More power for the Federal Rserve? It's like giving the arsonist more power to put out fires. This is ridiculous.

Yeah, my only regret is that Alan Greenspan didn't have more power at his disposal. Correct me if I'm wrong here Republicans, but isn't this proposal against the core principles of Republicanism???

Be warned.

"If the American people ever allow the banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless. I sincerely believe the banking institutions (having the issuing power of money) are more dangerous to liberty than standing armies. My zeal against these institutions was so warm and open at the establishment of the Bank of the United States (Hamilton's foreign system), that I was derided as a maniac by the tribe of bank mongers who were seeking to filch from the public. --Thomas Jefferson

It's like giving the arsonist more power to put out fires

Agreed, but maybe we need a few arsonists in Washington, eh?

Correct me if I'm wrong here Republicans, but isn't this proposal against the core principles of Republicanism???


There is no longer a Republican party, but there still are true Republicans out there. They're like the Jedi, y'know? i think they're waiting patiently for their time...

Truthhurts

There is no free market in this country. None of you even know what a free market is.

The idea of a central banking system comes right out of Marx's Communist Manifesto.

None of you even know what a free market is.


Ray are there any free markets as you would describe?

Have there been in history?

Shrub says, "In return we'll bail'em out, after all they are my political base and therefore deserve special treatment." The CEO of Bear Stearns just pocketed $60 million, nothing like last years rippoff, but a decent end run.

During our moron chickenhawk's tenure, the Fed has released half its assets to the heretofor unregulated private sector. Repeated bailouts for the stinking rich. Privatize Profits, Socialize risks. Sink the fucking country and blame it all on social security and medicare. Those promises will not be kept.

Yeah, my only regret is that Alan Greenspan didn't have more power at his disposal. Correct me if I'm wrong here Republicans, but isn't this proposal against the core principles of Republicanism???

Posted by danni
* * * *

Not really. With the repeal of Glass-Stegall, investment brokerages should have come under the same banking regulations that governed commercial banks. And now with the Fed opening the discount window and using revolving credit facilities for the benefit of the brokerages, it only makes sense that they be regulated similarly. The same margine requirements for banks should also exist for brokerages; investment firms shouldn't be allowed to cherry-pick which regulatory regimen they fall under, simply to expand their balance sheet.

I take great issue, though, with the idea that the investments themselves need to be more regulated. Let the markets work, and let risk be market-priced. To bail out homeowners is the same thing as bailing out banks--terrible idea. The homes should be foreclosed on, prices allowed to fall, and lenders go bankrupt. That is more punishment, and more fair, than asking the taxpayer to step in because their neighbors bought more home than they could afford.

I think we have to read between the lines when Bush clamors for more regulation. The purpose is to protect the banks, not consumers. Washington needs the banks to finance their deficits and debts. They are not going to undermine their financiers.

I thought that's what every politician wanted to do.

Should have voted Ron Paul when you had the chance. Now you can still support Ron Paul identified people running for Congress. Murray Sabrin in NJ to start with.

"Government is the enemy."

Didn't Saint Ronald say that?

What he really meant is that it is YOUR enemy, but the close bosom buddy of the rich, the connected and the Wall Street Gang of 40 Thieves. Now we know.

wound my heart with monotonous languor

arent you glad you voted for bush?

How much higher can you go past "King"?

"The idea of a central banking system comes right out of Marx's Communist Manifesto."
Posted by Ray at 2008-03-29 01:50 PM |

YEAH!

Federalist too!

How much higher can you go past "King"?

Dumbya next obvious step is to declare himself a God, marry his own sister and have a horse become a Senator.

Dumbya's got a Caligula Complex.

Be Well.

When Greenspan lowered interest rates below market, he caused the credit crises. Now the Fed gets more powers to resolve the problem they caused. So what do they do? Why they buy the bad debts from the banks. Where does the Fed get the money? Why they create it out of nothing. The net effect is to expand the money supply thereby increasing the rate of inflation and shifting the costs from banks to taxpayers.

I can only conclude that we have idiots running around in Washington because we have idiot voters. Expect double digit inflation rates in maybe a year from now.

Ray - you are absolutely right. Giving the FED more power when they have manipulated us INTO this problem is the worst thing to do. Letting the lunatics run the asylum.

When Greenspan lowered interest rates below market, he caused the credit crises. Now the Fed gets more powers to resolve the problem they caused. So what do they do? Why they buy the bad debts from the banks. Where does the Fed get the money? Why they create it out of nothing. The net effect is to expand the money supply thereby increasing the rate of inflation and shifting the costs from banks to taxpayers.
* * * *

Doesn't work that way. The Fed has a monopoly on short-term Treasury rates; they ARE the market. And the commercial and mortgage rates are set by the market independent of the Fed.

When the Fed brings in these mortgages into the revolving credit facility, no new money is created. Money was created when the loan was first made; it doesn't get created again just because the mortgage was sold or transferred to the revolving lines.

You guys can argue it all ad nauseum, but the fact is , we are screwed, rued, and tattoed! I don't care which party, they, the rich, have all sold us down the road! Patriotism has become more like being a security guard for a corporation. America, they don't give a flying f@@ck!

Revelation 13:16
He also forced everyone small and great, rich and poor, free and slave, to receive a mark on his right hand or on his forehead, so that no one could buy or sell unless he had the mark,

Bush is a lot like the false prophet who was thrown into the lake of burning sulfer.

Revelation 13:16

Posted by rick1234567890 at 2008-03-30 01:30 AM | Reply | Flag: Spam

How truly Conservative of him. What does the new Boy-Wonder, John McCain, say about it?

Doesn't work that way. The Fed has a monopoly on short-term Treasury rates; they ARE the market. And the commercial and mortgage rates are set by the market independent of the Fed.

Keep smoking whatever you are smoking Right. The Fed buys Treasuries with IOU-nothings. Washington deposits those IOU-nothings in banks who, due to the magic of fractional banking, have about ten IOU-nothings to loan out. John Q takes out a loan and viola, money appears from IOU-nothings. In effect, the Federal Reserve is protecting its banking cartel by monetizing bad debt. The Federal Reserve can never go bankrupt, but it does have the power to bankrupt this country by flooding it with new money. Google Weimer Republic.

When the Fed wants to cut rates, the Fed buys Treasuries with cash, not IOU's. And when the Fed raises interest rates, it sells Treasuries for cash.

The Fed doesn't print money; its income is derived from the interest received on Treasury instruments, from some insurance, and from open-market operations. When the Fed rescued the peso a few years ago, it actually pocketed over $2 billion on the trades.

Your comprehension of the workings of the Fed and of money creation is tenuous at best. You'll do yourself a favor and pick up an academic book on Money and Banking--not as exciting maybe as the goldbug letters you get, but it'll demonstrate in a nuts-and-bolts way the manner in which the whole system works.

"There is no longer a Republican party, but there still are true Republicans out there. They're like the Jedi, y'know? i think they're waiting patiently for their time..."

the problem is that the 'new' republican... that is to say the evangelicals, are planning the apocalypse.
i miss true conservatives.... the ones that i didn't always agree with though there was a true sense of value and principle.

all the best