the new plan would give major new powers to the Federal Reserve

[seemslikeadream]

http://ap.google.com/article/ALeqM5g8-DEMtAE9q4i4ySQ0eV_qZefmRQD8VMT37O0

WASHINGTON (AP) — The Bush administration is proposing a sweeping overhaul of the way the nation's financial industry is regulated. In an effort to deal with the problems highlighted by the current severe credit crisis, the new plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained Friday by The Associated Press

[cliffordu]

1. Oh, Fock, ANOTHER one?

Every time Boosh gets his grubby little hands on any program, policy or idea it winds up turning to shit.

I don't know how he could fuck up the country's finances any more than he already has, but I'll bet we find out real soon now.

[indypaul]

25. It's really a very simple process

privatize gains and socialize losses. Check out
the Texas Rangers stadium deal and sale of the team.
George and his cohorts learned well and now he can
practice this game on a national scale.

[SammyWinstonJack]

40. Which if the only reason for him being placed in the Oval Office. To do exactly that.

[seemslikeadream]

41. poor georgie

he still thinks he got there on his own merit?

[lonestarnot]

30. Oh geeze. I just can't fucking wait....

:puke: fucking "moran."

[Ichingcarpenter]

2. Major Rape of out Government by Private Banks as reported by the AP link

This is not bullshit folks, WAKE THE FUCK UP!!!!

[seemslikeadream]

3. This is just something

When are people going to wake up?

[leftofthedial]

4. they haven't fucked things up enough as it is?

the super rich need to be more rich?

we need to eliminate the rich and take back the wealth of this country.

[lligrd]

5. Chit, Why Aren't The Candidates And Congress Talking About

and trying to stop * from totally screwing up whatever is left of the economy?

[Zynx]

28. Congress is generally the last institution I want dicking around with the Fed.

[seemslikeadream]

6. In the short term, Paulson's plan proposes:

http://www.latimes.com/news/nationworld/nation/la-fi-treasury29mar29,1,7811806.story

In the short term, Paulson's plan proposes:

* Creating a Mortgage Originations Commission that would oversee the home-loan industry, making sure that state-level licensing conformed with a set of new federal minimum standards.

* Consideration of what kind of regulation should be put in place for investment banks that wish to borrow directly from the Federal Reserve.

Paulson has said previously that, although the Fed this month agreed to make loans to securities firms on a temporary, emergency basis, those institutions would have to be more heavily regulated if they wanted permanent access to Fed lending.

In the medium term, Paulson proposes:

* Eliminating the distinction between thrifts and banks under federal law.

* Bringing all state-chartered banks under federal supervision, either through the Federal Reserve or the Federal Deposit Insurance Corp.

* Federal oversight of insurance companies.

* Integrating oversight of the futures and securities markets by combining the Securities and Exchange Commission with the Commodity Futures Trading Commission.

[HCE SuiGeneris]

12. This is the Repukes working for smaller Government?

I am confused. :wtf:

[Zynx]

27. I don't actually have very much of a problem with most of this.

[Ichingcarpenter]

7. This is a major news break

YOU idiots talking about little shit DON'T UNDERSTAND WHY IT WAS DONE ON FRIDAY late at night.
This is major crap!!!!!

[tkmorris]

8. They can PROPOSE all they want

It's up to US (and the Senators and Reps we scream at) to prevent them getting it.

[seemslikeadream]

9. How's that been working for us lately?

[tkmorris]

16. Not well at all

I'm trying to be optimistic here SLAD. I'm having the kind of night where the darkness is threatening to creep right on in if I let it.

[Ichingcarpenter]

11. Like they listen to them?

It is not a proposal that gets passed by congress although it should

Your argument for stopping it is crap

[rasputin1952]

10. For God's sake...these miserable failures of humanity just

don't quit.

EVERYTHING this administration has done has been a complete screw up. If they told me the sky was blue, I'd go out and look!

The only thing acceptable from this administration is a complete resignation!

[SammyWinstonJack]

42. A screw up for us but not for bu$h's base, the HAVES AND HAVE MORES.

[Ichingcarpenter]

13. I'm sorry but This IS MAJOR FRICKING NEWS

DO YOU WANT TO KNOW WHY IT IS?

[seemslikeadream]

14. Doesn't it have to be it's being reported after midnight on a Friday night!!

Pleae let me know your feelings on this, I know it must BIG news but please explain

[Ichingcarpenter]

17. Major!!!

It gets down to the foundations of what even
started the Federal Reserve and the Constitutional
Powers that founding fathers set out in that document
on their understanding.

It is late, but see the where I posted tonight
and who wrote what...... The $100 billion they
gave to not only the banks today, but to investment firms on LBNs is a start.

Even I, did not realize how important this news is.

Then they are writing a law by presidential order to say this right

[Elspeth]

18. What is that quote: Let me print a country's money and I care not who makes its laws?

Somebody help me out here. I can't remember the quote or who said it but it seems to fit here.

[seemslikeadream]

22. Mayer Amschel Bauer, who founded the Rothschild family

:hi:

[Elspeth]

24. Was it the right quote?

?

[seemslikeadream]

26. You inspired me

Let me print a country's money and I care not who makes its laws

Mayer Amschel Bauer, founder of the Rothschild family

[Elspeth]

38. Some bumper sticker

Would need some explaining to the drivers behind you.

[seemslikeadream]

39. Yea since they're still driving their hummers and

living in a house that they thought they owned

[Elspeth]

43. No kidding

I think this thread and others like it need to be read

[Quantess]

44. Yeah, the drivers behind you might get in an accident while trying to figure it out. (eom)

[Johonny]

15. I guess

when Bush told us the economy was great and there was nothing to worry about, he was lying!

