without anyone noticing)? Watch for it on a news story today or this week . . .till the "debate over the bail out" is over.
    • browntiger, on 09/23/2008, -7/+2I am not a fan of federal reserve, or windbag such as Glen Beck. I don't like the fact that FED is private institution with list of holders kept private. I support Ron Paul. But I think that his message about going back to gold standard is wrong.

      If we go to a gold standard, as population increasing we will need to print more money. To print money, on so called gold standard, we will have to buy gold. To buy gold we will need print more money. And then how can you account for crooked corporations who hide trillions offshore out of economy. And why attach currency to some metal.

      What we need is for goverment to stop spending like money grows on the trees. Stop wasting money on worthless programs, like bailout some wallstreet firms because they are so called "american". Stop wasting money on silly projects like 10b just upfront payment to poland for hosting "missile shield" from Iran who does not even have ballistic missiles will not have for another 10+years. Stop wasting money on some useless foreign aid, payments to dictators like Musharef, SackOfShilly, Karzai, etc, wasting money on WorldBank, WTO, Wallstreet, worthless Department of Homeland security, etc.

      Getting our economy in order should be first priority. We have trillions+ wasted on pet projects.
      • ostracize, on 09/23/2008, -2/+10@browntiger
        You have a fundamental misunderstanding of how the gold standard works. If dollars are tied to gold (or basically anything at all), then the exchange ratio of one dollar = a unit of gold will balance to meet it's supply and demand just like any other commodity on the market would. You don't "buy more gold", the free market simply determines that gold is more scarce and therefore the exchange of one dollar = a unit of gold is now greater.
  • muckemuck, on 09/22/2008, -10/+130Support HR-2755 - The Abolition of the Federal Reserve System
    http://ssl.capwiz.com/jbs/issues/alert/?alertid=10 ...
    • CosmicJustice, on 09/23/2008, -10/+5The ***** John Birch Society? This is getting thumbs up?
      • norman619, on 09/23/2008, -4/+15The source doesn't matter if the information being presented is solid and factual. You have a problem with this?
      • CandidateZero, on 09/23/2008, -0/+4It's a little something called "common cause." Should be said, though, that this resolution has noooo chance of passing, but that's not the point, of course. The more votes it gets, the more people might start paying attention to the idea of ousting these *****.
      • CosmicJustice, on 09/23/2008, -1/+2The Federal Reserve is not going to be abolished. You people need to come in off the lunatic fringe or you're never going to have any impact on anything that happens in the real world. If you're OK with that, stay out there by all means.
    • vowman, on 09/23/2008, -1/+1Here another look at the bill "H.R. 2755: Federal Reserve Board Abolition Act" from another site.http://www.govtrack.us/congress/bill.xpd?bill=h110 ...
  • vowman, on 09/22/2008, -13/+101Go Glenn! Shout it out! - the Federal Reserve System is NOT part of the federal government - they are a private bank cartel! Their agenda does not include the best interest of the people of the United States. The Federal Reserve should be phased out.
    • nick1971, on 09/23/2008, -6/+4Pray tell me with what?
      • ayeroxor, on 09/23/2008, -1/+11Prithee look up what was there before.
      • norman619, on 09/23/2008, -3/+5nick:

        Sounds like slept through Econ and US history classes.
      • nick1971, on 09/23/2008, -2/+2Thank you so much norman619 for you concern regarding my education. I can assure you that although it was paid for 100% by the state and was taught in 4 different languages it has somehow allowed me to make a lot of money in the private economy. With regards to my knowledge about history I have as much knowledge of US history as it temporally warrants within the context of world history.
        The concept of moving back to a commodity currency as a pillar of future development is as naive as the neocon view of teaching abstinence as a solution to teenage pregnancy.
        Follow my comments later in the thread but my take on the proposed solution for a move away from FRB.
        The basis of the argument is that if the US switched to the gold standard.
        The African nations (those whore can mine gold) would then gain additional power.
        International investors pull their money out of the US economy.
        US citizens would then be relegated to searching through rubbish dumps for scraps.
        Scroll a couple of answers and you get the full argument.but thats the core idea.
    • jfreeman, on 09/23/2008, -0/+4But don't replace it with a public bank cartel. Replace it with sound money.
    • CandidateZero, on 09/23/2008, -1/+1If, IF the Fed has a chance of being phased out, we must all be even more wary for what is to come. The planners that keep it in place aren't so stupid as to not have a backup ready should their primary mechanism for control be eliminated.
  • normlsparky, on 09/22/2008, -5/+50tell congress to do their god damned job for once. our founding fathers knew the dangers of letting banks and corporations grow too large and accumulating too much power. we need to heed their advice and demand that control over our money supply be put back where it rightfully belongs. it is an obligation of congress, not a private bank.
    • nick1971, on 09/23/2008, -9/+11 I don't understand your objections. The inflation and growth goals are set by the government the federal reserve works to meet these goals for the economy by the control of the money supply. Independent central banks are the center peace of price stability in the G7 countries. If control of the money supply were to be handled politically as they were in the UK in the 80's then there would be a period of monetary laxness running up to each election.
      The dollar is weak at the moment because you are carrying 10 Trillion dollars of debt and a trade deficit of 800 Billion dollars.
      More worrying is that foreign investors now hold slightly less than 50% of the publicly held and publicly traded
      U.S. Treasury securities, 25% of corporate bonds, and about 12% of U.S. corporate stocks.
      Should the US economy undergo a near-collapse as would be the case were no intercession to take place then you only need to read the following document to understand the horrors of this scenario.
      http://www.fas.org/sgp/crs/natsec/RL34319.pdf
      In addition to the sub-prime mortgage market having a incestuous relationship between rating agencies and banks virtually no supervision of risk took place by regulators. Had the US implemented the Basel 2 accord
      http://en.wikipedia.org/wiki/Basel_II_Accord with the enthusiasm that the UK and Euro-zone did then this crisis would have been likely avoided.
      The problem that exist in the US and also to a limited extent in the UK is a blind faith in the market its not the problem of the central bank. The market should be leveraged to its full extent but regulation is necessary to provide the market with the full picture of banks and insurance companies health. If the exposure to risk had been transparent then the market and/or the regulator would be to have taken appropriate measures.

