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“They’re giving a tremendous amount of more power to the Federal Reserve - the very institution that created our problem. That’s about the way Washington works,” said the Congressman
“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress,” said Paul.source
President Obama’s plan to give the privately-owned and unaccountable Federal Reserve complete regulatory oversight across the entire U.S. economy, which is likely to be enacted before the end of the year, will officially herald the beginning of a new form of government in the United States - an ultra-powerful banking dictatorship controlled by a small gaggle of shadowy and corrupt elitists.source
President Obama's plan to revamp financial regulations triggered immediate criticism Wednesday from both the political left and right over the expanded policing authorities given to the Federal Reserve while business groups grumbled about a powerful new agency charged with protecting consumers against abusive lending....
.....Analysts from the far left and the far right were even more critical, though banking and Wall Street analysts said the Fed was the most logical choice because of its extensive experience fighting international financial crises.
This goes a step further than the centrally planned economies of the Soviet Union or Communist China, in that the Federal Reserve is not even accountable to the U.S. government, it is a private entity that according to former Fed chairman Alan Greenspan, is accountable to nobody but the banking families that own it.
Originally posted by David9176
The federal reserve can't account for 9 trillion dollars yet we are going to give them more power. They have ZERO transparency.
I thought Obama was about transparency?
I'm sorry Liberals....you need to start criticizing Obama. This is freaking outrageous.
Let's give outright power to the 12 banks that run the federal reserve. NOVEL IDEA OBAMA.
For cripes sakes...I"m tired of this crap.
Originally posted by Cyborg_Watson
I don't even live in America but this angers me to the very core... If I was in America I would protest against this, you can't let them do this to your country.
Originally posted by Pappie54
You boys need to listen up! We love Ron Paul down here in Texas and he can make a few good calls now and then, but when it comes to knowing how to fix things, how to make things better, he's an idiot! Now if you are a follower of Ron's, then you need to ask yourself why such a minutely small percentage of people take him seriously? It is because he is.... an idiot, and if you are one who thinks his ideas will make the world function better, then guess what the vast majority of American minds will conclude what you are? Think about it, it will sink in eventually.