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LeftyBurnz
Mr. I Eat Butthole
Registered: 06/21/05
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New Federal Reserve powers proposed by Bush Administration.
#8210947 - 03/29/08 04:14 PM (16 years, 2 days ago) |
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GREAT. more consolidation and centralization of power. im sure there will be benefits to it for us, but even more people in higher power will benefit from this, i can already see it.
http://news.yahoo.com/s/ap/20080329/ap_on_go_ca_st_pe/fed_overhaul
Administration pushes regulatory changes
By MARTIN CRUTSINGER, AP Economics Writer 48 minutes ago
WASHINGTON - The Bush administration is trying to confront the credit crisis that has rattled nerves from Wall Street to Main Street by proposing wholesale changes in how Washington oversees the financial system.
A plan set for release Monday would give new powers to the Federal Reserve so that the central bank serves as the system's overarching protector of stability.
The proposal would abolish agencies such as the Office of Thrift Supervision and the Commodity Futures Trading Commission, shifting their responsibilities to other federal institutions.
When Treasury Secretary Henry Paulson outlines the ideas in a speech, the changes will represent the most sweeping overhaul of financial regulation since the Great Depression of the 1930s.
The Associated Press obtained a 22-page executive summary of the proposal. It seeks to make sense of the mishmash of overlapping oversight in which an alphabet-soup roster of agencies regulates banks, thrifts and credit unions.
Under the current hodgepodge, institutions that take deposits and are federally insured face multiple regulatory bodies. By contrast, hedge funds, private equity firms and investment banks endure substantially less regulation.
The credit crisis that has rocked Wall Street and made credit hard to get on Main Street has highlighted that discrepancy in regulation.
Many financial institutions have declared billions of dollars in losses stemming from soaring mortgage defaults caused by prolonged housing troubles.
In an unprecedented move designed to get credit flowing again, the Fed is allowing investment banks to borrow directly from the Fed, something only commercial banks had the power to do before.
That decision came as part of a rescue effort for Bear Stearns Cos., the nation's fifth largest investment bank. It nearly failed earlier this month before the Fed rushed in with a $30 billion line of credit to facilitate the sale of Bear Stearns to JP Morgan Chase & Co.
The Fed's moves have put public money potentially at risk and increased calls for greater regulation of investment banks and other institutions.
The Paulson plan is expected to generate intense debate in Congress, which would have to approve the changes.
Some top Democrats, including Rep. Barney Frank, the chairman of the House Financial Services Committee, are pushing competing ideas that would streamline oversight but also impose new controls beyond those in Paulson's plan.
Sen. Charles Schumer, a leading voice in the debate, said he did not think Paulson had gone far enough in dealing with some of the new complex types of investments heavily featured in the current financial crisis.
"Very complex financial instruments have evolved in recent years," said Schumer, D-N.Y. "The Treasury Department should address these issues as well."
David Nason, Treasury's assistant secretary for domestic finance, said the administration's primary goal is to get through the current credit crisis with officials understanding that the debate over an overhaul plan this far-reaching could last for years.
"These are very complex issues that require a serious amount of debate," he said in an AP interview Saturday. "It is going to take time to play out."
Business groups on Saturday generally voiced support for Paulson's approach and said there would be significant debate over the details.
"The current crisis just shows in a very stark way that ... you need a regulatory structure that is simple, nimble and modern and ours does not meet that test," said David Hirschmann, president of the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness.
Tim Ryan, president of the Securities Industry and Financial Markets Association, a big lobbying group for Wall Street, said there was "universal agreement that it is time to modernize and revitalize the current system."
The Paulson plan would:
_designate the Fed as the primary regulator for market stability, greatly expanding its ability to examine any financial institution deemed to pose a risk to the stability of the system.
_shift the functions of the Office of Thrift Supervision to the Office of the Comptroller of the Currency, although ultimately the plan envisions just one banking regulator.
_merge the Securities and Exchange Commission with the Commodity Futures Trading Commission.
_create a national regulator for insurance companies, which now are largely regulated by the states.
_establish a commission to address the abuses exposed in the current tidal wave of mortgage defaults.
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Rebirtha
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8210996 - 03/29/08 04:27 PM (16 years, 2 days ago) |
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I saw this last night, fuggin a.
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LeftyBurnz
Mr. I Eat Butthole
Registered: 06/21/05
Posts: 24,570
Loc: FL
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211033 - 03/29/08 04:37 PM (16 years, 2 days ago) |
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another step in the direction of fully consolidated government. yay. i cant wait.
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Gr8fulJ420
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211124 - 03/29/08 04:59 PM (16 years, 2 days ago) |
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Big government is gonna get a lot bigger.
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Rebirtha
I really like bread
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211144 - 03/29/08 05:05 PM (16 years, 2 days ago) |
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Makes you wonder if they increased the money supply to make the economy a little worse in order to expand their powers , i'll wear my conspiracy tinfoil hat if i can find the emoticon.
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RonaldFuckingPaul
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211244 - 03/29/08 05:24 PM (16 years, 2 days ago) |
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Fuck the gov't!!