      • ka9dgx, on 09/23/2008, -1/+5Inflation is a disease caused by fiat money. All dollars are lent into existence, usually by a bank loaning out 90% of their deposits. This means that for every dollar floating around, there is a loan that requires payment of interest. This means that the money supply HAS to grow, every year, forever. Sooner or later a limit is reached, and the system collapses.

        Congress needs to kill the FED, and establish a new gold standard, phased in over the next 10 years. It's obviously impractical to set the $42 = 1 Oz of Gold, so a more realistic goal is necessary. $2000=1 Ounce of Gold should be the target, with $50= 1 ounce of silver as the other half of the bimetallic standard. They could start by accepting tax payments at that rate to get some $ into the treasury, and go from there.

        There would be a 1 time 100% inflation hit, but we're going to get that anyway. The benefit is immediate resolution of the currency crisis, and our children would be rid of the scourge of inflation, until they get dumb enough to repeat the mistakes of 1913 again.
      • thespiff, on 09/23/2008, -2/+3Nick,
        I strongly doubt the folks who have Dugg you down have anywhere near the grasp on this material that it's clear you have.

        Regardless of folks personal feelings on the usefulness of the fed, the fact is that when you fall out of a plane, you're pretty much stuck with the parachute you've got until you land. It's not the time to be rebuilding the system.
      • nick1971, on 09/23/2008, -1/+1Thank you ka9dgx for your post. I am well aware of the concept of commodity model for currency management.
        I would however respectfully suggest that a transition back to the gold standard is not practically possible.
        If you look at the quantity of assets which are priced in dollars both inside the US and outside the US the price of all gold available would have to be several 10's of thousands per ounce. The transition to a commodity model for the dollar would create a mass sell by the international market as the US currency would no longer have the flexibility to ride through shocks.
        As I mentioned in my previous post foreign investors now hold slightly less than 50% of the publicly held and publicly traded U.S. Treasury securities, 25% of corporate bonds, and about 12% of U.S. corporate stocks.I'd ask you to look at the link http://www.fas.org/sgp/crs/natsec/RL34319.pdf
        to understand what this would mean for you.
  • iancgi, on 09/23/2008, -13/+37To those in power.

    Dont throw rocks if your live in fragile fairy tales.

    We know what you have done and what you plan to do. We will not go quietly. Your house of cards and lies will soon fall.

    Freedom, Peace, and Respect.
    • WinnemuccaMac, on 09/23/2008, -1/+11And I want a pony.
    • thespiff, on 09/23/2008, -1/+3Geez, am I gonna get called a terrorist for being a Digg member? The tone in these forums sure has gotten dark lately.
      • BlatheringIdiot, on 09/23/2008, -0/+3Me thinks the tone is reflective of the mindset of the people.

        I think it's blatantly obvious to EVERYONE that the crooks running the gov't are ***** it's citizenry.
      • iancgi, on 09/23/2008, -2/+3Whats so dark about,
        Freedom, Peace, and Respect?

        Please inform yourself,
        www.infowars.com
      • thespiff, on 09/23/2008, -1/+1I do inform myself.

        But thanks for your concern.
    • DrReaper, on 09/23/2008, -1/+2The end is coming if we keep going in the same direction.

      Here is a little background video. It describes in detail the easy credit problem and how it has worked in the past.

      http://video.google.com/videosearch?q=the+money+ma ...

      it's 215 min long so have time to watch it.
  • frankyfunk, on 09/23/2008, -12/+3http://digg.com/political_opinion/Miss_American_Em ...
    • TrevorBelmont, on 09/23/2008, -0/+1Thanks for the heads up! Buried.
  • lambosv21, on 09/23/2008, -6/+24If only more questioned this. I wish McCain or Obama would.
    • Berkana, on 09/23/2008, -3/+10I'm writing to Obama about this and sending him materials. McCain has made himself inaccessible by surrounding himself with a phallanx of lobbyists; I've given up trying to tell him anything on this matter.

      Wish me luck.
      • BobZombie00, on 09/23/2008, -3/+1You go girl!
      • hugolp, on 09/23/2008, -2/+5You think he doesnt know?
      • fermi, on 09/23/2008, -4/+11You poor, poor, girl; you think Nobama gives a damn about you? He's as bad as the rest of them.
      • theblt, on 09/23/2008, -1/+2Write away young Skywalker.
      • iancgi, on 09/23/2008, -0/+3I digg your act of wanting to do something about it.
        But, I assure you Obama is well aware of the federal reserve.
        You don't get that high up without being allowed that high up. Its not even that the president controls much, its the role in the psyche of america he plays.
    • norman619, on 09/23/2008, -1/+4Hell no they won't. Why? Because it would mean the people would have to accept the brief hardships necessary to resolve these problems. In the end they have to give us what we want and if we really don't want real change they will not give it to us.
  • GumGuts, on 09/23/2008, -6/+18I don't get it...
    Why should I trust TV talk show host?
    • jezsik, on 09/23/2008, -2/+7Well, this one certainly isn't one of the more trustworthy, that's for sure, but sometimes the guy comes up with a good point ... or at least his guests do.
      • TrueXtremeIcon, on 09/23/2008, -1/+17Glenn Beck has the uncanny ability to look completely unhinged one minute while being completely lucid the next.

        He can say something intelligent about the Fed, but you can bet that he'll end up following it up with a fear-mongering piece about radical muslims and Armageddon.
      • RevChris, on 09/23/2008, -0/+4all with this smart aleky 9 year old know it all look about his face
      • bradbaxter, on 09/23/2008, -6/+2Would you rather him follow up with fear mongering about Global Warming?

