We’re another step closer to auditing the Federal Reserve

This has been a long time coming. The Federal Reserve has never been audited. Ever. The House has now moved us a step closer to shedding real light on all of the secret deals:

The measure, cosponsored by Reps. Ron Paul (R-Texas) and Alan Grayson (D-Fla.), authorizes the Government Accountability Office to conduct a wide-ranging audit of the Fed's opaque deals with foreign central banks and major U.S. financial institutions. The Fed has never had a real audit in its history and little is known of what it does with the trillions of dollars at its disposal.

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When do the prosecutions begin?

In the St. Louis alternative newspaper, The Riverfront Times, James Lieber sizes up the prosecutions now underway for the economic collapse. Oh, wait. There aren't any prosecutions:

As it stands now, there is only one federal prosecution related to the credit crash and bailout cycle, and it was begun by the Bush administration's Justice Department in June 2008. Not that there aren't culprits. Bernie Madoff and other accused Ponzi schemers like Allen Stanford are mere pickpockets compared with Wall Street's institutional buccaneers, who so far have carted off up to $12.7 trillion — that's nearly equal to the entire gross domestic product. They've multiplied their booty with billions in subsidies and a flood of derivatives — some of them merely old soured wine in new bottles. Today's pirates are sailing away from the light regulatory scrutiny that apparently will continue in our benighted, weakened, financially top-heavy and bubble-addicted economy. [Former regulator William] Black says Obama's current efforts are doomed to fail — and, in a twist, it's for lack of trying. "There is not a single successful regulator giving him advice," Black notes.
I've posted about William Black previously. Lieber describes him as follows: "a Ph.D. criminologist and lead lawyer at the Office of Thrift Supervision, who helped steer the brilliant federal effort that cleaned up the S&L industry and won more than 1,000 felony convictions of senior insiders while recovering millions of their ill-gotten dollars." Black is someone to whom Obama should be listening. He states that there are two reasons why there aren't vigorous ongoing prosecutions resulting from this collapse 1) "It's difficult to prosecute others for securities fraud if you condoned the deals to begin with," and
2) Obama administration lacks the will. Obama was the candidate most preferred by Wall Street and he has surrounded himself with lackeys for big finance, including not only Lawrence Summers and Tim Geithner, but also Attorney General Eric Holder, who has made it clear that white collar crime is something which he'd rather not prosecute. Keep in mind that "Wall Street's institutional buccaneers [have] so far have carted off up to $12.7 trillion, and that in 2008, In 2008 American households lost 18 percent of their wealth. Why aren't there more prosecutions? There's no good reason. This is an excellent in-depth article. The title: "No Justice: We've bailed out the banks. When do we go after the crooks behind our financial collapse?"

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What we should all wish for our children –

Friday evening, I was fortunate enough to attend the 40th anniversary Founder's Dinner for the elementary school my daughters attended. My youngest, thankfully, is still there. She only has a year left after this one, and already I can feel the size of the hole left in my life when I no longer have the community behind its Big Red Doors to mingle with every day. This young woman, Brittany Packnett, was one of the speakers, an alumnus of the school who has gone on to make a difference in many more young lives as teacher in Washington D.C. I was in tears as I listened to her, knowing that my girls are being blessed with the same underpinnings of which she so eloquently speaks. This is what education for all children should be about. [Admin note: See also this related post on Howard Gardner's theory of Multiple Intelligences]

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The Charter for Compassion: simple kind-hearted affirmation of others

Karen Armstrong's "Charter for Compassion" is a new and eloquent re-affirmation of the golden rule. Her Charter is not based upon any particular religious tradition. Rather, it is based on the recognition that compassion (the golden rule) is the centerpiece for all worthy moral systems. Armstrong, formerly a nun was recently interviewed by Bill Moyers, and had this to say:

[T]his is the beginning of something. We're writing a charter which we hope will be sort of like the charter of human rights, two pages only. Saying that compassion is far more important than belief. That it is the essence of religion. All the traditions teach that it is the practice of compassion and honoring the sacred in the other that brings us into the presence of what we call God, Nirvana, Raman, or Tao. And people are remarkably uneducated about compassion these days. So we want to bring it back to the center of attention. But then, it's got to be incarnated into practical action. . . . Compassion doesn't mean feeling sorry for people. It doesn't mean pity. It means putting yourself in the position of the other, learning about the other. Learning what's motivating the other, learning about their grievances. So the Charter of Compassion was to recall compassion from the sidelines, to which it's often put in religious discourse and put it back there.
I do believe that this type of approach is sorely needed in the modern world. We need an approach that can be embraced by every good-hearted person, religious or not. This Charter is something simple enough and powerful enough to combat the egoism, arrogant intellectualism, arrogant religions, consumerism and xenophobia that are screwing up so many of us.

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