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Fed Taking Over Our Entire Banking System
nytimes.com — The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
sjl127- 34 diggs
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- PeppermintPig, on 03/29/2008, -0/+12Oh, great... a war on banking with Money Police and everything!
Things to expect: The overhaul will lead to further consolidation of the financial markets, leading to less competition. Your banking fees will increase. Despite all of this, the economy will continue to slump, the Federal Reserve will continue to interfere and adjust rates, and more banks will invoke the moral hazard and seek bailouts.
The Democrats, including their leading candidates, support this. Republicans may or may not express support, but they will permit more bailouts. - sjl127, on 03/29/2008, -0/+1This will absolutely kill the stock market. No *****.
- tswhite, on 04/03/2008, -0/+0Something's got to give, and well, it seems we have not reached the climax of this run (negative, or otherwise). I think that if it crashes or loses any sign of control or predictability (which we might already be experiencing), then the case will have been made for relying on the market, as a market, rather than the Fed.
- vermax, on 03/29/2008, -0/+6oh just ***** great. is this like the Clean Skies Act, or whatever they called the More Coal Now inititiatives? guarantee it will have the exact opposite effect from what they're hyping, just another way to make powermad creeps richer and edge us closer to total collapse and totalitarianism. my ***** detector just blew its guts out its mouth.
- caferrell, on 03/29/2008, -0/+7Let's see....
1. The Fed is owned and run by the big American banks.
2. Congress has been suborned by the banks and other financial institutions to allow them to operate however they see fit. Congress has simply not done its job of oversight because they are paid not to.
3. The Fed bails out the failing financial institutions by creating money out of thin air. This causes inflation that kills the savings of the middle class.
Dubya in his infinite wisdom has a solution - let the Fed have the responsibility of controlling the banks and ALL other financial institutions.
Uh... Dubya, the Fed is owned by the banks and operated independently with no oversight from our elected government.
Is it a good idea to put the banks in charge of overseeing the banks at the same time that the banks have the power to print money to bail out the banks? Unbelievable! - RPliberty, on 03/29/2008, -0/+4Who's watching the Fed? Where's the transperency such as M3?
- AdamPieniazek, on 03/29/2008, -0/+1Invest in guns and bicycles.
You laugh now, but my bike gang will control this country by 2013.
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