        Liberals live in a fantasy world, with this fantasy idea that we've got to recycle and drive electric cars to prevent catastrophe, while at the same time denying the real (and proven) threat of radical Islamic terrorists. Of the two, liberal (aka: person with mental disorder) will choose the fake-threat, because he can't deal with the real one.
      • saikyan, on 09/23/2008, -1/+6Damn them lib'rals n ther 'lectric cars! This is 'merica! We gotta fight them damn terrists! Cause terrists hate Democracy! They hate 'merica!
    • Kayakityak, on 09/23/2008, -2/+9Here then... trust me then...

      The Fed is NOT a government entity and they do NOT care about care about you.

      Is that better?
    • rsilvera, on 09/23/2008, -2/+2We trust TV hosts because they are as ignorant as we are but have the added bonus of famous people who specialize in pandering to our fears, wants and prejudices.
    • dycc07, on 09/23/2008, -1/+11you don't have to trust him, but he does raise an interesting point. Listen to the message, not the messenger.
      the message is the Federal Reserve is a private cartel of international banks who collude with other central banks around the world (European central bank, Bank of England...) to maintain a monopoly over the worlds money supply. It's the ultimate instrument of control, and the People has no choice, let alone a vote in its actions
    • jaythree9, on 09/23/2008, -5/+2You shouldn't trust him. Glenn Beck is a giant douche who doesn't understand his own anus.
      • iancgi, on 09/23/2008, -0/+1You shouldn't. But why doesn't everyone have the automatic response as to follow up on the point made if they are not sure? If evidence isn't brought forth by someone im listening to. I go research it for myself.

        I mean we do all have pretty much the entire knowledge of humanity at our finger tips. Its hard to do some fact checking on these tubes we call the Internets.
      • droford, on 09/24/2008, -0/+0Leave Glenn's butt surgery out of this!
    • TrevorBelmont, on 09/23/2008, -0/+3Perhaps if you're so uncertain, doing some independent research is called for?
    • daridave, on 09/23/2008, -1/+1Cuz he's getting screwed just as much as you are.
  • Anth0n, on 09/23/2008, -1/+28He dares question the almighty Federal Reserve?
    • Kayakityak, on 09/23/2008, -0/+2I wonder where we'll find his corpse?

      Damn it... I liked him.
    • brad3378, on 11/01/2008, -0/+1Imagine that - just two weeks after this episode, the Glenn Beck TV show no longer exists.
  • chkdg8, on 09/23/2008, -17/+3We are living in times where this could be the beginning of the end for the House Of Cards to come falling down. However long that might take, we might just one day see this as a possibility. The people will eventually rise.

    And in the great words of Phil Anselmo:

    We've got no time to lose
    Your news is old news
    Hate this, hate me, hate this
    Right approach for the wrong
    It's time to spread the word
    Let the voice be heard
    All of us, one of us, all of us
    Dominate and take the ***** world

    Mass prediction, unification
    Breathing life into out lungs
    EVERY creed and EVERY kind
    To give us depth for strength

    Taught when we're young to hate one another
    It's time to have a new reign of power
    Make pride universal so no one gives in
    Turn our backs on those who oppose
    Then when confronted we ask them the question
    That's wrong with their mind?
    What's wrong with your mind?

    It's time to RISE

    We've lived with past mistakes
    And we've lived with our own
    Forgive, forget forgive
    Be a man, not a child
    There are to tears for peace
    Of the common sympathies
    Educate, reinstate, educate
    A thing of past
    The trouble in the states

    It's time to rise
    • TrevorBelmont, on 09/23/2008, -1/+1If you look to Pantera to inspire your revolution, it will fail.
      Let us not forget when the great Phil also said
      "It could have been a burn victim, an amputee or a dead body
      god damn, I wanted to *****."
      There is a credibility issue here...
    • rl41, on 09/24/2008, -1/+1I like Pantera too but come on man...
  • Mark2600, on 09/23/2008, -14/+8I was waiting for the Jew behind the curtain comment.


    Glad he's learned to think before he speaks, and I agree 100% with the ending of the Fed.
  • zephyear, on 09/23/2008, -30/+39glenn beck is one of the biggest douchebags on tv

    so much bigger than oreily, maybe even bigger than hannity
    • hugolp, on 09/23/2008, -5/+12Yes, and it is good that even douchebags are starting to understand how they are being robed. People need to go together to stop the FED.
      • billymeade, on 09/23/2008, -0/+4The Fed is buying people robes?? That's odd.
    • drunkinbda, on 09/23/2008, -1/+8It might not be that they "realize"...

      they may very well just be saying what people want to hear.

      If they said this a year or two ago then cool, but saying ***** sucks after it broke could either be the realization that you speak of, or it could just be a reactionary opinion that makes him look "smart".
      • AthlonCannon, on 09/23/2008, -0/+3He was saying this a year or two ago and was laughed at for telling people to stop assuming more debt and to get ready for the next depression. And he never claims to be smart, he always asks guests to tone things down some for him. Check something out for a little while first.
      • drunkinbda, on 09/23/2008, -0/+1meh.. i dont know of him, nor do i care to because im not a fan of political news talk shows.

        all my point was is that in these discussions when there are generally two clear cut sides, where one group says here here and hurrah, etc... the other side is saying is just bs or political pandering.

        From this video this could easily be the case. One group says "he's awesome" or "bout time we realize", and the other group can just say "meh he says it NOW.. its just cause of the election".

        if he did indeed preach all this 2 years ago then well done on his part.
    • jezsik, on 09/23/2008, -2/+15Bigger than O'Reily? I think Beck is a bit of a buffoon (OK, maybe a humongous buffoon), but O'Reily? That guy is just plain evil.
    • Olfster, on 09/23/2008, -1/+11Wow! Bigger than Hannity? Really? More manic, but bigger than Hannity?
    • GorfTron, on 09/23/2008, -1/+7Hannity is one serious douchbag. I don't think Beck is close. He tries tho.
      • bradbaxter, on 09/23/2008, -1/+2I'm a conservative (with serious libertarian leanings) and, I admin, Hannity often makes me cringe. I really don't know what to call O'Reilly, because he is all over the board (granted, yes, most the time he's conservative leaning... but he tries to buck conservative trends now and then so he can claim his mantle of being an "independent"), but regarding O'Reilly... I think he makes more noise than he does good, articulate points. Same with Hannity, he THINKS he's a great debater, but he isn't.

