Bush proposes to expand powers of Federal Reserve & financial regulation overhaul

Bush proposes to expand powers of Federal Reserve & financial regulation overhaul

www.msnbc.msn.com

WASHINGTON - The Bush administration is proposing a sweeping overhaul of the way the U.S. financial industry is regulated.

In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press.

The proposal would designate the Fed as the primary regulator of market stability, greatly expanding the central bank's ability to examine not just commercial banks but all segments of the financial services industry.

(visit the link for the full news article)

The FED needs to be shut down, not given more powers.

This is the WORSE president ever, and perhaps even more worse presidents are to come.

www.msnbc.msn.com
(visit the link for the full news article)

Was just reading this a minute ago. Absolute crap! How we can just hand over more power of the US economy to a private banker group?

Your right the whole thing needs to be abolished. I love how they use the recent economic woes to justify giving them more power. They are part of the reason we are in the mess anyway.

The depression-era regulations that would have forestalled this mess were dismantled for banking "liberalization" starting under Reagan. Now we're supposed to let the Fed regulate the banks? This is privatizing government oversight. This is madness.

Flagged and starred! More attention needs to be focused on the fact that this man is evil and is trying to destroy the US under the guise of fear from terrorism. You want a safe country....get rid of this moron!

reply to post by kleverone


While I too am inclined to refer to Bush as a moron or buffoon, I do not believe that is the proper assessment. Considering his father's CIA connexions and his grandfather's Nazi connexions, then adding his bizarre behaviour when giving speeches not to mention the hollowness of what he has to say, I think we are dealing with someone who has had their mind fractured and put back together by the CIA -- programmed and re-programmed until all that is left is the hollow shell of man who is increasingly frightening to hear as well as to see.

There was a time when I thought the village idiot routine was just George W. Bush's ruse to protect himself should he ever be brought up on charges ... also a way of hedging his legacy. I don't think that now.

He alone is not the only one who needs to be removed from office ASAP. Cheney must go and the entire Executive Branch of the USA. There are plenty of folks in the Legislative Branch who need to go chief among whom are Reid and Pelosi.

It was prolly all a typo.... Im sure bush ment to say ....

" My fellow americans, due to the recent economical crisis, I've lost money in which I needed to fund my " war on Terrah " So, Without further Adue, I Will give my Banking Buddies, Yeah we go way back, More power over Our Money an Financial systems, In efforts to Further suppress the american people, an lead them to a point of Financial Slavery..... Read My Lips, No More Freedoms "

Why not regulate the checks and balances? Why Micro-manage the biggest thing in our way of living?

This is one more step to an American Revolution. The American People's Stockholm's Syndrome will wear right the fudge off, Once they are living out of Trailers from Semi trucks, an Eatin their pets an roadkill for food.... Too bad Hershey's Wont be here with a 5 cent Chocolate bar....

[edit on 29-3-2008 by Trance Optic]

reply to post by Pellevoisin


Agreed! I certainly believe he is not acting alone, I might also be able to be convinced that he is not as stupid as he pretends. Good point

if bush minor is proposing it there must be a shaft for the little guy in there somewhere.

Sound policy should dictate that if bush proposes something.... do the exact opposite.

Here it is. The reason reason behind the recent market woes.

In recent weeks we have experienced market volatility unseen since the 1929 stock market crash when the Fed was originally created.

Back in '29 the Fed was used as the controlling force in American politics. J.P Morgan was simply the most powerful man in the country once the Fed was created.

Now we understand why this recent stock market downturn has come about... it is a pretext for Bush to expand the power of the most corrupt institution of the USA (after the IRS).

Write in to your senators and congressmen. Urge them to reject this further erosion of freedom.

Stand up for the Constitution, America!

[edit on 29-3-2008 by 44soulslayer]

I suggest that behind the closed doors of power,
the Federal Reserve laid out the facts that almost every bank, financial house, mortgage lender is juggling their books furiously
to hide the real insolvency they have...

only some of the 'primary dealers' are revealing their actual financial predicument by secretly sneaking up to the lending or discount windows
with acknowledged 'write-downs' in the low Billions of $$ at a time...

the Fed is wise to this steady but under reporting of losses/writedowns,
but they also insist the Fed Reserve actually needs-to-know the full scope of the situation, and so the Treasury & SEC powers are being awarded to the Fed Reserve so they can manipulate the economy away from the sure collapse which is warrented.

