Please tell me this is just Super sensationalism

NY Times

You may want to hold on to your seats before you read the following:

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.

Perhaps you all would like to read the above paragraph a couple more times just to be sure. In fact, could someone click the link to make sure this is NY Times reporting this?

I need to do some serious grocery shopping tomorrow, canned foods, and water will be my top priority.

This is NUTS.

reply to post by promomag

I heard some criminal gangs hired drivers to send agents to exchange with fake check in a short time everyday in history. And in all they have stolen more than 50,000,000 $ from the banks. Nowadays various of cheat still exist all over the country. So I support this decision. Maybe it's the easiest way to solve these problems, in the risk of breaking regular economic order though.