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.
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http://www.freedomdomain.com/banking/central01.html
A Brief History of Central Banking in the United States
Comrade Bernanke would never do us wrong.
not that it matters, but i'm going to write and call the hell out of my congressman and senators. that would be Moran, Webb, and Warner in VA.
i think all us angry cats need to self-herd and lean hard on our reps. let them know that WE know about the FRB.
They will do it - no matter what.
Hahahaha .... this is about as big as news gets and the house of zion conveniently decides to release this information late on a Friday. I bet something happens over the weekend forcing this off the front page next week.
The institution that caused all the financial turmoil that we're seeing is now guarding the hen house. You can't make this up. Anybody who believes that this wasn't planned is delirious.
I'm all for some civil disobedience at this point.
"Ron Paul is going to go nuts when he hears about this."
Too late
Poltergeist a more accurate title? ANYTHING, even the destructive philosophy this film so enjoys, may be proved to the disgusting depths of lunatic conspiracy and barbaric provocation when the magic of loose association, random assertion, and ethical relativism is so employed.
9mm, canned tuna.
stock up
"Order out of chaos" - isn't this the motto of those who worship Satan? I mean of the Fed/banks/etc?
Federal Reserve DISASTER
Federal Reserve disaster.
www.federalreserve.gov...
There's no [mainstream] news coverage on it yet so this qualifies as a serious heads up.
Note the second numeric column. $40 Billion, has been since 1913, by law. Then notice it suddenly dropped to minus $61 billion, something which has never happened before.
How bad is it?
Think Weimar Republic. The Fed can no longer stop inflation because the banks can't secure new money with debt. People aren't buying debt anymore. Ergo, hyperinflation is the natural consequence. (NOT deflation like you believe.)
Mark this day on your calendar.
Because this Federal Reserve chart, showing that the Net Free or Borrowed Reserves (NFORBRES) of Depository Institutions just fell off a cliff. Let's pray that there aren't any bank runs soon, because the till is empty.
I have a feeling that this was the plan all along...Create a financial crisis by over extending credit then the administration comes in an "cleans" up with supposed regulation. As most people don't know, understand (or care) that the Federal Reserve is not a government agency but an unregulated private financial institution, this actually sounds like a responsible proposal. The FED should be dismantled and I really wonder if the whole Bear Stearns deal was not an inside job...
lets give 10000 to everyone.that should stimulate the ecomomy.I think everyone in america should be debt slaves to our crooked banking system.
We better all start praying. The dem's are in favor of this, and the majority of american don't understand and could care less. Even I don't really understand why, but I know this is a bad bad thing.
I wounder if your Messiah Obama is in favor of this? I bet he is.
The Fed is responsible for the housing bubble? Uh, try the Democrats you tool! Do you know where the sub-prime lending market came from? It came from stupid leftist libbies demanding the people with poor credit be given access to loans. As a result people started living far above their means. When housing prices went down, something NO ONE CONTROLS these people were left facing a mortgage that was worth more than the house they owned.
The fact is that the left acted irresponsibly. The fact is that the home owners acted irresponsibly. The fact is the now the left want's the government to swoop in an bail out all the home owners which once again destroys any sense of personal responsibility.
That said, this idea to grant the Fed more oversight is a horrid idea. We need less government control, not more. 10 times 10 times 10 times 10, every time an industry becomes deregulated competition increases, prices drop and product value increases.
Free market is the only way.
When will people learn.
man that is some scary shit indeed
Obama said the same thing, as did Clinton.
Obama is a naif who doesn't really understand who is who, but I think he is learning that what Rev. Wright told him wasn't all crack-pot stuff.
End the Federal Reserve.
Folks, we are being enslaved!
Rise up!
I'll wait until Monday (when details are coming out) to decide if this is a good thing or bad thing.
There's suppose to be a 40-page executive summary of the plan floating around. If anyone finds a link for it, post it in here so we can all read it.
It is negative selection. If you do an exceptionally crappy job in the gubbermint they give you more power. Who cares, they've already looted everything anyway. Let the games begin!
Keith, if you and the other Christian bashers on this blog spent a little time studying bible prophecy, you'd soon understand that this is part of the plan to merge governments into regional powers, and then merge those regional powers into a one world power just before the end comes. Just Google bible prophecy and yes, there are a lot of kook sites, but no more than you'll find Googling anything else.
