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Monday, October 10, 2011 9:48:41 PM
Cain & Federal Reserve
Herman Cain Worked at the Federal Reserve… So What?
On June 19, 2011
in GOP Candidates
by Eric Odom
(Media Director)
Editor’s Note: The following was sent in as a guest post from Silas T Comberback, a member of the Patriot Action Network.
I keep reading negative comments about Herman Cain‘s service to the Federal Reserve and how this one issue is the litmus test for his candidacy. If, during Cain’s tenure with the FR, he was found to be very influential in the banking industry, it could be a litmus test.
However, if you did some research, you would soon discover that Cain was a Class C director and not allowed to deal with the banking industry. Bet you didn’t know there are 3 clases of directors with different and specific duties.
and as such:
Class C
Three Class C directors also represent the public, but are appointed by the Board of Governors of the Federal Reserve System. This adds another layer to the blending of public and private control over the nation’s central bank. The Board of Governors also selects both the chairman and deputy chairman of each regional Federal Reserve Bank’s Board of Directors from among the Class C directors. These directors are highly insulated from banking relationships. They may not be an officer, director or employee of a bank or bank holding company. Additionally, these directors may not own stock in a bank or a bank holding company.
Cain was selected due to his business acumen.
Furthermore, these voluntary directors usually meet every 2 weeks, not a great sphere in my opinion. The FR of 1994,1995 was far different from the FR today.It was more conservative and the federal deficit was far less than it is today.
Cain says he is not in favor of auditing the FR as nothing will be done. The FR is audited, and nothing is done. Sounds like all those the documentation about Obama’s citizenship where nothing is done.
There is a site where you can read all the actions of Kansas City FR for 1995 and 1996. Each report is 385 pages long. If you want the link, let me know.
So what else was Cain doing in 1994 besides allegedly screwing us over on banking? Cain sparred with Clinton on “HillaryCare”at a town hall meeting and is know as the saboteur of the Clinton health care proposal.
It was in his capacity as a restaurateur that Cain achieved his first bit of political fame. In April 1994, Bill Clinton was stumping for his health-care bill. At a Kansas town hall, Cain rose from the crowd and said the bill would force Godfather’s to fire part of its workforce. Clinton parried and said Cain would only have to raise pizza prices by 2 percent. Cain, now openly contradicting the president, insisted Clinton was “incorrect.” The blast came as the coalition that might support Clinton’s plan was disintegrating, and the Hermanator—as he was by then calling himself—became a rock star. Cain “wasn’t the bullet” that killed reform, insists Chris Jennings, who was a senior health-care adviser to Clinton. But Newsweek dubbed Cain, not Harry and Louise, one of the “real saboteurs.” from the Daily Beast.
I am supporting and voting for whomever the GOP nominates.
-Silas T Comberback
http://campaigntrailreport.com/2011/06/19/herman-cain-worked-at-the-federal-reserve-so-what
********
********
Progressiveness Must Die Today,
In Order That We May Be Free Tomorrow
Two Real Choices For 2012 – Cain Or Gingrich .
Herman Cain Worked at the Federal Reserve… So What?
On June 19, 2011
in GOP Candidates
by Eric Odom
(Media Director)
Editor’s Note: The following was sent in as a guest post from Silas T Comberback, a member of the Patriot Action Network.
I keep reading negative comments about Herman Cain‘s service to the Federal Reserve and how this one issue is the litmus test for his candidacy. If, during Cain’s tenure with the FR, he was found to be very influential in the banking industry, it could be a litmus test.
However, if you did some research, you would soon discover that Cain was a Class C director and not allowed to deal with the banking industry. Bet you didn’t know there are 3 clases of directors with different and specific duties.
and as such:
Class C
Three Class C directors also represent the public, but are appointed by the Board of Governors of the Federal Reserve System. This adds another layer to the blending of public and private control over the nation’s central bank. The Board of Governors also selects both the chairman and deputy chairman of each regional Federal Reserve Bank’s Board of Directors from among the Class C directors. These directors are highly insulated from banking relationships. They may not be an officer, director or employee of a bank or bank holding company. Additionally, these directors may not own stock in a bank or a bank holding company.
Cain was selected due to his business acumen.
Furthermore, these voluntary directors usually meet every 2 weeks, not a great sphere in my opinion. The FR of 1994,1995 was far different from the FR today.It was more conservative and the federal deficit was far less than it is today.
Cain says he is not in favor of auditing the FR as nothing will be done. The FR is audited, and nothing is done. Sounds like all those the documentation about Obama’s citizenship where nothing is done.
There is a site where you can read all the actions of Kansas City FR for 1995 and 1996. Each report is 385 pages long. If you want the link, let me know.
So what else was Cain doing in 1994 besides allegedly screwing us over on banking? Cain sparred with Clinton on “HillaryCare”at a town hall meeting and is know as the saboteur of the Clinton health care proposal.
It was in his capacity as a restaurateur that Cain achieved his first bit of political fame. In April 1994, Bill Clinton was stumping for his health-care bill. At a Kansas town hall, Cain rose from the crowd and said the bill would force Godfather’s to fire part of its workforce. Clinton parried and said Cain would only have to raise pizza prices by 2 percent. Cain, now openly contradicting the president, insisted Clinton was “incorrect.” The blast came as the coalition that might support Clinton’s plan was disintegrating, and the Hermanator—as he was by then calling himself—became a rock star. Cain “wasn’t the bullet” that killed reform, insists Chris Jennings, who was a senior health-care adviser to Clinton. But Newsweek dubbed Cain, not Harry and Louise, one of the “real saboteurs.” from the Daily Beast.
I am supporting and voting for whomever the GOP nominates.
-Silas T Comberback
http://campaigntrailreport.com/2011/06/19/herman-cain-worked-at-the-federal-reserve-so-what
********
******** Progressiveness Must Die Today,
In Order That We May Be Free Tomorrow
Two Real Choices For 2012 – Cain Or Gingrich .
... Gary
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