Obama: Power to the fed!!!

[Patranus]

The saying use to be "power to the people" but things have changed in recent months.

Obama plans to unveil a plan to "overhaul" the financial industry. In this plan, Obama wants to grant "The Fed" more power to oversee companies.

Obama wants to give "The Fed" more power.
"The Fed" is a private company.
The government can't audit "The Fed" without an act of congress.

Anyone else see something wrong with this picture?

The Fed would have the authority to seize and dismantle these companies...

http://www.latimes.com/busines...9jun17,0,5048683.story

 

[sandorski]

Sounds good.

 

[seemingly random]

Great.

Maybe if he gives an enormously larger amount of power to the fed, you will have an aneurysm and be unable to post anymore.

 

[Patranus]

So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

 

[sandorski]

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

 

[Patranus]

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

You fail to see the troubling aspect of this. You need a act of congress to audit the fed. The fed has been granted the ability to spend hundreds of billions of dollars and no one knows where it went. You THINK that the government knows what the fed is doing with all of the money when in fact it does not.

Congress has asked to audit the fed and the fed turned down their request.
Hence current legislation to audit the federal reserve HR 1208 and S604.

 

[JEDIYoda]

Originally posted by: Patranus

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

You fail to see the troubling aspect of this. You need a act of congress to audit the fed. The fed has been granted the ability to spend hundreds of billions of dollars and no one knows where it went. You THINK that the government knows what the fed is doing with all of the money when in fact it does not.

Congress has asked to audit the fed and the fed turned down their request.
Hence current legislation to audit the federal reserve HR 1208 and S604.

No as was stated by Sandorski -- we read and understood what is is about!!

We donot fall for your amateurish attempts at fear mongering!

 

[MotF Bane]

Originally posted by: Patranus

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

You fail to see the troubling aspect of this. You need a act of congress to audit the fed. The fed has been granted the ability to spend hundreds of billions of dollars and no one knows where it went. You THINK that the government knows what the fed is doing with all of the money when in fact it does not.

Congress has asked to audit the fed and the fed turned down their request.
Hence current legislation to audit the federal reserve HR 1208 and S604.

HR 1207.

 

[retrospooty]

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

+1 whoot!

 

[feralkid]

This is a good thing; everyone knows this.

 

[rudder]

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we voted for Obama and there is no way in hell we will admit it was a mistake.

Interesting thought.

 

[heyheybooboo]

85 page synopsis of the Reform package (pdf)

 

[Jaskalas]

It is interesting, that so long as companies are destroyed, the Democrats all jump with joy over the thought. Even when the entity performing these actions has zero accountability. Long as it?s not your job they take, right?

 

[Robor]

Originally posted by: rudder

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we voted for Obama and there is no way in hell we will admit it was a mistake.

I'm an idiot.

Fixed

 

[feralkid]

Originally posted by: Jaskalas
It is interesting, that so long as companies are destroyed, the Democrats all jump with joy over the thought. Even when the entity performing these actions has zero accountability. Long as it?s not your job they take, right?

Hogwash and you know it.

 

[LegendKiller]

Originally posted by: Jaskalas
It is interesting, that so long as companies are destroyed, the Democrats all jump with joy over the thought. Even when the entity performing these actions has zero accountability. Long as it?s not your job they take, right?

Bullshit. Just like any other government agency, Congress has the full authority to fully audit the Fed.

 

[soccerballtux]

Originally posted by: Patranus
The saying use to be "power to the people" but things have changed in recent months.

Obama plans to unveil a plan to "overhaul" the financial industry. In this plan, Obama wants to grant "The Fed" more power to oversee companies.

Obama wants to give "The Fed" more power.
"The Fed" is a private company.
The government can't audit "The Fed" without an act of congress.

Anyone else see something wrong with this picture?

The Fed would have the authority to seize and dismantle these companies...

http://www.latimes.com/busines...9jun17,0,5048683.story

Nope this is great. Best way to regulate the CDS market, the entire reason the Fed had to bailout the banks in the first place.

 

[soccerballtux]

Originally posted by: LegendKiller

Originally posted by: Jaskalas
It is interesting, that so long as companies are destroyed, the Democrats all jump with joy over the thought. Even when the entity performing these actions has zero accountability. Long as it?s not your job they take, right?

Bullshit. Just like any other government agency, Congress has the full authority to fully audit the Fed.

They definitely don't want it though. Puts the economy in their hands. They'd rather be able to blame the Fed.

 

[soulcougher73]

Originally posted by: sandorski

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

No, because we read and understood what it's about.

This.

 

[Atreus21]

Originally posted by: Patranus
So none of you have a problem granting this type of power to a private organization that cannot be held accountable for its actions?

Only if it's Bush.

 

[techs]

Originally posted by: sandorski
Sounds good.

Yes, the grown ups are back on charge.
Putting back into the place the financial regs that gave us 70 years of unprecedented prosperity and rolling back the insane policies of the Bushies that nearly brought down the entire world economy.

Hurrah for Obama.

 

[Modelworks]

Hrm, not so sure I like this

"We must act now to restore confidence in the integrity of our financial system," the draft of the administration proposal says. "The lasting economic damage to ordinary families and businesses is a constant reminder of the urgent need to act to reform our financial regulatory system and put our economy on track to a sustainable recovery."

Mr. Obama's plan will touch almost every corner of financial markets, from tougher consumer-protection policies to stricter rules over exotic financial products, such as credit derivatives. The plan would bring many of the products and companies that previously operated outside of the banking system under federal scrutiny.

The administration's proposal would give the government the power to take over and wind down a large financial company, a power that government officials lacked last year when the financial crisis was intensifying. It would also give the central bank more powers over the payments and settlements systems in U.S. financial markets to prevent a breakdown that officials fear could destabilize the economy.

The plan would abolish the Office of Thrift Supervision and create a new national regulator for financial institutions, aimed at making it harder for companies to shop between supervisors.

One new detail is that any large, interconnected company that the government wants to take over and break up could be pushed into government seizure by the Treasury Department, if certain conditions are met. Once taken over, the companies would typically be run by the Federal Deposit Insurance Corp., but the proposal gives the government discretion to change the way this might work. The Treasury has said these powers were necessary, but the details of how they would work were unveiled for the first time in this proposal.

Full text is here:
http://online.wsj.com/public/r...inregfinal06172009.pdf


The CFPA part I'm dubious about as well.
Using the words "broad power" a bit too much

 

[RyanPaulShaffer]

Doesn't the Fed already oversee the economy or at least the basic fundamentals of the economy?

Do we really need yet ANOTHER federal agency with another czar? More bureaucracy will sure make things work better, right?

The only concern I have about the "integrity of our financial system" is the government's overbearing meddling in the private market.

 

[Deleted member 4644]

This is very bad. The Fed is NOT responsible to the people. It is OWNED by the banks it will "regulate".

 

[bamacre]

Originally posted by: LegendKiller
Congress has the full authority to fully audit the Fed.

No it doesn't.