Author Topic: Herman Cain Defends the Federal Reserve  (Read 2702 times)

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Online Pandora

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Herman Cain Defends the Federal Reserve
« on: March 16, 2011, 03:07:04 AM »
No Need To Audit the Federal Reserve According to Herman Cain

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I’ve mentioned before that I’m skeptical of Herman Cain, who expected to make his second presidential bid official any day now, in part because of his deference to government over the free market. For example, he backed TARP at the height of the financial crisis in 2008 - calling it a “recovery plan.” He slammed opponents of the program on the right, calling us “free market purists.”

Now, Cain, a former board member of the Federal Reserve, is telling us that the central bank already has internal audits, that there isn’t anything new that we’d learn from a significant audit and they haven’t been hiding anything from Americans. He chalks it up to people not knowing enough about the Fed.

Hm. Ok. If the Fed wasn’t trying to hide anything, why did they want until legislation was passed with a statutory requirement forcing to release the names of foreign banks they loaned money to?

I’m not saying there is a government conspriacy here, but there has been an incredible lack of transparency on the part of the Federal Reserve. For example, why does Fed Chairman Ben Bernanke claim that they aren’t printing money when that’s exactly what quantitative easing is?

Despite Cain’s claims to the contrary, he is defending the Federal Reserve. And it doesn’t reflect the behavior of someone claiming to be a conservative.

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Offline Libertas

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Re: Herman Cain Defends the Federal Reserve
« Reply #1 on: March 16, 2011, 07:33:38 AM »
Well, everybody has at least one skeleton in the closet, and since he is a former member in the Fed, I guess it is no surprise he still feels some affinity/loyalty with them.  Either it's a case of he knows more than we do and not make a bigger deal out of it than it has to be, or he just neglected to think before speaking.  I don't have an axe to grind with him so I'll assume a less nefarious motivation to his words regarding the Fed.  But at the very least, he should be smart enough to realize that speaking out against an audit of the Fed in light of the Wall Street & bank bailouts reflects poor judgement, after all there has to be some independent oversight of every government agency.  Do bailouts and covering for the Fed disqualify him for Presidential consideration?  Perhaps it does, but all of this will come out in the laundry of the primary process.  It would be incumbant upon his primary opponents to clarify his positions, and We the People will judge them all.  So I will not go so far as to say he cannot run, but if his answers are not satisfactory on these issues, if he sticks to his past positions, I would be inclined to not support him any further.  I hope he takes steps to redeem himself, time will tell.
We are now where The Founders were when they faced despotism.

Online Pandora

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Re: Herman Cain Defends the Federal Reserve
« Reply #2 on: March 16, 2011, 07:49:23 AM »
As you say, his opinion and positions will be clarified - are being clarified - which is why I posted this.

The "games" have begun and any and all truthful information is worth considering.
"Under certain circumstances, profanity provides a relief denied even to prayer." - Mark Twain

"Let us assume for the moment everything you say about me is true. That just makes your problem bigger, doesn't it?"

Offline Libertas

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Re: Herman Cain Defends the Federal Reserve
« Reply #3 on: March 16, 2011, 08:09:25 AM »
Yup.  All part of process...have to separate the wheat from the chaff!

 ::thumbsup::
We are now where The Founders were when they faced despotism.

Online IronDioPriest

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Re: Herman Cain Defends the Federal Reserve
« Reply #4 on: March 16, 2011, 08:25:44 AM »
I find his support of TARP more troubling. I'm relatively sure he would denounce it now, but the fact that he came forward at the time with an opinion that turned out to be 180º wrong, I think it may call his judgment into question. There was an AWFUL lot of GOP bandwagon support of that fiasco. A lot of Pubbies who had no idea what the hell they were talking about or supporting coming forward and supporting it rhetorically and when it counted, in legislation.

We need someone wise enough to see beyond that kind of uneducated "we are politicians therefore we must act" bullspit. Right now I think it is equally if not more important for politicians to know when NOT to act. They've done enough damage already, and TARP was a major part of the damage they've done.
"A strict observance of the written laws is doubtless one of the high duties of a good citizen, but it is not the highest. The laws of necessity, of self-preservation, of saving our country when in danger, are of higher obligation. To lose our country by a scrupulous adherence to written law, would be to lose the law itself, with life, liberty, property and all those who are enjoying them with us; thus absurdly sacrificing the end to the means."

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Offline AmericanPatriot

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Re: Herman Cain Defends the Federal Reserve
« Reply #5 on: March 16, 2011, 08:27:14 AM »
Another one bites the dust

Offline Dan

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Re: Herman Cain Defends the Federal Reserve
« Reply #6 on: March 16, 2011, 08:28:13 AM »
Dang! This is a check in the wrong box.
“The American people will never knowingly adopt socialism. But, under the name of ‘liberalism’, they will adopt every fragment of the socialist program, until one day America will be a socialist nation, without knowing how it happened.” - Norman Thomas, U.S. Socialist

Offline John Florida

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Re: Herman Cain Defends the Federal Reserve
« Reply #7 on: March 16, 2011, 08:42:25 AM »
Dang! This is a check in the wrong box.

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