BILL CALLING FOR FED AUDIT IS GUTTED

Domestically, I've long viewed Ron Paul as being on-target with regard to many issues. When it comes to matters relating to the economy and immigration for example, I find myself nodding in agreement more often than not. When it comes to foreign policy, I think he's way off and needs to better understand the motivations of our enemies.

That said, a bill sponsored by Paul (H.R. 1207), which called for an audit of the Fed has been gaining momentum for several months with more and more congressmen jumping on board. Ultimately, it amassed over 300 co-sponsors and had to be addressed. Could it be? Was it possible? The Fed was finally going to be held accountable!

Uh, not so much.

It's something we've seen far too often. Washington bureaus and bureaucrats have insulated themselves with so many firewalls, everyone should have seen this one coming I guess. Paul claims the bill has been 'gutted' in committee by a Democrat congressman from Charlotte, N.C.

Paul blamed the chairman of the House Financial Service Committee's panel on domestic monetary policy, Rep. Mel Watt, D-N.C., for eliminating "just about everything" in preparation for the bill's consideration on the floor of the House.

What's more is that Watt overwhelming received the most campaign contributions from the very industries his party leaders have been demonizing - that would be banks and insurance companies.

If I may diverge slightly, perhaps the next time ACORN, SEIU, and any other union thugs decide to raise a ruckus outside a bank, they might step back and look at where the Brinks trucks are delivering the money after pulling away from the bank buildings. They may just find Watt's address programmed into the GPS.

If it's true that HR 1207 has been de-fanged, there are potentially two bits of good news to come out of the whole exercise.

1.) Further evidence that the system is broken if banking, finance, and insurance industries can prevent congress from uncovering its own corruption

2.) We now have a name in Mel Watt, of someone to investigate more closely.

Speaking of Watt, perhaps he should start feeling the heat he has allegedly deflected away from the Fed. It looks like that may already be starting. WND reports:

In fact, of $609,072 given to Watt, $217,109 – or 35.6 percent – came from the money sector, including over $187,000 – or nearly 31 percent of his total contributions – from political action committees within the finance, insurance and real estate industry. The next highest industry supporting Watt was labor, which contributed only 14 percent of his total war chest.

Furthermore, the four largest contributors to Watt's cause were Bank of America, Wachovia Corp., American Express and the American Bankers Association.

Keith Kelly, a spokesman for Watt, declined to comment and told Bloomberg Watt wasn't immediately available for an interview.

It seems like more and more politicians are refusing to comment lately. Unfortunately for them, it's a tactic that speaks volumes.

h/t to WND