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U.S. financial regulation reforms outlined

hypocritexposer

Well-known member
Reader, what do you think of the FED having expanded control and powers?


But it did clearly underline the administration's determination to give the Fed a central role, and to create a new way for the federal government to handle troubled firms whose failure could pose a risk to the economy.
 
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Anonymous

Guest
Its what all the major banking and financial institutions asked for when they appeared before Congress-- more transparency, regulation, and oversight- and more regulators- including an International Regulator/Overseer to keep themselves honest because some can't be trusted- and without it the bad acting companies take down the good ones.....
 

hypocritexposer

Well-known member
OT, so you agree with the expanded powers by those that caused this mess, (because they were not regulated), to regulate themselves? All because they asked for more regulations?

Who makes up the FED? When was the last time they were audited?

A small group of packers are going to start up an overseeing group (FedMeat), and the government is going to allow them to regulate themselves, because those packers asked for more regulations, due to an ecoli incidence.

See any potential problems with this scenario?
 
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Anonymous

Guest
As was brought up- the role of the Fed, the Treasury, the CFTC, FEC, SEC, FDIC, etc. etc.- all these regulatory federal agencies- is supposed to be to look out for the best of the country- and the best of the investor public-- and that means transparency and watching over how these financial conglomerates are handling those funds- and making sure they are providing accurate information to their investors and not taking unnecessary risks that expose the country to the Bush Bust type crashes where they all come tumbling down...
That is what hasn't been done for the past 8 years in allowing them to go on a casino type gambling romp with their investors funds.....
 

hypocritexposer

Well-known member
Transparency?

When was the FED last audited? They can't even inform Congress where the money goes.

Tuesday, May 12, 2009 12:30 PM
Video: Federal Reserve Cannot Account for $9 Trillion

The Federal Reserve apparently can't account for $9 trillion in off-balance sheet transactions.

CSpan, Is Anyone Minding the Store at the Federal Reserve?
http://www.youtube.com/watch?v=cJqM2tFOxLQ
 
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Anonymous

Guest
Looks to me like they are in the process of doing the investigation...

And the rest of the world seems to be gaining back confidence in the dollar..

However, on Monday, the buck jumped to 4-week highs versus the euro and loonie, while its gains were tempered against the sterling.

The dollar rose to 1.3754 versus the euro, moving further away from a 5-month low of 1.4338. Against the sterling, the buck climbed to 1.6241, staying away from a 6-month low of 1.6662.

Versus the yen, the dollar eased very slightly to 97.80, retaining most of its recent gains. Earlier in the month, the dollar hit a 4-week high of 98.87.

The price of oil briefly plunged below $70 a barrel, giving the dollar an added boost against the petro-linked loonie. The buck rose to C$1.1400, having gained almost five cents in the past five days.

The International Monetary Fund said on Monday that, with the help of stimulus funds, the US recession will be less severe than had been feared.

According to the IMF, the US economy will contract 2.5% for 2009, but will expand 0.75% in 2010. Back in April, the IMF said it expected that the US economy would contract 2.8% this year and show no growth for 2010.

Russia, China Buy Dollars, Despite Trash Talk

Friday, June 12, 2009 12:19 PM

By: Dan Weil

Recent talk from Russian and Chinese officials showing wariness about their huge dollar holdings and suggesting an alternative reserve currency has roiled financial markets.


But while the Russians and Chinese are walking the walk, they aren’t talking the talk.


Brazil, Russia, India and China (BRIC, as Goldman Sachs termed them) went on the biggest dollar-buying binge in eight months during May, adding $60 billion to their reserves. That’s according to data compiled by central banks and strategists, cited by Bloomberg.


Brazilian officials have trashed the dollar just like the Chinese and Russians.


So why the hypocrisy?


First, these nations are protecting their exports. A stronger dollar makes their goods cheaper in dollar terms, boosting the exports.


Second, the BRICs already have huge reserves of dollars, so a drop by the dollar would devalue their own holdings. The more they sell dollars, the less their remaining dollars will be worth.


And finally, big dollar sales by the BRICs could exacerbate the global financial crisis.


“It would be shooting yourself in the foot to sell U.S. assets and move away from dollars too quickly,” Mitul Kotecha, Calyon’s head foreign exchange strategist, tells Bloomberg.


“As much as we are seeing in terms of rhetoric, the central banks have so much exposure they will be very careful.”


