Should We Kill The Fed?

[sealybobo]

Check out the record bonus' they were getting between 2004 & 2007. And it wasn't just bankers. It was every corporation.

And how is that the Fed's fault?

If you have a problem with big bonuses (I can understand it) Congress needs to tax multi-million dollar incomes more.



Previously addressed.



Dead wrong.



Not to the old owners of the bank! Either to the trustee in liquidation or new owners of the bank.

It is a scam. I just don't think Obama is in on it. He knows it is a scam, but he plans on ending the scam.

I certainly don't deny that the wealthy has a disproporationate influence in Govt and control of wealth. But I don't see evidence that the Fed is part of some massive banker conspiracy, or that giving control of the money supply to Congress is an answer. Congress, aside from being completely irresponsible on fiscal matters, is equally suspect to influence peddling by banks as is the Fed. And probably more so because Congresspersons need to get elected every couple years.

You need to get your hands on Freedom to Fascism by Aaron Russo. It'll explain everything.

In 1913, Rockafellor, JP Morgan and Carnege bribed congress to give them control of the treasury, and soon after tax our labor, despite our founding fathers and the Supreme Courts warnings/rulings.

I'm not going to try to explain it all, but when you see the DVD, you'll be a whole new person.

These were the same guys who owned Standard Oil MONOPOLY, and we had to break up that monopoly.

So they just went ahead and took over our entire country.

They had been trying to accomplish this ever since the country was founded.

Jefferson warned us. Ford said that if we knew how the banking system worked, there would be a revolt by morning.


You can also Utube Freedom to Facsism, but I suggest watching the whole thing.

 

[sealybobo]

Sealy suggests:

And maybe we have them in check now that Obama is in office. But what about when Jeb Bush wins in 2016? Then the bankers will run wild again?

You think that Obama has the bankers in check?!

Consider that right now banks are borrowing money at ZERO PERCENT INTEREST and loaning it to us at 5-5.5% for motgages and the sky's the limit on credit cards.

You call THAT keeping them in check?

Obama is ENABLING THEM to rip off this nation, amigo.

They get free money, they get bailouts in the trillions, they have no limit to how much they can charge us to borrow money they got from the government, they're making money hand over fist and you think OBAMA is your friend?!

I hate to break this to you, Sealy because I like you, but your partisanship is blinding you to the shamocracy you really live in

You never answered me yesterday:

Please tell me who's side you are on here:

His panel led the way Tuesday by narrowly voting to send the full Senate a bill that would ban some of the many reasons credit card issuers raise interest rates and fees on consumers, raising the hackles of industry advocates who say such limits would ultimately cost consumers more money.

"Making this credit available is a very risky business and the committee's action today will unfortunately make it harder, not easier, for banks to continue doing so," said American Bankers Association's Kenneth J. Clayton.

The answer, according to some Republicans, is prosecuting predatory lenders and requiring issuers to more fully disclose agreements in language that consumers can easily understand. They point out that new rules by the Federal Reserve, designed to accomplish some of the same goals, take effect next year without punishing an industry suffering from the recession or putting credit out of reach for higher-risk borrowers.

"This legislation will take us back to an era when competition was limited, working families who needed help were denied access to credit cards and everyone paid interest rates one-third higher than today's, regardless of whether they paid their bills on time," said Rep. Jeb Hensarling of Texas, the top Republican on a House subcommittee that takes up the issue Wednesday.

Democrats rattle off examples of some in the industry that have exploited the needy: The college student or elderly consumer who was offered and accepted lines of credit they plainly could not afford; the economically viable consumer stunned by bigger-than-expected monthly payments, inflated under an obscurely written agreement or for hard-to-understand reasons.

"Disclosure is no longer enough. The credit card industry has found ways around disclosure," said Sen. Chuck Schumer, D-N.Y. "No average consumer can hope to keep up with all the changes that have been made."

"We should not, however, legislate by anecdote," warned Sen. Richard Shelby, R-Ala. Dodd's bill -- similar to the House measure to be considered Wednesday -- would force the industry to comply this year with some of the same rules approved by the Fed now slated to take effect in 2010.

Dodd's proposal, approved by the panel 12-11 on Tuesday, would bar so-called double-cycle billing, when a card issuer computes interest charges on outstanding balances from more than one billing cycle. It also would ban "universal default," the practice of raising a cardholder's interest rates when that consumer has problems paying other creditors. And it would prevent card issuers from changing the terms of a contract as long as the card holder pays on time.

Shelby said he supports some of those goals. But he voted against the bill, as did every other Republican on the panel, in part because he said it would prohibit card issuers from pricing according to an existing card holder's past and potential behavior.

That, Shelby said, would amount to abandoning risk-based pricing altogether.

Dems _____

GOP_______

I think this is a great sample story of how the two parties are different.

And why do the AFL-CIO and all other labor unions all back the Democrats?

Clearly the Dems are the party looking out for labor/middle class.

Maybe not as much as you and I would like, but more than the GOP for sure.