This page has been archived and commenting is disabled.
Congressman Watt Guts Bill to Audit the Fed
Ron Paul tells Bloomberg that Congressman Watt has just more or less killed the bill to audit the fed:
Representative
Ron Paul, the Texas Republican who has called for an end to the Federal
Reserve, said legislation he introduced to audit monetary policy has
been “gutted” while moving toward a possible vote in the
Democratic-controlled House.
The bill, with 308 co-sponsors,
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 said today.
“There’s nothing
left, it’s been gutted,” he said in a telephone interview. “This is not
a partisan issue. People all over the country want to know what the Fed
is up to, and this legislation was supposed to help them do that.”..
Paul,
a member of the House Financial Services Committee, said Mel Watt, a
Democrat from North Carolina, has eliminated “just about everything”
while preparing the legislation for formal consideration. Watt is
chairman of the panel’s domestic monetary policy and technology
subcommittee.
Contact Congressman Watt and tell him what you think.
»
- advertisements -
The cumulative angst and pervasive helplessness issued forth in these posts represents a mindset that has taken America by storm. There may be black helicopters (or Bernanke copters) but the truth of this corruption will be exposed.
In this country unlike others we have a prescription ... get involved ... run for office ... encourage others to do the same ... and support those who you know as honest and forthright ... support them with your wealth.
The Senate has their version called the sunshine act sponsored by Bernie Sanders of Vermont. It has almost thirty co-sponsors but ost senators won't dare buck the banking establishment. It just costs too much to run a senate campaign and we know who has all the money. Both of these bills would have to be passed and then go to reconciliation where the real dealmaking happens. This whole thing is months away if it ever sees the light of day. Once again Joe Meatball loses. That's ok joe - keep watching your football and such.
Maybe I am insane, but if I was one of these congress people, I might just take my whip out on these bankers and crack it hard to remind them of who has the power. "In line bitch! Stop your shit or you are going to spoil our good thing." If enough of them did it, I don't think the lobbists would necessarily contribute less to their campaigns. They may even contribute more and "heel" better.
http://truthingold.blogspot.com/2009/11/ron-pauls-audit-fed-bill-has-been.html
Sunday, November 1, 2009Ron Paul's Audit The Fed Bill Has "Been Gutted" By Bank of America's Monkey in Congress Remember in September when Barney Frank got in front of t.v. cameras and told the world that his House Finance Committee would vote on Ron Paul's Bill in October? It's November 1 and no vote. Now we know why.
The Federal Reserve has spent millions, employing Alan Grayson's "K Street hooker," lobbying to get this Bill destroyed (the woman about whom Grayson calls "a K Street Hooker is the former Enron chief lobbyist hired by the Fed to fight an audit bill - K Street is the street in DC where many lobbying firms are headquartered).
Mel Watt, the corrupt monkey from North Carolina, undoubtedly with Barney Frank's corrupt blessing, has accomplished the castration of Ron Paul's Bill, which has over 75% support from the U.S. population.
okay...there are a lot of comments and I may have missed one or two on point, but...
This is a Ron Paul problem. He didn't see this coming? No one inside the beltway thought this bill was going to the floor in its original form. Paul should have expected this. What was he thinking? The Fed is not going to take this assault and do nothing. This is bad bill management.
Second, even if this had made its way to the floor without substantial changes, what would have happened in the Senate? The only way this audit had/has a chance is if there is a serious public relations campaign put in-play to attack the fed for being as bad at regulating as the SEC. This should not be hard, but again, people must understand that the fed hired a PR heavyweight to work with Bernanke. As one of the great opaque agencies in the federal system the Fed has enormous power; power that it can easily focus. The House of Representatives is certainly powerful but only if the Speaker and key committee chairmen are "on board." Do readers at Zero Hedge really think Ron had the votes in the House? Do we think he has the votes for cloture in the Senate?
Nice idea Ron. If you want to make this happen you'll need the full resources of Zero Hedge...drop a note to Tyler and Marla, they know how to find me.
PEOPLE!!!!
Ring this muther fuc23#'ers phone OFF THE HOOK this week, and demand to know why this man is hell bent on LYING TO THE AMERICAN PEOPLE!!!
