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Offlinelonestar2004
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Federal Reserve to Oversee the Entire Financial System
    #10525001 - 06/17/09 04:57 PM (14 years, 9 months ago)

WASHINGTON -- President Obama is offering a broad-scale overhaul of the financial system, saying hard times struck largely because a post-Depression era business regulatory scheme couldn't keep up with an increasingly global economy.


In remarks readied for the unveiling of new rules to govern business, Obama attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" which happened over several decades.

His plan would bestow vast new powers on the Federal Reserve, authorizing it to oversee the entire financial system. It also would create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis.


The president said in his prepared remarks that "a culture of irresponsibility took root from Wall Street to Washington to Main Street."

http://www.foxnews.com/politics/2009/06/17/obama-administration-unveils-financial-regulation-overhaul/


the hits just keep comin.....


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10525034 - 06/17/09 05:04 PM (14 years, 9 months ago)

The central bankers need to be run out of the country.

If the federal reserve gains more control over the economy we will see hyperinflation for sure.  At least a few states might seriously consider seceding before that. 

It is completely insane to give the federal reserve more power.

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10525106 - 06/17/09 05:19 PM (14 years, 9 months ago)

Dr.Paul on the most recent shenanigans:

campaignforliberty.com%2Findex.php&feature=player_embedded

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Offlinelonestar2004
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Re: Federal Reserve to Oversee the Entire Financial System [Re: Mr.Al]
    #10525205 - 06/17/09 05:38 PM (14 years, 9 months ago)

instead of the Fed getting Audited it could just end up getting more Power..


its fucking Surreal...


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Offlineinkblot
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10525318 - 06/17/09 05:59 PM (14 years, 9 months ago)

The Telegraph has an outline of Obama's plans for the Federal Reserve:

• a strengthened Federal Reserve to take responsibility for major banks, which will be subject to tighter regulation;

• a council of regulators to identify gaps in regulation while eradicating the outdated Office of Thrift Supervision;

• the development of a 'resolution authority' to seize non-bank financial firms whose collapse would pose a systemic risk;


• the creation of a new consumer protection agency;

• tighter rules on risky products at the heart of the credit meltdown including derivatives and asset-backed securities;

• and to work with international regulators on uniform standards.


Overall, not too scary. The one in bold is extremely worrying, though.

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10525333 - 06/17/09 06:01 PM (14 years, 9 months ago)

The tool bags are talking about a FEDERAL sales tax!!!


W.T.F.

As if inflation of the currency isn't enough they want to place the onerous burden of an unavoidable federal sales that WOULD HURT POOR PEOPLE THE MOST!

People wake the fuck up.  This shit is real.  The administration does not give a fuck about you.  All of you who have been drinking the Kool-Aid need to educate yourselves on sound money and REAL economics.

Here's a little something to get you started:

    http://mises.org/story/3502

The Folly of the National Sales Tax

Mises Daily by Eric M. Staib | Posted on 6/17/2009 12:00:00 AM

Facing a historic national debt that President Obama correctly characterized as "unsustainable," yet still desiring to implement some sort of national health-care package, US policymakers, notably Budget Committee Chairman Kent Conrad and former Federal Reserve Chairman Paul Volcker, have recently hinted at the possibility of a national sales tax. More specifically, they hint at possible implementation of a national value-added tax (VAT) which would tax at a certain rate the difference between the cost of inputs and the price of the output along each individual step of production.

Beyond the factual objection that a national tax on consumption would fall disproportionately on low-income consumers who spend a greater percentage of their income on consumption goods and save at a lower rate than do higher-income consumers, the VAT is a particularly odious proposal for all consumers because of its effect on overall economic activity.

Because it places an extra cost onto every step of the productive process, the VAT necessarily decreases the marginal productivity of both capital and labor in literally their every possible application. Without affecting the actual scarcity of the basic physical resources available for use in an economy, a value-added tax simply makes each step of each productive process less efficient, with a certain fraction of output being destroyed by government. The final result of this economywide loss in efficiency is a real increase in the scarcity of both capital goods and final consumer goods on the marketplace.

