The proposal would give the Federal Reserve broad authority to police the nation's entire financial system, and would create a new watchdog
agency to guard against the types of abuses that played a big role in the current crisis -- including the trading of risky securities based on home
mortgages. It also would curb excessive compensation for corporate CEOs, whose eye-popping salaries in the wake of the financial collapse triggered
widespread public outrage.
Jesus *SNIP* christ...Obama is giving complete control of the financial system to the Federal Reserve, a private institution that cannot be
audited, or even questioned about their actions.
Federal Reserve 'Loses' $9 Trillion
The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.
When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the
trillions of dollars that have come from the Fed's expanded balance sheet, the IG didn't know.
Worse, nobody at the Fed seems to have any idea what the losses on its $2 trillion portfolio really are.
"I am shocked to find out that nobody at the Federal Reserve is
keeping track of anything," Grayson says.
Grayson asked Coleman if her agency had done any research into the decision not to save Lehman Brothers, which "sent shockwaves through the entire
financial system," Coleman said it had not.
"What about the $1 trillion plus expansion of the Federal reserve's balance sheet since last September?" Grayson asked.
"We have different connotations," Coleman replied. "We're actually conducting a fairly high-level review of the various lending facilities
Translation: Nobody at the Fed knows where the money went.
Do you know what who got the $1 trillion or more in the Fed's
expansion of its balance, Grayson pressed.
"I do not know. We have not looked at this specific area at the
particular point on that specific review," Coleman answer.
What about the trillions of off-balance transactions since last
September, Grayson asked.
Coleman demurred again, saying the IG does not have jurisdiction to audit the Federal Reserve.
The people that got us into this mess by putting too much liquidity into the markets are now in charge of our entire financial system
And the part about excessive compensation to CEO's....I know a lot of people agree that they should not be paid as much as they are and there should
be pay caps, but I believe these people are getting paid fairly. They took their time to go to college, to learn everything about what they are doing,
and are getting paid justly...It is not up to the government to decide how much CEO's should make, but up to the stock holders.
Even Obama himself says:
"That’s our goal. To restore markets in which we reward hard work and responsibility, not recklessness and greed – in which honest, vigorous
competition in the system is prized, and those who game the system are thwarted."
Yes, reward hard work. Not cut the pay so these CEO's resign or possibly do less than their best work.
What the financial system needs is more oversight. Not pay cuts, not private institutions running things behind the scenes.
Big government always has to take over, and it seems like this is all Obama is for. Bigger government, which in the long run, will destroy the
I could say a lot more, but after hearing this on the news today, I am just speechless...
This is crazy!! Jeeze Obama has his sight set on our total domination by the world bankers. There has to be a way to stop this. How can one man set
up a private concern to oversee other privately owned business?
The FED.RESERVE is nothing but a blood sucker.Contriving these failures for their benifit. Now they will be able to shut down business that affect
I never thought that I'd live to see the American people get sold down the river,to the hearty cheers of the foolish.
I wonder if this is the act Obama was talking about when he said he "would take on the Fed"?
Take on the Fed by giving them complete control over the financial marked on top of their control of the money supply. Sounds creepy, hope it's
won't happen in other countries as well!
excellent! taking on the fed means giving it control over global financial systems. that'll show them. put them in their place, that fed. teach
them a LESSON. the more money they lose, they more power they get. didn't they recently admit to causing the great depression with a run on the
banks? and last spring, who wants to bet that the fed was behind the rumors about bear stearns that brought about the fun on the bank that led to
it's destruction. a vast amount of phantom shares entered the market, and how many "players" can manage that?
the members should be personally audited, each bank member should be audited, and whatever it is the fed is, that should be audited too. i know there
is a thread about it that i was following but seem to have lost touch. can't believe anything will really come up it, with this announcement.
I remember that video and article when it came out. Utterly surreal.
A detail that has been bugging me for some time: The Federal Reserve representative is wearing a very prominant lapel pin that is of a symbol I have
never seen before. It looks like a Buddhist Dharma wheel a bit but has nine rather than 8 spokes. Does anyone have a clue what that is or what it
represents? I assume when a formal FED rep testifies in Congress that the lapel pin she chooses to wear for that day has some sort of symbolic import.
I am a keen student of symbols ranging from the occult to the political, and this is one I've never seen before.
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