Studying the Bible? - what the fuck what are you on! What type of loan product would jesus buy?!
Clinton revoked Glass-Stegal - it all started then!
I still so luv you Keith!
J
"Be afraid America, be very afraid. Fear for your country, because your countrymen either don't understand or could care less."
Yet you post every day wishing for the entire economy to collapse. You know what is going to happen then? Its going to spill over into racial violence, spiral into anarchy, civil war, death of our nation.
and you people think your going to be safe and get a loan to buy a house at 1980s prices during a civil war.
INSANE
There is much more to this than a massive Fed 'bailout' - what is happening is a massive 'cover up' of financial fraud.
This is organized crime.
anon 3:27
I believe Jesus would not buy any loan product.
"neither a borrower nor a lender be"
You guys better be more respectful, or else Jebus may come riding in here on a wholly mammoth and kick some serious heathen ass. (sorry mammoth)
The Little Debbie cherry pies are now up 18%!!!!!!! 50 cents to 59 cents.
Inflation is out of control. My construction wage has also gone DOWN from $18.50 and hour, to now $15.00 an hour plus my increased travel costs.
Snap shot review: My earnings have been reduced, while my exspenses are rising.
Welcome to the bush christian stupid fvck network of greedy criminals, blind sheep and dry drunks.
Un freakin believable. And bush and cheney are still "free" men.
this Fed department sounds cool. i might have to transfer from my current fed job with the DOC. anyone know if the Fed is hiring?
Bush and Cheney Do America
A NEW history documentation film by artlox pictures.
Part 1: election scam
Part 2: 9/11 attack scam
Part 3: patriot act scam
Part 4: WMD report scam
Part 5: terra-terra war scam
Part 6: bin-laden scam
Part 7: afgan invasion scam
Part 8: iraq invasion scam
Part 9: 9/11 investigation scam
Part 10: massive banking scams
And yet, NONE of our elected officials think that bush and cheney should be ousted for bad management. Man o man, are we fuvking screwed.
Taking loans is forbidden in Islam. These guys are right sorry to say.
What is the solution to this?
Keith, the Federal reserve is in-house.
Only the tinfoilists think that it's secretly being run by the Rothchilds and other Jewish bankers or whatever.
In reality, it is being run overtly by the same power people who run the people who run the US government.
1) The US government appoints all senior managers to the Federal Reserve, and are confirmed by Congress
2) The US Congress enacts legislation to define the Fed's powers
3) The Fed turns over all excess interest it earns on owned securities to to the U.S. Treasury. It pays dividends to nobody else.
In managerial and economic relationships, in reality---not some paperwork---the Fed is part of the US government, period.
Do you know where the sub-prime lending market came from? It came from stupid leftist libbies demanding the people with poor credit be given access to loans.
Bullshit. You're talking about the FHA, which is *full* *doc*. The "leftist libbies" actually were against predatory lending, which is what a bunch of the subprime market is.
The subprime market which blew up came entirely from capitalist greed. The profit margins were very, very high. (As long as somebody else can be fooled to buy the toxic waste.)
The FHA is still there.
Less government control? We had none. None on securitization. None on capital ratios, honesty and solvency of teh banking system.
This was precisely a failure, intentionally for ideological reasons, flowing from Alan Greenspan, to give up on traditional prudent lending standards and regulations which had worked just fine for 60-70 years.
All because private sector was, temporarily, making enormous amounts of money.
I believe Jesus would not buy any loan product.
"neither a borrower nor a lender be"
Uh, that was a character from Shakespeare.
Who was a sniveling, platitude-spewing, snake serving a wicked regicidal usurper.
RE: The takeover of all aspects of the United States financial system by the Federal Reserve...
I have finally found a capsule summary of why the current Fed policy of lowering interest rates will be a worthless endeavor:
"Consider the point of view of the lender: I can borrow from the Fed at low rates, which is nice, but where can I extend new credit without risking losses? Housing? You've got to be kidding. Consumer credit and auto loans as the country slides into recession? Forget it."
