Rep. Alan Grayson: "Has the Federal Reserve Ever Tried to Manipulate the Stock Market?"
By Heather Sunday Oct 04, 2009 8:00am
For anyone who hasn't seen this, I thought it was worth sharing. From Alan Grayson's You Tube page "Rep. Alan Grayson asking Federal Reserve General Counsel Scott Alvarez about the Fed's independence" on Sept. 25, 2009.
Also there is a really wonderful diary up at Daily KOS by davidkc with more on Grayson's background. I highly recommend reading it-- Alan Grayson Shows Dems How to Play Hardball.
The more I read about this man, the more I like him. As the KOS diary points to, the St. Petersburg Times published a lengthy profile of Congressman Grayson and here are a few portions that I thought were worth sharing.
But a leading opponent has not yet emerged, and Grayson, the 12th-wealthiest member of Congress, has resources to defend himself. He spent $2 million of his own money on the 2008 campaign. (The "die quickly" speech has triggered $150,000 in contributions, his office says.) And his district has shifted from slightly Republican to slightly Democratic.
"It's no coincidence the National Republican Congressional Committee has named me as the No. 1 target next year," Grayson said. "We're working hard, getting things done."
Swagger courses through Grayson's every word, delivered in the accent of his Bronx upbringing and with the exacting nature of a lawyer who first made his name taking on — and taking down — contractors and war profiteers in Iraq.
"I don't need the job for income or satisfaction," said Grayson, sitting on a bench outside the House chamber in between votes. "The truth is, it's really a hardship. I took an enormous pay cut to take the job. Every week, I leave five young children and my wife to come up here.
"I don't owe anything to anyone here. I don't owe anything to lobbyists. I don't owe anything to leadership. The only thing I owe to anybody is the well-being of 800,000 people who depend on me."
[....]
That self-assurance is best captured on the Financial Services Committee, where he has aggressively interrogated Federal Reserve officials and financial executives on federal bailouts and the economic morass.
In a memorable exchange, Grayson laughs at Fed Chairman Ben Bernanke as he tries to explain why the government would loan $500 billion to foreign banks.
The performances have made Grayson an Internet sensation, a champion for a public buried under credit card debt and foreclosures. "Alan Grayson. Wow," wrote a commenter on a YouTube video of him questioning Bernanke. "The only thing that would make this video better is if Grayson body-slammed Bernanke through a hardwood table."
[....]
Grayson's life story has the makings of a Horatio Alger novel. He grew up in a cramped Bronx tenement, the asthma-inflicted son of public school educators. Sickness and death are common themes.
As a boy, a bully threw him under a moving bus but he pulled himself free just in time. In Sri Lanka in 1984, he sat under a 2,200-year-old tree, a sacred Buddhist site, where guerrillas later slaughtered 200 people. He used to wake up in the middle of the night covered in his own blood, for no apparent reason. He was nearly killed in a car accident.
You wonder if he's putting you on, but he does not flinch. "I seem to have nine lives," Grayson said. "I've given a lot of thought to what I wanted to do in life."
Grayson got into Harvard and to cover expenses worked as a night watchman and cleaned toilets. He finished in three years, "and pretty close to the top of my class." He went on to work as an economist but returned to Harvard for a law degree and master's in public policy. Took him four years. "And I was working at the time." Then, he said, he went on to work for some of the titans of the legal field — Ginsberg, Bork, Scalia.
[....]
Working full time as a lawyer until joining Congress, Grayson made a name filing whistleblower lawsuits on contractor fraud and war profiteering in Iraq. The cases, involving big names like Halliburton and Custer Battles, were met with resistance from the Bush administration. Grayson said he was subjected to gag orders and stalling tactics. His quest garnered national attention, including a profile in the Wall Street Journal, which said he was waging a "one-man crusade," and an extensive piece in Vanity Fair, where Grayson disclosed he liked to dress flamboyantly to hold a jury's attention.
The experience, Grayson said, stirred his interest in politics and his antiwar stand played prominently in two runs for Congress, including an unsuccessful bid in 2006.
"Nobody can say you volunteered to be disabled the rest of your life. Nobody can say you volunteered to die and leave behind your wife and children. It's wrong. It's colonialism," he said, starting to cry. Recently he was one of only a handful of Democrats, and the only from Florida, to vote against further funding of the war.
Check out the entire article since there's lots more there.
No wonder the Republicans have a big target on his head. We could use a whole lot more like him in our Congress.






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Oil that is. Doesn't anyone remember the great oil price manipulation (A.K.A. Wealth Transfer) of 2008?
in the Orlando Sentinel, hardly a liberal rag, but it was 3-1 favorable when I voted. Not a very scientific study, for sure, but conceivably, RWers could have loaded the vote just as easily as supporters of Grayson could.
Even one more would be a good start.