[Hannah Bell]

19. More info...

Bush to pitch plan for Fed
By MARTIN CRUTSINGER
AP Economics Writer

Mike Derer
President Bush waves as he boards Air Force One at McGuire Air Force in New Jersey Friday, March 28, 2008. Bush was leaving after visiting Novadebt Consumer Credit Counseling service in Freehold, N.J.The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation's financial services industry from banks and securities firms to mortgage brokers and insurance companies.

The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.

The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system.

The proposal, which will be outlined Monday in a speech by Treasury Secretary Henry Paulson, is certain to set off heated debates within different sectors of the financial services industry and in Congress, where some Democrats are likely to complain that the proposal does not go far enough to crack down on abuses.

The administration divided its recommendations into short-term goals that could be adopted quickly, intermediate recommendations and an "optimal" regulatory framework, which contains a radical restructuring of how the government supervises banks and other financial institutions.

http://www.kansascity.com/449/story/551406.html

[MADem]

20. Gee...new powers to examine the books of any institution deemed to represent a potential threat

to the proper functioning of the overall financial system.

A little LATE for ENRON....but it might come in handy to fuck with folks you don't like....

[seemslikeadream]

21. Thanks Hannah Bell

:hi:

[OmmmSweetOmmm]

23. This is how the Fed was created in the first place. In 1907 rumors were spread that certain banks

were insolvent. This was called the Panic of 1907. In Zeitgeist the Movie they claim that JP Morgan spread those rumors. JP Morgan, rings a bell?

A thread I recently started in the 9/11 dungeon

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=125&topic_id=198129&mesg_id=198129

[G_j]

29. yikes! K&R.

more coffin nails, I suppose..

[hatrack]

31. New plan - give investment banks as much free money as they want while turning the dollar to Charmin

And the rest of us can go fuck ourselves and watch the Tee-Vee we don't own, or amuse ourselves on our cell phones.

[Karenina]

32. Ladies and Gentleman, we are witnessing

the greatest transfer of wealth from the public coffers to the "elite" ever seen in the history of mankind.

[seemslikeadream]

33. They're doing it right in front of our noses

Give me control of a nation's money and I care not who makes it's laws.

Mayer Amschel Bauer, founder of the Rothschild family

[varelse]

34. I'm afraid I'm too ignorant to add much to this discussion

But so far none of the backers I've seen mentioned are giving me any confidence in this proposal:

Still, at least one Democratic leader expressed support for the administration's goals, if not necessarily its specific proposals.

"In broad outlines, we agree with large parts of Secretary Paulson's plan," said Sen. Charles E. Schumer (D-N.Y.)

[seemslikeadream]

35. By 2006 that figure had mushroomed to over $500 trillion.

http://www.counterpunch.org/whitney03292008.html

It is worth noting that derivatives contracts are a fairly recent addition to US financial markets. In 2000, derivatives trading accounted for less than $1 trillion. By 2006 that figure had mushroomed to over $500 trillion. And it all can be traced back to legislation that was passed during the Clinton administration.

"A milestone in the deregulation effort came in the fall of 2000, when a lame-duck session of Congress passed a little-noticed piece of legislation called the Commodity Futures Modernization Act. The bill effectively kept much of the market for derivatives and other exotic instruments off-limits to agencies that regulate more conventional assets like stocks, bonds and futures contracts.
Supported by Phil Gramm, then a Republican senator from Texas and chairman of the Senate Banking Committee, the legislation was a 262-page amendment to a far larger appropriations bill. It was signed into law by President Bill Clinton that December." ("What Created this Monster" Nelson Schwartz, New York Times)

The Fed chief is now facing a number of brushfires that will have to be put out immediately. The first of these is short term lending rates, which have stubbornly ignored Bernanke's massive liquidity injections and continued to rise. The banks are increasingly afraid to lend to each other because they don't really know how much exposure the other banks have to risky MBS. This distrust has sent interbank lending rates soaring above the Fed funds rate to more than double in the past month alone. So far, the Fed's Term Auction Facility (TAF; under the Term Auction Facility (TAF), the Federal Reserve will auction term funds to depository institutions) hasn't helped to lower rates, which means that Bernanke will have to take more extreme measures to rev up bank lending again. That's why many Fed-watchers believe that Bernanke will ultimately coordinate a $500 billion to $1 trillion taxpayer-funded bailout to buy up all the MBSs from the banks so they can resume normal operations. Of course, any Fed-generated scheme will have to be dolled up with populous rhetoric so that welfare for banking tycoons looks like a selfless act of compassion for struggling homeowners. That shouldn't be a problem for the Bush public relations team.

[lonestarnot]

36. Took my kid's measley little wad out of the bank and put it into the credit union.

Like that will do him any good.

[Orwellian_Ghost]

37. K&R n/t

[althecat]

45. Great idea... get the burglar to install and run the new security system...

[Disturbed]

46. The Federal Reserve is the biggest scam ever foisted upon

Amerika. Now their Coup will be complete.

[truedelphi]

48. Exactly. n/t

[annabanana]

47. Today is a good time to contact the Senate Banking Committee

http://banking.senate.gov/public/index.cfm?FuseAction=Information.Membership

"The Fed" is not a government entity. It is private. The Treasury Deptartment is NOT AUTHORIZED to turn billions of dollars over to them. That is the job of CONGRESS.


lots of info here:
http://www.tickerforum.org/cgi-ticker/akcs-www?post=37808&page=2