Rep. Mel Watt. DC: Tel. (202) 225-1510
Our politicians are corrupt whores and contacting them is a waste of time. They won't listen to you and probably won't even respond to your contact. Even if they do respond, it will be a patronizing form letter that doesn't address your concerns.
Mel sure doesn't care, he's get a safe seat that he can't lose unless he gets caught screwing a young boy. Getting caught on the "down low" is about the only thing that will get a black ghetto politician voted out of office.
Short of armed revolution, the only semi effective actions you can take are:
(1) Vote against every incumbent - no exceptions.
(2) Don't contribute any money to either the Democratic or Republican party. If their solicitations for money include a postage paid response envelope, mail it back with an obscene suggustion.
(3) If somebody starts a credible third party, support it.
(4) Boycott Citibank, JP Morgan, Bank of America, Wells Fargo, Goldman Sachs, State Street, and Bank of New York. If you have an investment account with them, transfer it to a smaller investment manager/broker. If you have a cd or savings or checking account with them, close it and transfer your money to a credit union or community bank. If you have a credit card with them, close it and transfer to a smaller provider.
Unfortunately, probably none of these actions will work. But at least you'll know you tried.
I agree that people power is the answer, but am in agreement that most of the American citizenry dont have a clue. Meanwhile, if you didnt e-mail traitor Watt on his website, you are part of the problem. And get your ass out there with the protesters. You know that commenting here is merely venting. Outside, people see groups with legible signs as they drive by, and some begin to actually think.
How is it that Watt has the power to do that and 308 Congressmen can not stop him? Why aren't the 308 Congressmen telling Watt to stuff it and bring the bill to the floor? Is this a democracy or what?
You cant't audit the fed and you cant audit the GOLD
good insights and work (there's nothing left)
http://www.marketskeptics.com/2009/10/gold-market-reaching-breaking-poin...
Why are there no civil disobedience actions being taken , why are people complacent? Simply because WE NEEDED A DEPRESSION TO RESHUFFLE THE DECK! and so what we got was the recession, the pacifier is back in the collective mouth of those that don't care about the big picture as long as they have a piece of the pie. Fear of restructuring was the problem so we passed on the power to the oligarchy. If you get this then you'll understand it all. There is no win win but there could have been an all lose to begin over.
A depression would have proven them wrong, it was the opportunity of the century missed..
Folks, it is time we all sent Mr. Watt a fresh set of knee pads. His must be worn thin by now. POSMF. I am so sick of complecence.
http://www.youtube.com/watch?v=MYqwb7klQK8
http://www.youtube.com/watch?v=6lzb-jYZrLE
Hey, Watt staffer...and secret squirrel What's it like?
http://www.youtube.com/watch?v=2Ra-CFL7BkA
- Layne
damn miles thanks for the time warp to the early 90s. youve inspired me to dig up pretty hate machine
Just as long as you're inspired and engaged.
I was pretty impressed that the bill had 300+ signers, but now I'm beginning to wonder if some them signed on with the assurance from their leaders that the bill would be gutted. That way they could say to their constituents that they voted against big finance, all the time knowing no meaningful actions would be taken against their true masters.
I'm shocked. SHOCKED!!
It's a two party system - what do you expect. Things won't change until the electorate gets violent.
The system is too corrupt and bloated to ever function well again. It has grown too large to reform. Destruction either through its own implosion or through active secession seems the only way to restore individual rights and citizen control. The two party system funded by the Fed's monetary manipulation and excessive taxation to the benefit of the elite will never be restrained to the enumerated powers designed to protect the common good.
Why are there no civil disobedience actions being taken , why are people complacent? Because:
WE NEEDED A DEPRESSION TO RESHUFFLE THE DECK! and so what we got was the recession, the pacifier is back in the collective mouth of those that don't care about the big picture as long as they have a piece of the pie. Fear of restructuring was the problem so we passed on the power to the oligarchy.
Vote DEPRESSION next time if you want change!
too bad charlotte is going the way of the crapper. mel watt i bet you have had so many steak dinners paid for by the kind folks at wachovia and bac. you are a traitorous goon who has no business being on this committee, save for your district's absolute reliance on cheap money blowing over north carolina from up north.
