The Time Is Now

Back in April, I began to take notice of bubbles forming in the bottom of our great melting pot. Anticipating the rolling boil that would come to pass over this past great summer, I wrote about HR 1207, the Federal Reserve Transparency, and called it History in the Making. In five short months, the bill has gone from 91 cosponsors (a significant number on any bill to begin with) to 290 cosponsors. It is accompanied by a sister-bill in the Senate, S 604, which has garnered 27 cosponsors.

HR 1207 has garnered widespread support for one very simple reason. The Federal Reserve is accountable to no one. Whether one is of an Austrian leaning economically, and wants this country to follow the moral path of sound money, or one is a ruthless big government zealot foolishly hoping for more political control of monetary policy (as if this were possible), the attraction for transparency is universal.

Some, like Henry Bee, argue that an open and transparent audit of the Federal Reserve would be "economic suicide." I have countered those arguments, and subsequently gone on to have a comment-battle with Mr. Bee over the issue in this post.

All of the talk, all of the Tea Parties, all of the grass-roots activism pulling in support for HR 1207 has worked. The time is now for HR 1207. Tomorrow, Friday morning, September 25th, the House Committee on Financial Services is holding hearings on HR 1207.

The show begins at 9:00 AM EST and will be broadcast live on the web. Go here to check it out. Even if you don't really care about it, think of it as a gameshow hosted by Barney Frank. Then you can laugh on a Friday morning!