As I previously reported, September 15th is the Audit the FED Mass Action day . Here's another reason why the House and the People need to audit the Federal Reserve Bank:
Through bank bailouts and FED actions, some banks received seemingly unlimited and definitely secretive amount of interest-free funds. What banks are getting the money and what are the banks doing with this cheap capital influx?
In California, for example, it appears the banks are doing their best to hold back the inventory and create artificial shortages of housing. Take for example the Los Angeles, area. With cheap money coming in from the FED, they can afford to create a huge Shadow Inventory. Inventory not published on MLS, and not available to the general public.
Here is an example of housing prices still being unreasonably high on the LA's Westside. Here, it seems, the housing bubble is still alive and well. The rents less than a half of the mortgage for the same house:
Going one step further, the banks are playing the game of Solving the Problem of worth-less houses by Sticking Their Heads in the Sand and not doing anything about the delinquent mortgages. As Dr Housing Bubble reports this is the easiest way for them and creates a huge Shadow Inventory of houses:
Who does this kind of behavior help? Well it does "benefit" the homeowners who are behind on their mortgages live rent free and mortgage free for a while. But would you really enjoy living in a house and never be sure when you will be forced to move out? It sure helps the banks look better "on paper" not having to clean their balance sheets of worth-less properties and declare a heavy loss. Their stocks aren't doing badly at the moment, but for how much longer can this farce last? Would they enjoy another stock market crash in a span of just a year or so? And, finally, there are the families that have been saving money and are ready to buy a home but will not be able to for a while longer because of the artificially and continually inflated housing prices.
By auditing the FED, the people will have a clear picture of where their money is going, and how their money is being used against them in so many ways. It will become obvious why Auditing the FED means Ending the FED.