One third of our population is functionally illiterate. Some god awful high percentage of the remainder doesn't have clue one about basic government, who their representatives are or what they do; don't look at their paychecks and truly notice the deductions ( withholding;SS; Medicare ); have no idea of how the money is (mis-)spent; most think the deficit is the national debt, but don't get either concept anyway; any focus they have is on the sleight of hand issues: health care; abortion; gay rights; and of course now we have college and pro football, world series, NBA, NHL, etc. I'd add here CNBS but no one left to watch that.
I do believe their is a palpable sense of unease though, that make shake the citizenry out of their focus on shiny objects, but it will take a leader. Some completely non-partisen fellow/gal to say STOP:
- Their must be a multi-decade plan put in place, NOW, to balance the budget. Their will be many painful cuts across the board.
- Throw out the idiotic tax code, and institute a KISS system that promotes fairness, and promotes business competitiveness relative to other countries ( and inovation ). We will need real charity going forward, it must be fully tax deductible. Real sustainable job creation has to be the one true goal.
- The Fed must be audited today. We must now where every cent has gone; its current status; plan to re-coup the funds, with timeline, etc. WE WANT OUR MONEY BACK, AND PROSECUTIONS OF CRIMINALS AND TRAITORS.
- Where exactly has the stimulus gone, dollar by dollar, thank you? Again, where, current status, jobs created, really, please identify specifics and quantify.
- no more bailouts of any kind. Plans to reverse government ownersghip of bailed out compnanies, with timeline, action items., etc.
- All major legislation ( health care; cap and tax: etc ) on hold until we have our fiduciary house plans in order. STOP.
- all future bills will be short, concise, and published on a taxpayer accessible website minimum 30 days prior to any vote.
- an easy to use website, map of US, where a voter can click his/her state, and contact thier reps, regarding thoughts on upcoming legislation, etc. Once per voter per month, so as to not be abused
- All members of Congress, Ex. Branch, and Judicial will be IRS audited every year; its part of the job
- All members of Congress shall post monthly expense reports, same website as before ( junkets, etc )
- Congress will never pass any bill they themselves are not affected by ( health care; pensions; etc )
Voters need to forget labels like Democrat, Republicam, Libertarian, whatever. The only label is Representative, and voters need access to their actions, we have had enough of their promises and words.
Not a bad start.
Many of the posts here touch on what I consider to be one of the great mysteries: Where has people power gone?
May 1968 saw the French Republic virtually brought to its knees as students and workers united in a general uprising.
The late 1960's and early 1970's were dominated by the anti Vietnam War movement.
In the UK in the 1970's we had miners' strikes, "The Three Day Week" when power was rationed and in 1979, the "Winter of Discontent" when pretty much the entire country was on strike. And in 1990 we had the "Poll Tax Riots" which forced even as stalwart a character as Margaret Thatcher to perform a sharp U turn.
In 1989 we saw the fall of the Berlin Wall as the peoples of Eastern Europe united against their tormentors and threw them to the wolves.
The anti apartheid movement of the 1970's and 1980's eventually succeeded in allowing Nelson Mandela to assume the mantle of South Africa's first black president, following 25 years incarceration in the prison on Robin Island for "political" offences.
Since then, at least in the western world, people power seems to have virtually evaporated. Students, if they have any political interest, tend to be seduced into the "climate change" and environmental lobby.
Meanwhile fundamental freedoms that our forefathers fought so long and hard to achieve, appear to be under threat as never before. In the UK we have a DNA database which holds the details of 1 in 10 of the population, and a new database is being established under the guise of child protection, where it is estimated that the personal details of some 20% of the population will be compiled, and this not just factual data, but any rumour or hint of suspicion that a person could be suspect. CCTV cameras abound, and it is estimated that people are on average photographed some 300 times per day.
The interesting thing is that almost all these systems of surveillance and control have been introduced by that same generation who were themselves out on the streets protesting against the Vietnam War etc. Which I think probably goes to give credence to my father's old adage; "If you want a 50 year old fascist, start with a 20 year old socialist." His reasoning being that there was little to choose between the two; fundamentally they both felt that they knew better than anybody else, and were blind to democratic niceties if you disagreed with them.
If you consider the course of human history, the window during which the ordinary Joe has been free to say and think what he pleases has been minute, and it may well be that that window is now closing. Imagine what the Nazis could have done with today's technology.