The VAT is a rare and heinous type of government policy that attacks not the ratios of exchange between certain goods, but rather the availability of every single good produced within a national economy. Put another way, a VAT has the ability to increase in real terms the prices of every good legally produced and sold within a country's borders. By decreasing the real output derived from national resources in this manner, the VAT necessarily decreases the material standard of living for all of a nation's consumers.

Furthermore, these effects are not mere theoretical points but real effects that are certain to be felt by the everyday consumer. Any VAT that would be able to raise a sufficient amount of money to fund new health-care initiatives would necessarily place a significant burden on each step of the productive process, resulting in a noticeable decrease in the standard of living of every consumer.

The burden of a value-added tax would fall disproportionately onto those goods that require long productive cycles involving several processes and that result in a final good valued much more highly by society than the raw inputs they require — for example, automobiles and personal computers. Such goods are the end products of the types of long-term processes into which businesses tend to heavily invest capital and labor during the boom portion of a credit-expansion cycle, as Mises explained in his theory of the trade cycle.Download MP3

During the beginning of a recession, as the insufficiency of real demand for these products becomes apparent to entrepreneurs, they must, in an attempt to return to profitability, decrease or halt the production of these long-processed goods, or reduce their price to market-clearing levels. However, by more harshly increasing the costs of long productive processes, a value-added tax would make that second option, a price reduction, impossible — or at least highly unprofitable and ultimately loss-inducing for makers of goods such as cars and computers. Therefore, the only alternative left to such firms facing a VAT in the event of a recession is to even more intensely halt their production of those goods, exacerbating the rise in unemployment of laborers within those industries.

Even if we were to ignore all other consequences of the value-added tax, this economic reality ought to dissuade President Obama from considering a VAT, as it will especially harm the already-ailing domestic automakers. The introduction of a VAT would require more direct subsidies to the American automakers, though perhaps that is no deterrent for President Obama.

As if this weren't enough, not only do all consumers face higher prices for everything, but the introduction of a VAT would tend to distort market signals of consumers' preferences between certain categories of goods. In the form of higher prices for highly-processed goods, a VAT sends entrepreneurs a phony signal that consumers prefer goods of high processing over those of low processing more strongly than they actually do. This is similar to Mises's teaching that a central bank's credit expansion, when not supported by real savings, falsely distorts the picture of consumer preferences between current and future goods. And, as was central to Mises's teachings, no economy can efficiently allocate resources without an unhindered and market-determined price system.

$15 $12

Unfortunately, because the general Keynesian theories of capital and interest and of consumer choice do not accurately describe the phenomena of resource allocation and of consumer choice, President Obama will not be offered any valuable advice about the potential catastrophe that would result from the introduction of a VAT.

The most striking irony of the fact that the president's economic team is considering the VAT is that it stands in stark contrast to their economic policy paradigm thus far. As neo-Keynesians, top figures from Bernanke to Obama himself have blamed the recession on insufficient aggregate consumer spending by the private sector. It is curious, then, that these top-ranking left-liberal politicians and economists would even consider the implementation of a tax policy that would, as its explicit goal, increase the real price of literally every consumer good and thereby depress the overall efficiency and activity of the American private sector.

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: inkblot]
    #10525356 - 06/17/09 06:05 PM (14 years, 9 months ago)

This is letting the foxes guard the hen house.


THE FEDERAL RESERVE IS THE PROBLEM.

The federal reserve needs to go away forever or the American economy will experience hyper-inflation.

This is fascist central economic planning at it's worst.

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Offlineinkblot
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Re: Federal Reserve to Oversee the Entire Financial System [Re: Mr.Al]
    #10525372 - 06/17/09 06:07 PM (14 years, 9 months ago)

Quote:



People wake the fuck up.  This shit is real.  The administration does not give a fuck about you.  All of you who have been drinking the Kool-Aid need to educate yourselves on sound money and REAL economics.





Where in the article did it say that the national sales tax is Obama's idea? And do you really think a popularity whore like him would pass a law increasing taxes on the poor, especially since he's gone out of his way to stress that he wouldn't?

If Obama dares to sign a law instituting a national sales tax, he'll lose the support of all but the most zealous Otards, and he knows it. Still, whoever came up with that idiotic proposal deserves a cockpunch.

