What Barney Frank Really Said About Ron Paul's HR1207

Mish's Global Economic Trend Analysis ^ | 31 Aug 2009 | Mike "Mish" Shedlock

[BGHater]

On Friday, I stated Barney Frank Says Ron Paul's Audit The Fed Bill Will Pass In October.

Quite a few others made the same mistake as noted by RonPaul.Com in Misinformation Alert: Barney Frank Never Said That HR 1207 Will Pass In October.

Several blogs and forums reported during the past 24 hours that Chairman of the House Financial Services Committee, Barney Frank, said that Ron Paul’s bill to audit the Federal Reserve, HR 1207, will pass in October.

Incorrect Reports about Barney Frank’s Statement on HR 1207

* Washington Times: Barney Frank says Ron Paul bill will pass
* Politico: Barney: Fed audit bill will pass in October
* Business Insider: Barney Frank: Yes, We Will Pass Ron Paul’s “Audit The Fed” Bill
* United Liberty: Frank: Vote on HR 1207 in October
* Daily Paul: Video: Barney Frank Says House Will Pass HR1207 in October
* ZeroHedge: Barney Frank Says The House Will Pass HR 1207 In October
* Mish: Barney Frank Says Ron Paul’s Audit The Fed Bill Will Pass In October
* Washington Independent: Ron Paul’s ‘Audit the Fed’ Bill to Get October Vote?

RonPaul.Com notes a key sentence was missing from the end of the transcript. Indeed there was.

The sentence, “That will be part of the overall federal regulation that we are redacting,” is for some reason missing from the widely distributed transcript, and has therefore been completely ignored by bloggers and commentators.

The article attributed the error to the Washington Times.

The incorrect transcription was mine, not the Washington Times'. I transcribed that on the road, in a quite noisy place and Barney Frank mumbles.

There were many sentences I played over and over and over attempting to understand his mumbling. I easily spent 30 minutes playing and replaying a 3-minute video. I could not make out that second to last sentence, at least the last word "redacting". Moreover, I am not the only one who could not figure out "redacting" either.

Calculated Risk missed it as well (now corrected on his blog). However, I should have handled it the way Calculated Risk did initially: Put in the sentence leaving out unintelligible words and placing an interpretation or [unintelligible] in brackets. I was concentrating so much on figuring out the word, that I missed the context of the sentence. At any rate, that is how the sentence was dropped.

The concern now is that Barney Frank intends to put together some legislation, possibly containing dramatically watered down or altered language from Ron Paul's legislation.

In theory "the overall federal regulation" of which Barney Frank speaks could contain everything in Ron Paul's bill. However, many are fearful of something watered down, and rightfully so.

Amanda Carpenter at The Washington Times (see Barney Frank says Ron Paul bill will pass) is guilty of lifting my transcript, word for word including several typos such as "power to go consumer protection" which should read "power to do consumer protection". I also said, "Federal Reserve buys itself" which should have been "Federal Reserve buys and sells".

Carpenter said "Below is a complete transcript of Mr. Frank's remarks concerning the bill." That is clearly a falsehood.

Opportunity Knocks

Whether or not you are in Barney Franks district, please call Barney Frank at

DC Phone: 202-225-5931
DC Fax: 202-225-0182

In your own words ....

Tell Barney Frank you heard his latest Town Hall video and you are not interested in some watered down version of Ron Paul's HR 1207 legislation. Mention that you want HR 1207 passed as is, stand-alone.

Whether Frank is your Rep or not, please call Barney Frank today. Then call again tomorrow and for good measure once later in the week.

Put the pressure on. Opportunity is knocking.

[jessduntno]

The incorrect transcription was mine, not the Washington Times’. I transcribed that on the road, in a quite noisy place and Barney Frank mumbles.”

And lisps, spits, drools and lies....

[b4its2late]

Barney Frank mumbles

Yeah, a mouthful of $hit most times....

[camp_steveo]

Thanks for posting. :(

[J40000]

I just wuv heawing what Bawney Fwank has to say about Wan Pall!

[Lurkina.n.Learnin]

I’m all for the audit but really question turning the fed over to the whims of congress.

[BGHater]

[dalebert]

you should...its not constitutional and you can bet there somewhere dems are making something off of it....

[BGHater]

:(

"A spokesman for Mr. Frank said the Massachusetts Democrat shares the goal of increasing transparency at the Fed. But he hasn't inked specific language and "wants to be sure that some parts of the Fed are adequately protected," the spokesman said."

Frank Said to Back Broader Fed Audits