Dodd Calls Fed 'Abysmal Failure' - Seeks to Strip Nearly All Oversight Powers
Wednesday, November 11, 2009 | Washington Post
By David Cho, Brady Dennis and Neil Irwin
The chairman of the Senate Banking Committee on Tuesday unveiled a sweeping regulatory reform bill that would strip the Federal Reserve of nearly all of its power to oversee banks, setting up a possible clash with the Obama administration, which has argued for the central bank to play a pivotal role in addressing financial threats.
The legislation promoted by Sen. Christopher J. Dodd (D-Conn.) would impose the most fundamental change in the Fed's mission since the Great Depression, leaving it responsible for little besides setting monetary policy. Senior administration officials and Fed leaders, by contrast, have urged that the central bank retain its power to oversee large and complex financial firms whose collapse could endanger the global system.
Dodd's bill not only abandons the proposal that the Fed take the role of regulating potential risk to the financial system, but it also would remove the Fed's responsibilities for overseeing consumer protection and bank regulation.
"We saw over the last number of years when they took on consumer protection responsibilities and the regulation of bank holding companies, it was an abysmal failure," Dodd said.
If he can persuade a majority of Senate Democrats to sign on to his proposal, his vision for regulatory reform could prove tough to derail. While the House is also considering a bill on financial regulation, the Senate debate could be decisive because its final version would be more difficult to change given the challenge of garnering the necessary votes there.
The legislation reflects the wide disdain for the Fed held by many on Capitol Hill and in the public. Often faulted by critics as too powerful and largely unaccountable to lawmakers, the central bank's standing deteriorated in recent years as it failed to foresee, much less prevent, the financial crisis. Its massive bailout of American International Group and other financial firms has also been unpopular with many in Congress, who see these actions as proof that the Fed is beholden to big banks.
output
False Flag
End the Fed has received WAY WAY WAY too much support.
Nothing, even in recent post presidential run history, of RP's has had more than 4% support.
RP is being used -- End the Fed will result in Global Fed; it's part of the end-game.
ONLY Counter-Economics can save us.
C-E is what Mises advocated (philosophically) for "how" a free-society is maintained and I advocate it as the method to get us there.
We get busy living "free" or get busy fixing the shackles a little more snuggly.
Octobox
Peter Schiff explains
http://www.youtube.com/wa...
thank liberty mike for the link.
Don't buy it...
Dodd is the Fed's boy. I smell a rat.
AGREED
And just before Peter Schiff starts campaigning...
Co-opting a little Ron Paul
Co-opting a little Ron Paul populism, especially since Peter Schiff is one of his potential opponents may very well help him.
Success in politics doesn’t always comes from winning elections. It comes from advocating ideas that even the most unlikely adherents like Dodd find useful.
Speaking of Ron Paul influences, I see where the Charleston (S.C.) County GOP has censured Sen. Lindsay Graham, finally fed up with his many apostasies and his attempt to be John McCain’s political successor See where attacking Ron Paul leads you Senator?
http://conservativetimes....
Follow me on Twitter for breaking news on Ron Paul and the U.S. Economy:
www.twitter.com/AbolishTh...
We have to go through the terms & definitions
To find out how dirty this bill really is
guaranteed double speak left right & centre
www.Umake.it - The online resource for the Hand Made Society
This is the only way he can
This is the only way he can beat Schiff. (By stealing his thunder) He's on the ropes!!! Hopefully Peter can knock him out before any of this gains traction. (And who the hell wants the fed setting monetary policy. The fed needs to die!!!)
You Judge A Tree By It's Fruit, NOT its Flower
It's not looking good for the Fed!
Freedom, Prosperity and Peace
I think Schiff's got him
I think Schiff's got him worried.
Things are only impossible until they are not.
-- Jean Luc Picard
What the...(???)
Chris Dodd???? Did I wake up in Bizarro World?
Bait & Switch tactic. He won't. And Schiff is going to kick his ass.
Obama = O.ne B.ig A.ss M.istake A.merica
Something smells fishy to me...
I didn't think Dodd had the moral fiber to go after the Fed.
It could be a way to take attention from Ron Paul's bill and pay lip service about the Fed but not REALLY make any changes.
In other words, is the Fed actually behind Dodd's proposal to take some heat off themselves and buy time?
Or maybe I'm just a cynic.
maybe he is trying to make
maybe he is trying to make up for his exposed behavior.
Did I read somewhere that Dodd is Stalin's great grandson...?
Grace be to you, and peace, from God our Father, and from the Lord Jesus Christ.
In Yâ-hwéh Yâhuwshúa`, The LORD Jesus Christ;
Dave
"where the Spirit of the LORD is, there is liberty." 2 Cor. 3:17
http://www.lionandlambmin...
crook dodd needs to go
to the slammer
He hasn't seen the light ....
... but he has felt the heat.
Turn it up.
LOVE YOUR COMMENT
LOVE YOUR COMMENT
He hasn't seen the light....He has seen Peter Schiff...
coming his way.
He sees that his days of deception are numbered.
Not so fast
From what I heard this morning, Dodd wants to take away all of these bank oversight powers from the Fed -AND CREATE A NEW FEDERAL BEUROCRACY TO HAVE THOSE POWERS-.
Re-arranging the deck chairs on the Titanic. Nothing to see here.
www.garyjohnson2012.com
Of course he wants a change ...
a change to something worse. A zebra can't change its stripes; especially an evil zebra!
Dodd is an abysmal failure....
so is he finally for removing some of the Fed's power? He is still leaving them to create money out of thin air.
-I favor extending to Israel the same honest friendship that Jefferson and the Founding Fathers urged us to offer to all nations. ...This means I also favor discontinuing foreign aid to governments that are actual or potential enemies of Israel,--Ron Paul
When Dodd speaks against the Fed, what's the catch?