Edited by inkblot (06/17/09 06:09 PM)

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: inkblot]
    #10525469 - 06/17/09 06:14 PM (14 years, 9 months ago)

Quote:

inkblot said:
Quote:



People wake the fuck up.  This shit is real.  The administration does not give a fuck about you.  All of you who have been drinking the Kool-Aid need to educate yourselves on sound money and REAL economics.





Where in the article did it say that the national sales tax is Obama's idea? And do you really think a popularity whore like him would pass a law increasing taxes on the poor, especially since he's gone out of his way to stress that he wouldn't?





The clown-puppet wants to give more power to the federal reserve. 

"Facing a historic national debt that President Obama correctly characterized as "unsustainable," yet still desiring to implement some sort of national health-care package, US policymakers, notably Budget Committee Chairman Kent Conrad and former Federal Reserve Chairman Paul Volcker, have recently hinted at the possibility of a national sales tax. More specifically, they hint at possible implementation of a national value-added tax (VAT) which would tax at a certain rate the difference between the cost of inputs and the price of the output along each individual step of production."

"Former Federal Reserve Chairman Paul Volcker....."


The official national teleprompter reader does whatever the federal reserve asks him to.  Of course he will obey Paul Volcker, who you can be sure has the same views as current "fed" chairman Ben Bernanke.


These idiots want to put a tax on cow flatulence, how can any of this surprise you.


EDIT

Of course it's not his idea, he doesn't have original ideas.  He is a puppet teleprompter reader.

Edited by Mr.Al (06/17/09 06:16 PM)

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Offlineadamj
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10525880 - 06/17/09 07:09 PM (14 years, 9 months ago)

Congress Investigator questions Inspector General of the Federal Reserve regarding the losses and off sheet balance transactions that stagger into the trillions. (yes US taxpayer money)

Video speaks for itself in regards to the original posting of this thread.

com%2Fvcomments%2F259061%2FEpic_Fed_Congress_Fiasco_Taxpayers_Are_Screwed_&feature=player_embedded

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Invisiblezorbman
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Re: Federal Reserve to Oversee the Entire Financial System [Re: Mr.Al]
    #10527055 - 06/17/09 09:38 PM (14 years, 9 months ago)

Quote:

This is letting the foxes guard the hen house.




They were already guarding it once Obama took office.

Now they own the hen house.

Obama, please see quote below:

“We can't solve problems by using the same kind of thinking we used when we created them.”  -Albert Einstein

Instead of propping up a doomed financial system we need to replace it with one which conforms with reality. Such as the fact that we are now living in a world where fossil fuels are depleting. You watch. Every time we begin to see even a hint of economic growth oil prices will heat up again smothering any recovery in its cradle.

Don't get suckered.

We can never grow our way out of the staggering debt being created.

No energy growth = no economic growth.  Period.


--------------------
“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch

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InvisibleTherian
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Re: Federal Reserve to Oversee the Entire Financial System [Re: zorbman]
    #10527843 - 06/18/09 12:09 AM (14 years, 9 months ago)

Quote:

Every time we begin to see even a hint of economic growth oil prices will heat up again smothering any recovery in its cradle.




This is so true. I have now read that economists are stating that basic economic principles of supply and demand no longer apply to commodities such as oil. WTF? Demand is down, supplies are at an all time high with tankers drifting off shore, filled with oil, strategic reserves rising...yet the cost continues to increase.

As you stated any time any info which could be even remotely construed as positive, (yes, consumer confidence only fell by 2 percentage points vs. the projected 2.2%) therefore oil prices soared by 4 dollars a barrel. Its freaking ridiculous that the prices can be arbitrarily manipulated, thus crushing any hopes of a recovery.

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Re: Federal Reserve to Oversee the Entire Financial System [Re: Therian]
    #10528859 - 06/18/09 07:16 AM (14 years, 9 months ago)

Quote:

zorbman said:
We can never grow our way out of the staggering debt being created.

No energy growth = no economic growth.  Period.




I agree. Unfortunately there's very few developed countries that have a trade surplus; everyone else is just falling further in debt. I can't see things getting any better in the near future.

Quote:

Therian said:
I have now read that economists are stating that basic economic principles of supply and demand no longer apply to commodities such as oil. WTF?




Futures Trading put an end to that.


