Treasury Secretary Timothy Geithner (left) and Federal Reserve chairman Ben Bernanke said the US intervention into AIG demonstrates a need to regulate complex nonbank financial institutions. (Kevin Lamarque/Reuters)
Even looks it there.
"US officials seek control of nonbank institutions" by Tom Raum and Jeannine Aversa, Associated Press | March 25, 2009
WASHINGTON - Pointing with dismay to the AIG debacle, the nation's top economic officials argued yesterday for unprecedented powers to regulate and even take over financial goliaths whose collapse could imperil the entire economy. President Obama agreed and said he hoped "it doesn't take too long to convince Congress."
I'm TIRED of having SHIT RAMMED DOWN our throats because of the "CRISIS," aren't you?
Treasury Secretary Timothy Geithner and Federal Reserve chairman Ben Bernanke, in a rare joint appearance before a House committee, said the messy federal intervention into insurance giant American International Group demonstrated a need to regulate complex nonbank financial institutions just as banks are now regulated by the Federal Deposit Insurance Corp.
I KNEW there was an AGENDA-PUSHING ANGLE to all that!!!!! The MSM WOULDN'T HAVE BEEN ALL OVER IT if there wasn't!!!
"AIG highlights broad failures of our financial system," Geithner told the House Financial Services Committee. "We must ensure that our country never faces this situation again."
Said by one of the chief Fed pukes who put you in this situation ON PURPOSE!!!
Geithner suggested his Treasury Department's powers be expanded. Bernanke was noncommittal, even suggesting the FDIC.
See: FDIC Fascism
Both officials sought to channel the widespread public outrage over the millions of dollars AIG spent in post-bailout bonuses into support for regulatory overhaul.
You are being SOOOO PLAYED, AmeriKa!!!!! No wonder AIG was mentioned in damn near every article day after day.
Dealings between Congress and Geithner have been tense at best. But they were a little more relaxed in the afterglow of Monday's nearly 500-point surge in the Dow Jones industrials, though the Dow gave back almost 116 points yesterday. The rise came in large part in response to the administration's unveiling of a public-private program to buy up to $1 trillion in bad loans and toxic mortgage-related securities clogging bank balance sheets.
See: Trillion Dollar Toxin Brings Wall Street to Life
You can see why, huh?
Geithner is expected to lay out more details on the plan tomorrow when he appears again before the committee. Democrats in the Senate say the administration wants the proposal on taking over nonbanks to move separately from the larger financial industry regulatory bill, to get it going more quickly....
Before you know what hit you, America. This traitorous turncoat of change.
Representative Barney Frank, a Massachusetts Democrat and the committee chairman, said, "When nonbank major financial institutions need to be put out of their misery, we need to give somebody the authority to do what the FDIC can do with banks."
The government has given AIG over $180 billion in bailout funds since it first intervened Sept. 16. The United States now owns nearly 80 percent of the insurer.
"If a federal agency had had such tools on Sept. 16, they could have been used to put AIG into conservatorship or receivership, unwind it slowly, protect policyholders and impose haircuts on creditors and counterparties as appropriate," Bernanke said.
That could have happened -- if you guys let them file for bankruptcy.
AIG is a globally interconnected colossus, with 74 million customers and operations in more than 130 countries. "Its failure could have resulted in a 1930s-style global financial and economic meltdown, with catastrophic implications for production, income, and jobs," Bernanke told the panel.
I'm tired of Fed liars saying the sky is falling when they did this on purpose, abetted the looting, and are killing this economy for some globalist wet dreams!
Meanwhile, The Wall Street Journal reported on its website late yesterday that a top candidate to run the government's bailout program, hedge fund manager Frank Brosens, had withdrawn from consideration. The newspaper said Geithner was considering several other candidates for the job currently held by Bush administration holdover Neel Kashkari. Treasury officials refused to comment on the story.
From one crook to another, what's the difference?
--more--"
Of course, DESTROYING the DOLLAR is what they INTEND to DO so they can get THEIR North AmeriKan Union going and give you the AMERO -- you know, like the EURO! So WHEN and HOW does the end come, America?
"Why the End of America is Closer than You Think
While the sheeple of America are caught up in their hypnotic dreams of world domination, white-collar hoodlums in Washington D.C. and Wall Street are stealing everything!
Given these circumstances, it is not difficult to predict the demise of America as we know it. The U.S. dollar will eventually collapse or be abandoned. This could happen literally overnight, or it could take years, but make no mistake: The American people will not be forewarned of the collapse of the dollar. It will be a sudden, surprise announcement, and all the politicians and banking elitists who engineered the whole thing will pronounce their "shock" that such a thing could happen! "We could never have predicted this," they will insist, even while the whole thing was actually engineered by the very same people.
