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WASHINGTON - The Bush administration is proposing a sweeping overhaul of the way the U.S. financial industry is regulated.
In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press.
The proposal would designate the Fed as the primary regulator of market stability, greatly expanding the central bank's ability to examine not just commercial banks but all segments of the financial services industry.
Article 1, Section 8
The Congress shall have power to lay and collect taxes, duties, imposts and excises, to pay the debts and provide for the common defense and general welfare of the United States; but all duties, imposts and excises shall be uniform throughout the United States;
To borrow money on the credit of the United States;
To regulate commerce with foreign nations, and among the several states, and with the Indian tribes;
To coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures;
Last week's session (Th 3/13/08) was only the 6th time in the last 176 years that Congress has closed its doors to the public.
Word has begun leaking that not only did members discuss new surveillance provisions as was the publicly stated reason for the closed door session, they also discussed:
the imminent collapse of the U.S. economy to occur by September 2008;
the imminent collapse of US federal government finances by February 2009;
the possibility of Civil War inside the USA as a result of the collapse;
advance round-ups of "insurgent U.S. citizens" likely to move against the government;
the detention of those rounded-up at "REX 84" camps constructed throughout the USA
the possibility of retaliation against members of Congress for the collapses;
the location of "safe facilities" for members of Congress and their families to reside during expected massive civil unrest;
Originally posted by jackinthebox
I notice that none of the hardcore defenders of corporatism have showed up here yet to argue that the economy is just fine and to trust our wise leadership.