I would say this to the young people of the west: Because you have been born into a free society, don't automatically assume that you will die in one.
Makes sense that Mel Watt would be chosen to pull the trigger on this one. The boundaries of his district were carefully engineered (check it out on a map: http://en.wikipedia.org/wiki/North_Carolina%27s_12th_congressional_district). He is unbeatable.
"He is unbeatable."
Baseball bat dude...
This is zulu's first post. Thank you Tyler & co for granting me inclusion on your site. So glad the Interpol backcheck came back favorably. (I was able to buy 3 guns in the time it took to get approval to post here - I love this country!)
Rep. Watt is a financial services hack to the nth degree. Over 45% of his re-election warchest comes from FIRE.
http://blog.sunlightfoundation.com/2009/10/09/top-financial-services-com...
What conflict of interest?
Shocked, completely shocked, NOT. Another WS Tool
+1000
WE need ZH television!!!
we need zh firearms.
I need to get off my ass and get a ZH hat. A towel would be nice too but probably wouldn't work.
This is just more proof positive that the US needs structural changes with regards to its government.
It is becoming clear that the lobbyist system has had its day in the past, and has failed miserably to own up to the interests of the people.
The Senate/House/President system itself has become as antiquated as kings and queens.
How about an internet run government whereby the actual people run the system.
The US system has just become a gamed advertising system whereby the winners are those that advertise the most , and the advertisers that get their money.
The goverment has just become a group of pimps.
The real qustion is why have a lobbyist system ?
Why not have an internet based democratic system ?
Instead of power given to an individual, why not give voting power to those smart enough to own and use a computer ?
The lobbyist system is antiquated, much like having 15 year
old kings and queens.
Just like voting without paper ballots (which happens in my state, I can't describe my outrage) I do not trust the powers that be (or other interests for that matter) to not rig/hack the system.
Though it surely is rigged to the teeth now, I will give you that. Those with $ get their legislation through and candidates in. Those without can go to hell.
Democracy is when 300 Congressmen can't think of any way to put any pressure on 1 Congressman?
Banks took our money and didn't lend. UAW torpedoes Ford efforts to become cost competitive with GM and Chrysler. Ongoing mind boggling amounts of government waste. No visionary thinking by either party (America's best idea is more housing credits). Water up to the eye balls and nothing has changed. Wherever you look in America, nothing has changed. This is unbelievable.
Actually, I think the Corporate party, (of which most of our rapeusentives belong too) is doing quite well.
An extremely noteworthy and important item. Thank you for your note George Washington.
Based on what would occur across global markets if this bill passed (and we believe will occur in approximately 16-19 months, where the 17 months of Primary wave 1 multiplied by 1.618 equals 27.5 and where 0.618 of 27.5 implies that in 17 months from now or so when the full brunt of devastating price action, unlike anything that has been seen since the Dutch Tulip bubble imploded in 1637, takes hold during wave iii of (iii) of iii (circle) of (3) of 3 (circle) of c), it simply seems too devastating at this point across the structure of global financial markets. Tick tock .. tick tock
We at Fibozachi do believe that the full intent of this bill will eventually see the light of day but not for approximately 16-19 months at the very, very least; which is where the 17 months of Primary wave 1 multiplied by 1.618 equals 27.5 and where 0.618 of 27.5 equals 17. This very simple measure of harmonic cyclicality implies that in c. 17 months from now we should bear witness to the full brunt of devastating price action, unlike anything that has been seen since the Dutch Tulip bubble imploded in 1637, when wave iii of (iii) of iii (circle) of Intermediate wave (3) of Primary wave 3 (circle) of cycle wave c rears its Robert Wadlow-sized head and an air of pervasively pernicious bearishness permeates itself throughout the collective social mood.
As an aside: collective social mood is the only "leading" indicator that exists the world over in the very truest sense of the word. The basic tenet of "Socionomics" is that social mood is endogenous, meaning that is a self-regulated mechanism of collective opinion which is impervious to exogenous influence. The encompassing theory of Socionomics helps shed immense light on why both the prospects of economic success as well as global unity appear brightest at extreme peaks in the single greatest barometer of collective social mood: financial markets. Similarly, Socionomics also helps us understand just why and how the most extremely bearish pieces of "news" appear at both extreme inflection points of acceleration as well as marked bottoms of various degree. If this last point does not immediately resonate, please check to see which day the Madoff scandal "broke" and just how many percentage points lower the US markets opened that morning.
