Soooooo.. we want to give the Fed superpowers and supreme oversight... yet the Fed still can't account for $9 Trillion in Off-Balance sheet transactions. Are we gonna call the "New Fed" a Czar or Ayatollah? lol This administration is on Crack. This is gonna end good (enter sarcasm here) http://www.independent.org/blog/?p=2339
The FED did good [from the viewpoint of Big Money], they used this crisis to gain more power with Obama talking up how bad the crisis really was, pretty unusual for a Political leader really, unless they want to get something done... of course fearless, trusting idiots like BO and company solved things by handing over the reigns... It's Hegelian, very Hegelian... Elites are on a collision course with God, God comes out unscathed btw, people all don't though...
jezus will return any day now. "The most preposterous notion that H. Sapiens has ever dreamed up is that the Lord God of Creation, Shaper and Ruler of all the Universes, wants the saccharine adoration of His creatures, can be swayed by their prayers, and becomes petulant if He does not receive this flattery. Yet this absurd fantasy, without a shred of evidence to bolster it, pays all the expenses of the oldest, largest, and least productive industry in all of history. "Robert Heinlein
Let's not forget our American history... The Founding Fathers are ADAMANTLY against the USA ever having a Central Bank! Now look where we are... granting them virtually omnipotent power and authority... We are doomed...
Unfortunately no. There is no solution. There will always be incompetence no matter how far up the chain you go... no matter how much regulatory powers there are. Thats the american way and we are only getting worse. (have you seen the lasted comparisons on education in our schools vs. other countries?) Fact of the matter... Chris Cox, who's job was to regulate Bear Stearns...Came out 2 days before Bear Collapsed and said that they were fine...well capitalized. Well either he LIED... or he was clueless. Why is he not in handcuffs? I have no idea. With the easing of FASB standards every day... we just give companies more leeway in doctoring/hiding losses in their "mark to fantasy" accounting scams. I read somewhere recently.. that they now allow banks to use a decrease in debt on one side of the balance sheet...and recognize them as revenue growth...Think about that? I'm deep in the hole... but because I am in less debt...its a sign of green shoots?!! I'M STILL IN DEBT! I'm sure if you really looked at some of the balance sheets filled with hidden "toxic assets"... they would make Enron look like Fort Knox. Did everyone forget already... that Timmy G either screwed up his taxes using Turbo Tax? or he tried to Game the system and got caught???!!
So if there is no credible alternative to the Fed then surely Obama and his team have made the right move? Helicopter level oversight and enforcement with a big stick is clearly needed. Where I think they have missed a trick is by not harmonizing the various relatory bodies similarly to what was done in the UK with the creation of the FSA. Were that to happen then a non-Fed body might be the best way forward. As things stand, i think it's ok. That said, the regulators in the UK dropped the ball just like everyone else did. But I don't see that as commenting on the merit of the regulatory structure per se. Thx D
Right... because they've been spot on the whole time. What was his unemployment guestimate for 2009 year end? and where are we now? And that ASSumes that the employment department isnt fudging the numbers. God forbid if the used anything even remotely close to U-6 figures. That stimulus is doing wonders..