"Now that pension funds, insurance companies and non-U.S. institutions are suffering stupendous losses on the U.S. debt they purchased in the past, then I can't sell new debt. That tunnel is now a pinhole."
"In other words, the supply of actual available credit has shrunk, regardless of what the Fed does with its Fed Funds Rate and Discount Window. That means the cost of credit is rising."
The supply of available credit has shrunk and will continue to shrink because there is no market for debt backed by worthless collateral.
Just as there is nothing backing Federal Reserve fiat currency, there will be nothing backing Federal Reserve debt. The dollar will become totally worthless.
Runaway inflation will be the result of ever increasing interest rates on the existing national debt plus the ever increasing debt required to finance current and future wars.
When Medicare, Social Security and other entitlements are added to the debt load, it becomes obvious that the United States is bankrupt.
Will the ultimate collapse of the United States economy be a long, drawn out affair or an abrupt crash. Only time will tell.
The entire article sited above can be found HERE.
V.L.
F*ck Bush.
Remove at once.
March on a road of bones.
'Clinton revoked Glass-Stegal - it all started then!'
The PTB (powers-that-be) have been calling the shots in the White House for many years.
The falsehood that the President of the United States actually 'decides' anything is a media-embellished myth.
"I have a feeling that this was the plan all along...Create a financial crisis by over extending credit then the administration comes in an "cleans" up with supposed regulation. "
Bingo!!!
Let's see, the crew in charge of the ship have run it onto the rocks....and the outcome....give the same crew an even bigger ship to run onto the rocks again.
We have the same folks who engineered and/or let this crisis happen being given even MORE power!!!
The international banking elite are lickin their chops....their big moment has come. Create crisis thru the puppet FED and then swoop in with the "solution".
This is the worst possible scenario for this country....er....I mean "free trade zone".
Keith,
first of all you are an idiot.
second, I don't care or waste time argue politics right now. This stuff has nothing to do with politics anymore.
It is beyond left or right. it is your country, your constitution.
I got 1 trillion american dolla in pocket. I open my own bank in you country. I put Bank of China near every Chinese
restaurant and you bank there like fat american eat my fried rice. I buy Federal Reserve, not part of government and if it was I could still buy it. Good bye fat ass-- got to bitch slap some Monks. Wok Da Fok!
I got 1 trillion american dolla in pocket. I open my own bank in you country. I put Bank of China near every Chinese
restaurant and you bank there like fat american eat my fried rice. I buy Federal Reserve, not part of government and if it was I could still buy it. Good bye fat ass-- got to bitch slap some Monks. Wok Da Fok!
buzzsaw aka "edgar" calm down. edgar just because they looted everything doesn't mean that they will keep it.
those morons have the IQ of a god dam squirrel, they see billions i see trillions etc. if you foreclose or steal a bakery no one eats, future revenue is lost, and you can't open a new bakery. take this exercise in cliff notes credit dynamics and you should understand me. And remember they are always one contract a way from being thrown in the crematorium or in a ditch. my man nothing is free there is a cost to play this game. they seem to enjoy playing with their lives. i guarantee if they take your loot or prevent you from making loot i will not be the only one looking for street justice. theres got to be a line drawn here they should not be allowed to control the federal reserve bank in this manner. fuck it just revolt in the streets in front of your home, the villagers will meet at noon, i will build the wood shed lol
Bumped comment from prior thread
Hello Keith!
Thanks for the forum you provide.
What went down with Bear Stearns only confirms the beliefs of the kooks and the crazies re: a skull and bonesmen conspiracy at the highest levels and a shadow government etc. This doesn't mean that I don't think that there is a unifying operator among the events - just that I think the great unifier is GREED.
Please give me some feedback because I have seen this nowhere on a monitor yet: I think that the Federal Reserve (not a part of the government - its name is just like Federal Express - it is a private "family" company) has finally overstepped and been too clever by half.
Let's face facts they have never lived up to their "public" mandate, their failures are legion, and now with this shotgun marriage between Bear and JP (and the upcoming nuptials featuring ugly brides Lehman and Citi and distant cousin WaMu) they are guaranteeing what the market has labeled garbage.
Well guess what, their "public" mandate is at the discretion of congress - so some new congressmen and women with spines could, in reality, revoke their charter.
