Let’s Give The Federal Reserve Even More Power

Why not give the organization that is supposed to keep our economy stable, (through one great depression and 20 some recessions), the power to assess risk to the markets, and activities that are detrimental to the financial system? Sure, why not keep on the road of doing things in the most insane ways, like the government and the auto worker’s union owning the two biggest car companies in the country?  Yes, let’s please give the banking cartel who creates the economic instability we are experience with their manipulation of interest rates, inflation, deflation, and issuance of M3 currency, the role of telling us when the markets and their handling of the financial system are causing instability.

Does anybody else see how there may be just a small conflict of interest here?

Federal Reserve should be systemic risk regulator: Group

WASHINGTON (Reuters)—The U.S. Federal Reserve should oversee threats to the financial system, not a council of regulators, a group led by an economic adviser to the Bush administration said Tuesday.

Glenn Hubbard, former chairman of President George W. Bush’s Council of Economic Advisers, said an idea to create an inter-agency council of regulators would inevitably be inefficient, indecisive and compromising.

Mr. Hubbard now co-chairs the Committee on Capital Markets Regulation, an independent research organization.

Fed would serve as risk regulator under Obama plan

WASHINGTON — The Obama administration is proposing that the Federal Reserve serve as an all-seeing regulator to detect activities that could pose risks that undermine the entire financial system.

The administration also is recommending two new agencies to protect consumers and investors.

The proposals are part of six regulatory overhaul recommendations that the administration is circulating among key lawmakers. Persons familiar with the plan say details still need to be hammered out. No announcement is expected from the administration until the week of June 8 at the earliest.

Treasury Secretary Timothy Geithner and other administration officials have discussed the regulatory proposals in the past. But the plan circulating on Capitol Hill indicated that the ideas are beginning to come together into a formal package for Congress to consider.

It just keeps coming like one big dump truck of manure being dumped on the American people.  Karma is gonna be a b*tch when it comes back around.

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