pack3tg0st
06-17-2009, 02:17 PM
Obama is set to give a speech on banking and financial reform this afternoon at 13:00 EST.
[offsite=http://money.cnn.com/2009/06/17/news/economy/regulatory_reform/index.htm?postversion=2009061712:1c6ry8o0]President Obama plans to expand the powers of the Federal Reserve and the Treasury Department.
Obama will call for the creation of a council of regulators chaired by the Treasury secretary to work alongside the Fed to monitor system-wide risk.
In his speech, Obama is expected to say that regulators were charged with "seeing the trees, not the forest."
"As a result, the failure of one large firm threatened the viability of many others; the effect multiplied," Obama is expected to say. "There was no system in place that was prepared for this kind of outcome. And more importantly, no on has been charged with preventing it."[/offsite:1c6ry8o0]
Now, when I read that, I remember the USA Patriot act... something that was designed to help us thwart terrorism, but in the end was used and abused to circumnavigate constitutional rights...
Thus, its important to view how this system could be abused in the future...
To me, this screams that the government is allowed to meddle in the affairs of private business in the name of "preventing economic disaster". Seems like a good idea on the surface, but this power given to the Fed and Treasury department will most likely be used in the future to steer large companies in the directions that the government sees fit. They will have to obey the FED... if they don't, they will simply be labeled a risk to the system, and the government will seize their company...
I don't know if this is the feeling anyone else gets... and maybe i'm gun-shy from the USA Patriot Act... but this whole idea wreaks of bullshit...
Most people don't realize that the Fed is not a government agency... The Federal Reserve is controlled by wealthy elite and members of the Banking cartels... We are now making it okay and legal for a private corporation to control other private corporations. In the event they don't want to be controlled, they will be compelled to comply by the U.S. Government...
This is like letting Microsoft police the software industry... What the fuck?
[offsite=http://money.cnn.com/2009/06/17/news/economy/regulatory_reform/index.htm?postversion=2009061712:1c6ry8o0]President Obama plans to expand the powers of the Federal Reserve and the Treasury Department.
Obama will call for the creation of a council of regulators chaired by the Treasury secretary to work alongside the Fed to monitor system-wide risk.
In his speech, Obama is expected to say that regulators were charged with "seeing the trees, not the forest."
"As a result, the failure of one large firm threatened the viability of many others; the effect multiplied," Obama is expected to say. "There was no system in place that was prepared for this kind of outcome. And more importantly, no on has been charged with preventing it."[/offsite:1c6ry8o0]
Now, when I read that, I remember the USA Patriot act... something that was designed to help us thwart terrorism, but in the end was used and abused to circumnavigate constitutional rights...
Thus, its important to view how this system could be abused in the future...
To me, this screams that the government is allowed to meddle in the affairs of private business in the name of "preventing economic disaster". Seems like a good idea on the surface, but this power given to the Fed and Treasury department will most likely be used in the future to steer large companies in the directions that the government sees fit. They will have to obey the FED... if they don't, they will simply be labeled a risk to the system, and the government will seize their company...
I don't know if this is the feeling anyone else gets... and maybe i'm gun-shy from the USA Patriot Act... but this whole idea wreaks of bullshit...
Most people don't realize that the Fed is not a government agency... The Federal Reserve is controlled by wealthy elite and members of the Banking cartels... We are now making it okay and legal for a private corporation to control other private corporations. In the event they don't want to be controlled, they will be compelled to comply by the U.S. Government...
This is like letting Microsoft police the software industry... What the fuck?