Bush wants the Federal Reserve to have MORE power?

Originally posted by jpm1602
Pelle you are coming across just a bit too smug for my taste. I personally have emailed every last senator, congressman, white house on my personal revulsion to the Iraq occupation. Do not believe we are a nation of mind controlled whores. When push comes to shove what will be will be.

I welcome your reprimand because I deserve it. Exasperated rather than smug, jpm1602.

Already once in my lifetime your nation has used atomic weapons of mass destruction, and there are few of your fellow citizens who acknowledge the USA's ongoing culpability for that indiscriminate destruction of civilians. I see your country now poised to allow your current Executive Branch to engage in warfare again under the Doctrine of Pre-Emptive Warfare and use who knows what sort of weaponry to accomplish goals only known to the corporatist elite in your nation. Exasperated I am.

I have always had great faith in the goodness of the ordinary U.S. citizen, and I believe your Constitution to be one of the two best in the world (Ireland being the other one which is largely based on the U.S. Constitution's view of individual liberty). But these things only go so far when good people do not stand up and stop evil. I think perhaps the individualism of the U.S. character does not fully recognise the power of massing together in action to force a wrong-headed government to comply with the will of the people.

‘All that is necessary for the triumph of evil is that good men do nothing’

considering the mess they've made out of our economy, somebody should have been slapping some regulations on them....
or wait a minute, someone was slapping some regulations on them trying to prevent this mess...the states. and little bush slapped their hands and stopped them from interferring with it...
well...what can I say...
dependency=servitude, and these firms and mortgage lenders now seem to be rather dependent on the fed for these biweekly billion dollar care packages....
so, I guess their new lord should have some say in how they operate their business...

More power? More? Any more and God Himself will be taking orders from the Federal Reserve.

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.

That sounds rather ominous to me. So, basically, the Fed could spy out any company's books, if they are considered 'a threat' to the economy? That's carte blanche to look at any books they want. What could they do with that information? I'm not sure I even want to think about that.

The linked article mentions Bear Stearns' recent near-collapse and buyout by JP Morgan Chase & Co. (Isn't Morgan usually associated with Rockefellers and Rothschilds and their ilk?) If you want a conspiracy, here's a wild one that came to mind: (no evidence, mind you, just a thought) Could the Bear Stearns collapse have been engineered somehow to convince the public that some forthcoming plan needs to be implemented, something along the style of the old problem-reaction-solution setup? I can't help but wonder how much money JP Morgan Chase & Co made on their acquisition of Bear Stearns, though. I'll bet it's a lot more than I'll ever see.

"I can't help but wonder how much money JP Morgan Chase & Co made on their acquisition of Bear Stearns, though. I'll bet it's a lot more than I'll ever see. "

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it was so much, they had to go back and make a higher offer, otherwise, the ripoff was way too obvious!

Do they have power in the after-life? maybe the FED should be garanted with unlimited power on that place too!

First off I am not a big fan of the Federal Reserve. However, I am even less of a fan of the SEC. Many of our problems can be traced to the abundance of illegal trading in our markets. The prices of oil and commodities has been determined by manipluative trading rather than real supply and demand. Hundreds of Billions, if not trillions, of stock has been sold short illegally creating countless counterfiet shares. Look at any stock before big news and it is obvious that insider info is being leaked and acted upon every trading day.

The SEC is in a shambles and they can no longer be counted on to provide any kind of impartial or timely regulation. It all started going downhill when Glass Steagal was repealed during the Clinton Administration. It left the newly merged investment banks with very little or no regulation. When capitalism is left to its own devices it will end up destroying itself, as we are now seeing.

Thus new regulations are needed in a very urgent way. I would prefer a different body being formed to handle this regulation, but it looks like we are instead stuck with the Federal Reserve. Let us only hope, like another poster opined, that this is step one towards creating our own nationally owned central bank.