White House unveils financial-rules overhaul

[liberal N proud]

Plan to move more oversight to the Federal Reserve

WASHINGTON - The Bush administration Monday proposed the most far-ranging overhaul of the financial regulatory system since the stock market crash of 1929 and the ensuing Great Depression.

The plan would change how the government regulates thousands of businesses from the nation’s biggest banks and investment houses down to the local insurance agent and mortgage broker.

Treasury Secretary Henry Paulson unveiled the 218-page plan in a speech in Treasury’s ornate Cash Room. He declared that a strong financial system was important not just for Wall Street but also for working Americans.

The administration’s plan was already drawing criticism from Democrats that it does not go far enough to deal with abuses in mortgage lending and securities trading that were exposed by the current credit crisis.

The plan, which would require congressional approval for its biggest changes, seeks to trim a hodge-podge collection of overlapping jurisdictions that date back to the Civil War.

http://www.msnbc.msn.com/id/23880336/



I don't about you all, but anytime the bu$h regime talks about changing something, it scares the shit out of me.

[kirby]

1. Lame duck - ignore Bush... n/t

[Triana]

2. Be afraid. VERY afraid...

..I don't trust bu$hit, Inc. to overhaul a used truck much less the entire banking/investment industry in this country.

:scared:

[LakeSamish706]

3. This country is in Supreme shit ... Period.... This from another thread....

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3084963

I don't think it will be long before someone just puts a closed sign on the door.

[Jim__]

4. I'm all for overhauling the financial regulatory system. Just as soon as we get a ...

... new Administration.

[Ganja Ninja]

5. Oh no! Not the Bush reverse Midas touch on the banking system!

Every time this guy fixes something you just know that it's a ticking time bomb that will blow up in our faces at some point.

[spanone]

6. so, they're gonna overhaul what they fucked up...why don't i trust them?

[Mountainman]

7. I don't trust anything coming from this administration. I'll bet they had this plan drawn up long

ago, the needed the right time and place to pull it out of the bag. They are using the financial crisis like they used 9/11 to get anything passed.

What about the SEC? Why the Fed? What is in the details?

[fasttense]

8. It's a scam disguised as a regulatory move.

The Fed is independent, unaccountable, unelected and not part of the democratic system set up in the US Constitution. Look at the power the bushes want to give them and the other executive branch appointments. It's a move to break away control of the economy from elected officials and put it into hands of permanently appointed neocons.

It's a very bad move for the power of the people. There is a reason why our founding fathers but the power of the purse in Congress and NOT in the Executive branch.

[alfredo]

9. His idea of fixes is to give the rich more leeway.

[keep_it_real]

10. Didn't Obama propose this in his economic speech in NY?

[DCKit]

11. LIHOP, to take control.

But is there anything left to steal?

[liberal N proud]

13. If there is a dime left in your pocket, the neocons want it.

Not until we are in complete servitude will their mission be fully accomplished.

[JHB]

12. WHPON

Who's He Paying Off Now?