While They Have You Focused On AIG Bonuses…
Posted by LogisticsMonster on March 16, 2009 · 10 Comments
…this is what you should be paying attention to:
U.S. to Toughen Finance Rules
The Obama administration, moving with increasing speed, has inked the main contours of its plan to revamp financial-market oversight — changes that will ripple through the economy, affecting everything from the operations of international banks to consumer protection.
The principles include giving the Federal Reserve new powers that include authority to monitor and address broad risks across the economy, say people familiar with the matter. The proposals are expected to include tougher capital requirements for big banks and authority for regulators to take over a large financial firm that is failing.
“We want to accelerate the pace of change on the reform agenda,” Treasury Secretary Timothy Geithner said in an interview after a meeting of the Group of 20 finance ministers and central bankers over the weekend. Mr. Geithner was pressed for action on the regulatory front at the meeting, held just outside London. The administration’s goal is to unveil its proposals before G-20 heads of state meet April 2, to wrest leadership of the thorny topic.
President Barack Obama has pitched a regulatory overhaul as a way to help forestall another financial crisis in the future. Many Democrats and some Republicans blame lax, misdirected or weak oversight in part for precipitating the current one. (The way to forestall another financial crisis is to abolish The Fed and have the government print it’s own currency with no interest/debt attached to it.)
<snip>
Mr. Geithner’s agenda closely resembles some of the priorities laid out recently by Fed Chairman Ben Bernanke and House Financial Services Committee Chairman Barney Frank (D., Mass.), both important players in determining whether the concepts become law. (An agenda that was proposed by Bernanke and Frank; two of the biggest problems in our government today.)
<snip>
“We are going to be ambitious, but we are going to work with them,” Mr. Geithner said.
A major component of the plan would be new clout for the Federal Reserve, which already runs monetary policy and has accumulated large new powers since the financial crisis began. (Let’s give more power to the people that caused the credit/housing crisis with too much money in circulation which created easy credit/debt — just like the roaring ’20’s. Don’t believe me? Look it up!)
The balkanized structure of financial-services regulation has meant that no one institution had the ability to look broadly at markets to spot signs of systemic risk, such as huge bets made by investment banks on mortgage debt.
Mr. Geithner wants the Fed to have the authority to do so.
Make sure to go to the link and read the rest.
The basic rundown = MORE CONTROL…
Proposed Changes
Treasury Secretary Timothy Geithner will soon outline proposed changes in financial regulation. They are expected to include:
- An enhanced role for the Federal Reserve to monitor and address broad economic risks.
- Changes to the way banks are overseen to prevent lenders from shopping among regulators for the easiest supervision.
- More transparency and stricter rules for the way money flows between banks.
- Tougher capital requirements for big banks.
- Consolidation of consumer-protection enforcement.
Filed under Politics · Tagged with Barney Frank, Ben Bernanke, Finance Rules, The Federal Reserve, Timothy Geithner
Logistics Monster 
Just what we need. More power for the Federal Reserve. The Federal Reserve gave the first money to AIG even before congress passed the TARP bill. Why didn’t they make it a requirement that no huge bonuses would be paid to the very people who caused this mess in the first place. Ben Bernanke’s crocodile tears don’t impress me in the least. He is one of the dirty ones who operates one way out in the open and another behind the scenes. Giving his Cabal any more power is like pouring more oil on the fire. He and Barney Frank working together? That is a scene straight out of Dante. Add Turbo Tax Timmy to the mix and then expect the American people to have any faith in what they’re doing? Even without what we know about the history of the Federal Reserve, this would be a recipe for disaster.
Diamond, you have been a busy little bee again, haven’t you? While Obama fumes? about AIG, the magicians are getting ready to pull another fast one. Timmy looking out for the consumer? You betcha!
Lee – IT WAS PART OF THE ORIGINAL $85 BILLION Loan that no bonuses were to be paid. It’s right there in black and white in the September article.
Gasoline on a frakkin’ fire? That is the mildest form of description!
When Obama says look to the right, you’d damned well be looking in every other direction before you get run over by a train!
Is anybody else noticing that when ever they pull their sleight of hand that there’s first a spate of news stories criticizing Obama for something, then he gets publicly indignant over something else he obviously couldn’t care less about? Just a little pattern I’ve been observing…
GG I think you’re right. I heard a snippet today on the radio of the dear leader railing against AIG for the bonuses while there are “hard working Americans” getting by without asking for bailouts from the government. I’d have choked had I been eating at the time. How can people not see the hypocrisy in that? Aren’t those same “hard working Americans” the ones that are about to be hit with the biggest tax increase in the history of this nation?
The puppet masters need to get themselves synchronized before they rip the poor fool apart. On second thought, maybe not. Seeing him ripped apart by the very people who put him there might be quite satisfying.
God bless America!
To give the Federal Reserve MORE power is just another deception, because they already rule from behind the curtain, but the curtain is getting to be just a thin veil, with all of the CFR and Federal Reservers IN the administration. I mean, they are the ones in total control of this controlled demolition of the economy. Bernanke is a “depression expert” because that is what “they” needed to get this one going!(not to stop it!)
Another trend: doing something supposedly beneficial to women. Seems there’s been a lot of that going on right around the time he sneaks crap through the back door.
True to form, he’s now announced a female as head of the FDA (presumably to silence us wimmin folk). Yep – ol’ Bam’s getting pretty predictable.
The Fed is the problem, not the solution. But then again, it’s a problem for US, not for the people ripping us off. For them, it’s a great idea. The Fed is already too powerful with absolutely NO checks and balances from anybody, anywhere. And our President and Congress know this. So we have to ask ourselves why they would not only perpetuate this, but make the Fed yet more powerful besides. This is not a good omen.
Uppity Woman,
Could be because every US President that has been assassinated was trying to buck the Federal Reserve and/or go back to a gold or silver standard. These guys play for keeps!
Grail, yes indeed. Until the rest of Americans WAKE UP and stand together on this, there is no hope of lone politicians putting a stop to it. It is now time for everyone to take their integrity and intelligence into hand and lend them courage to actively end this travesty of thieves.
GG, OT here but–LUV LUV LUV yr avatar!!!!!!!!