        Plus, both these guys are soooo full of themselves. Like Hannity, daily on his radio show acts like he's the greatest thing on radio (actually says so) and that he is the fountain of truth... when, in reality, all he does is listen to Rush go on before him and then tries to make Rush's opinions his own... then, he'll have the nerve to go on the air and say: "And I'm the only one who has the guts to say this!" I mean, c'mon man... give credit where it is do. You wouldn't even have a radio show if it wasn't for Rush Limbaugh. In fact, Fox News probably wouldn't exist if it wasn't for Rush Limbaugh!

        All that said, I think Glenn is a genuinely good guy. I'd pick him any day over Hannity. Hannity is a water boy for the Republican Party... Glenn isn't.

        And for all you guys who think that Rush Limbaugh is this fountain of evil and hatred, you've got him wrong. You've probably not listened to him as much as you've listened to his critics.
      • GorfTron, on 09/23/2008, -0/+1Hannity is just GOP talking points and slime.
    • teethandeyes, on 09/23/2008, -0/+7I have to disagree. Although Beck does say many ridiculous things, I do actually agree with him sometimes.
      Also, he has given Ron Paul more airtime than all other TV hosts combined.
    • necoates, on 09/24/2008, -0/+1And the airtime he gave Ron Paul during his campaign was less than favorable, I wonder if Glenn has apologized to Ron for being a douche yet?
  • snowshoeless, on 09/23/2008, -6/+31I hate it when I agree with Glenn Beck. Dammit...he's right.
  • crazycarlmar, on 09/23/2008, -16/+4The Jews control our money (and the media). They are also the reason for every war.

    /sarc
  • lobsterxcore, on 09/23/2008, -15/+6The man is a total douche, but the only one making sense.
    • jezsik, on 09/23/2008, -0/+3You mean the only douche making sense, I hope.
  • Vitrophyric, on 09/23/2008, -27/+8***** Glenn Beck. It doesn't matter what's said when he's saying it.
  • TellarHK, on 09/23/2008, -12/+38Well, wait. I have to look this up.

    Wikipedia: "The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system[1] composed of (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) 12 regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils."

    People going on about "Who elected Ben Bernanke / Alan Greenspan?" simply don't want to admit that they may have voted for the President who appointed or retained them. In the case of Alan Greenspan, it was Ronald Reagan who initially appointed him to the post, and he was retained by both Bush Sr. and Bill Clinton. Bernanke's all W's. It's not like these people are hired by Joe Schmoe down at the DMV, they're appointed by the President himself. Thus, all credit and fault for these appointees belongs squarely in the lap of the President.

    Conservative, Republican administrations appointed both these men. But it seems like some people don't want to admit it. As to whether the Fed is government or not, that's best left for legal scholars to tackle - it's above my pay grade.
    • hugolp, on 09/23/2008, -6/+16Ronald Reagan had nothing to do with the election of Alan Greenspan, because the presidents of the US dont have no power over the FED. It works this way: the FED selects some candidates they want to direct the FED and the president gets to choose between on of those. So whoever the president chooses it will be someone choosen by the FED. The process is meaningless and its just a ceremony to give the impresion that the FED is under the power of the elected president, when it is not. The private bankers that own the FED decide.

      The Republicans and the Democrats are in this together. I am sure there are a lot that dont have ***** idea on how the system works. And if you want to know more about Alan Greenspan, read his books before entering the FED. Youll see how he is very critic with the FED owners and how his opinions change when he starts getting paid by them.
      • TellarHK, on 09/23/2008, -3/+9Credible references, please.

        Every credible source I see says simply "The president appoints the Chairman of the Federal Reserve". Again, Wikipedia.

        "The position was essentially created in 1913 with the enactment of the Federal Reserve Act. The chairman is one of seven members of the Board of Governors of the Federal Reserve System appointed by the President and confirmed by the Senate who have staggered terms of 14 years each."

        So the President does only choose from the members of the Board of Governors, but each member of the Board of Governors is appointed and confirmed by a vote of the Senate. The banking industry may have a great deal of input as to who goes up for nomination, but the President makes the final call under United States law. If the President chooses to abdicate this responsibility and does not follow through in the best interests of the American people, then that's a problem with your elected officials. Not the Federal Reserve itself.
      • fokov, on 09/23/2008, -2/+4Everyone in high positions are already hand picked, just look at the Attorney General. Do you really think they are always the best lawyers for the job? When some crony is about to not get the job, the president (or other body that is choosing the canadiates) threatens to pick someone that makes the first look like Einstein to get the original one to the proper vote.

        However, I think some are missing the key words here: "government entity with private components." It is a government entity, but no one has any oversight on the policies or decisions. Therefore, it really is mostly a private organization, and they just constantly spend the majority of THE POEOPLE's money. The FED is the biggest con ever pulled. You add the IRS, and the American people have been into a semi-slavery situation since 1913. They know all the money you make and spend so they can game the enconomy. The FED is the reason for the Great Depression. They got greedy and the people stopped trusting them and took their money out of a corrupt system. This is why they want to know everything about you. The more they know, the more they can steal. Now they don't even pretend to 'work' for the American people, yet people still say they are a good Agency. pfft.

        To ensure a free state, the responsibilities of the FED need to purely go back into government or get destroyed by attaching the currency to something sound. That is the serious problem with this entire situation. The amount of money the government already takes from citizens is absurd. Now add the amount of inflation the FED creates at will, then see why you can't just create a decent sized nest egg and retire. The 10k or so you might have saved when you were a young adult might turn into some big number later in life, but what is the true difference in VALUE? They make it this way to ensure you are constantly working, and therefore have much less time to look into government to see just how ***** you really are.

