• We conclude widespread failures in financial regulation and supervision
proved devastating to the stability of the nation’s financial markets. The sentries
were not at their posts, in no small part due to the widely accepted faith in the selfcorrecting
nature of the markets and the ability of financial institutions to effectively
police themselves. More than 30 years of deregulation and reliance on self-regulation
by financial institutions, championed by former Federal Reserve chairman Alan
Greenspan and others, supported by successive administrations and Congresses, and
actively pushed by the powerful financial industry at every turn, had stripped away
key safeguards, which could have helped avoid catastrophe
Sandhusker said:Another reason that we need to get rid of the Fed.
Mike said:Sandhusker said:Another reason that we need to get rid of the Fed.
We just went through the largest bank heist in history with the Fed (a Union of banks) stealing our money and no one is pizzed off. WTF?
Mike said:Steve, I hope you are not taking up for the Fed in how they have squandered our money, especially that to the overseas banks. You are much too bright for that.
Mike said:There's no need whatsoever to let Congress control our money supply.
The Federal Reserve system could work. Simple, just make them accountable.
As it is now, they have no one to answer to and can do whatever the heck they want with no repercussions.
Greenspan should be serving prison time right now.
Steve said:Mike said:There's no need whatsoever to let Congress control our money supply.
The Federal Reserve system could work. Simple, just make them accountable.
As it is now, they have no one to answer to and can do whatever the heck they want with no repercussions.
Greenspan should be serving prison time right now.
the fed answers to the member banks..