Freedom Watch: 5/20

" Good afternoon everyone at 2 o'clock on the east eleventh -- west of liberty power hour is back. Welcome to a brand new episode of freedom watch streaming live from a highly -- strategy room. On foxnews.com. -- judge entered politics and a we'll discuss today the issues that profoundly affect your civil liberties. Your personal liberties your financial liberties and your right to have a government. That stays within the confines of the constitution. We encourage you to take part in today's show send your two weeks to Shelley roach who's seated right next to me she's not by remote she's right here today. We'll answer your questions. Throughout the show congressman Ron Paul may be whether he was just called the vote. But Lew Rockwell Thomas woods doctor Rand Paul Glenn the wrestler Jacobs out of what Sarah. Jason -- and but right now Lou Rockwell and Tom woods join us from the -- institute. In Auburn Alabama and we're hoping congressman Paul will join us as well lo and Tom welcome back to freedom watch."

" Great to be with you as always thank you yes."

" Thank you guys Tom let's let's start with you. Since last week met. The government has indicated that yet again. It wants to give more powers to the effect. This morning. There is a story. In Bloomberg dot com and also on The Wall Street Journal dot com. That the congress wants to take some of the regulatory authority away from the SEC. Regulatory authority should have in the first place and give it to of all people the Fed now this raises a lot of implications. What are."

" Well to me go to the most significant implication is that what we've all probably long perspective which is that our political class is completely clueless. That they -- once again that you. I think after symptoms instead of causes and it. If anything the thing that needs to be regulated that the Fed itself but the idea that the institution. That is totally unaccountable creating trillions of dollars the Bloomberg financial network had to do them. But and to disclose any information -- that they would be competent regulators of genuinely private actors is the -- in -- to the contrary the Fed under -- Greenspan. It was understood by everybody the Financial Times newspaper made clear that everybody knew that Alan Greenspan if you got into big trouble as a major Wall Street actor would eventually come riding to the rescue -- let's stop doing that that we get a lot more -- behavior on Wall Street. Then that is the source. The ultimate source of all the moral hazard because that create the boom and bust cycle and -- when the box comes all the major players coming up in the paper money producer -- the -- To bail them out of the -- that they themselves created it is. A moral hazard -- an exponent the -- and the idea that they should be regulators especially when when Ben Bernanke himself says. That his own regulators have only looked into the mortgage market a couple of years ago when they found that it was stronger than ever I mean -- In the world could track these people to do anything."

" you know that that's the question they obviously can't be trusted because as a private bank with government powers they obviously. Have a vested interest how how could a private bank Lou. Possibly regulate certain aspects of compliance with the Securities and Exchange Commission regulation. For publicly traded corporation without having some kind of an inherent. Conflict of interest. Who."

" Nothing but a giant. Think of come. Of these conflicts of interest. And one of the ways we can look at the recent crisis -- of the results and the result of the crisis is that -- of the worst people on Wall Street have been taking further power over the treasury and over the Federal Reserve. And now of course and also within the it within the treasury fit. Struggle and there'll always -- struggle in Washington that no one talked about. CIA the FBI the FBI the CIA the treasury -- look bad but certainly the perjury but that may be at peace the but that. Want all power and of course that you point out and pump went out of the secretive unaccountable. And but it's run by I would say it. A lot of the run by the people who brought up the crisis who -- on the artificial boom and -- and now this horrible recession or depression. Despite all the business about green -- and must concede it's. We're a long way from getting out. You know to put the criminals. Who created the in charge of allegedly making sure it doesn't happen again. All they will make sure of it with their help on Wall Street and the banks that are connected them to him we'll further be able to rip off the American people."

