Thoughts on the Audit the Fed hearing

The hearing today on the HR 1207 proved to be very productive for our side. Based on the questioning it seemed to me as if the bill could easily pass if it was brought up for a vote on the house floor. However, the majority of the financial services committee fail to get the larger picture of the damage the FED reeks upon our economy and daily lives. It may be a general state of ignorance (unlikely) or the fact many of them are probably "bought and paid" for by the establishment. The congressman from North Carolina (thankfully he is not my representative), Watts, is a typical establishment hack. He stated he supports more transparency at the FED, but does not want the FED's monetary policy to be compromised. He would also be a sure bet to support watering down HR 1207 in a heartbeat. He obviously understands no economics based upon his treatment of Thomas Woods who was answering question evidently in a manner Watts found impossible to rap his one horse power mind around. He is the type of individual who could contribute nothing productive to society so he was forced to turn to the political world. Alan Grayson continues to ask the hard questions and expects answers. Him and Ron Paul make a perfect questioning duo as Dr. Paul supplies the theoretical arguments while Grayson asks the practical questions that need answers. One good point was raised by a congressman whose name I failed to catch. He stated that an audit of the FED would take months to complete and therefore the hysteria of an audit violating the "independence" of monetary policy is overblown as the monetary decisions would have taken months in the past. There were a few quite humorous moments during the hearings. It's always funny to see Barney Frank get angry and start sputtering our everything that pops into his head. His outrage over the "bought and paid for" comment by Tom Woods begs the question of why? Could it be he himself is bought and paid for by Fannie Mae and Freddie Mac? I think so. The funniest however was when Dr. Paul cracked a joke. Alvarez, the first man to testify, began to pack up and remove his microphone when Dr. Paul comes back and says something along the lines of, "Lucky for you I'm back, with unlimited time." That had me in stitches because you know Alvarez had to be silently crying to himself about having to go one on one with Dr. Paul, again. Overall, the hearing did surprise me, there was little true debate over the role of the FED, something I think Tom Woods was trying to get at before he was cut off by Watts. If the hearing had taken a turn towards the evils of the FED and how an audit could begin the process of correcting those, I believe would have had a greater effect on other congressman who maybe are on the fence about the bill.