        We need a revolution and take back this country.
    • tomtermite, on 09/23/2008, -1/+1Hmmm. We don't elect the Supreme Court justices either! That must mean they are not part of the government?? Abolish the Supreme Court! They make decisions all the time that affect us, and they ARE NOT ELECTED!!
    • necoates, on 09/24/2008, -0/+1What wikipedia fails to say is that the President is given a very short list of people to choose from for this position, in theory he could pick Joe Blow off the street corner but wether the President is an Elephant or an Ass they always pick who they are told too.
  • ColonelJessup, on 09/23/2008, -10/+35Here we go again with the digg.com economic/monetary policy/banking system professors...................................
    • mitch37, on 09/23/2008, -11/+9Agreed. Its just mismanagement. The system works. Look at the Europe Central Bank, they do wonders, even if it may be hard to see in this time of down turn.

      Everyone here has a far to capitalistic view. Letting the market run the show will just rip off the poor even more, look at 19th century England etc. The system is in place to prevent that.
      • collution, on 09/23/2008, -2/+10Do you live in Europe? Last time I checked, some of their countries were having the same problems as ours.
      • frankengeek, on 09/23/2008, -8/+2Ok comrade Mitch37, you have obviously bought into the idea of socialism. When that works, let me know. I bet that there will be thousands of generations pass before you think you get it right - and it will never work. If you really understood capitalism, you would make such BS remarks.
      • TrueXtremeIcon, on 09/23/2008, -1/+5I swear there should a Godwin's Law or something that works with "socialism" instead of "hitler/nazi".

        We don't live in a true capitalistic economy now, and we haven't for a very long time. Massive deregulation of the markets is the #1 reason the markets are in the mess they are. Keeping that oversight in place could have potentially (more likely probably) stopped the situation from developing.

        Instead we want the "hand of the free market" to dictate where things go, regardless of the outcome, but when the outcome isn't what we want, we have to use corporate socialism to reward the companies for hanging themselves with all the extra rope we gave them.

        I would be much more in favor of socialism in terms of oversight and then letting failing companies go bankrupt than I would free-wheeling no-oversight and then shelling out nearly a trillion dollars in bailouts when the companies go bust. I certainly thing the former is much much much more economical for the average taxpayer too.
      • andyd273, on 09/23/2008, -2/+1I thought that was feudalism?
        Either way, you are right to a point...
        In a true open market, people will go to the best product with the lowest price, which is good for the poor because they get their moneys worth. "I'm not going to buy X any more, it wears out to fast. I'll buy Y instead."
        Where the system breaks down is if there isn't any competition (monopoly), all the suppliers are doing their best to sell shoddy goods, or something interferes with the natural process of a bad company dying (federal bail outs).
        Those are the cases where there has to be some group, public or private, that can step in and enact justice on the behalf of the consumer. BBB, FDA, the courts, etc.
      • wintermte, on 09/23/2008, -1/+1I don't know where everyone keeps coming up with the conclusion that deregulation is the cause of this crisis. There hasn't been any significant deregulation since Reagan left office, and what little has been done was largely done by Clinton and continued by Bush. (http://www.ibdeditorials.com/IBDArticles.aspx?id=3 ...

        This problem the US is facing was/is caused by bad regulations, not de-regulation. Banks and creditors are being punished by the government for not making giving out loans to sub-prime candidates, and have been for a decade or so. Now those sub-prime loans are failing (once again read the above link).

        The above story isn't the only source for this (its just the one I had a link to right now).

        Both sides of the aisle are responsible for this mess we are in, but please if you are going to point fingers, be sure you are pointing at the right source.
      • thespiff, on 09/23/2008, -0/+2The repeal of Glass-Steagall is the classic reference being made, winter. Yep, that was under Clinton. He was dealing with a repub congress which had a veto-proof majority as well.
    • charlietuna, on 09/23/2008, -2/+5Mismanagement or not, the die hard Ron Paulers are talking about feudalism. The virtue of centralized government is also the most annoying aspect of it: it collects taxes to provide services to all who are taxed. I will not go into the problems with that at length, but obviously issues like foreign aid, coercive policies like gun control and drug laws, redistribution of wealth via welfare and nationalized health bother them (and they bother me too). So yes I understand why those issues would rub people the wrong way, but to say that the answer is to cut everything is pretty much a cop out. It's a refusal to forge consensus and make government work for the collective benefit of all.
      • magoghm, on 09/23/2008, -2/+1Central control is the worst design. Not scalable, fragile (single point of failure), and prone to manipulation for the profit of the ones who are in control.
        You are assuming that "feudalism" is bad without offering any proof (besides naming it in a way that might have negative connotations).
    • brookea812, on 09/23/2008, -1/+1Well, evidently we have been pushed to profess these misdeeds because no one else will. Go ahead with your little quips about digg caring about the failed monetary policy. You can't stop what is about to happen - no one can, but we can certainly stop it from being worse by opposing the bailout plan. I don't have time to write down the causes and evidence as to why our economy and currency are doomed, but if you have studied economics and history, you will know that we are headed into dark days. Say all you want about my opinion (and every logical economist's opinion), but this depression is coming. You'll see.........
    • XanderDee, on 09/23/2008, -1/+2Yes we all know nothing here... What ever dude.

      This video at time index 2:34 talks about how no economic expert saw it coming. If they did they would have been in a bomb shelter.
      http://www.youtube.com/watch?v=btHd03JD5ck

      Well I saw it coming and since I could not afford a bomb shelter I purchased a lot of food, cashed out of the market and purchased gold and silver way back in January when I saw all the banks were bankrupt back then!!!
      Federal Reserve Charts...
      http://digg.com/business_finance/The_definition_of ...

      I am ready are you?

      Well you may say they stopped it. Oh no, my friend all they did is kick the ball down the field a bit so that the mega rich can get out with your money and hunker down for hyperinflation. The last peace of the sky has not hit you yet and when it does, try not to commit suicide.

