Obama wants Fed to be finance supercop
WASHINGTON – The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.
The Obama administration told industry officials on Friday that it was leaning toward making such a recommendation, according to officials who attended a private one-hour meeting between President Barack Obama's economic advisers and representatives from about a dozen banks, hedge funds and other financial groups.
Treasury Secretary Timothy Geithner and other officials made it clear they were not inclined to divide the job among various regulators as has been suggested by industry and some federal regulators. Geithner told the group that one organization needs to be held responsible for monitoring systemwide risk.
"Committees don't make decisions," said Geithner, according to one participant.
The Fed itself hasn't taken a position on whether it should have the job, although Chairman Ben Bernanke has said the Fed would have to be involved in any effort to identify and resolve systemwide risk.
"When the President signs this act, the invisible government by the money power.. will be legitimized. This new law will create inflation whenever the trusts want inflation. From now on, depressions will be scientifically created."
Congressmen Charles A. Lindbergh, father of aviator Charles Lindbergh, commenting on the creation of the Federal Reserve in 1913.
Yes, Timmy we know committees don't make decisions, that's so democratic, isn't it? Better to have a couple of money men make decisions for the entire country, BEHIND CLOSED DOORS, isn't that right?
Let's put that same gang of crooks and counterfeiters that helped savage this nation's finances in charge of looking over their buddies shoulders at other gangster outfits like AIG, Goldman Sachs and Citigroup.
Yes, that's just what we need, more crookery. Makes sense to put that same gang of con artists that use the federal income tax to cover their losses in charge of everything, doesn't it.
From Aaron's Russo's "Freedom to Fascism"
The Federal Reserve System is unconstitutional and has maxed out the national debt and bankrupted the United States government.
Federal income taxes were imposed in response to, or as part of, the plan implementing the Federal Reserve System.
Federal income taxes are unconstitutional or otherwise legally invalid.
The use of the Federal income tax to counter the economic effects of the Federal Reserve System is futile.
This is the same Fed that has given away trillions to its bankster buddies while our attention was being riveted on the Treasury Department giving away 800 billion.
The same Fed that has REFUSED to give out any details of who got that money or what they're doing with that money or where those trillions went to, even refusing to divulge that info under a Freedom of Information Act.
Wassmatter there. Ben "SHALOM" Bernanke? Don't want us GOY to find out where that money MADOFF to?