(I know there are a few others that are pretty good but we really need about 200 of this kind of character)
-but he'd better stay away from Small Planes and the edges of train tracks. Maybe get a food taster for his crème brûlée, too. I'm not kidding.
You were thinking maybe Paul Wellstone?
...must be takin' lessons from Ron Paul!
Go Grayson!
I wish I lived in Florida so I could vote for this guy!
Google Ron Paul, racism. Not pretty...
Google Ron Paul, deregulation. Ronny loves himself some Milton Friedman.
Google Ron Paul, Neo Confederate. WTF?
Google Ron Paul, Obama, one world government. Uh huh.
Alan Grayson is no Ron Paul. For which I am relieved.
Stopped clock right twice a day, etc. Ron Paul is full of massive amounts of shit, but his crazy stances allow him to occasionally speak unfettered truth. I wouldn't be able to vote for the guy, but I do admire a few of his beliefs in the midst of the rest of his poorly-advised, naive, and ill thoughts.
Along with his past history of racist ghost-writers and supremacists, that he's aligning with insincere trolls like Bachmann is a sign that his naivete hasn't gotten any better over the years.
1. drop the racism BS, the election campaign is over.
those words were probably written by lew rockwell.
ron paul has never said anything like it in his decades as a politician.
2. grayson does have connections with ron paul.
he is the primary proponent of ron paul's audit-the-fed bill and was the one who made it a bipartisan bill by signing up democratic collegues to a then-republican bill.
also, grayson is a client of the investment firm of ron paul's economic adviser in the presidential campaign, and shares many of his views according to him. he even gave the maximum contribution to grayson's congressional campaign.
1 - those racist comments were written during a time when Mrs. Ron Paul was typing the effin newsletter.
2 - I dunno and don't care - see number #1
Ron Paul is either a racist or an opportunist as he made nearly a million bucks with his "newsletter" (that he claims no knowledge of the content)
"1. drop the racism BS, the election campaign is over.
those words were probably written by lew rockwell.
ron paul has never said anything like it in his decades as a politician."
Paul is naive and apparently gets people like Lew acting in his stead, and continues to associate with them.
I wonder why he is completely ignored as a subject, on the talk shows this weekend.
Pretty efficient machine isn't it? I'm not so sure someone this inquisitive could make it near the Whitehouse. You never saw Biden, Barack or Hillary asking questions like these.
the rejection of the Olympic commitee for USA is something that had to be covered.
Sunday Pundit gab-fests can put the likes of Michelle Malkin on the air (wtf), but I wonder if a "clear-thinking Progressive machine", like Rep. Grayson, scares the hell out them.
by all of the media. He's no Joe Wilson, y'know.
That fella's a true hero.
but only briefly - and only so they could obediently and erroneously link his statement in Congress to Joe Wilson insulting the president, Congress and the American public. Only Rachel Maddow stopped them everytime they tried to loop the meme.
But the bobble heads are as devoted as Republican shills to connecting Grayson to Wilson.
Hard to believe, seeing what an ignorant bigoted ass Wilson is, but the bobble headsa take their orders from the same people as the Republican shills, so what do you expect?
is a dangerous thing in DC. I wonder how long it will be before his own Party marginalizes him. The tenured do not like new upstarts stealing their press and taking principaled stands that appeal to the public and do right by the country. It makes it too hard for the rest of them to sc**w us and then spin it. When someone like Grayson comes along, we need to give him our full support. Look what the Democrats did to Dean and Feingold? They eat their own when they serve the people instead of the power of the Party.
A third party - maybe a labor party. Split the D's into two parties labor and corporate. A party cannot serve two opposing masters.
Let the blue dogs and so-called moderates (anti-labor etc.) go to the business end and the rest go to labor.
Well, I can imagine anyway . . .
Social Democrats.
That being said, Grayson should check under the hood of his car before he starts it each day. And no single engine planes. He better be squeaky clean.
I hope that he has the common sense to hire some bodyguards since he seems to have deep pockets.
He's the perfect target for another Wellstoning.
with big Caddys who just might have their accelerators stick in his neighborhood...
http://en.wikipedia.org/wiki/Alan_Grayson
Grayson was born in the Bronx, New York. He graduated from Bronx High School of Science, Harvard College (Phi Beta Kappa), Harvard Law School (with honors) and holds a Master of Public Policy from Harvard's John F. Kennedy School of Government.