      So what do I expect from people like you to do? I expect you to continue to listen to the people that told you there was WMD and the financial system is sound. Good luck with that.
    • brad3378, on 09/24/2008, -0/+1You can't handle the truth!
  • Revovisionary, on 09/23/2008, -2/+11Ummm... The President nominates the Fed chairman and congress approves. Kind of like supreme court justices... Regan Nominated Greenspan and Bush43 Nominated Bernake.
    • toastmin, on 09/24/2008, -0/+0They nominate them from a list provided by the current Fed panel. Similarly to how Ahmadinejad is elected in Iran, from a list of "acceptable candidates". They can't be fired or booted from office, they can only step down.
  • Bongripper, on 09/23/2008, -3/+34Rather pissed off that mainstream media is just now jumping on the Ron Paul side of the fence to save face after giving him little to no coverage during the primary elections. Same issues they were laughing about in his campaign are now very real with concerning the Fed.
    • damnmonkey, on 09/23/2008, -1/+4Beck's been doing this for awhile now....I'm a long time fan and he's been a 'citizen first' independent for as long as I can remember.
  • MrSparkle666, on 09/23/2008, -10/+7You all realize that you have no idea what you are talking about, right? Diggers aren't THAT stupid and ignorant are they? ohhh... wait... nevermind....

    I need to take a break from the internet.
    • TellarHK, on 09/23/2008, -1/+4Hi!

      You must be new.

      /I keed, I keed.
  • CarStan, on 09/23/2008, -0/+1i have much more important question: thes usa has 10trillion in debt. To whom (not xounting the 1trill. they own to the chinese). Who are the banks that want 9 trillion dollar from the american people?
    • TellarHK, on 09/23/2008, -0/+8That is a very good question, with a fairly complicated answer. I can't distill it myself (not claiming to be any kind of expert at economics) but I can certainly Google and Wikipedia for stuff.

      http://www.treasurydirect.gov/NP/BPDLogin?applicat ...

      That link tells you the United States National Debt, down "to the penny" and is the official number that the Government works with. There are descriptions of the kinds of debt, nestled beneath that link.

      Amusingly enough, also buried within that link is the following little tidbit of fun.

      How do you make a contribution to reduce the debt?

      Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:

      Attn Dept G
      Bureau Of the Public Debt
      P. O. Box 2188
      Parkersburg, WV 26106-2188
      • TrueXtremeIcon, on 09/23/2008, -1/+3I just had to facepalm after reading that.
  • benotago, on 09/23/2008, -5/+16Glen Beck is like a broken clock every now and then he gets it right. Or kind of right.
  • uthallan, on 09/23/2008, -2/+11Did Glenn Beck just say something I agree with?
    Finally.
  • chitchat636, on 09/23/2008, -10/+27Hey, why don't we all just stop paying taxes, they can't arrest everyone!!!!!!!

    hahahaha.

    Glen Beck bitches more then anyone I see on tv. I'll never forget his interview with Dick Cheney's wife last week. He said "it's a shame Dick isn't running for president, he would be such a better pick then McCain or Obama".

    I used to like Glen, then i realized all he does is complain, kisses his guests asses, and in the end tries to sell one of his books.

    This guy is so full of *****. I'm not sure if you know this Glen, Dick Cheney is recorded to be the most corrupt VP in US history, all those stories about Haliburton are starting to come out. A judge just denied Dick's request to close guard a lot of his documents from the administration.

    The billions they stole for US tax payer dollars to over charge contractors in IRAQ a long with the war itself goes to show why we're there to begin with. We're there to take their oil, blow up their infrastructure, and rebuild it with tax payer money so Bush and Cheney could and sure did get rich!!!! This is all the Republicans ***** up, and the root of the problem is IRAQ and another reason why Obama is smarter then Bush, McCain, and Cheney put together. Obama has already helped the economy by rejecting public finance and is literally taking a dump on McCain as far as raising money. How can McCain be for regulation when he's using tax payer dollars to fun his campaign, that's our ***** money.

    Goes to show who will help and in who will screw us even more. The fact that Obama is doing this on his own shows me how smart and motivated he is.

    Glen sounds like a retard and makes no sense, not worth watching his show at all, you see through people like this and they offer no value, especially when he say's Dick Cheney is a better presidential pick then Obama or McCain. Anyone is better then bush and cheney. I'm glad congress isn't feeding into their request for 700 billion, I wonder how many people they are going to buy off with that money. You know how many shady deals are done in the back, that money will be used "SHUT PEOPLE UP WHO GOT US IN THIS MESS" and for once, I'm so happy congress isn't caving in.

    In the end, it will all come out and people's heads will fly as things always do at the end of an Administration. Looks like bush and cheney are trying to get one last scheme in place before hitting the rd. Please take Glen off too, he offers no value. He reminds me of a pregnant woman, no offense to the ladies.


  • Exhibitionist, on 09/23/2008, -7/+11So let me get this right - you people would rather put elected officials (i.e., politicians) in charge of the reserve bank rather than the economists who currently run it? The current debacle is because of political interference with the Fed's operations. Reserve banks need to operate without political interference. What most of you are asking for is MORE political interference. GG.
    • charlietuna, on 09/23/2008, -2/+3Democracy is good, but it's like sugar. Everyone demands more of it, then they complain about cavities.
    • ka9dgx, on 09/23/2008, -2/+6No, the problem is that elected officials are in charge of any money system, instead of having a hard currency backstop which limits spending, such as the Gold/Silver standard that is written into our Constitution.