The faith & trust in the central banking system, fractional reserves, credit expansion, and the publics' freshly opened-eyes that the financial system is steeped in rampant fraud.. needs to massaged by the banking elite.



i still say, that in a serpentine path of deceptions and diversion .

the Feds opportunist actions are to pawn off their existing portfolios of US Treasuries, in Swaps with the Banks & Lenders issued private-mortgage/credit-paper...

because the banks & lenders which created the fraudlent rated bonds
will see all that secure & presently valuable US Treasuries decline in value
as the dollar devaluation program procedes,

and the issuing banks/firms, such as Merrill Lynch, Citigroup, Goldman, & more than a dozen other major Primary Dealers..
will be stuck with the interest due on the use of the Feds US Treasuries which were 'Swapped' at par value.

And the Fed itself will be holding onto - the once 'bad' debt instruments -
which will be tainted but still valuable investment paper which has
trillions of mortgage bonds contained in them... read 'Real Assets' -
as opposed to a declining in value US Treasuries (of fiat dollars)
which nobody in the world markets will be buying at the cyclical Treasury Auctions.

especially after the Gulf Cooperation States, de-peg the dollar and quit recycling those petro-dollars at the Treasury Auctions.



[edit on 29-3-2008 by St Udio]

lets see, giving more power to the company that caused the finanicial mess, because there is a financial mess?? talk about stunningly retarded policy.

i've always said this dollar takedown is by design, and now we're seeing the reasons why, wealth transfer and consolidation of power. Problem,reaction,solution.

WOW!!!!!

Everything I've ever read conspiracy related to Illuminati controlling the privatized Federal resereve banks...has officially come true with this move right here.

BUSH even though he is the most hated, dumbest. pig faced, demon, and worse president we've ever had in history.....I atribute this move to the Puppetteers that pull his strings, i.e. the Iluminati.

Hang folks folks, we're in for a wild ride over the next 5-10 years especially if you live in the u.s.

Because the Government has been so successful at managing public education, heathcare, social security and Iraq!? Hell - even Fannie Mae and Freddie Mac, which are already quasi-governmental, are in a state of turmoil.

This is scary. GangBankers suck but the Fed sucks more, now they'll be in business together. I read a quote once to the effect that Fascism exists when the government and corporations are in collusion. Well, we are there.

I'm on record as saying that speculation on commodities is in dire need of better oversight and regulation as it artificially manipulates supply and demand but this proposal is just horrific.

Not that anyone in Washington D.C. has read this but:

source

Article 1, Section 8

The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;

To borrow money on the credit of the United States;

To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;

To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;

(Note--quoted section is not the complete Article1, Section 8. I selected specific selections. Please refer to source link for the complete Article 1, Section 8 for deeper knowledge of Congressial powers that are granted but have been ignored, including that it is Congress that arms militias not the Second Ammendment...so that tired arguement is moot.)

I have to say that W. needs some better handlers, or at least advisors that can read the legal guidelines to our country. But hopefully Congress will give him the Lame Duck treatment on this proposal and hold a vote for review for presentation until after his term expires.

Funny how gold was always between $20-$60 an ounce before the Federal Reserve Banks replaced this Congressional power to regulate the value of money. With the establishment of speculated value versus established value was why the markets had an overvalued surge in the Roaring 20's before the panic that lead to the Great Depression.

That panic was the public's realisation that money was becoming over valued and backed by speculated value of company stocks. By rushing the banks to cash in, a few banks folded because they did not have enough cash on hand. Word got out that the banks didn't have the money and higher pressure was placed until increasingly larger banks folded.

Today we can see that happening with the housing crisis as lending institutions over-extended into risky loan practices and the general economic instability in the job market have given rise to over-valued houses that sellers can not recoop their total debt of their investment to the point that individual home owners now have morgages considerablly higher than the value of their home. In otherwords, they can only sell for a loss. When the general public become accutely aware of that fact, such as by wanting to sell and live in an apartment to reduce expenses due to job loss, income losses on investments, retirement...