Afterall would you want to do business with or trust the right to coin your money to a private entity that is bankrupt as a result of the waste products they've just underwritten?
They are private so the onus is on them prove that the Federal Reserve is not BANKRUPT by opening their books - something that they have been historically opposed to and now thanks to their recent actions something that they will be unable to prove.
The only thing these guys (and they are predominantly men) hate more than a penny missed is sunlight - so shine on you crazy diamond!
Anon said:
"neither a borrower nor a lender be"
That is Polonius not Jesus. Get your fictional characters straight.
Re. Google Bible prophecy anonytwit. Why don't you try Googling reality instead of explaining everything with the phrase "I read this story book about a magical carpenter and he said..."
Hey buddy,
I hate to point out that mostly a free market got us here. True, tinkering with the Fed Funds rate may have sparked the bubble - but if the free market can't free think - WTF??
"neither a borrower nor lender be." is Shakespeare, not Jesus
It's from Hamlet.
Here's the rest of the phrase,
"For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry"
No matter what happens, America will still be that shining city on top of a hill that the whole world envies. No matter what happens, those idiotic Asians will continue to buy our debt and we will consume and they will produce. It is as easy as that.
i think you are over-reacting... coup alert?
the regulators are asleep at the wheel... evidently in a cash-lobbying induced coma.
at this point, why not grant more oversight. its not a coup, its a convenient 1 stop shopping for funds and oversight!
its about time
look at the ads in your email inbox. people (at large) deserve a leash.
there are 2 Americas. google 'white trash christmas'
plenty of dumb folk with plastic. take a trip around our country and go outside the cities and you too will be an elitist.
based on intelligence, character, sense of civic duty mind you, not ethnicity or occupation.
sigh. take a step back and look at the bigger picture. its a massive kindergarten, and the teachers are trapped in the playground.
Sounds like we have a motive for the Bush Administration intentionally ignoring the housing bubble and bad lending practices. This has been the plan all along - bring the economy to it's knees and then give the elite even more control.
Problem - reaction - solution.
Man, you people really are possessed in your hate for Christians. I don't know what getting a loan had anything to do with the Christian posting earlier either.
Well, that's ok, they have salvation, but those those you who say these blasphemous things and reject Christ will have an eternity to dwell on your stupidity. Just remember that anonymous person who posted here and tried to warn you.
If you think your eternal salvation is a joke, OK, you can laugh about it in hell for a long long time.
Now that the banks are officially bankrupt, the Fed will need a lot more powers to keep manipulating a perception of solvency into the system.
Maybe it'll be nice when the Fed can take over the "responsibilities" of bringing "stability" and "reducing panic" that are artificially created now by the Plunge Protection Team.
No matter what happens, America will still be that shining city on top of a hill that the whole world envies. No matter what happens, those idiotic Asians will continue to buy our debt and we will consume and they will produce. It is as easy as that.
If you really think that cycle will go on forever without eventually failing, I have an overpriced condo in Miami to sell you.
There won't be civil disobedience.
America is too busy watching either "Dancing with the Stars" or "The Bachellor".
Yes, it is a massive kindergarten. But just a few of the adults are helpless teachers trapped in the playground. The majority is there to take adventage of the children.
The wake up call won't arrive until much later, probably years from now.
History always repeat.
TampaRick
Yes indeed, we should be very afraid.
However let me be the first to say that quote you attributed to Woodrow Wilson has been debunked a thousand-times over - he never said it.
You have to feel sorry for Eliot Spitzer. While they were hanging his dirty laundry on every news channel in America, the pigs ripped off another 200B.
I love all the concern about regulation. Its been a long time reading these housing blogs. Where was the regulation in the middle of the bubble? Incredible.
After this mess, nobody is going to loan to this country. No trust.
You inflation people have everything backwards. The hyper-inflation already happened.
When people like me lived responsibly, others borrowed money they couldn't pay back (read: money created out of thin air by the banks) and used it to consume. This consumption drove up the price of things, like houses but also goods that couldn't otherwise be afforded.
So what now? Fed can lower the rate all they want, it's not inflationary anymore. Liquidity has ceased and people can't spend.
True, some things are going up, but that is a result of the dollar going down. But most everything else is actually in a period of DEFLATION.
