Several of the campaigns involved in last night's Republican debate used Twitter as a back channel to supplement their candidates' appearances. The Bachmann and Gingrich campaigns used it to retweet people praising their performances and declaring them the debate winners. The Santorum and Cain campaigns used it to distill key quotes and sum up their answers. But The Ron Paul campaign did it best. They used the real-time nature of Twitter to back up several of his answers with supplementary links to primary source materials around the web.Read Full Article
The graphic at right shows, in aggregate, the explosion of the Federal Reserve's balance sheet during the financial crisis. Today, thanks to the Dodd-Frank financial reform bill (exact provision here), we get to begin learning which companies benefitted from these subsidies, how much they got, when they got it, and what the Fed got/is expected to get in return. The law also asks for "the specific rationale for each such facility or program." Click through for links to dig in yourself or to find the best breaking analysis.Read Full Article
Rep. Ron Paul [R, TX-14], the most popular member of Congress amongst OC users, is in line next session to take control of the Domestic and International Monetary Policy, Trade and Technology subcommittee, oversees the Federal Reserve, among other things. Paul is well known for being critical of the Fed, having recently authored a book titled "End the Fed" and sponsoring legislation session after session designed to accomplish just what the book title suggests. He has inspired a powerful, Tea Party-aligned grassroots movement around his ideas of abolishing the Fed and changing the fundamental structure of the U.S. monetary system. With the Fed right now at the center of efforts to get the economy back up and running, having Paul take over Fed oversight right now could really shake things up.Read Full Article
It was a bad night to be an establishment politician and a good night to be a progressive Democrat. On Tuesday, four states -- Pennsylvania, Kentucky, Oregon and Arkansas -- held congressional primaries, and in all the big races pitting D.C.-insider candidates against grassroots-supported "outsiders," the insiders lost or did worse than anyone expected. Here's a quick rundown of what went down.Read Full Article
One of the great political success stories of the past couple years has been the audit the Fed movement. Starting with an unlikely partnership between the far-right Rep. Ron Paul [R, TX-14] and far-left lawmakers Rep. Alan Grayson [D, FL-8] and Sen. Bernie Sanders [I, VT], the push to open up the Federal Reserve to a complete government audit for the first time ever (H.R.1207) has attracted more than 300 co-sponsors in the House and was included in the House's financial reform bill that was approved last December.
But now that financial reform has moved into the Senate, the audit the Fed proposal has disappeared from the bill and there is virtually no talk of trying to put it back in. Instead, the Senate financial reform bill as written by Banking Committee Chairman Chris Dodd [D, CT] includes a section that looks deceptively like a Fed audit, but would actually do nothing to open up the Fed or remove the special audit restrictions that have allowed the Fed to operate in secrecy for decades.Read Full Article
Another day, another battle over health care reform. A false claim made by Congressional Republicans that the Affordable Care Act (H.R.3590) will result in the hiring of 16,000-16,500 new IRS agents, who might possibly be armed, is receiving some high-profile and well-deserved pushback.Read Full Article
You would think the White House would get behind a proposal that is sponsored by a full 3/4ths of the House of Representatives, but they're not.
Ryan Grim of Huffington Post reported today from a briefing with Treasury Secretary Timothy Geithner and a couple Treasury officials that they are "intensely opposed" to the Ron Paul-Alan Grayson bill to require a full audit of the Federal Reserve. The bill has already passed the House as a part of the broader financial reform package (H.R.4173) and it is immensely popular with the public as well as Members of Congress -- the stand-alone version of it has 317 co-sponsors in the House and 33 sponsors in the Senate. According to sponsorship statistics, it's the most popular bill in Congress right now.Read Full Article