There is currently a bill to Audit the Federal Reserve before the House and Senate that has bipartisan support and makes sense for all the People of this country yet Rush Limbaugh and Sean Hannity (among others) never promote it on their shows. Why is that?
For those not familiar with it, watch this short video of Ron Paul, who introduced the bill, discuss the reasoning behind Auditing the Fed:
The first question Limbaugh and Hannity need to answer for themselves is “how have the boom and busts that we have experienced the past few years come about?”
To understand how the Stock Market bubble (and subsequent bursting) came about, I suggest they read “Meltdown” by Thomas Woods, PhD.
When the New York Stock Exchange closed on October 9, 2007, the Dow Jones Industrial Average was 14, 164.53, the highest close ever. Thirteen months later on November 20, 2008, it closed at 7,552.29, a drop of 46.7 percent.
The personal dimensions of these busts are always used to justify government intervention, whether creating a “safety net” or drawing up new regulations aimed at smoothing out the cycle that is supposedly inherent in the free market.
But is this really so inevitable? Is the market economy really prone to such sudden and inexplicable episodes of massive business error, or could something outside the market be causing it? This is not just an academic question. The American people, currently suffering as a falling tide lowers all boats, need and deserve the answer.
All politicians and our media drones talk about what to do next, they promise us ways to prevent another meltdown like the one we’re suffering through now. If they’re going to come close to succeeding, they need to understand the causes of the business cycle. What causes these violent sings?
If politicians are thorough and honest in seeking out a culprit, they aren’t going to be pleased with what they find at the end of the trail of crumbs. It’s not “capitalism.” It’s not “greed.” It’s not “deregulation.” It’s an institution created by government itself.” P.63,64
Of course that “institution” Woods is referencing is “The Federal Reserve.”
For the Housing bubble it would help if Limbaugh and Hannity read “Did the Fed Cause the Housing Bubble?”
The case against the Fed is straightforward: In an attempt to jumpstart the economy out of recession, Greenspan slashed the federal funds target from 6.5% in January 2001 down to a ridiculous 1% by June 2003. After holding rates at 1% for a year, the Fed then steadily ratcheted them back up to 5.25% by June 2006. The connection between these moves by the central bank, versus the pumping up and popping of the housing bubble, seemed to be more than just a coincidence. On the contrary, it looked like a classic example of the Misesian theory of the business cycle, in which artificially low interest rates lead to malinvestments, which then require a recession to correct.
It’s interesting to note that the 2008 Republican candidate for President that Limbaugh and Hannity were forced to support, John McCain, has signed on in support of the bill, one of only a few Senators thus far, as of 7/15/09.
To show the bipartisan support, MSNBC even did a segment with Ron Paul where the reporter and he were in agreement about auditing the Fed.
Auditing the Fed is what the People want and Congress needs to provide.
So why won’t Limbaugh and Hannity promote Auditing the Fed? Is it because they never supported Ron Paul’s policies to begin with when he ran for President against their favored warmongering sons? Policies that all of a sudden Limbaugh and Hannity back like “less spending” and “free markets?” These media pundits never used those terms while George W. Bush was in office.
If Limbaugh and Hannity really were in the best interest of the People, they would support this Audit the Fed bill and advertise it on their radio shows so at a minimum the Republican Senators can get behind it. If they don’t, then I’m afraid they will be part of the problem of why we end up with inevitable busts.
So to Rush Limbaugh and Sean Hannity, I only have one thing to say; “You’re either with us or against us!”
It’s also up to you to contact your Congressional representatives and get this bill passed! They won’t know how to best represent you unless you tell them what’s on your mind….and that you’re “Fed Up!” with the status quo that gives us the same empty promises!
Need further proof that the Federal Reserve needs auditing? Look no further than to the Fed Chairman Ben Bernanke’s strong opposition to Audit the Fed!
And while you’re at it, call Limbaugh and Hannity and ask them why they don’t support the Audit the Fed Bills:
Rush Limbaugh Radio show: 1 800.282.2882
Sean Hannity Radio show: 1 800.941.7326
To get by screener you have to do a bait and switch. Talk about the topic of the day (Obama’s health care plan), make it appealing and then say hi to your host, then simply ask the question quickly and clearly: “Why don’t you support the Audit the Fed bill?”
Be prepared for a follow-up question. They may actually talk to you!
*There is little to no accountability to the people on the part of the Federal Reserve.
*More than 63% of the House of Representatives support it.
*Anything less than support for this resolution suggests that you are in favor of secrecy and a lack of accountability to the people who pay the bills.
*We pay the tab; we have a right to know where our money is going. Wouldn’t you agree?