They made Ron Paul's bill powerless.
http://dailyreckoning.com/audit-the-fed-gets-gutted/
Audit the Fed Gets Gutted
By Ian Mathias
11/05/09 Baltimore, Maryland Theres nothing left, its been gutted, Ron Paul laments, offering our last bit today. Unfortunately, hes referring to HR1207, the Audit the Fed bill hes 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 isnt 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 Watts 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 weve inched our 5 Min. toes outside political correctness, why not cross the line altogether Is this the most disgustingly gerrymandered district youve ever seen?
All right
well stop noting all these bizarre coincidences. You might get the wrong idea.
Ian Mathias
Ian Mathias is managing editor of The 5 Min. Forecast and AgoraFinancial.com. We discovered Ian working as a full time rock climbing guide and writing on the side. As it turns out, markets and global economics can be extreme too at least enough to keep him around. Since working for Agora Financial, respected media outlets including Forbes.com, the Associated Press, Yahoo, and MSN Money have syndicated his writing. He received his BA from Loyola College in Maryland and is currently studying writing at the graduate level.
http://dailyreckoning.com/audit-the-fed-gets-gutted/
Audit the Fed Gets Gutted
By Ian Mathias
11/05/09 Baltimore, Maryland Theres nothing left, its been gutted, Ron Paul laments, offering our last bit today. Unfortunately, hes referring to HR1207, the Audit the Fed bill hes 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 isnt 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 Watts 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 weve inched our 5 Min. toes outside political correctness, why not cross the line altogether Is this the most disgustingly gerrymandered district youve ever seen?
Ian Mathias
Ian Mathias is managing editor of The 5 Min. Forecast and AgoraFinancial.com. We discovered Ian working as a full time rock climbing guide and writing on the side. As it turns out, markets and global economics can be extreme too at least enough to keep him around. Since working for Agora Financial, respected media outlets including Forbes.com, the Associated Press, Yahoo, and MSN Money have syndicated his writing. He received his BA from Loyola College in Maryland and is currently studying writing at the graduate level.
