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 The $600 Billion wasn't just withdrawn by coincidence in Sept.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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