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whattheheck
Chief Love Lover
Registered: 06/01/07
Posts: 7,380
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211256 - 03/29/08 05:26 PM (16 years, 2 days ago) |
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Nah, we see what's going on. Who got to buy Bear Sterns? Morgan. The economy is so far from being in the shape that the talking heads say it's in. I mean, on a really Joe average level, I was speaking to a friend of mine who bought a house in 1998 for 55K and two years ago it sat at 185K. Now it's "down" to 160K and he's talking about a "crash" and a "recession" and so on. It's amazing the pack mentality that we have.
As far as the Fed and the banking system goes, well, that's self explanatory. People don't seem to touch on the fact that when things are bad for us, for "them" it's NEVER bad.
It's all set up, with the majority of us powering their machine.
Thanks for the post.
PS Oh crap!! I just read the final 5 or 6 lines. Wow I love how they're selling this to the, what, maybe 5% of Americans who will ever hear about this over fights about Lindsey Lohan and March Madness, but I like how it's sold as a good idea that will make things run smoother and so forth.
Wow.
-------------------- A society whose whole idea is to eliminate suffering and bring it's members the greatest amount of comfort and pleasure is doomed to be destroyed -Thomas Merton
Edited by whattheheck (03/29/08 05:29 PM)
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DR. PRIME
Mental M.D.
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211395 - 03/29/08 06:01 PM (16 years, 2 days ago) |
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We're so fucked it's ridiculous.
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Redstorm
Prince of Bugs
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211437 - 03/29/08 06:09 PM (16 years, 2 days ago) |
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I don't see the problem here. They're all government financial institutions, so why does it matter which institution does what?
No one in this thread has said why it's bad. They've just said it's bad as if that makes it so.
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LeftyBurnz
Mr. I Eat Butthole
Registered: 06/21/05
Posts: 24,570
Loc: FL
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211703 - 03/29/08 07:02 PM (16 years, 2 days ago) |
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Quote:
Evan said: Makes you wonder if they increased the money supply to make the economy a little worse in order to expand their powers , i'll wear my conspiracy tinfoil hat if i can find the emoticon.
its easy, just remember :tinfoil with the : at the end.
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LeftyBurnz
Mr. I Eat Butthole
Registered: 06/21/05
Posts: 24,570
Loc: FL
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211721 - 03/29/08 07:07 PM (16 years, 2 days ago) |
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Quote:
Redstorm said: I don't see the problem here. They're all government financial institutions, so why does it matter which institution does what?
No one in this thread has said why it's bad. They've just said it's bad as if that makes it so.
i just dont think it could end up well for the majority of us giving the fed more power over the financial institutions of this country. the more they consolidate and push power into a central location, the easier it will be for them to manipulate the economy.
its just one more babystep they are taking to wrestle power from the states and give the federal government.
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Rebirtha
I really like bread
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211753 - 03/29/08 07:15 PM (16 years, 2 days ago) |
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Not to mention that the Federal Reserve is a Quasi-Federal institution and is actually a private bank. Its giving powers to a private institution that many agree shouldn't even exist. Down with the Fed
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Redstorm
Prince of Bugs
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: LeftyBurnz]
#8211757 - 03/29/08 07:16 PM (16 years, 2 days ago) |
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All of the transfer of responsibilities from one agency to another are all among federal agencies.
I agree with you that I don't like the movement of power to the federal level, but I personally don't believe this is one of those instance.
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LeftyBurnz
Mr. I Eat Butthole
Registered: 06/21/05
Posts: 24,570
Loc: FL
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211769 - 03/29/08 07:18 PM (16 years, 2 days ago) |
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Quote:
Redstorm said: All of the transfer of responsibilities from one agency to another are all among federal agencies.
I agree with you that I don't like the movement of power to the federal level, but I personally don't believe this is one of those instance.
well i wish that i was more educated on this subject, but im not, and im not going to pretend like i am soooo all i have to say is......
NO SIR, I DONT LIKE IT!
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Rebirtha
I really like bread
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211770 - 03/29/08 07:18 PM (16 years, 2 days ago) |
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Quote:
Redstorm said: All of the transfer of responsibilities from one agency to another are all among federal agencies.
More Like from Federal to part Federal part Private Bank.
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Redstorm
Prince of Bugs
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211775 - 03/29/08 07:20 PM (16 years, 2 days ago) |
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Why is that a problem?
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Rebirtha
I really like bread
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211786 - 03/29/08 07:22 PM (16 years, 2 days ago) |
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Because I don't want to give 'broad powers' to quasi private banking institution, we don't need the Federal Reserve, we can print our own money without interest, and i'm not interested in giving them broad powers.
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Redstorm
Prince of Bugs
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Rebirtha]
#8211789 - 03/29/08 07:23 PM (16 years, 2 days ago) |
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The Fed doesn't require you to pay a tax, the IRS does. Also, it is entirely constitutional.
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Redstorm
Prince of Bugs
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211798 - 03/29/08 07:26 PM (16 years, 2 days ago) |
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You totally just edited your post.
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Rebirtha
I really like bread
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Re: New Federal Reserve powers proposed by Bush Administration. [Re: Redstorm]
#8211799 - 03/29/08 07:26 PM (16 years, 2 days ago) |
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I know I edited my post, what I said was stupid you are right, IRS not Fed, we won't go into tax and get off subject, but its not an apportioned tax and wasn't ratified by all in the 16th amendment that's why its unconsitutional as far as I understand.
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