" Tom on struggling in my memory for a depression theorists Supreme Court opinion. Which believe it or not it was then obviously it was before DR tried to pack the court. Basically said that that in industry could not. Receive powers from the congress. To regulate itself or some selected group in the industry couldn't receive powers from congress to regulate. The rest of the industry but this Fed. It's such a weird bird. In our constitutional system I would bet that most of congress thinks it's part of the government I know that most of the public. Think it's part of the government -- have a private bank private bankers. Basically Ian Harris at the same class of people that brought us the Fed in 1913. Can you imagine what they could do to enrich themselves. If they -- regulator. Of all publicly traded corporations."

" I think you're thinking of the so called -- That was used to overturn the national industrial recovery."

" Pat Neshek they're versus check to check on our."

" Right I think that the wind but yeah I mean the idea that we can we can delegate powers is not in my opinion the federal government should have in the first place than delegate them to some outside agency. It's certainly dangerous but what. Most important for up to explode forever is the night you that the Clapton version of how American history work and all our sixth and seventh graders are taught which is that you know when the government establishes. Something like the head or direct government agency it's always done for the sake of the common good and to you know make up all better off. And we never think what -- never -- that may -- the they ripped off and you -- really -- by the late great economist pointed out that in the speech he gave in the eighties he said you know if the steel industry wants higher tariffs that nobody sit back and says you know I bet the higher have to. Can by the federal government look at cool calculated decision that was meant to improve the well being -- I know we all know that that's an industry decision and they they lobby for a and they do it to enrich themselves but if you if you apply that analysis to the dead or any other agency and say wait a minute. May -- their private actors here who -- doing it not for the common good but heaven forbid maybe they're actually doing it to benefit themselves well you're not allowed to say that because these are all here for the common good and I think I've taken a little bit of abuse from left wingers who are you spoke to be the one to question authority when it comes to questioning the Fed absolutely not whatever Ben Bernanke -- in his press release -- bow down before."

" You you probably don't need unrealized. How profound and how accurate. Is the last sentence that you just under whatever Ben Bernanke says about them before I'm going to break a little news. Right now 222. -- to our freedom watch your listeners as humane oh. The Fox Business Network sued the Treasury Department and the Fed under the Freedom of Information Act. Seeking copies of all documents evidence saying anything to do with the expenditure of TARP funds copies of checks copies of agreement gene Nelson said. The -- federal judge that two months ago. Granted fox summary judgment against the Treasury Department and ordered the Treasury Department to comply and we believe it it's. Late last night. Throughout Fox's case dismissed Fox's case against the Fed saying quote. I don't want blood on my hands closed quote. Question Lew Rockwell thought how could a light protect your federal judge be afraid of the pebble was."

" Well the Federal Reserve is the central institution of evil in American society and the American government. I mean without the Federal Reserve and its ability to create money then there by the trillions is point we could have -- the workers say the welfare state we couldn't have the vast bailout and handout to all the special interest let go on this is the most powerful untouchable institution. Society and thank goodness therefore that Ron Paul and targeting it was a legislation. And is raising people's. Interest than it. Because -- when I was a kid we you know everybody's eyes glaze over when you talked about the is the name on a bill in your in your wallet. Now more and more Americans realize they are ripping -- off. They're ripping you off. Two horrendous. By horrendous amounts. They're pumping unbelievable. Human suffering in this country and all around in fact the whole world the Federal Reserve. So I can understand the judges being afraid I don't appreciate the fact that he gave into his -- and all that the didn't do what the constitution and justice and economic logic and many other things with Pelosi shouldn't but really they are so far untouchable. All these independent agencies that were created and the people written hero but that is the is the the holiest that the only thank -- on their -- constitution avenue -- Picture of the bill in the -- about in -- that the film on your camera just like the old Soviet Union the place needs scrutiny that the examination. People need to learn about it. And by the way I want to fit everybody if you want to learn about the first reads com what is New York Times best seller meltdown. Exactly what -- Explain you what the constitution is and why you need to be not only examined and the sunlight shined on them but really need to be abolished -- if you. Future that the future of our countries to include prosperity and freedom."