...is CHRIS DODD STILL DOING IN GOVERNMENT?
ANYTHING that has him, Barney Frank or Obama involved is NO GOOD FOR OUR COUNTRY.
Boy. How easy is THAT as a rule of thumb?
Posted on 09/21/2009 7:21:37 PM PDT by SeekAndFind
WASHINGTON -- Consensus is building in the Senate for legislation that would significantly weaken the Federal Reserve by stripping its power to oversee banks and hand that job to a single federal bank regulator.
The proposal by Senate Banking Committee Chairman Christopher Dodd to merge federal prudential oversight into a single regulator differs from a plan by President Barack Obama. But it's gaining traction among Dodd's colleagues who think the Fed didn't do enough to prevent the current market crisis.
"If you look at the record here of the failure of the regulatory bodies, all roads seem to lead to the Federal Reserve," said Sen. Richard Shelby of Alabama, the top Republican on the banking panel.
Since its creation almost a century ago, the Fed has grown into a major power broker and guardian of the financial system. It plays various roles on the government's behalf in protecting the economy, including the supervision of banks to ensure the "safety and soundness" of the financial system and enforcement of rules to protect consumers.
But the Fed's primary mission is considered its role as the nation's central bank.
As part of a sweeping reform effort in response to last year's financial crisis, Obama has proposed empowering the Fed further by tasking it with deciding whether a financial institution has grown so big and over-leveraged that its failure could bring down the entire economy.
However, Obama would strip the Fed of its role in protecting consumers and create a separate government agency to enforce new rules on such products as credit cards and mortgages.
(Excerpt) Read more at moneynews.newsmax.com ...
Oh let me guess who the ‘single regulator’ is? ACORN?
FED - Chairman ‘Helicopter Be’ Bernanke
FDIC - Chairwoman Shelia Bair
SECTREAS - ‘TurboTax Timmy’ Geithner
This would be the top three contenders to oversee this new super agency - without benefit of being a Cabinet position still.
Can this super agency really, combining the duties of the 2 agencies: protect the economy, supervise the banks to ensure the “safety and soundness” of the financial system and enforcement of rules to protect consumers. Plus what else is hidden in the Dodd bill.
Or what other maniac would be on the top of the President’s current payback list?
If this happens just say goodbye to individual financial freedom, Banks, the credit industry, US economy and prosperity. Ever see the movie "1984" or read the book? That's is what Obama and his socialist/communist Democrat Party want America to look like. A bleak Soviet, Stalinist gray decaying ruin of a once beautiful country.
JFK’s Executive Order 11110 is still in effect as far as I know. I always wondered why no President ever used it or why it wasn’t repealed or whatever they do to Executive orders.
Maybe there is something in the President’s Book of Secrets about it.
Well I don’t know what JFK’s Executive Order #11110 is all about. What I do know is I do not like the Federal Government intruding into the private financial affairs of businesses and individuals. And I’m not saying I like the Fed. Reserve either. But if the choice is between allowing the Federal Reserve to manage the money or some socialist/crypto-commie Democrat Party hack or an economic illiterate Obamabot — I’ll take the Federal Reserve.
...is CHRIS DODD STILL DOING IN GOVERNMENT?
ANYTHING that has him, Barney Frank or Obama involved is NO GOOD FOR OUR COUNTRY.
Boy. How easy is THAT as a rule of thumb?
Does anyone remember the movie where John Ritter was the President, people traveled on skates or bikes and we all lived in our never driven cars? I was a kid but remember it. What’s going on in America today is as unreal as that movie.
I did not notice where they want to place that single federal regulator. Most of what they talk about is stripping the Fed of regulation. My guess is that it will be a part of the Treasury Department just like the OCC is (Office of the Comptroller of the Currency), which regulates nationally chartered banks. Oh, they neglect to point out that all off the large bailed out banks had national charter and the OCC was their primary regulator.
They are playing on the unpopulatity of the Fed to sneak this in. This is a very bad idea that diminishes the dual banking system that has served us well for many years.
In my opinion, they should have a green light to reform the bank regulatory system the moment they break up the 8 or 10 larges banks that account for well over half the banking assets of the country, and represent more systemic risk to the economy than existed in the pre-bailout days of last year. . . in my humble, and informed opinion as a banker and retired state bank examiner.
A single regulatory agency would make it very easy for the US banking system to be incorporated in the future into a supranational financial entity, such as a ‘world bank’ or a ‘regional financial system’. The UN is ready with recent proposals and has a large, can’t miss catchers’ mitt should the current administration push events in favor of the UNs desires. The Fed and the Dem Congress may be competing for the honors over our dead and uncomprehending carcass, and the FED with its very survival at stake. Our survival is at stake too.
Both parties are globalist with two differing versions of globalism, one with a bent, and support from, international globalist corporatism and the other with a less imaginative marxist line of thought and intent. The last election may have merely been a fight over, again, our carcass, with the Dems making up for the initial carcassal loss by Gore in 2000. The biggest individual winner?...Mr. Soros, who has possibly won the biggest political and financial reward in history. Devolution, dissection and redistribution seems to be in progress.
These forces have the initiative, and 2010 seems as if it is light-years away. The US brain is waking up and feels the pain in a way that politicians are not capable of feeling. Can the US jump off the dissection table in time in order to save itself?
How does ‘single regulator’, which actually means ‘single point of regulatory failure’ offer a better economic defense of banking stability than the layered defense in operation at present??
It doesn’t.
So, what can the Mercedez-Marxist Dodd actually seek to bring-about inside the smokescreen of a “single regulator”??? A deeper politicization of the financial regulatory process.
What the Dims actually are concerned about is not the inflationary and expansionist policies that the Fed supported, that helped us obtain the current crisis, but that the Fed may be too politically independent to maintain such policies in support of the Dims’ wasteful government programs. Even now they must be concerned that sooner than they’d like Bernanke will realize he must reign in the Fed’s current assistance to all the stimulus and debt. I’m sure they’d like some more politically malleable regime, if they can get it, before that time comes.
I’m not thrilled with the FED, but I am totally scared s***less over this disaster of a plan.
Obama to push for new world economic ‘order’ at G-20..
http://www.reuters.com/article/topNews/idUSTRE58G34Z20090921?sp=true
Dodds’ proposal to move the Fed Res under a ‘single regualtory control’ seems preparatory.
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