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see

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InvisiblePrisoner#1
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Re: Federal Reserve to Oversee the Entire Financial System [Re: Therian]
    #10529331 - 06/18/09 09:52 AM (14 years, 9 months ago)

Quote:

Therian said:
I have now read that economists are stating that basic economic principles of supply and demand no longer apply to commodities such as oil.




it's been a while since it's actually applied to any products

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Offlinelonestar2004
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Re: Federal Reserve to Oversee the Entire Financial System [Re: Prisoner#1]
    #10529693 - 06/18/09 11:07 AM (14 years, 9 months ago)

i was just watching Geinther and Obama explain why the Fed needs more power in order to fix the problems it has created or might create in the future!

so what happens if they create bigger problems?

more power?


--------------------
America's debt problem is a "sign of leadership failure"

We have "reckless fiscal policies"

America has a debt problem and a failure of leadership.

Americans deserve better

Barack Obama

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Offlinezouden
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Re: Federal Reserve to Oversee the Entire Financial System [Re: lonestar2004]
    #10531246 - 06/18/09 04:12 PM (14 years, 9 months ago)

That's not what I heard them say. They want to regulate the "too big to fail" institutions. They were the ones that caused the problem, not the Fed (in this particular case).

But beyond that, they need to ensure that the Fed doesn't artificially lower interest rates again. What a ridiculous mistake that was.


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: zouden]
    #10531447 - 06/18/09 04:43 PM (14 years, 9 months ago)

My opinion right now is they are thinking about how they could institute price fixing in the economy.  Zouden, we have not seen the inflation that will result from the federal reserve creating trillions of dollars recently.  These are the same clowns that want a federal sales tax.  States (some of them lately) have just increased their state sales taxes. 

This is absolutely fucked.  If H.R. 1207 has 290 cosponsors in the House and 67 in the Senate I think that will make it unstoppable.  That might put an end to the madness and avoid a depression.

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Re: Federal Reserve to Oversee the Entire Financial System [Re: Mr.Al]
    #10531468 - 06/18/09 04:46 PM (14 years, 9 months ago)

Quote:

Zouden, we have not seen the inflation that will result from the federal reserve creating trillions of dollars recently.




Any inflation at this point is a good thing. Have you seen your inflation rate recently? It's in the red.
http://www.inflationdata.com/inflation/Inflation_Rate/CurrentInflation.asp


--------------------
I know... that just the smallest
                                                part of the world belongs to me
You know... I'm not a blind man
                                                    but truth is the hardest thing to see

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: zouden]
    #10531551 - 06/18/09 05:00 PM (14 years, 9 months ago)

Everyone knows that serious inflation is going to hit the economy.  Combined with high unemployment we have stagflation.  That's something the keynesians used to say wasn't possible.



http://www.mcclatchydc.com/politics/story/64528.html

    * Posted on Friday, March 20, 2009

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CBO: Obama's budget would double deficit over decade
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    * Graphic | Congressional estimate puts deficit at $1.8 trillion

Congressional estimate puts deficit at $1.8 trillion

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By Kevin G. Hall and David Lightman | McClatchy Newspapers

WASHINGTON — The national debt held by the public would double over the next decade if President Barack Obama's budget is enacted into law, the nonpartisan Congressional Budget Office projected Friday.

The U.S. government would run budget deficits approaching $1 trillion every year for a decade under Obama's budget, the CBO said.

Deficits and debt that big are unsustainable over the long term, economists agree. They'd threaten to send inflation spiraling upward, threaten the nation's creditworthiness and the value of the dollar — China's prime minister publicly voiced concern about the safety of U.S. debt last week — and force up interest rates, as investors come to see the United States as a risky, debt-ridden economy. They'd saddle future generations with a debt payable only by cutting federal spending or raising taxes sharply.

With the U.S. mired in what appears to be the worst economic downturn since the Great Depression, these deficit projections are likely to force Congress to rethink Obama's $3.55 trillion budget for fiscal 2010.

"The reality is we are going to have to make adjustments to the president's budget if we want to keep the deficit on a downward trajectory," said Senate Budget Committee Chairman Kent Conrad, D-N.D.

