Broader Fed role provokes wide dissent

Although the president and his economic advisers came to the conclusion that the Fed was the agency best equipped to police large and interconnected firms operating in far-flung global financial markets, not everyone agreed, and opposition to the expanded role for the Fed was fierce in some quarters.

"There's not a lot of confidence in the Fed at this point" after controversies surrounding the Fed's $182 billion bailout of American International Group Inc., said Sen. Christopher J. Dodd, Connecticut Democrat and chairman of the Senate Banking, Housing and Urban Affairs Committee, which must approve most of the changes proposed by the president.

Sen. Richard C. Shelby of Alabama, the committee's ranking Republican, said the Fed had "utterly failed" as a regulator and that putting it in charge of regulating systemic risk would be piling on too many responsibilities.

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.

washingtontimes.com...

Not everyone is taking the happy pills the government is handing out, which is a good thing.

And add to that most American people that see the fed as nothing than a power dictating government behind the presidential seat.

I find this new powers outrageous and nothing short than totalitarian, The fed is not a government entity.

But the man of change and hope said that they deserved and hell he has enough political leverage and approval of the people to do it,

Shame on you Mr. Obama, he is getting away with what Bush could not accomplish before leaving office.

That tells were the power in government really lies.

people are starting to see that the big "O" himself is nothing but a puppet

The Fed isn't even a United States Government entity. It's an International Corporation of Banks from what I understand. So why are they even considering giving them power?

Obama is a sham. A SHAM. This seals it for me. How in the world can you give the Federal Reserve more power when they can't even account for 9 trillion dollars!?!?!?

They have no transparency and we give them more power!?!?

HOW obama? What the hell are you thinking? Are you a complete idiot? Or are you just corrupt like every other piece of crap politician? Actually I knew that already...but this proves it beyond doubt.

I'm sick of the BS. And yet....Congressmen are lining up to support this!

Democrats to push through banking overhaul quickly
apnews.myway.com...

WTF Democrats? WTF!!!

Enough is enough people. Why aren't Obama's supporters questioning this garbage? For the love of pete! Question what is happening!!!!

Idiots. This country is FULL OF IDIOTS!

[edit on 18-6-2009 by David9176]

[edit on 18-6-2009 by David9176]

The fed is a.corupt to their bones or b.complete incompetants.You choose.Either way expanding their already ridiculous powers are criminal.