      A bimetallic money standard worked to keep inflation at essentially 0% from the founding of our country through most of it's history until Nixon drove a stake through it in 1971. You can watch the lying bastard on youtube: http://www.youtube.com/watch?v=iRzr1QU6K1o

      Nobody should get to play with the money supply, it needs a hard backstop to prevent inflation which robs us all.
    • cloak419, on 09/23/2008, -1/+2You're right we hand over our money "no questions asked" let them use our money "no questions asked" let them pringtout money "no questions asked", I just keep forgetting that our country runs on ignorance. I mean, we don't have to do anything if we can trust these guys right?
      Have you seen what's been happening lately...do you really think they're economists if we're in the current crap hole that we're in now?
      I'm not sure why you may seem taken back at the idea of an elected official representing us, but it's better than you not knowing who the hell is in there telling everyone what they're going to do with YOUR money. Elected or not, there are the right people for this and the wrong, so then who are these guys?
    • BlueScreenOD, on 09/23/2008, -0/+1Thank you for making sense. We don't directly elect Supreme Court judges for the same reason: these are positions that should not be affected by public opinion. People talk about how stupid the majority of the country was when they voted for Bush, but they want those same people to make decisions regarding monetary policy?

      Honestly, how many people in America are going to sit there and research monetary policy? Americans would just vote for the person with the best TV ad.
      • toastmin, on 09/24/2008, -0/+0The people on Beck's show and I suspect many diggers would prefer that there would be no fed, or if it exists it should be controlled by a computer that simply kept the currency stable rather than centrally stimulating the economy with perverse side effects. Milton Friedman suggested this. The difference between this and the Supreme Court is that nominees are publicly vetted and selected from a broad group. The Fed Chairman is selected from a list provided by the current fed panel and is largely ceremonial as only the hardcore big picture economist have the understanding to question it.
    • necoates, on 09/24/2008, -0/+1Ask yourself what is the purpose of the Fed? Basically it is a company that loans money to the US government by purchasing bonds. It then charges us the taxpayers interest on these loans.

      The congress has the power to print money interest free, the catch is we can't print more money than we have assets to back it.

      All the Fed does is establish a credit line.

      At this point in time, we don't need anymore credit.

      Take the credit card away from the teenager and make them pay their bills, it isnt fun, it will be painful, but its necessary and will be better in the long run.
  • Exzhaton, on 09/23/2008, -6/+6If I wanted to watch psudonews I'd buy a TV.
    • ReyX, on 09/23/2008, -0/+5psudo make me a sandwich?

      It's pseudo.
    • charlietuna, on 09/23/2008, -0/+2psudo getting my news on digg is better? There are ten thousand mini-Ron Paul clones buzzing around here kicking anyone who is suspicious of neo-feudalism.
      • billymeade, on 09/23/2008, -1/+0As ReyX pointed out, it's "pseudo". Go back to school, just sit far away from Exzhaton.
      • charlietuna, on 09/23/2008, -0/+1@bbillymeade
        Reyx was talking about psudo as in sudo - intentional misspelling
    • teethandeyes, on 09/23/2008, -0/+1I have a TV, I like it. It's great for watcing DVD's.
      Living without a TV seems silly to me. Sure you can watch movies on your computer, but I hate watching movies on the computer. I would much rather watch them in bed, staring at my big, lovely television.
      Long live Television (not cable or network TV), but for video games and DVD's.
  • Jeepy, on 09/23/2008, -3/+3The current financial situation we are in is due to lack of oversight over predatory lending and high risk fund investments aka deregulation(which has nothing to do with interest rates or inflation the two things the Fed is directly in control of). I'm starting to sound like a broken record defending the existence of the Reserve on digg but, all this happened because there was not enough third party(government, SEC, wall street whoever you want to blame) involvement in the free market.

    Saying that somehow too much involvement from the government is causing this and the Fed wants it to happen when it was caused by not enough regulation and the Fed is now cleaning it up makes no sense. And it still won't make any sense to say getting rid of it will somehow stop people from mishandling money in the private sector when there's millions of dollars in profit to be made. No matter how many times Ron Paul says otherwise won't make the need for regulation any less of a reality.

    PS Glen beck? Really Digg? Really?
    • toastmin, on 09/24/2008, -1/+1Specifically, the the Community Reinvestment Act required banks to make loans to previously under served segments of their communities, thus forcing banks to lend to people who normally would be rejected as bad credit risks. That's one of the regulations that caused it. But to your main point about the fed

      An artificially lowered interest rate set by the fed actively encourages banks to take risks in the housing market. This is purposeful, not a side effect. Keynesian economists think this is a good thing because they view the economy as something that occasionally needs prodding. If housing growth matches their investment in the money supply , the bet pays off. If demand doesn't keep up with the booming supply, banks lose the bet and fail. Gas prices among other things quickly lowered American demand and here we are today. The private predatory lending you speak of is a problem but not an economy breaker. The widespread encouragement of risky loans is.
  • Wartyboskfapped, on 09/23/2008, -15/+13Glenn Beck is a loon and has no credibility.
    • keitarofujiwara, on 09/23/2008, -4/+1Glenn Beck is not a loon. He is actually a very smart guy, just like many other show hosts. But, you are right, he has no credibility. He is just changing flags now because he can see where everything is going. He's just making sure his numbers stay intact, that's all.

      However, if people buy this crap again, then they deserve it. Just like Glenn Beck, no one should go unpunished for the smearing they did in the past. Americans, however, don't give a ***** so he will remain popular. Digg. com will do its part in keeping him popular by submitting and digging articles about him.

      Buried.
      • TrueXtremeIcon, on 09/23/2008, -0/+6Glenn Beck is a religious loon. Someone did a pretty big story in him once in GQ and he talked about how he seriously believes armageddon is right around the corner and that he bought himself a home in Connecticut so that he wouldn't be a victim of the nuclear weapon that goes off in New York City. He also has a deep rooted fear of islam and notoriously asked Keith Ellison (the muslim Representative from Minn) how he could trust him and believe that he wasn't in league with "the terrorists".

