**I Can't Take it...Treasury’s Plan Would Give Fed Wide New Power**
Posted March 29th, 2008 by LionandLamb
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***The Whole Story***
Treasury’s Plan Would Give Fed Wide New Power
WASHINGTON — 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.
The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis. Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.
According to a summary provided by the administration, the plan would consolidate an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.
While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.
***
In Christ,
Dave
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Crazy Congress Critters
"...Congress [will] 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."
What risk to the overall system are they envisioning, which requires dispatching SWAT teams??
"...the plan would consolidate an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms."
Again, power over many, consolidated into the hands of the few.
[aside: So let's use that same tactic: become delegates = wield power /aside]
At this point, I'm picturing Congress as a greasy, used car salesman (insert wacky sound effects as necessary) --
"Hey-hey-hey-heyyyy!!! Have wee got a deal for YOU! Just come on down here to Crazy Congress Critters today, and we'll set you up with a nice tyranny (slightly used) that you can use to shackle your sheeple in no time flat! Control of the nation's finances? Ha! We're GIVING it away! And -- if you act now, we'll also throw in: a fully-Kevlared, armed-to-the-teeth SWAT team! Lock 'n' Load, baby!!! No need to ask for this deal; we're just doing it alllll on our own! Why? Because we're Cr-cr-cr-crAAAAZY!!!"
One of the most dramatic
One of the most dramatic changes would extend the powers of the Federal Reserve -- designed to regulate the commercial banking industry -- to oversight of virtually the entire financial industry.
http://www.cnn.com/2008/U...
"You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning." --Andrew Jackson,
1828
I though something was up
This housing bust didn't seem that big of a deal as the media makes it out to be. It pops and all of a sudden we are in a depression, yeah right.
Red herring to give the Fed more "official" power. The idea was to make it affect citizens the most and so that those citizens will accept more governmental regulation. The reality is they already had the power to begin with but it was secret. Now they can make it more open to the public and not worry about covering up some of the shit they do anymore.
I say we oppose it, and fight them tooth and nail!
In Christ,
Dave
www.lionandlambministry.c...
www.lionandlambtv.com
Front Page of Yahoo "Bush seeks financial regulation overhaul"
Apparently this is another one of Busche's great ideas..LOL He takes all the credit no matter how bad it stinks doesn't he. That puppet will dance! THE time is coming my friends.
My Friend, this is vey disturbing...what am I saying....
It's ALL very disturbing!
In Christ,
Dave
www.lionandlambministry.c...
www.lionandlambtv.com