Why Tom Woods Set Off Mel Watt's [and Barny Frank's] Voltage

Economic Policy Journal ^ | November 04 2009

[Lorianne]

The Tom Woods' congressional testimony last week Friday in favor of the 'Audit the Fed' bill had two very curious turns, he set off extremely hostile questioning from two congressmen, by the hearings Committee Chair Barney Frank and Representative Mel Watt. Every other Congressman that questioned Woods, and Fed General Counsel Alvarez, was seemingly concerned about where the money the Fed is printing is actually going. But not Frank and Watt.

I discussed Frank's hostility, here. Watt was even more hostile. It looked like he was hit by a lightning bolt everytime Woods tried to answer a question that Watt posed. He interrupted Woods everytime, as though Woods was taking food off of his dinner table. But, maybe that's exactly how Watt's saw Woods testimony.

Most of the top industries donating to Watt are major beneficiaries of Fed money printing. His top industry donors are at #1 the commercial bankers industry, at #3 the building trade unions (All that Fed money printing benefited the building trade unions probably more so than anyone else), and at #5 the securities and investment industry. The current #1 corporate donor to Watt is Citigroup Inc.

During 2007-08 his top contributors were:

#1 Bank of America

#2 Wachovia Corp

#3 American Express

#4 American Bankers Assn

Overall in 2007-08, he received $187,359 from the Finance/Real Estate sector, more than double the amount of money he received from any other sector. Outside of North Carolina, his home state, Watt received the most contributions from Washington D.C. and New York City. Hmm, NYC donations for a North Carolina boy.

I wonder if the good people of North Carolina know what master their representative is really serving? Representative Watt's high voltage act during Woods' testimony suggests that Watt knows all too well where a tiny bit of the money the Fed is printing is ending up, and he is really making sure that tiny money flow doesn't stop, above anything else.

[Lorianne]

Did the Testimony of Tom Woods Come Too Close to Home for Barney Frank?

http://www.economicpolicyjournal.com/2009/09/did-testimony-of-tom-woods-come-too.html

[FromLori]

http://www.youtube.com/watch?v=LOdGxIV8qbU&feature=player_embedded

[Lorianne]

Thanks!

[FromLori]

Your welcome :-)

[roylll]

Great Vid , I did not know Stupid had progressed this far in NC LOL

[smokingfrog]

http://www.youtube.com/watch?v=xJR9CPZt6eE

[iopscusa]

Good job & thanks for your postings. You, FromLori, Arthurus and many other Freepers have done excellent work in posting Econ/Financial news/events/theories. Tom Woods is terrific, he is a courageous example of a principled Historian & Scholar on Free Markets! TE Woods’ “Anatomy of an Economic Ignoramus” is an amazingly thorough definition of Free Markets and available @the Mises Institute: http://mises.org/fellow.aspx?Id=23

Thomas E. Woods, Jr. is a resident scholar at the Mises Institute. He is the author of the New York Times bestseller Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. His other recent books include 33 Questions About American History You're Not Supposed to Ask, The Church and the Market: A Catholic Defense of the Free Economy, and The Politically Incorrect Guide to American History (a New York Times bestseller).

[RayTheSpook]

I hope Watt maybe up for re-election cause it would be fun to run someone like Peter Schiff or Woods against him, since he seems like he maybe floating around in the clouds with regards to his thinking, but he might also be paranoid about his connections with the banking industry and his being somehow exposed through audits? He looks like one of the first political fish to bite, though Obama surely has plenty of reasons to oppose an audit as well, considering his campaign coffers were filled with bankers’ donations!