Discussion in 'Economy' started by Toro, Apr 2, 2010.
Robert Reich (The Fed in Hot Water)
I finally agree with something Tiny Tim Reich has said.
Still, some of his premises are off.
BBL on this one.
Already have a thread going on this HERE
Toro, you are acting like a fucking nincompoop posting a grossly stupid article like that. I will quote. "bailed out Bear Stearns – taking on tens of billions of dollars of the bank’s bad loans – in order to smooth Bear Stearns’ takeover by JPMorgan Chase. The secret Fed bailout came months before Congress authorized the government to spend up to $700 billion of taxpayer dollars bailing out the banks,"
Now, Toro, I know from your posts that you are not the brightest lightbulb in the bunch from your previous posts, but this makes you look totally stupid and is obviously an attempt to just attack another for the fun of it. The FED efforts to stop economic chaos are totally independent of "Congress authorizing the government to spend up to $700 Billion of Taxpayer dollars bailing out the banks."
Low IQ buffoons of which we have plenty on this forum will jump on this shit and say, "See they did not have congressional approval." Might I remind you that the FED is independent of the Congress and that congressional approval of monies spend is in no way connected to the FED. I note that you suckered DUDE in to this ruse. Shame on you. Dude does not understand what is going on and has no knowledge of the FED charter.
I expect you know better and are just trying to make him look like a fool. Shame on you!
I believe DUDE to just be a nice guy who does not really know what is going on around him. He has been suckered in by the Ron Paulites and all of their insane lies, but was questioning all of that insane crap they spew to hook fools into their web of stupidity.
What a shame that you are playing these games with people.
What, you're not in 100% agreement with that brilliantly insightful post?
Federal Reserve System
neubarth....for the love of all that his good in this world....put a shirt on
Robert Reich might actually be starting to grow a brain. I guess he's just a late bloomer.
Robert Reich is just trying to make more money by playing into the crazed frenzy that the followers of Ron Paul have started with their worship of gold. One way to bring money in is to write a scandal sheet type book because it sells.
I have been saying for years that we need strong oversight over the banks. We need to try most of the major bank leadership and send them before firing squads for treason against this nation as their efforts to make money immorally and unethically have the capacity to destroy this country. The FED works within its charter to try to undo the damage that the banks have done. To get corrupt bank cooperation, the FED has to be able to offer privacy in transactions or the transactions might not take place.
The FED is not guilty because it has to try to repair the economy. The guilt lies with the banks and our Congressional failure to pass legislation that would effectively regulate those banks. Regulation! Try it. It works!
I see all of these nincompoops on this forum who think that because the FED bailed out this bank and that bank and the other bank that means the FED was involved in the bank's shenanigans in the years before that brought about the problems. The FED does not have the authority to limit what the bank can do. Congress has that authority and has refused to act. Amazing stupidity. The FED can only try to repair the damage and it can not legislate.
Over and over I see buffoons say, "The FED should have stepped in and stopped the bank..." The FED does not have the authority to stop any bank. It can as it has done on numerous occasion address problems in the banking world before Congress in hope that Congress will do something to stop the horrible corruption. Unfortunately Congress never does. I had hope that when Obama came into office with his massive majority in both the Senate and in the House he would immediately have the restrictions on illegal banking activity immediately stopped. Instead he decided to take their bribes to allow them to continue as they always have.
Right now the FED is the only Federal institution that is acting as it should to do its job. The next best institution in that regard is the Supreme Court.
If you want to know how lack of restrictive legislation on the banks can allow things to get totally out of control, read about the Savings and Loan crisis of three decades ago. The same crap that we just witnessed was allowed to happen then, and the S&L's that made their money from mortgages for residential and commercial building fell on their sword when housing prices fell. We did not learn from that lesson, so now we are repeating the same mistake again. How stupid can congress be? When are we going to see some leadership that effects change for the good?
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