When an obvious enemy of the Constitution and of the rights of the people cries out for the downsizing of the Fed's powers, what's the catch?
How does such a proposal fit into Dodd's overall objectives?
Could it be-----and I'm really going out on a limb here----that he's trying to preempt the inevitable and much-more-promising proposal to END the Fed altogether?
Rolling back the powers of the Fed is just as easily reversed as enacted. So long as the Fed exists, it is a serious threat---no matter what "size" its powers.
But this way, Dodd and his Democratic half of the controlling cartel get to appear to be the champions of the American economy. Meanwhile, the Republican Party is keeping up its end of the bargain, to do their best to shipwreck the end the Fed movement. While they may tolerate a bit of that movement within the Republican Party, Dodd's proposal will be sold as a much more reasonable compromise to the "radical" End the Fed proposal.
That he would float such a proposal, however, is quite likely a sign that the powers that be do indeed feel threatened by the End the Fed movement.
Jack Pelham
Rule of Law Revolution
www.ruleoflawrevolution.c...
I agree with most of what you say
Especially Dodd must have a motive. I was reading a great article on Bloomberg about the bank bailouts (see here http://www.bloomberg.com/... ) and discovered in the article, an Index called the 1116586 Index so trying to research that specific index I found this index from the fed http://www.federalreserve...
As for Dodd, he needs to lose reelection and we need to go through his personal finances including trusts, corporations and every other place he has hid his bribes.
Detective Krum Investigates:
http://victory1project.wo...
http://politicaltrackingn...
do you mean 'strip' powers?
sorry to nitpik... thanks for the article!
I guess he learned that Fed
I guess he learned that Fed bashing is cool
Peter discusses this in
Peter discusses this in yesterday's Schiff report
http://www.youtube.com/wa...
Ah, this explains it.
Ah, this explains it. Thanks.
Freelance copywriter/editor who gets the "freedom message"!
Visit: http://www.DavidBardallis...
Political rhetoric-
nuff said.
From this point forward
no matter how they may change their tune, we know why they are doing so. Let us never forget exactly who put us where we are today.
Continue to condemn them when they are wrong, but, by all means, completely support them when they are right. Then, in November of 2010, save a very, very few........
THROW THEM THE HELL OUT!
I'm with you there:
Throw them all out. Right now, you will see the ones that are up for re-election trying to say just the right things to stay in. But make no mistake about it, they will do another about face when the time comes. Dodd is scared for his contuance and needs to go away like the majority of them.
~~~~~~~~~~~~~~~~~~~~~~~~~~
I love my country
I am appalled by my government
So........this morning we have....
This article....... Leiberman vowing to stop the health care bill....... and the TSA suddenly changing their policies.
Seems to me what this says is that they are afraid..... they are very afraid.... They KNOW that the people have caught on.... they are NOT ignorant or misguided...... they want to win elections.....
Whether or not they mean what they say...... we ARE making a DIFFERENCE. More and more education CAN change things. Even if they do what they really want on this go round.... they KNOW that their days are numbered, .....and that is a good thing.
_________
A Man's Country Is Not A Certain Area Of Land,
Of Mountains, Rivers, And Woods,
But It Is A Principle......
And Patriotism Is Loyalty To That Principle .
- George William Curtis
It is a good point to remember
We're dealing with BULLIES
Bullies aren't used to being challenged. They look strong when their victims lie down.
When you challenge them, they tend to run.
Deep it up!
What a coincidence!
Now that Peter Schiff has announced he's running for Dodd's seat. All of the sudden, Dodd wants to go after the Fed. I certainly hope he does but, one can't help but wonder where he got the notion.
That was my thought as well:
That was my thought as well: a pre-emptive move to help deflect what he knows wills be a major criticism if/when Schiff gets the nod and runs against him.
Call me cynical, but I don't think Dodd would do anything like this if he thought it had a chance of actually becoming law. His masters would never be pleased.
Freelance copywriter/editor who gets the "freedom message"!
Visit: http://www.DavidBardallis...
You're cynical!
But if anyone's not these days, they're not paying attention... :-)
~~~~~~~~~~~~~~~~~~~~~~~~
"Let them protest all they want, as long as they pay their taxes.” ...credited to Al Haig, Ronald Reagan's Secretary of State.
http://groups.yahoo.com/g...
http://www.dailypaul.com/...
Ron Paul = Red Pill
Hmmm...Dodd is...
completely afraid of Schiff.
Assert Your Authority
On whose watch was this allowed to occur?
Um, that would be Chris Dodd's watch.
Anyone who votes for Dodd
is an abysmal failure, at least in the "political discernment" area.
This will bill will never
This will bill will never see the light of day. typical election year politics. dodd is up for re-election in 2010. Abolish the IRS and the Federal Reserve. Attend one of the nationwide End the Fed Protests on Sunday, November 22nd.
http://endthefedusa.ning....
Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny."- Thomas Jefferson
Thing are getting very
Thing are getting very interesting for the Fed.
Dodd is a traitor...
just like his dad.
No doubt, he's been told to lay down the smoke screen and control the opposition. Reminds me of when Kissinger was pulled out of mothballs to head-up the 911 investigation.
I ain't buying it.
I agree -- which is why both
I agree -- which is why both the major Establishment house organs, the NYT and WaPo, are even mentioning it. If this were a real effort, those propaganda outlets would studiously ignore it.
Freelance copywriter/editor who gets the "freedom message"!
Visit: http://www.DavidBardallis...
Question
everything...
Very interesting indeed
is this political education
Pressure
Keep applying the pressure. We can never let up.