gg
Minor Poster
Joined: 25 Dec 2006
Posts: 32
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 Posted: Sat Mar 29, 2008 5:45 am Post subject: Bush proposes Fed Reserve oversee financial market stability |
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From The New York Times: White House to Seek New U.S. Power to Keep Markets Stable
http://www.nytimes.com/2008/03/29/business/29regulate.html?_r=1&pagewa nted=all&oref=slogin
| Quote: | The Bush administration will propose on Monday that Congress give the Federal Reserve broad authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
The proposal is part of a sweeping blueprint to overhaul the country’s hodge-podge of regulatory agencies, which many specialists say failed to recognize rampant excesses in mortgage lending until after they triggered what is now the worst financial calamity in decades. |
What's this? The creation of a Department of Homeland Financial Security?
This is precisely what Naomi Klein warned about in her book, The Shock Doctrine. I suspect the Bush administration is going to try to use the shock of the collapsing economy to quickly deregulate the entire economy to make it easier to loot.
Some of the changes Treasure Secretary Henry M. Paulson Jr. is proposing in the Bush administration's "blueprint" are more deregulation:
| Quote: | | The S.E.C. should take a lighter approach to its oversight, such as allowing stock exchanges greater leeway to regulate themselves and streamlining the approval of new products, even allowing automatic approval of securities products that are being traded in foreign markets. |
We are supposed to have a Democratic Congress in to protect American interests.
| Quote: | | Almost every element of the proposal would have to be approved by Congress, where Democratic leaders are already drafting bills to impose tougher supervision over investment banks, hedge funds and the fast-growing market in derivatives like credit-default swaps. |
However, we saw what kind of review the Democrats in Congress gave to legislation proposed by the Bush administration when the country was reeling from the shock of the terrorist attacks of September 11th, 2001. This sort of shock got us the PATRIOT Act. Now this self-inflicted economic wound is causing similar panic. This is precisely the time this untrustworthy administration will use advance their radical economic agenda.
Like what happened in 2001, there may not be much Democratic opposition this time either. According to the NY Times, some of the proposals being advocated by the Bush administration are cleverly cloaked in "reforms" championed by Democrats such as Barney Frank (D-MA), House chairman of the Financial Services Committee. Both Treasury Secretary Henry Paulson and Frank "favor a stronger Fed role", but the administration is only disguising what they're really after.
Well, the majority of the proposals being put forward by Paulson were "developed before soaring mortgage defaults kicked off a much broader credit crisis, and most of the proposals are geared to streamlining regulation." Streamlining, of course, being another word for eliminating. The Bush administration is using the subprime mortgage meltdown as a decoy to advance their economic agenda in a way that is reminiscent of they way they used the attacks of 9/11 to advance their war agenda with Iraq.
The dollar is wrecked, and the taxpayers will be saddled with an unbearable load, which will be inflated away and we maintain our sovereignty via 11 carriers, 10 amphibious assault ships, 22 Aegis cruisers, 51 Aegis destroyers, 30 frigates, and various other naval assets. The army is like butter spread over too much toast right now, an air force without fuel isn't much use, and that is exactly where peak oil is taking us.
This is the death of an empire, up close and personal.
All will lose some, some will lose all. Be assured the culprits have tidy nest eggs. |
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gg
Minor Poster
Joined: 25 Dec 2006
Posts: 32
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| Posted: Sat Mar 29, 2008 5:32 pm Post subject: |
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I thought about this all night. Why are these criminals still in office?
I mean really?
Current members of Congress and those who served over the past seven years are going to have one heck of a time answering to history on their responsibility in allowing the most corrupt, criminal, incompetent, profiteering bunch of radical right wing nut jobs in the history of this nation to run riot and bring our nation to the brink of collapse internationally and financially, as well as turn us into a virtual police state where our civil liberties are swept into the dust bin.
WHY is impeachment off the table? I still haven't gotten a clear answer. |
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