Most experts agree that the dollar isn’t going anywhere. "I think the dollar is the dominant currency for a while to come,” hedge fund legend George Soros told CNBC.
MoneyNews

I heard a former Reagan/Ford top economist say the same thing as Soros...He was speaking in support of keeping open trading- and said none of these countries can afford to lose their number one market- and altho they trash talk our dollar- can't afford to not keep it strong....
 

hypocritexposer

Well-known member
Who's doing the investigation?

$9 Trillion dollars does not just fall between the cushions on a couch.

When was the last time an audit was done of the Federal Reserve? Are they typically this transparent?

If they can't let Congress know where $9 Trillion went, how are they expected to regulate the Bank Executives that sit on their own Board?
 
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Anonymous

Guest
hypocritexposer said:
Who's doing the investigation?

$9 Trillion dollars does not just fall between the cushions on a couch.

When was the last time an audit was done of the Federal Reserve? Are they typically this transparent?

If they can't let Congress know where $9 Trillion went, how are they expected to regulate the Bank Executives that sit on their own Board?

Since the Federal Reserve Board excepting one person- is entirely made up of GW Bush appointees- you may be right-- Congress should be pushing for a more thorough investigation....
Thats definitely a warning sign :wink:
 

hypocritexposer

Well-known member
I see the article you mentioned BRIC in one of your posts OT.

Here's a good article about BRIC that I posted the other day, but it must have been too "rightwingernut" to read at that time. Looks like you are now interested in BRIC policies.

De-Dollarization: Dismantling America’s Financial-Military Empire
The Yekaterinburg Turning Point

by Prof. Michael Hudson

Challenging America will be the prime focus of extended meetings in Yekaterinburg, Russia (formerly Sverdlovsk) today and tomorrow (June 15-16) for Chinese President Hu Jintao, Russian President Dmitry Medvedev and other top officials of the six-nation Shanghai Cooperation Organization (SCO). The alliance is comprised of Russia, China, Kazakhstan, Tajikistan, Kyrghyzstan and Uzbekistan, with observer status for Iran, India, Pakistan and Mongolia. It will be joined on Tuesday by Brazil for trade discussions among the BRIC nations (Brazil, Russia, India and China).

http://www.globalresearch.ca/index.php?context=va&aid=13969
 

Sandhusker

Well-known member
"and new powers for the Federal Reserve."

Does the constitutional lawyer who believes so much in the rule of law realize that he would be granting powers deemed for Congress to a private institution?
 

hypocritexposer

Well-known member
Is everyone a little dense in DC, or are they willfully ignorant? This whole deal was bubble on top of bubble and now inflation of a credit bubble, and they want to give further control to the FED, who engineered this mess from the get go.

And this isn't a Dems vs Repubs thing. They are all responsible.

Conspiracy theory or not, reality is the FED owns the Government. The US taxpayer is being manipulated into being the FED's and by proxy, the large banks "sugar daddy"

Where's the audit, it should be completed before any further control is given to the FED. The $600 Billion wasn't just withdrawn by coincidence in Sept.

Where did Geithner work previously? Anyone wondering why the larger banks backed Obama? Is he seeing this and condoning it, or is this another case of being Naive?

For all our sakes we better hope that "washed up" Ron Paul gets this audit passed and fast.

Dateline August 2nd, 2002:

To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed. Mr. Greenspan needs one to avoid awkward questions about his own role in creating the stock market bubble.

PIMCO’s view is simple: shake hands with the government; make them your partner by acknowledging that their checkbook represents the largest and most potent source of buying power in 2009 and beyond.

Oh, and guess where Greenspan works now? That would be PIMCO.

Dr. Bernanke has already served the Federal Reserve System in several roles. He was a member of the Board of Governors of the Federal Reserve System from 2002 to 2005; a visiting scholar at the Federal Reserve Banks of Philadelphia (1987-89), Boston (1989-90), and New York (1990-91, 1994-96); and a member of the Academic Advisory Panel at the Federal Reserve Bank of New York (1990-2002).

A raw statement of intent. Essentially a claim that PIMCO, who has said their strategy is to "shake the hand of government", made the statement at the time that Greenspan "needed" to create a housing bubble in the aftermath of the Nasdaq blowup - the prior bubble that he engineered, to keep the heat off him.

This sort of Machiavellian approach to "regulation" - allow everyone to pillage, rape and burn and then run like hell before you get caught, was in fact Greenspan's legacy in 2002. We had all the evidence we needed then, and what's worse, Ben Bernanke, the current protagonist, was standing right there next to Greenspan during the housing bubble's creation as a member of the Board of Governors!

http://market-ticker.denninger.net/archives/1124-None-Of-This-Was-A-Mistake.html

http://www.nytimes.com/2002/08/02/opinion/dubya-s-double-dip.html
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