Fed Fascism Delivered by Democrats

That's why the elections were rigged the way they were, Americans; there will be NO CHECK to whatever the Democrats want to ram up our asses for their globalist/Zionist masters.

"Plan would expand Fed's power greatly" by Neil Irwin and Binyamin Appelbaum, The Washington Post | January 26, 2009

WASHINGTON - Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis.

Meanwhile, on the opposite page I see this: Fed to meet amid search for new ideas

So the Fed is OUT of IDEAS but going to be given CONTROL anyway?

But the initiative is raising concern about whether it would muddy the Fed's traditional mission and concentrate too much power in a single body. Legislation envisioned by the House Financial Services Committee's chairman, Democrat Barney Frank of Massachusetts, would put the Fed, or less likely another agency, in charge of protecting the stability of the entire system, Frank and other congressional sources said.

Oh, that piece of shit is really a piece of work!

See: Memory Hole: Barney and Business

Barney Frank is Bush's Best Friend

Barney Frank Benefited From Bailout Bill

Frank Fiddled With Bailout Funds (And Other Frauds)

An abundance of agencies regulate the financial industry. But no agency is responsible for understanding or containing risks affecting the financial system as a whole. None even has a complete picture of the financial markets.

What BULLSHIT!! All those smart men with their Ivy League educations and they don't know what is going on? Maybe they shouldn't be in charge then?

The danger was highlighted by last year's meltdown of insurance giant American International Group. In the days before the government was forced to bail out the firm, no federal official comprehended the magnitude of the threat the company's troubles posed.

More BULLSHIT!!

(Let's see if they mention Ron Paul or talked to him for this piece)

Under Frank's plan, the new regulator would likely be given power to gather information about the inner workings of banks, investment firms, insurers, hedge funds, and any other entity big enough or so intertwined with other companies that it creates the risk of a systemic collapse. These companies would have to provide detailed information about how they manage risk, their derivative contracts, and the extent to which they use borrowed money.

Yup, FASCISM for your OWN GOOD!!

The fact is, the FED SHOULD NOT EVEN EXIST!!!

For more, see:

"We need to give some regulator the power to restrain risk-taking that is excessive," Frank said. He said he intends to move quickly, explaining that the Obama administration is eager to be able to show the Group of 20 finance ministers progress on financial regulation in early April.

I thought you guys worked for the AMERICAN PEOPLE, not INTERNATIONAL FINANCIERS!

Though Obama has not specifically endorsed the idea of making the Fed a financial system regulator, his administration has sent clear signals that Congress should proceed on that path. The idea was first widely discussed last spring as part of a blueprint for regulatory reform issued by then-Treasury Secretary Henry Paulson.

And YOU THOUGHT you were getting CHANGE, Americans?

Many elected officials, financial experts, industry groups, and consumer advocates agree there is a need for a "systemic risk" regulator, and that there is no clear alternative to empowering the Fed. But there is also widespread concern the new responsibility could stretch the agency too thin and conflict with the Fed's basic responsibility for managing the money supply.

Yeah, the WORRY isn't FED FASCISM or anything -- not to the globalists and their mouthpiece of a paper!

The Fed was created by Congress nearly a century ago as an independent entity, insulated from political pressure, so it could take the unpopular step of slowing the economy to combat inflation. But as a regulator, the Fed would operate more like an ordinary government agency, with extensive review and oversight by Congress.

More BULL FEED for the MASSES!!!

Government and private-sector officials worry that by taking on more regulatory responsibilities, the Fed could expose itself to more second-guessing by political officials.

"We don't want to wake up five to 10 years from now and find we have very much undermined the Fed's independence in setting monetary policy," said Ed Yingling, chief executive of the American Bankers Association.

At the same time, some experts warn the expanded responsibilities could bias the Fed in favor of large financial companies, because these are the firms that could endanger the financial system by virtue of size and reach of their activities.

They ALREADY ARE!!!!! Just look at where the BAILOUT LOOT went!

The Fed is charged with enforcing various consumer protection laws, such as the Truth in Lending Act, and critics say it's ignoring this job. In the past, Frank and Senator Chris Dodd, Democrat of Connecticut, have threatened to remove the Fed's consumer protection powers.

Pfffft! Dodd's fart mist!

Moreover, there is concern that too much power would be concentrated in a single agency. The Fed supervises bank holding companies, a category that in recent months has come to include not just every major bank, but Goldman Sachs, Morgan Stanley, American Express, and GMAC. The Fed is also lending hundreds of billions of dollars to entities of all types to combat the financial crisis.

So WHO are those CRITICS, and why didn't the Post talk to one?

Couldn't find Ron Paul's office, huh?

--more--"

Oh, and HOW MUCH MORE $$$ are the Democrats going to throw away against the wishes of the American people, and WHY is the MSM keeping it QUIET??

"Democrats also said yesterday that Congress may have to expand its commitment to a financial-services bailout past the $700 billion that was approved after the sector's collapse in September. "Some increased investment" may be required, said House Speaker Nancy Pelosi."