        The guy is a nutjob.
  • redneo, on 09/23/2008, -4/+8Why is Alex Jones Ron Paul talks about the Fed it's a conspiracy theory. Glenn Beck talks about it. It's a Big true threat
    • Princeamor, on 09/23/2008, -0/+3Funny how paradigms change depending on the situation instead of the truth!
  • synthpop, on 09/23/2008, -3/+10what's the point? only about 1 in 500 people in America actually know what the Federal Reserve is or does.
  • TeCuervo, on 09/23/2008, -3/+9This is a scary world when I find myself agreeing with Glenn Beck more and more often.
    • gaoshan, on 09/23/2008, -1/+1Even crazy idiots make sense from time to time. That said, he's still an idiot. Just try listening to him over time and you will see what I mean.
  • truck87bp, on 09/23/2008, -0/+1Its interesting that no one talks about the Collateral the Fannie Mae and Freddie Mac still hold.

    Houses,
    lots of houses that could be used for collateral. The money may be gone on the books but the houses are still standing. If we are going to bail out anyone, it should be the States that hold the homes. State Banks should get the bailout money to lend at lower interest rates. For those states that abused the lending practices the most should get 10% less bailout money to slow down the obvious over growth.
  • 8213981283, on 09/23/2008, -0/+2Pfffff, hypocryts! First you re-elect a leader who brings you this financial mess, then you blame the Feds for not helping you....
    Ofcourse, the federel reserve system is insane, but you can't blame them for your own *****!
  • Mateo27, on 09/23/2008, -3/+1Careful Glenn....
  • EndGamePlayer, on 09/23/2008, -1/+2Right on - the Federal reserve is not federal and there is no reserve. Why even play with the banks & stock markets or treasuries? These are such big players they manipulate the game - WHY PLAY? Wouldn't your "fiat money" be safer if everyone took theirs out and bought "real goods" like LAND (waterfront is always nice and seem to hold value), farms are nice, maybe buy into a local business which is somewhat more controllable than markets these days. Maybe buy these foreclosed places and rent them back to the people or let the people buy them back at reasonable prices - at reasonable rates (the buy low rule). Solar, wind and alt energy are still good places of value and will be more so as oil goes up (and they WILL raise -it one way or another). Gold, oil, dollar - all ruses - illusions of wealth.

    And, the meek shall inherit the Earth.
    =======
    ==Bush was elected? - voting machines are hackable - USE PAPER BALLOTS SO THIS DOESN'T HAPPEN AGAIN ====
    ======
  • Zippo, on 09/23/2008, -3/+4Wow, Glen Beck talking about some real, serious issues and not the apocalypse...?
  • jarofclay, on 09/23/2008, -0/+6Dugg for Peter Schiff.
  • kirby14, on 09/23/2008, -5/+6Honestly if you all watched Glenn Beck more than just what you see in an edited clip on the internet, you would know that he really does bring up good material quite often.

    Sure, he is a conservative, but he is by no means a hardcore McCain supporter. Sure, he gets a little ADD sometimes, but the basic message it usually correct.

    Try watching the show before calling him a douche for a single video you watched out of context.
  • rsilvera, on 09/23/2008, -0/+4rabble rabble rabble

    FREE HAT!

    "Who is representing the little guy?" -Beck
    He says that as if this is some weird and novel turn of events. Nobody is representing the little guy. Even if there were elected officials involved in this meeting, there still wouldn't be anybody representing the little guy. That whole line is a red herring. People are angry about this and Beck is just pandering fake concern for people who work for living. What a douchebag.
  • o76923, on 09/23/2008, -0/+2That's all well and Good Mr. Beck. All but the part where you lack a fundamental understanding of how the Federal Reserve works. It's another public/private hybrid system like Fanny and Freddie. And when people don't answer "who is representing the American people" in a meeting between a group of people all appointed for that explicit purpose, it almost makes it sound like you don't like the Right anymore...
  • Exzhaton, on 09/23/2008, -0/+1Welp, whatever way it's spelled I'm tired of news channels passing off debating and opinions as news.
  • srebp001, on 09/23/2008, -0/+2Previous Federal Reserve topic on Digg (video):
    http://digg.com/business_finance/The_biggest_scam_ ...
  • OccamsSpork, on 09/23/2008, -1/+1That's funny, i don't recall hearing Glenn Beck and people like him bitching about this system a while ago when it was all Free Market Rah Rah Rah. Oh that's right, it's in vogue now to be mad at the guys with the money. Because Joe Lunchbox is finally waking up the fact that his precious Republican Party of "Family Values" and the "Working Class" has been handing him a frickin line all these years and tricking him to voting against his own interests.
  • wintermte, on 09/23/2008, -0/+0--reposting this as I posted as a reply to someone else, and meant to do it here

    I don't know where everyone keeps coming up with the conclusion that deregulation is the cause of this crisis. There hasn't been any significant deregulation since Reagan left office, and what little has been done was largely done by Clinton and continued by Bush. (http://www.ibdeditorials.com/IBDArticles.aspx?id=3 ...

    This problem the US is facing was/is caused by bad regulations, not de-regulation. Banks and creditors are being punished by the government for not making giving out loans to sub-prime candidates, and have been for a decade or so. Now those sub-prime loans are failing (once again read the above link).

    The above story isn't the only source for this (its just the one I had a link to right now).

    Both sides of the aisle are responsible for this mess we are in, but please if you are going to point fingers, be sure you are pointing at the right source.
  • ylon, on 09/23/2008, -2/+4You're awesome Glenn! Go get 'em!
  • XanderDee, on 09/23/2008, -0/+4The Federal Reserve sent Glenn Beck a note to kindly shut the ***** up. Do not expect him to talk about the Fed again.
  • whosyourdiggdad, on 09/23/2008, -3/+3Glenn Beck is a huge douchebag. He'll do/say anything for ratings. Ask him about his "clown in a gunshop" routine from his days in radio...

    He's very funny but not a wildly bright guy, he's easily influenced by other things he sees/reads (but on a simple level)
  • redscofield, on 09/23/2008, -0/+3for the second time in a week Glenn Beck and I have agreed on something... I'm scared... Hold me...
  • knottyboy, on 09/23/2008, -0/+1It always comes down to bigotry when their problems are to much for republicans to intellectualize. Glenn Beck is a ***** tool.
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