More power for the Federal Reserve?

Discussion in 'Economy' started by sealybobo, Jan 26, 2009.

  1. sealybobo
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    sealybobo Diamond Member

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    This is the problem I have with Democrats. They don't seem to understand any better than the Republicans do that the Federal Reserve is not the solution, they are the problem.

    Fed may win sweeping financial oversight
    Some worry plan would give central bank too much power

    Fed may win sweeping financial oversight - Washington Post- msnbc.com

    Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to.... (DON'T GIVE THEM MORE POWER)

    But the initiative, which could be finalized in the House by spring, is raising concerns about whether it would muddy the Fed's traditional mission and concentrate too much power in a single federal body.

    (SEE, THIS IS WHAT WE SHOULD ALL BE WRITING TO CONGRESS ABOUT, NOT ABORTION)

    The legislation envisioned by House Financial Services Committee Chairman Barney Frank (D-Mass.) would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system

    (WHY LESS LIKELY, WHY NOT MORE LIKELY? WHY GIVE THE FED EVEN MORE POWER WHEN IT ALREADY HAS TOO MUCH?)

    The Fed was created by Congress nearly a century ago as an independent entity, insulated from political pressure, so it could take the unpopular step of slowing the economy to combat inflation. But as a regulator, the Fed operates more like an ordinary government agency, with extensive review and oversight by congressional authorities.

    (I DON'T BELIEVE THE FED IS GOING TO GET EVEN MORE POWER. UNBELIEVABLE)

    Fed may win sweeping financial oversight - Washington Post- msnbc.com
     
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  2. Paulie
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    Paulie Platinum Member

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    Sealy, what's more responsible for the credit crisis/housing bubble...

    Deregulation, or the Federal Reserve's monetary policy?
     
  3. sealybobo
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    sealybobo Diamond Member

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    The GOP/Federal Reserve/Corporations deregulated the credit/housing industries and IMO purposely caused this crisis.

    $750 billion right at the end of Bush's presidency. CHACHING!!!

    That's like asking, who's more responsible for killing a person, the murderer or the gun.

    The Fed is the murderer, the gun/tool/instrument used in this case is the deregulations.
     
  4. editec
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    editec Mr. Forgot-it-All

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    The FED as currently structured is a tool of the wealthy and powerful banks to keep them that way.

    Still something like a FED must exist, just not one like we have now.
     
  5. dilloduck
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    dilloduck Diamond Member

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    I am having serious doubts that the American people or the people that supposedly represent them can change it. I firmly beleive were are being financially blackamiled. The fed gets it's way or we starve.
     
  6. RodISHI
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    RodISHI Gold Member

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    More beans dillo. There comes a time to put an end to their extortion tactics.
     
  7. dilloduck
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    dilloduck Diamond Member

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    damn--that reminds me--I gotta make chili-----and yes--I use beans in mine :cool:
     
  8. sealybobo
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    sealybobo Diamond Member

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    Exactly. It should be socialized like it was before JP MOrgan, Rockafellor & Carnege bribed Congress in 1913 to pass the Federal Reserve Act.

    Before then, our money was backed by gold. Why did the government turn over our finances to these ruthless greedy business men in 1913? And now the $ is not backed by anything. Are we stupid?

    If the government owned the Federal Reserve, we wouldn't be charging ourselves interest on the debt. Hell, we probably wouldn't even have a debt. At least not like the debt we have now.

    Think about this. The Federal Reserve loved it that Bush doubled the debt. Now they own us even more.
     
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  9. sealybobo
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    sealybobo Diamond Member

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    For sure. They're doing what the Unions used to do. Either give them what they want or they'll take the entire system down!!!
     
  10. dilloduck
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    dilloduck Diamond Member

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    Bobo---making a partisan issue out of it will guarantee nothing gets done--wise up.
     

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