He was admitted to the bar in 1984.[2] He was a law clerk at the D.C. Circuit Court of Appeals (1984–1985), working with such judges as Abner Mikva, Robert Bork, and two judges who later joined the U.S. Supreme Court: Ruth Bader Ginsburg and Antonin Scalia. He practiced contract law at Fried Frank.[3] He performed legal work for IDT while at Grayson and Kubli.[4] He helped found the Alliance for Aging Research, and is secretary of its board of directors. In recent years, he specialized in whistleblower cases aimed at companies that allegedly profited from the War in Iraq. While working on the whistleblower cases, he worked from a home office in his pink Orlando mansion and drove an aging Cadillac with anti-Bush administration bumper stickers such as "Bush Lied, People Died."[1]
Beware of wiki…
Grayson can't be bought and he doesn't back down. He's a trial lawyer, a litigator, who has taken on Blackwater, KBR and Halliburton. He knows how to fight and win. He also knows the despicable practices of the insurance companies and where their (metaphorical, here) bodies are buried. Even Rachel Maddow tried to badger him on using the word "holocaust" three times on her show. He wasn't budging. The more I read about Mr. Grayson the more I like.
Can we get this guy to REPLACE Cave-In Pelosi. Watching this guy reminds me what LEADERSHIP is.
Grayson for Pelosi Replacement.
This is so undemocratic and unamerican. Every time a Democrat shows a tiny amount of balls, he becomes a target for the damn rethuglicans, and the fawning and childlike obediant media goes along with f3$%king "right". This country is seriously screwed. God speed Rep. Grayson.
Rep. Virginia Foxx (R-N. Dumbfuckistan) blatantly lies about "death panels."
Rep. Michelle Bachmann (R-Voopa-Voopaland) calls for "blood covenants" to resist the evil census.
They are not asked to tone down their rhetoric. Nope. Uh-uh.
Is Mr. Grayson listing the value of the platinum balls he possesses in his net worth.
Maybe just a committee meeting, but where were our other elected officials?
But of course, they were meeting with their lobbying partners over cocktails while Alan is just doing his job.
We have his back!!
WE can put others in the senate and congress like this guy?
What do you say we empty washington of all these life long blood suckers that have been fouling up the works for years and start putting real American people into their places.
Like it was supposed to be you go you serve your term you go home.
You don't pass go you don't collect a life long pension or life long health care unless it's single payer for all.
republicanism is a mental illness!
...republicans (than democrats) who support Ron Paul's "audit the fed" bill. (which is what Grayson is talking about)
be careful what you wish for!!!
(clinging to democrats as your saviors) ...is (also) a mental illness
which has clobbered the economy.
He also believes that Obama will try to institute a one-world government. David Neiwert covered that here on C&L last November.
Clinging to Ron Paul might be of questionable value.
...doesnt "think that Obama will try to institute a one-world govt".
Ron Paul thinks Obama will (cave in/sell out) to the international banksters and corporations. (just like a lot of libs thinks he is doing!)
Ron Paul wants to end the Fed. ...and it is obvious (from Grayson's questions) that the Fed does indeed "manipulate markets"
Ron Paul wants to de-regulate our manipulated stock market by removing the Federal reserve from the picture...(and go back to having real enforceable laws that govern our markets)
our markets have regulation, on top of regulation, on top of regulation, ...and are effectively de-regulated because of it!
Ron Paul doesnt want to deregulate corporations into doing whatever the hell they want. ...Ron paul is anti bankster and if you can't see he is speaking truth to power with his audit the fed bill, then you are blind.
and thus should be kept at arms length...preferably an orang-utan's arms.
Those of you who claim the "libertarian" mantle should dig a bit deeper into Ron's background and his philosophies before worshipping him as your saviour.
Ron Paul...a racist?
I debated this subject a year ago when he was running for president. and didnt see any evidence for it.
anyone, (including Grayson and Dennis Kuchinich), who wants to audit the Fed...
...is my savior!
Get on teh Google Machine and search on Ron Paul, racism.
That makes it easier for both me and you since I type with two fingers and there is a tremendous amount of information on the subject from multiple sources.
In this way, I haven't wasted my time when the source that I cite is attacked by the Paulistas.
And anybody else can shop around and weigh the evidence for themselves.
And again, I would not even attempt to change the mind of a True RonPaul Believer.
It would be like the farmer who tried to teach a pig to sing; it was a waste of the farmer's time and it annoyed the hell out of the pig.
(Ron Paul is not a racist video)
I ended up at (you tube)
"Ron Paul forcefully responds to racist rumors"
http://www.youtube.com/watch?v=5CoQWAXuUyI&fe...
Howzzzat!
Ron Paul is still a racist, dereg-happy neo-confederate.
Google Ron Paul and deregulation. You can have your pick of numerous sources on the Left and Right.
You can continue to believe that the market is over-regulated if you like - but most credible sources seem to hold the strange belief that it was deregulation that did us in. There are a number of entries that cite Mr. Paul as a "master of stealth deregulation" and you can choose from any number of sources.
Google Ron Paul and Racism and there are hundreds of entries both pro and con. I am more persuaded by those who cite Mr.Paul's onetime newsletter which contained posts by outright racists.
I am not really arguing with you; it is unlikely that I could convert a Ron Paul True Believer.
