Should we give the Federal Reserve more power?

[BanzaiBonnie]

Is this in the best interest of a democracy? To give the private bankers more power? Now we know who Henry Paulson is working for, as if there was ever any doubt.


http://www.npr.org/templates/story/story.php?storyId=89235167

Treasury Secretary Henry Paulson is proposing the most sweeping overhaul of regulations for the financial industry since the Great Depression, saying Monday that the measures are not meant to remedy immediate economic concerns.

Paulson said the proposal is an "aspirational model" for regulation, designed to be flexible, but that it should not be implemented until the difficulties are resolved.

"This blueprint addresses complex, long-term issues that should not be decided in the midst of stressful situations and should not be implemented to add greater burden to a market already under strain," Paulson said.

"These long-term ideas require thoughtful discussion and will not be resolved this month, or even this year."

The proposal gives the Federal Reserve new powers to act as a "market stability regulator," including authority to examine the books of any financial institution — not just banks — that might pose a threat to the stability of the financial system.

[Hugabear]

1. Who controls the Federal Reserve?

Seems to me that the Fed has grown into a quasi-branch of government. Hell, we use Federal Reserve Notes for our currency. Yet I see no mention of the Federal Reserve in the Constitution, and I'm not really sure how much oversight there is.

[Lasher]

2. Not under this administration

One thing I've learned is, don't give this administration any more of the power they crave.

[Vincardog]

3. I say we should regulate the Federal Reserve. Why are we paying interest to them to print our money?

Immoral people working in the interest of unregulated money got us in the mess we are in.
How would putting those same capital interests in charge of MORE help us?

[BanzaiBonnie]

8. And they don't even print it

Made up money is printed by the US Treasury and then that is loaned to the United States by the private banks of the Federal Reserve. Think perhaps we can get the word out to the public that the so-called Fed is NOT part of our government but a bunch of moneymen doin' what they do to make money.

[Wizard777]

4. Andrew Jackson is doing a log roll in his grave.

[dbonds]

5. I would be for disbanding the Federal Reserve.

Certainly they should not get more power.

[no_hypocrisy]

6. The Federal Reserve does not have to answer to the citizens of the United States.

It is a private business.

[Hugabear]

11. Yet all of our currency is based on Federal Reserve Notes

The above poster is correct - Andrew Jackson must be spinning in his grave.

[Mojambo]

7. Restore power and competence to the SEC. n/t

[BanzaiBonnie]

9. Anyone willing to recommend this?

[On the Road]

10. My Concern About Allowing the Fed More Tools

to stabilize the markets is not with giving it more power -- that extra power is badly needed. Even an anarchist like Chomsky takes the position that a stronger federal goverment is needed as an offset to corporate power.

It depends on the details of the proposal. The effect of more stabilizing powers may be to crease risk-taking behavior by various financial firms. Plunge protection and bailouts may be needed at various times to prevent financial catastrophes, but more important is controlling irresponsible speculation by various types of financial companies that put the whole economy at risk. That's where a plan is going to succeeed or fail.

[spanone]

12. personally, i don't know. but i know i don't trust this cabal to do anything above the table

[Disturbed]

14. There is nothing "Federal" about the Federal Reserve Bank.

The term is a deceptive one meant to fool the citizens into believing that
this bank is connected to the US Govt. It is not!

View this video to learn about the "Federal" Reserve Bank.

http://video.google.com/videoplay?docid=607611867786042...

[Javaman]

13. "Fox, here is the deed to the hen house, I really hope you enjoy it, what's that?"

"your name isn't Fox but Greenspan? sorry my bad"

[JohnyCanuck]

15. Before answering that question.........

watch the online video documentary "The Money Masters." You can view it here:

http://www.heyokamagazine.com/HEYOKA.12.%20MoneyMasters.htm

It's 3hrs and 35min long, but you'll learn some of the history they neglected to cover while you were in high school or college.

[soothsayer]

16. Sure. We're not a sovereign country, and haven't been since the CIA act of 1947.

This is just more blatant consolidation of wealth and power away from the people to some small pool of uber powerful players who really run the whole shebang.