I bolded retirement due to the baby boomers. Many spent their lives house hopping and upgrading due to job changes and relocations in our upwardly mobile heyday of the 80's and early 90's. My parents married in 1970 and have had six residences (including rentals) since then. While it is possible that they could pay off their morgage on their current house by the time Dad retires, he has changed jobs (due to company closing) since they bought this house and there is no way of knowing the future of his current job (and income and expenses) until retirement at 65 in 9-10 years. Let alone the country's economic stability. While the house is nice and in a good neighborhood, it is part of housing association whose rules and regulations I would not live under so selling to someone of Generation X might not be an easy option for reducing expenses due to medical bills or income loss. And while it was a 30 year note purchased in their 40's it was well within their means, but anything can happen to change that.

I understand the pressure to want to fix the situation before it becomes worse, especially after saying everything was fine all this time. But W. really needs to be very careful about what he is preposing to do. Lest we all start calling our little shanty towns not Hoovervilles but living out in the Bush Leagues.

I am much more of a closet dissident as my family and friends don't often talk about such issues nor agree with me but I received this email from an unexpected and semi-well-connected source. I immediately chalked it up as 'Hoax' but now I am not as sure.

Last week's session (Th 3/13/08) was only the 6th time in the last 176 years that Congress has closed its doors to the public.

Word has begun leaking that not only did members discuss new surveillance provisions as was the publicly stated reason for the closed door session, they also discussed:

the imminent collapse of the U.S. economy to occur by September 2008;
the imminent collapse of US federal government finances by February 2009;
the possibility of Civil War inside the USA as a result of the collapse;
advance round-ups of "insurgent U.S. citizens" likely to move against the government;
the detention of those rounded-up at "REX 84" camps constructed throughout the USA
the possibility of retaliation against members of Congress for the collapses;
the location of "safe facilities" for members of Congress and their families to reside during expected massive civil unrest;

I fear we are at a cross roads. When Joe Six Pack starts sending e-mails like this, it's either true or perceived truth. Either way, it's dangerous as the prevailing mindset is "Enough!"

Wow....just wow.

cant believe bush....i would hope to the powers that be that congress will make the right decision on this....Well, all i can say is this, next week when i get payed im gonna go out and excercise my right to purchase some firearms and ammunition.....

reply to post by SilentBob86


And just a suggestion here, might want to exercise your right to buy Bell/Mason jars, lids and canning supplies and a good book on it and stock up on good in season buys on fruit and vegetables all this summer and put it to use. If you have the land to do it, plant a garden and build a smokehouse or shed for hanging salted meats.

Might also look into learning some tradeskills like tanning/leatherworking, smithing or woodworking. Power tools are nice but hand tools work anywhere.

My personal disadvantage is living in an apartment, so I don't have the space for big time operations like a garden or workshop but I do have some knowledge and supplies for various situations and if everything goes all out, I can always take over one of those abandoned houses of the would be John Rambos that were not quite up to snuff out in the woods.

Edit to add: I hope you didn't take that last bit to be a shot at you directly. I mean that to those that will just go out and think they will live off the land from watching Bear Gilas and old Grizzley Adams shows and think that the in great outdoors that food is plentiful under every rock and behind every tree and that Nature is easily defeated by just saying you will win. Those people will have a major dose of reality, especially when the guy they run into isn't as friendly and helpful as they particularly needed them to be at the time.

[edit on 29-3-2008 by Ahabstar]

Heeeeere's Johnny. This is it folks. The death of America as we know it.

I notice that none of the hardcore defenders of corporatism have showed up here yet to argue that the economy is just fine and to trust our wise leadership.

Originally posted by jackinthebox
I notice that none of the hardcore defenders of corporatism have showed up here yet to argue that the economy is just fine and to trust our wise leadership.

They don't defend Bush anymore. It just makes them look bad.

Instead they wrap themselves around the ankles of their Bank and cry "Daddy will make everything better! Money never broke! Money always good!"

Our money is broke, unfortunately, and we cannot expect 'Daddy' whether its the FED or the Banking cabals to fix this... it's not in their best interest to fix it.