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Big change planned for U.S. money system

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posted on Mar, 31 2008 @ 11:29 AM
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money.cnn.com...



Treasury Secretary Henry Paulson on Monday proposed a set of sweeping changes to the nation's financial system, including a broad expansion of the Federal Reserve's powers, in what could herald the biggest regulatory overhaul of Wall Street since the Great Depression.





Among the plan's biggest proposals is to provide additional powers to the Federal Reserve, which, along with the Treasury Department, has attempted to shepherd the nation through the housing crisis. Earlier this month, the Fed orchestrated a marriage between JPMorgan Chase (JPM, Fortune 500) and Bear Stearns (BSC, Fortune 500), which was on the verge of a collapse that could have caused shockwaves throughout the financial system.



Hmmm.. interesting to say the least.




posted on Mar, 31 2008 @ 12:02 PM
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Yeah, it's interesting and scary...




the biggest regulatory overhaul...Great Depression.


Apparently, they didn't learn the lessons of the Great Depression, that government meddling transformed a mere recession into a depression and continued to exacerbate it.



Earlier this month, the Fed orchestrated a marriage between JPMorgan Chase (JPM, Fortune 500) and Bear Stearns (BSC, Fortune 500), which was on the verge of a collapse that could have caused shockwaves throughout the financial system


A century ago, JP Morgan had a hand in the 1907 Panic that convinced the government to create the Federal Reserve System. Flash forward a hundred years, and JP Morgan once again has a hand in a financial crisis that has convinced the government to hand the Fed even more power. Once again, we have not learned from history...



posted on Mar, 31 2008 @ 12:13 PM
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This really does play into the whole "conspiracy" agenda. This administration wants to hand the control over the money to the Fed since it's a private company that they and their cronies can control from outside of the white house. I highly doubt this plan will get past congress however.



posted on Mar, 31 2008 @ 12:14 PM
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Already talked about here: Sweeping Changes



posted on Mar, 31 2008 @ 12:23 PM
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Nothing will happen until next year. Too many people in Congress and the House running for office let alone a new administration.

I don't know what the real answer is, but I know what it doesn't include. It doesn't need the Federal Government to be involved at all. This is purely a market driven crisis and the market has always taken care of itself. Outside interference will create more problems than solutions.



posted on Mar, 31 2008 @ 01:02 PM
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Originally posted by SaviorComplex
Yeah, it's interesting and scary...




the biggest regulatory overhaul...Great Depression.


Apparently, they didn't learn the lessons of the Great Depression, that government meddling transformed a mere recession into a depression and continued to exacerbate it.



Earlier this month, the Fed orchestrated a marriage between JPMorgan Chase (JPM, Fortune 500) and Bear Stearns (BSC, Fortune 500), which was on the verge of a collapse that could have caused shockwaves throughout the financial system


A century ago, JP Morgan had a hand in the 1907 Panic that convinced the government to create the Federal Reserve System. Flash forward a hundred years, and JP Morgan once again has a hand in a financial crisis that has convinced the government to hand the Fed even more power. Once again, we have not learned from history...



Well said!

I remember seeing all the safety measures being repealed which started back around Jan of 1982.

It would be wise to start up a thread on stemming the fears before a run on the banks start. Something to consider.




[edit on 31-3-2008 by Skydancer]




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