Fed's seek further control...

[SteamWake]

Originally Posted by mookiemookie

Radical deregulation led to the financial crisis.

and here I thought it was reckless spending and a bunch of 'bad loans'.

"It's a great moment. I'm proud to have been here," said a teary-eyed Sen. Christopher J. Dodd(D-Conn.), who as chairman of the Senate Banking Committee led the effort in the Senate.

"No one will know until this is actually in place how it works. But we believe we've done something that has been needed for a long time. It took a crisis to bring us to the point where we could actually get this job done."

Wow Hillary is that you?

[krashkart]

Originally Posted by SteamWake

and here I thought it was reckless spending and a bunch of 'bad loans'.

I think mook was indicating that it was deregulation that opened the door to reckless spending/bad loans in the first place.



EDIT

Now that I think of it my stepdad mentioned something similar awhile back, too.

[SteamWake]

Fannie May and Freddie mac??

Wait werent those goverment programs?

[krashkart]

You got me, brother. I hadn't even heard of them before the markets went nose-down.

[mookiemookie]

Originally Posted by SteamWake

Fannie May and Freddie mac??

Wait werent those goverment programs?

They weren't the causes of the crisis. They were actors, but the non-bank subprime originators were making the lion's share of the toxic loans. FNMA and FHLMC were no more the singular cause of the crisis than any one of the individual banks such as Lehman, Bear or B of A.

It's very interesting, in where the power will lie.
The Federal Reserve is no more a part of your federal government than Federal Express.

Also interesting how this legislation escaped major media coverage.

[mookiemookie]

Originally Posted by Snestorm

It's very interesting, in where the power will lie.
The Federal Reserve is no more a part of your federal government than Federal Express.

Putting the Consumer Protection Agency under the purview of the Fed was a mistake in my opinion. The Fed was completely negligent in their oversight during the runup of the credit bubble. Their malfeasence was one of the main causes of the crisis.

But your statement is wrong. The CEO of FedEx isn't appointed by the President, Federal Express doesn't give testimony to congress, FedEx isn't audited by the GAO and FedEx doesn't rebate its interest earned back to the Treasury. Unlike the Federal Reserve.

Originally Posted by mookiemookie

Putting the Consumer Protection Agency under the purview of the Fed was a mistake in my opinion. The Fed was completely negligent in their oversight during the runup of the credit bubble. Their malfeasence was one of the main causes of the crisis.

But your statement is wrong. The CEO of FedEx isn't appointed by the President, Federal Express doesn't give testimony to congress, FedEx isn't audited by the GAO and FedEx doesn't rebate its interest earned back to the Treasury. Unlike the Federal Reserve.

Your government doesn't own the Federal Reserve.
It's the other way around. This is why your vote means almost nothing.



It's not just The Federal Reserve, but The Central Bank of almost every government in the world.