Hooray... more power to the Fed

**Drew1369** · 03-29-2008, 03:18 PM

I can't believe this...

http://news.yahoo.com/s/ap/20080329/...e/fed_overhaul

**40sondacurb** · 03-29-2008, 05:04 PM

Ron Paul must have went through a lot of adult undergarments after this broke.

**Chode** · 03-29-2008, 05:13 PM

What's not to believe, drew? Even without two terms of the Bush Administration doing everything it could to oppose effective banking regulation, the system was designed to work for the economy of the 1920's and was already ineffective in the modern financial market.

Personally, I'm surprised that Washington is willing to accept any of the blame for the failures and abuses of the current banking system. Wow! Does this possibly mean that even NeoCons may be willing to admit that "The Market" isn't a perfect system? Of course, previous failures of the unregulated "Market" are precisely why regulation was imposed to begin with. Now, with concerns about money laundering by organized crime, terrorists, etc.(not to mention predatory lending practices, deceptive accounting, and the like) I would think the need for more effective oversight should be obvious.

**40sondacurb** · 03-29-2008, 08:27 PM

So the republicans have increased federal regulation, spent billions upon billions more than taxes provide for, and have been involved in numerous sex scandals...

why should we vote them in again and get congress gridlocked?

**Chode** · 03-30-2008, 09:41 AM

Quote:

Originally Posted by 40sondacurb

So the republicans have increased federal regulation, spent billions upon billions more than taxes provide for, and have been involved in numerous sex scandals...

why should we vote them in again and get congress gridlocked?

Certainly, that's all true, but I still think Bernanke was a good choice for Chairman of the Fed. No matter how much he has screwed up, Bush gets some things right. Bernanke has been very active in using the Fed's power to help shore up the financial system, but also seems to recognize that taxpayers should get some return for their investment. The "return" is better oversight of banking, and maybe a system that reins in some of the abusive and deceptive practices banks have used to make money at the expense of consumers, and ultimately, their stockholders.

I don't anticipate gridlock after the Presidential election, because I don't think our next President will be a Republican. The last round of Congressional elections were clearly a vote of "no confidence" for the policies of the current administration, and I haven't seen anything happening recently that would reverse that trend.

03-29-2008, 03:18 PM	#1 (permalink)
Drew1369 TSF Enthusiast Join Date: Jan 2007 Location: Seattle, WA, USA Posts: 2,000 OS: Vista Business	Hooray... more power to the Fed I can't believe this... http://news.yahoo.com/s/ap/20080329/...e/fed_overhaul __________________ Marge: We wouldn't be in this trouble if you'd just paid the heating bill! Homer: I thought global warming would take care of it! Al Gore can't do anything right!

03-29-2008, 05:04 PM	#2 (permalink)
40sondacurb #64 & #36 BACKBONE Join Date: Jan 2005 Posts: 5,686 OS: xp	Re: Hooray... more power to the Fed Ron Paul must have went through a lot of adult undergarments after this broke. __________________ Donate to keep the forum running "I know the human being and fish can coexist peacefully" -George W. Bush

03-29-2008, 05:13 PM	#3 (permalink)
Chode TSF Enthusiast Join Date: Sep 2006 Posts: 669 OS: Windows XP Pro	Re: Hooray... more power to the Fed What's not to believe, drew? Even without two terms of the Bush Administration doing everything it could to oppose effective banking regulation, the system was designed to work for the economy of the 1920's and was already ineffective in the modern financial market. Personally, I'm surprised that Washington is willing to accept any of the blame for the failures and abuses of the current banking system. Wow! Does this possibly mean that even NeoCons may be willing to admit that "The Market" isn't a perfect system? Of course, previous failures of the unregulated "Market" are precisely why regulation was imposed to begin with. Now, with concerns about money laundering by organized crime, terrorists, etc.(not to mention predatory lending practices, deceptive accounting, and the like) I would think the need for more effective oversight should be obvious. __________________ Sweet!

03-29-2008, 08:27 PM	#4 (permalink)
40sondacurb #64 & #36 BACKBONE Join Date: Jan 2005 Posts: 5,686 OS: xp	Re: Hooray... more power to the Fed So the republicans have increased federal regulation, spent billions upon billions more than taxes provide for, and have been involved in numerous sex scandals... why should we vote them in again and get congress gridlocked? __________________ Donate to keep the forum running "I know the human being and fish can coexist peacefully" -George W. Bush Last edited by 40sondacurb : 03-29-2008 at 08:30 PM.