The Federal Reserve was supposed to regulate the lending industry and didn't. Maybe that was the plan - offload the responsibility, and then let the banks run ramshod.
So instead of proposing legislation to disband or rein in the Fed, George Bush and Goldman Sachs CEO Hank Paulson (oops, I mean Treasury Secretary Paulson) want to give them more responsibilities (whether they choose to use them, or ignore them like they did in the past).
Here's the plan that SHOULD be being proposed:
DISBAND THE FEDERAL RESERVE BANK. BRING THE POWER TO REGULATE THE FINANCIAL INDUSTRY IN-HOUSE. STOP ALLOWING AN UNREGULATED AND UNCHECKED ORGANIZATION TO RUN THE FINANCIAL AFFAIRS OF THE UNITED STATES (INTO THE GROUND)
Be afraid America, be very afraid. Fear for your country, because your countrymen either don't understand or could care less.
The Federal Reserve Bank and its leaders have failed America and were directly responsible for creating this current mess. The blood of the housing bubble and crash is on their hands. They should be destroyed, not deployed.
Ron Paul is going to go nuts when he hears about this.
WASHINGTON - The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry from banks and securities firms to mortgage brokers and insurance companies.
The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.
The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system.
March 29, 2008
COUP ALERT: Bush and Paulson want to give even MORE powers to the Federal Reserve Bank. Be afraid America, be very afraid.
Posted by blogger at 3/29/2008