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Obama seeks remake of Fed's powers: WSJ

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posted on Jun, 15 2009 @ 09:32 AM
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Obama seeks remake of Fed's powers: WSJ


www.marketwatch.com

President Barack Obama is expected Wednesday to propose a sweeping reorganization of financial-market supervision, including remaking the powers of the Federal Reserve

Obama would call for allowing the Fed to oversee the biggest financial players and to give the government the power to unwind and break up systemically important companies.

(visit the link for the full news article)




posted on Jun, 15 2009 @ 09:32 AM
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Give MORE power to a secret and unnacoutable entity that is able to print money out of thin air?

Really?

This will just impede business growth and just cause more expensive hassles like Sarbanes-Oxley. Which will in turn just make many companies want to have their headquarters offshore.

This will do many things, if the Govt. gains more and more ownership of top companies, and then will disallow competition...ooops I mean companies to become too big, then how can that help the market?

If anything this will only curb competition and promote monopolies, especially while under the FED.

www.marketwatch.com
(visit the link for the full news article)

[edit on 15/6/2009 by Mirthful Me]



posted on Jun, 15 2009 @ 10:09 AM
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Wow the exact opposite of what we need
How could anyone possibly think this would be a good idea
There is a reason 1207 has so much support it's time to stop this nonsense not give them more power.



posted on Jun, 15 2009 @ 10:46 AM
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I'm truly shocked, I didn't see this coming, not even months ago when everyone was shouting about the super hero Obama and I guessed (along with many people) that nothing would change, in fact, things would keep going the same way they have for years, faster and faster.

Obama's term will end, he will get blamed for everything and the US get's a new leader to coax it into the new world of debt and oppression, marvelous.

Don't worry us Brits won't be far behind.

I didn't see this coming.

EMM



posted on Jun, 15 2009 @ 10:57 AM
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reply to post by ModernAcademia
 


I am at a loss right now. However, I think the last line of the second quote basically states that the Fed will be held ACCOUNTABLE for these companies. Is that how I read it? Maybe it's not as dreary as it appears up front. Maybe it's part of the process of forcing them into transparency. Sure, they will govern over these companies and prevent them from growing (bad idea that) but if what I read is interpreted right they may not want this job.

Because if anything goes wrong with the books of these companies then the Fed will be on the hook.

Don't know, I guess I'm trying to see some type of silver lining here. Not much out there to grab onto at the moment.



posted on Jun, 15 2009 @ 12:59 PM
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NO NO NO NO NO NO NO

NO


Your job, Im talking to the government, is to regulate the financial system.

NOT OVERHAUL IT!!!

GAH.

Get your damn grabby fingers away from our money! You've already screwed us out of 1/3rd of our GDP and put into practice a ton of policies that are dooming this country to collapse!!!

Edit: Angry fingers dont know how to spell.

[edit on 6/15/2009 by Tentickles]



posted on Jun, 15 2009 @ 01:37 PM
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Do you think this is his way of trying to counter HR1207 and HR2424?

HR1207 is Ron Pauls "Federal Reserve Transparency Act of 2009"

HR2424 is Dennis Kucinichs "Federal Reserve Credit Facility Review Act of 2009"

Both are looking quite healthy as bills at the moment, and if I put my tin foil hat on, I could speculate that he's looking for some way to neutralize them without looking bad, as he could then claim "My measures are better", and many kool-aid drinkers would just accept his word that it's better without really looking at it, and seeing that it appears worse.



posted on Jun, 15 2009 @ 01:43 PM
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Do you think this is his way of trying to counter HR1207 and HR2424? HR1207 is Ron Pauls "Federal Reserve Transparency Act of 2009" HR2424 is Dennis Kucinichs "Federal Reserve Credit Facility Review Act of 2009"


Yeah..let's give the Federal Reserve MORE POWER. Afterall....some of us are still scratching by....let's give them the reigns to wipe us clean!

It never ends does it.



posted on Jun, 15 2009 @ 03:23 PM
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June 15 (Bloomberg) -- The Obama administration is set to propose new rules for asset-backed securities, including requiring trades to be reported on an electronic database, a U.S. Treasury spokesman said.

The plan, to be unveiled June 17 as part of the administration’s overhaul of financial regulation, will also require originators to retain 5 percent of the credit risk on loans they package into securities, Treasury spokesman Andrew Williams said today. Issuers of the securities will also be subject to additional disclosure in public filings, including revealing loan-level data, he said.

Asset-backed securities comprised of mortgages and other loans helped fuel the credit crisis by encouraging banks to lower lending standards. Treasury Secretary Timothy Geithner, speaking earlier today in New York, said the administration’s plan will aim to fill gaps in oversight, require more disclosure and realign incentives so they don’t favor excessive risk.

The proposed asset-backed rules will also call for fees and commissions received by loan brokers and officers to be paid over time. The payments will be reduced if a loan isn’t repaid because of poor underwriting standards, Williams said.

www.bloomberg.com...


Well I don't know much about trading, so can someone expand on the pros and cons of this please?

Thanks



posted on Jun, 15 2009 @ 05:55 PM
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Each day I get more and more convinced that as more of these types of executive power grabbing techniques are implemented that we as the American people will do nothing to stop them. We'll raise our picket signs in the designated protest area and chant a catchy phrase and then go back to our regular lives the next day.

The FED will just take over these companies and truly make America the fascist state Obama and all his banker friends get their jollies off to at night.

For me, unless a new nation is born, there is no chance that we as free human beings will ever get another chance to start over, and make sure our individual freedoms are never repressed again. One where the government is only there to protect and serve it's citizens, not terrorize them, not interfere in any way of free market enterprise, or meddle in every aspect of your life.

Just wake me up when they declare all borders obsolete and refer to us as 'earthlings' instead of your nationality, while your money and life is controlled by a chip in your skin, so I can just get this life over with and get on to the next thing, whatever it is. Frankly ending up as a tree would be more liberating than a typical humans' lol.



posted on Jun, 16 2009 @ 01:14 AM
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HAHA I hope none of you ever thought wed actually audit the fed. Osama would veto it obviously. Everyone loves Odrama though! I remember so many people worshipping at his feet on these very boards. Probably because they thought he was black, this last election was completely racial.



posted on Jun, 16 2009 @ 04:09 AM
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Give the FED more power? Good one, Obama admin. Good one. I wonder how much the government will actually control after his 4/8 years are up. Unreal.

And the people who are actually investing in the stock market right now, are either pros who know what they're doing, or complete idiots.....with all this bad news the last few months.



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