Debt held by the public would double to 82 percent of the gross domestic product by 2019 under Obama's budget, from 41 percent last year, CBO said. If current law remained unchanged, debt held by the public would rise to 56 percent of GDP in 2019, the CBO said.

Obama's budget would add $4.8 trillion to cumulative federal deficits over that decade, boosting their total from $4.4 trillion under current law to $9.3 trillion.

The deficit for the current fiscal year is projected to be $1.7 trillion now. It would be $1.8 trillion under Obama's budget, or 13.1 percent of GDP, and would be $1.4 trillion in fiscal 2010, or 9.6 percent of GDP, CBO said.

The highest previous post-World War II deficit was 6 percent of the GDP in 1983, and it was considered dangerously high. Ronald Reagan, a conservative Republican president, and a Democratic-majority Congress agreed to raise taxes and cut spending to reduce future deficits.

In remarks to state lawmakers gathered Friday morning at the White House, Obama vowed to cut the deficit in half by the end of his first term, but he defended his calls for massive investments in health care, clean energy and education.

"What we will not cut are investments that will lead to real growth and real prosperity over the long term. That's why our budget makes a historic commitment to comprehensive health-care reform. That's why it enhances America's competitiveness by reducing our dependence on foreign oil and building on a clean-energy economy. And that's why it makes a down payment on a complete and competitive education for every child in America," Obama said.

In a conference call after the CBO report's release, however, White House budget director Peter Orszag already was lowering expectations.

"We recognize that the budget resolution will be written off of the CBO numbers," he said, adding that "no one ever had an expectation that they would just take our budget, Xerox it and vote on it."

Conrad has acknowledged that Congress will have to revise Obama's budget.

"Under any scenario, we are on an absolutely unsustainable long-term path and we need entitlement reform, tax reform," he said Thursday. Conrad is expected to propose a five-year budget that would reduce the deficit by two-thirds by 2014.

Republicans, who ran up their own record deficits earlier in the decade, said that the CBO report envisioned a new era of big government under Obama's plan.

"This report should serve as the wake-up call this administration needs. We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government," said Rep. John Boehner of Ohio, the Republican leader in the House of Representatives.

One major factor driving deficits in the later years is Obama's decision to maintain many of the Bush-era tax cuts. Obama would leave these tax reductions in place for 95 percent of taxpayers, all but the wealthiest.

"This isn't something that President Obama is stuck with; it's something President Obama has to sign into law. It has to be Obama tax policy," said Diane Lim Rogers, the chief economist for the Concord Coalition, a nonpartisan budget watchdog group. "They're now Obama policy."

Leaving Bush-era tax cuts in place for all but the top 5 percent of taxpayers would cost the Treasury $2 trillion over 10 years, she said.

The cost of paying interest on the swelling national debt, much of it held by foreign central banks, also drives up the debt by about $1.3 trillion over 10 years. That's almost twice as much as the $700 billion Wall Street rescue package, which passed last year amid great controversy.

Congressional committees will begin writing their own versions of the budget next week. Moderate Democrats already are uniting to promote budget discipline in what could become a challenge to Obama's agenda. Sixteen Democrats, led by Indiana Sen. Evan Bayh, have formed the "Moderate Dems Working Group," and have begun meeting to discuss how to pare spending.

"There are a lot of like-minded Democrats concerned about spending in the budget. We're not anti-administration, but we want everyone to recognize some of us are fiscally conservative," said Sen. Ben Nelson, D-Neb.

In the House, the Blue Dog Coalition, a group of 47 centrist Democrats, drew up a set of "principles" this week to guide the budget, emphasizing a need to reduce spending. Its biggest push is to hold nondefense discretionary spending, which Obama would increase by about 14 percent next year, to the level of inflation. Over the past 12 months, consumer prices are up about 0.2 percent, according to the Bureau of Labor Statistics.

Younger moderates bring a generational perspective.

"I am one of the few (lawmakers) who may actually have to end up paying for the deficits we're currently running up," said Rep. Tom Perriello, D-Va., a 34-year-old freshman.

(Margaret Talev contributed to this report.)

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CBO report

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OfflineMr.Al
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Re: Federal Reserve to Oversee the Entire Financial System [Re: zouden]
    #10531572 - 06/18/09 05:04 PM (14 years, 9 months ago)

Why would deflation worry you???

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