Chuck Ponzi June 18th, 2009

If there was ever any doubt in your mind about whether there was an intended sinister motive behind a financial collapse, consider the following:

1.  The Federal Reserve aided and abetted the Nasdaq/tech bubble.

2.  The Federal Reserve intentionally created the housing bubble.

3.  The Federal Reserve’s member banks held our federal government hostage in a modern “Financial Terrorism” world where if they don’t get trillions, they’ll blow up our economy.

4.  The Federal Reserve inentionally stayed far behind the curve of the housing crash to force their agenda on the Executive and Legislative branches, and capitulation into massive federal bailouts.

If ever there was a secret society, the Federal Reserve must be at the pinnacle; operating a private organization as a quasi-governmental branch that controls our currency and our banking system.  Even our Treasury Secretary, Timmy Geithner came directly from the Federal Reserve.

And now they want to control the whole of our financial world.  Can you believe this?

At least some of our congress persons are beginning to question letting the fox guard the henhouse.

President Barack Obama’s plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy.

Democrats and Republicans voiced misgivings as Treasury Secretary Timothy Geithner began a marathon day of selling Obama’s financial regulatory plan to give the Fed more authority, create a new consumer protection agency and bring unregulated sectors of the financial markets under government oversight.

“I do not believe that we can reasonably expect the Fed or any other agency to effectively play so many roles,” said Sen. Richard Shelby, R-Ala., noting that it also sets monetary policy, regulates banks and handles an array of other functions.

and

Committee Chairman Christopher Dodd, D-Conn., also raised questions about the use of the Fed for such an overarching task over the financial system and blamed it for “dropping the ball” on consumer protections. But he applauded the administration for including a new agency to protect consumers in their banking transactions.

Noting that banking interests already are criticizing the new agency, Dodd said: “The very people who created the damn mess are the ones now arguing that consumers ought not to be protected.”

Geithner said that in setting up the consumer protection agency, the administration was taking power away from the Fed even as it was adding to its authority.

“That is a substantial diminishment of authority, preoccupation and distraction,” he said.

It is likely the Fed itself will mount a defense to keep its consumer oversight duties. Fed officials believe their oversight of mortgages, credit cards and other products fits well with their duties to regulate banks, and that they have the right mix of experts — economists and lawyers — already on hand to do the job.

However, the Fed’s failure to crack down on shady mortgage practices during the housing boom has irked Congress and consumer groups. So has its decision not to speed up implementation of new rules providing consumers with better protections from abusive credit card practices.

Let’s hope to god that they do not succeed.

If your drunkard friend just crashed your car, why would you let them have an even nicer auto?  This is really scary that our legislator are so stupid that they would even consider such a notion.  We should be on a witch hunt right now, not involved in giving the “sorcerer” more power.  This is dangerous stuff.

• Delusion , Rants , Unintended Consequences
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