11/05/09 Baltimore, Maryland – “There’s nothing left, it’s been gutted,” Ron Paul laments, offering our last bit today. Unfortunately, he’s referring to HR1207, the “Audit the Fed” bill he’s been championing this year. According to Paul, Mel Watt (chairman of the House Subcommittee on Domestic Monetary Policy and Technology) took out “just about everything” when preparing the bill for House vote. According to Bloomberg, Paul believes the bill “has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff.”
Paul says he plans on drafting an amendment to the bill that would restore the original language… but until further notice, the “Audit the Fed” outlook isn’t pretty.
In what can only be a cosmic coincidence, we note that Mel Watt is a North Carolina representative. Specifically, he represents District 12… which just so happens to be the HQ for Bank of America, the biggest beneficiary of opaque Federal Reserve lending practices. Hey just for kicks, lets look at the top donors for Watt’s 2008 re-election, as listed on his own Web site:
1 Wachovia Corp.
2 American Bankers Assn.
3 Bank of America
4 American Express
What are the odds?
Heh, and now that we’ve inched our 5 Min. toes outside political correctness, why not cross the line altogether… Is this the most disgustingly gerrymandered district you’ve ever seen?
All right… we’ll stop noting all these bizarre coincidences. You might get the wrong idea.
Ian Mathias
Ian Mathias is the managing editor of Agora Financial’s Income Franchise, where he writes and researches about retirement, dividend and fixed income investing. Much of his work is featured in The Daily Reckoning and Lifetime Income Report – Agora Financial’s flagship income investing advisory.
Previously, Ian managed The 5 Min. Forecast, a fun, fast-paced daily look into the future of global markets and macroeconomics. He’s also worked in public relations, where media outlets like Forbes, AP, Yahoo! and MSN Money have syndicated his writing. If he’s not at work, you’ll probably find Ian on a bicycle, racing up and down the “mountains” of Baltimore County. Ian has a BA from Loyola University in Maryland.
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Did you really believe that bill would make it out of committee. If so, then can I interest you in a parcel of land in lollypop world?
Their is only one way to put an end to this. Arrest anyone connected to the Federal Reserve, including the top executives on Wall Street/Banks and any Wall Street people in the Treasury, use Federal powers to draft the remaining workers forcing them to work for the government, a la Military Service, and effectively kill the central bank known as the Federal Reserve and absorb all functions into the Treasury.
Now look who’s livin’ in lollypop world.
juniper speaks of a great truth…..
but i doubt that there are mere coincidences in mel watts’ favorite trough and his voting….oink oink….someone has to carry the water for the banksters and it may as well be mel….