I am answering your misinformation in case anybody else might be persuaded to think Mr. Paul has anything to offer aside from the same-old Republican same-old.
Our markets were deregulated, as was our food supply our drug supply, and everything else, because Bush and company put the foxes in charge of the hen houses. You don't have to remove the laws when you put crooks in charge of enforcing them.
I think we already have that. It's called BofAWellsFargoJPMorganChaseCitibankFifthThirdSunTrust...
They got the gold mine, we got the shaft!
Nothing like privatizing profits for the top 1% and socializing losses to the rest.
The latest list reflects the following changes:
Effective July 27, 2009, Nomura Securities International, Inc. has been added to the list of primary dealers. (Established December 25, 1925 in Osaka, it is the oldest brokerage firm in Japan.)
[ http://en.wikipedia.org/wiki/Nomura_Securitie.... ]
Snip - List of the Primary Government Securities Dealers Reporting to the Government Securities Dealers Statistics Unit of the Federal Reserve Bank of New York [ http://www.newyorkfed.org/markets/pridealers_... ]
Additional commentary:
[ http://crooksandliars.com/susie-madrak/its-fu... ]
"Has the Federal Reserve Ever Tried to Manipulate the Stock Market?"
Someone on this thread has yet to answer that question with the question "Does a bear sh*t in the woods?"
There is an organization whose function is to manipulate the markets. It is know officially as the Working Group on Financial Markets and unofficially as the Plunge Protection Team. I'm sure it will surprise no-one that it "was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan."
Ellen Brown has a great article about the PPT at her Web of Debt blog. And not to blog-whore or anything, but I did a post last October on the PPT, HERE. It was featured in the Blog Roundup (Thanks again, Mike) but if you missed it I still think its a succinct synopsis of the facts.
In other words, the usual suspects.
"was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan."
"Speed It Up"
→ [ http://www.youtube.com/watch?v=QTcL6Xc_eMM&fe... ](0:57)
Rolling Stone expose: Goldman Sachs behind every market crash since 1920s [ http://rawstory.com/blog/2009/07/rolling-ston... ]
BNP Paribas Securities Corp.
Banc of America Securities LLC
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Securities America Inc.
Deutsche Bank Securities Inc.
→ → → → → → → → → → → → Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J. P. Morgan Securities Inc.
Mizuho Securities USA Inc.
→ → → → → → → → → → → Morgan Stanley & Co. Incorporated
Nomura Securities International, Inc.
RBC Capital Markets Corporation
RBS Securities Inc.
UBS Securities LLC.
On September 22, 2008, the last two major investment banks in the United States, Morgan Stanley and Goldman Sachs, both confirmed that they would become traditional bank holding companies, bringing an end to the era of investment banking on Wall Street.
The Federal Reserve's approval of their bid to become banks ended the ascendancy of the securities firms, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to the rushed sale of Merrill Lynch & Co. to Bank of America Corp.
Goldman Sachs got help from Berkshire Hathaway, which bought $5 billion in Goldman's preferred stock, and also got warrants to buy another $5 billion in Goldman's common stock. Goldman also received $10 billion of capital from the U.S. government in October 2008, under the Troubled Asset Relief Program.
The times they are-a-changing… not!
FRANK RICH here
---
If Alan Grayson continues to ask questions like that I will carry my little pail of water for him.
I would like to see an abolish the Senate put on the national ballot to amend the Constitution. There is very little I see them actually achieving besides obstruction.
One of the most interesting things is that he worked for Scalia and Bork, two of the most right-winged judges ever, and he's apparently a liberal?
That was awesome.
If we had more like Grayson in Congress over the last 25+ years maybe this country wouldn't have been looted the way it was.
He needs to keep himself squeaky clean and avoid small private planes.
the thread is dead now I'm sure, but fact is, having principles has nothing to do with how rich you are.
I haven't prostituted myself when I was homeless or hungry and frankly, there is no excuse for any politician to prostitute themselves because they need some money.
Suck it up and earn it the hard way.
That Greyson sucks it up has nothing to do with his money, it has to do with his character. He is not for sale at any price at anytime.
You don't have to be a millionaire to be that.
How about everyday.
into a "defund the GOP" Act this is a major backfire that's going to be quite entertaining to watch. Check it out - http://www.frumpgazette.com/2009/10/04/de-fun...
Michele Bachmann is a disgrace to the USA, MN, and the 6th. If you're interested in getting rid of Bachmann, support democratic candidate Dr. Maureen Reed! You can learn more about Maureen, and donate, at:
http://maureenreedforcongress.com/
and
http://en.wikipedia.org/wiki/Maureen_Reed
I have him booked for 7:35pm Central time.
Feel free to reply to this comment with your questions for him.
Show airs from 7-8pm Central 90.1 FM in Houston and kpft.org online.
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