In a fractional reserve system, if people don't borrow money, if people can't get the banks to create money out of thin air, there can be no inflation. Got it?
The Fed is powerless to stop it. The whole thing, equities, commodities, housing, it's all going to collapse.
"but if the free market can't free think - WTF??"
Past history of public bailouts fostered a pattern of reckless behavior. That's simple behavior science that parents with druggie kids know first-hand. If you have a carte blanch guarantee to have your gambling debts paid by the government, and yet you get to take home whatever winnings you can make during the winning streak, wouldn't you gamble with the highest stakes possible? Even at long odds?
Kill them ALL !
Abolish the Federal Reserve NOW !!!!
Try Greenspan for TREASON, and HANG HIM till he's DEAD, DEAD, DEAD!
"It came from stupid leftist libbies demanding the people with poor credit be given access to loans. As a result people started living far above their means."
What a bunch of tripe.
It was the Bush administration that peddled the "Ownership Society" propaganda. It was the Bush administration that set a goal of 6 million new loans to unqualified minorities. It was the Republican appointed chairman of the Fed that kept rates artificially low. It was Republican puppetmaster Wall Street banks that relaxed their lending standards and sold off crap Subprime mortgages as A rated debt. It was a Republican congress that wrote Glass-Steagall and pushed for two decades of deregulation.
The right wing owns this mess.
I wonder how many 'Illegal Aliens" are on the "Foreclosure List"?
Maybe they can survive using the "Rebate Check" they will be given?
I would love to see Ron Paul in a debate with the other candidates and Bernanke,on the "Economy",and how to bring back a "Sound Dollar".
I know,I know,only one (1) would show up,that being "Ron Paul".
I think Anon 3:27 meant to say "The borrower becomes the servant of the lender", a quote from the Bible but perhaps because Shakespeare had a hand in writing the King James Bible, he confused the similar language written in both.
As to Hamlet, well, let's make him George W. and say "This heavy-headed revel east and west Makes us traduc'd and tax'd of other nations: The clepe us drunkards, and with swinish phrase Soil our addition."- Now that's this administration!
Communism has finally won.
Keith,
Your an idiot. This mess was not caused by bankers, it was caused by greedy borrowers. The Fed didn't force any of these borrowers to sign for a mortgage.
Furthermore, Keith, your a naive idiot. A lot of these loans are going into default not because they are unaffordable predatory loans, but rather people are simply walking away from a depreciating asset. Let me guess, the "Tulip Craze" was also Bush's and Paulsens fault?
The problem with people like you is that you like to blame government rather than taking responibiliy yourself.
Who is behind this down turn in the economy in the first place? Who persuaded the banking system to give out loans to those that wouldn't be able to afford them? It was the FED... This my friends is a typical War play... First you 1)Create the Problem, Next you 2)Propose a plan to fix the problem, Last 3)You execute the plan with no mercy...
So, the Federal Reserve, an unconstitutional, and private entity is going to have complete control over the financial system of the United States. I look at this power play as the final straw... Unfortunately our Country is doomed now... We can all say good bye to our financial freedoms. Big Brother will truly be in charge of every dollar in the U.S. Every Bank will be under its tentacles.... Truly Scary
Odd the Bildebergers are meeting this weekend.
The summary is at the Washington Post web site.
Keith, if you and the other Christian bashers on this blog spent a little time studying bible prophecy,
Stupid Jesus Freak alert!
Yes Jesus freak, Jonah really lived inside a whale and Adam & Eve strolled among the dinosaurs. Mary was a virgin too when she had Jesus. Geniuses!
I would love to see Ron Paul in a debate with the other candidates and Bernanke
Ron Paul turn out to be a sissy who lets the corrupt MSM walk all over himself. At least the Clintons have more balls to punch the corrupt MSM and GOP back in the face. Hell, even Chelsea has more balls than Ron Paul by telling that GOP implant to f*ck himself during a debate.
Anderson Cooper treats Ron Paul like trash during a GOP debate at the Reagan Library and Ron Paul gets quiet, doesn't react. You Ron Paul followers should vote for Obama, another lie without passion for the job.
Just put trust in the Great bank of China. Walmart trust us so can you!
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