As the great R.N. Elliott once said:
"At best, news is the tardy recognition of forces that have already been at work for some time and is startling only to those unaware of the trend."♦
♦ The Value of News,” R.N. Elliott’s Masterworks: The Definitive Collection, ed. Robert R. Prechter, Jr., p 277
Awesome. In paragraph 1, you multiply 17 by 1.618 then multiply it by 0.618. This (fucking naturally) comes out as 17 so you become a prophet who just KNOWS what will will happen next. Then mention a completely irrelevant bubble everyone who's been to Wikipedia knows about to further extend your heroic credibility. Repeat it in paragraph 2, probably just a mispaste. In paragraph 3, copy Wiki some more and talk about an useless pseudoscience with a trendy name which has to resort to assumptions and buzzwords because the standard model of hypothesis -> experiment -> result is too rigorous for its visionary might. There is no freakin' spoon, you do not quit being a sheep by believing someone elses lies, you just switch shepherds.
I don't mean to be rude. This is an outsider's impression. When I read the rest of your post, I see merit in it. When I read the stuff about waves and counts and so forth, it seems like zodiac, taro cards, or reading tea leaves. There could be merit there, but it is too touchy feelly to be useful. Maybe you have heard this before. It just seems to work best in retrospect, and predicts little.
One more reason the likes of CNBS needs to be trashed, under their god like worship idol Oblame, Bernanke and Geithner are praised by these morons as saviors. Bubble Ben and shifty Paulson are not saviors but creators of this mess and as mad Max said need to be brought to the Hague and tried.
This is infuriating. 300+ co-sponsors and these two douchebags, deluded with a God complex, take it upon themselves to re-write it and water it down to become basically meaningless. Freakin' bastards that need to be found face down in a ditch.
Maybe we should go visit them and straighten them out? Whose come with me besides flipper here?
Just the three of me.
435 reps in this country and only one truly stands up for the American public with no special interests. I may be willing to accept Kucinich and call it two.
Yet, Dr. Paul is considered part of the fringe in congress.
It seems once something becomes so broken, it is beyond repair.
Prepare for the ultimate boycott. If the FED, Congress, or Senate don't permit an audit of where the money went prepare for massive walkouts on mortgage, credit and auto debt obligations.
Between interest, taxes, inflation, oil and the erotion of home equity/retirement accts it is much cheaper to stay home and do absolutely nothing except squat in your own home until 5 years later the bank regrettfully takes it back.
Let them print all the money they want. The ultimate protest is in not buying ANYTHING.
Massive walkouts on everything. I like it. We just need a way to have folks fed (not Fed). There are so many now on food stamps, unemployment benefits, who go to the food pantries because they don't have enough. We can agree to help our neighbors but I'd sure like to see a little more than just depending on Mana from heaven ala Moses.
The lack of awareness and understanding of this issue, and its importance, by J6P is a big problem. Ben doesn't look very scary in these televised propaganda sessions, and what they say not very threatening in and of itself.
But I'll keep writing my own congressman and senators. Not much else I can do, but if we all did it, and our friends did it . . . don't give up.
Audit the Fed is dead. Bloomberg FOIA request is dead. New banking/derivative regulation is dead.
We paid for THEIR mistakes, and then they congratulated themselves with record bonuses and/or campaign contributions.
The ONLY remaining solution is to work "through the system":
The Second Amendment.
Let me put this as diplomatically and succinctly as possible:
Congressman Watt is a fucking moron, and a fucking scumbag.
Thank you.
The owners of the Fed (Wall Street) do pay Congress
US$ 6,5 Billion per year for looking the other
Way.
The US population does not give a hoot as long
as the TV is switched on.
The cartel is controlling the news, markets,
and will not let go.
The only thing they do not and cannot control is
the physical gold market, so you can buy physical gold
and urge your family & friends to do the same.
A breakdown/default in the physical gold market will bring
the financial markets crashing down and with that, the
political system.
In the meantime, make as much noise as possible.
After you'v lost your job, house and family...you start caring.
Physical gold is only one small part of the survivalist manifesto.