Translation? - Administration pushes regulatory changes

[cornermouse]

http://news.yahoo.com/s/ap/20080329/ap_on_go_ca_st_pe/fed_overhaul

WASHINGTON - The Bush administration is trying to confront the credit crisis that has rattled nerves from Wall Street to Main Street by proposing wholesale changes in how Washington oversees the financial system.

A plan set for release Monday would give new powers to the Federal Reserve so that the central bank serves as the system's overarching protector of stability.

The proposal would abolish agencies such as the Office of Thrift Supervision and the Commodity Futures Trading Commission, shifting their responsibilities to other federal institutions.

When Treasury Secretary Henry Paulson outlines the ideas in a speech, the changes will represent the most sweeping overhaul of financial regulation since the Great Depression of the 1930s...

[seemslikeadream]

1. There's some here

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3076643

[cornermouse]

5. Thank you.

[seemslikeadream]

6. new powers to the Federal Reserve

This is getting really weird :hi:

[shraby]

2. If the administration is pushing it, it can't be good

for anybody but the very rich.

[seemslikeadream]

3. yea especially if the first press release was 12:30 this morning

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

[Clear Blue Sky]

4. So much for "the party of smaller government"...

[benld74]

7. ANYTHING AND I MEAN ANYTHING Conservatives have EVER,,,

cobbled together, whether done quickly, or reallt thought out(yeah right) has been actually done by their corporate buddies who know how the system works and will further make it work to their own advantage. These new govt institutions WILL NOT have the power to actually do anything to prevent anything. They will merely be fronts for what they want to do behind the curtains.

[InkAddict]

8. K&R

too important not to sit at the very top

:kick:

[cloudbase]

9. I ran it through Babelfish.

In English, it means

BEND OVER.

[InkAddict]

10. Dem (NY) Lloyd Constantine addressed a Fed PSR conference

in 2005 and had this to say:

http://www.kansascityfed.org/econres/PSR/psrconferences/2005/Constantine.pdf

The Need for Federal Reserve and
Antitrust Intervention in the Failed U.S.
Debit and Credit Card Markets

Bottom line: "One day during one of the many court appearances in the Visa Check
case, I was shocked by a statement made by my esteemed adversary, Larry
Popofsky, who represented Visa. Illustrating one of Visa’s arguments in
defense of the tying arrangement, Popofsky told the court that Visa now
functions like the Federal Reserve. Congress gave that job to the real
Federal Reserve. The time has come for the Fed to reassert its stewardship
over the U.S. payments system."

Hmmmm...