Bob Barr says: We need to give Federal Reserve more oversight (power)

over a government-created agency? The Fed itself was government-created.

The more intragovernmental regulation the better. Checks and balances. The only thing that shouldnt be regulating is true private institutions. Why do you think Dr. Paul calls for government oversight of the Fed? It's the same thing. If the Fed were truly a private institution, rather than a quasi private/government institution, Dr. Paul would be opposed to government regulation of it. But, no Dr. Paul is calling for more government regulation. It's the same concept.

Barr is just proposing that for the short term, with full privatization of Fannie Mae and Freddie Mac being the goal.

worthless as a politician! Why is his name even entertained on here?

In Christ,
Dave

www.lionandlambministry.com

www.lionandlambtv.com

Get so misguided. I have heard people talk about how they have supported Ron Paul in every facet of his campaign. Then to drop all they have done to support this guy? What are they thinking,drinking, or smoking? Cause I don't see how one could go from wanting the FED destroyed to giving the FED more power. Maybe they weren't here for Ron Paul but lying in wait for the right time to strike. Well all I can say is keep striking. You'll never catch me and make me submit to this CIA,patriot act,Power to the FED, wolf in sheep's clothing plant.

Thanks for linking to Bob Barr's Press Release on Fannie Mae and Freddie Mac. Here is the rest of the press release with the extracted quote:
"In the short-term, government has little choice but to provide an explicit but limited loan guarantee, thereby capping the public’s liability, now widely assumed to be without limit. At the same time, Congress must restrict the number and size of loans by Fannie Mae and Freddie Mac and set more substantial capital requirements, while authorizing greater Federal Reserve oversight of their operations. The organizations must begin downsizing their portfolios, reducing their risks, and reestablishing their financial credibility.

However, the ultimate objective must be full privatization—with both organizations turned into private companies, responsible for their loan portfolios, and without access to government guarantees or other forms of support. Government should not be in the business of creating multi-billion dollar enterprises to manipulate markets for the benefit of one group or another—in this case, in order to shave the interest rates for selected home buyers by a quarter or half percent.

Finally, we must learn the lesson that government subsidy programs almost always end up running out of control, causing financial disaster for taxpayers. A Fannie Mae/Freddie Mac collapse could cost most than $1 trillion. The U.S. already has a $14 trillion national debt. Far worse, the unfunded liabilities of Social Security and Medicare top $100 trillion. American taxpayers cannot afford additional special interest subsidies and bail-outs.

Moreover, the entire economy suffers from the sort of market manipulation practiced by Fannie Mae and Freddie Mac, as well as the multitude of direct housing subsidy programs. Indeed, the impact of the sub-prime lending crisis has gone far beyond the housing market. The largely unaccountable Federal Reserve has made many of these problems worse, by extending further bail-outs and creating additional taxpayer liabilities. Congress must limit the Fed’s activities as well, and force it to act with greater transparency and oversight."