One day, Americans will wake up and discover that all banks are on "bank holidays" (which means that someone in Washington is taking a holiday with your money while YOU can't access it).
Within hours, the National Guard will roll into the cities of the United States, and Americans will find themselves penniless prisoners in their own country. Anyone who protests will be arrested or shot. Law will be dispensed at the end of military rifles, and the President will get on television and explain how this is all being done for YOUR benefit! It's for your own safety and protection, didn't you know?
From here, it's difficult to say exactly what will unfold. We could see UN troops on U.S. soil, the IMF taking over the U.S. banking system, and the forced transition to a global currency. Other possibilities include the Balkanization of the formerly-united States of America, with regional nation-states declaring their own independence from Washington.
During this chaos, just-in-time delivery of food and products will grind to a halt. Store shelves will be emptied. A healthy economy of barter will immediately spring up to fill the void. Those who have things to trade (toilet paper, butter, salt, sugar, matches, gold, silver, food, fuel, etc.) will eat. Those who don't will starve. Health will plummet and infectious disease will become a very real threat in many cities. The conventional medical system will, of course, be utterly useless and will run out of medicine within days or weeks.
This economic transition chaos will be short-lived, however, and from the ashes of economic turmoil will spring a new nation (or nations) of People who have finally awakened from their complacency. New governments will be forged, and the fields of economic ruin will be ripe for the planting and sprouting of new ideas from a new generation of visionary leaders.
more - Mike Adams at Counterthink
Also see: How to Create A Healthy, Wealthy Abundant Nation from the Ashes of America's Demise
--tipocap--"
WASHINGTON - Treasury Secretary Timothy Geithner sent the dollar tumbling with comments about China's ideas for overhauling the global monetary system, only to drive it up by affirming that it should remain the world's reserve currency.
Geithner was asked at a Council on Foreign Relations event in New York about People's Bank of China Governor Zhou Xiaochuan's call for a new international reserve currency. He said while he had not read Zhou's proposal, he understood it as a plan "designed to increase the use of the IMF's special drawing rights. And we're actually quite open to that."
Yes, that's right, you heard him, They are OPEN to a GLOBAL CURRENCY!!!!
The dollar slid as much as 1.3 percent against the euro within 10 minutes of news accounts of Geithner's remarks. It recouped much of the loss about 15 minutes later, when Geithner then predicted no change in the US currency's role....
Yesterday's episode highlighted investors' sensitivity to any weakening role for the dollar as power shifts toward a wider group of developed and emerging nations, said James McCormick, Citigroup's global head of foreign exchange and local markets strategy. It was "important" that China's proposal came in the run-up to a Group of 20 summit next week, he added.
So they can FLESH OUT the DETAILS and TALK IT OVER?
"The G-20 is gaining relative power versus the G-7 and we will feel that and see that for some time to come," McCormick said. One key focus for markets will be any change in sentiment toward the dollar, which makes up about two-thirds of world central banks' foreign-exchange reserves, he said.
Geithner will attend the summit of the G-20, which groups the largest developing and emerging countries, April 2 in London along with President Obama. The smaller Group of Seven has been the main forum for leaders of nations with the biggest economies. After the dollar slumped in the aftermath of Geithner's first remarks, Roger Altman, who worked with Geithner as deputy Treasury secretary in the Clinton administration, asked him to clarify his comments.
"I'd like to ask one final question, in effect on behalf of the market," said Altman, founder of Evercore Partners Inc. "Let me ask the question this way. Do you see any change over the foreseeable future in the basic role of the dollar as the world's key reserve currency?"
Geithner responded: "I think the dollar remains the world's dominant reserve currency."
In his earlier answer, Geithner said increased use of SDRs should be "rather evolutionary, building on the current architecture, rather than moving us to global monetary union."
Can he be any clearer, folks?
The IMF holds members' reserves in SDRs. Geithner's remarks don't indicate Geithner favors moving to a system with the SDR as a reserve currency, strategist Lee Hardman at Bank of Tokyo-Mitsubishi Ltd. wrote in a note.
"That was the big concern amongst the confusion," Hardman said. "A move to an SDR-linked system away from the dollar would naturally lead to a reduction in the dollar's share of global reserves."--more--"
Why is the Globe business press masking the destruction of the dollar with such gobbledegook?
