Don’t fight the Fed.
The old Wall Street axiom isn’t playing well in Washington as Congress takes its first shots at the Obama administration’s package of sweeping reform proposals for the financial sector.
Though various aspects of the plan released Wednesday have drawn criticism, the role of the Fed has seen some of the most strident opposition, from blatant skepticism to diplomatic doubting.
Legislators from both parties have not only questioned the Fed’s past performance and challenged its future capabilities, but have also expressed concern that the central bank will be politicized more than it already is and turned into a bailout instrument of the executive branch.
(ARTICLE CONTINUES BELOW)
Sen. Richard Shelby, R-Ala., for instance, told Treasury Secretary Timothy Geithner during a Senate Banking Committee hearing Thursday that the White House proposals showed a “grossly inflated view of the Fed’s expertise.”
The administration proposals would make the central bank part of a systemic risk council as well as the front-line regulator of too-big-to-fail firms, whose potential failure could threaten the financial system. The Fed would also have the authority to determine if such a threat existed and recommend closing the firm. (The FDIC, however, would execute the so-called “unwinding” of the business.)
Banking committee chairman Chris Dodd, D-Conn., compared administration’s treatment of the Fed to giving a new car to a teenage driver who’d just wrecked one.
Sen. Charles Schumer, D-N.Y., added that “the Fed has failed miserably” as a bank holding regulator, reflecting a fairly common bipartisan view.
June 20th, 2009 at 7:04 am
fed ,congress ,cnbc all useless criminals who are not trusted or looked up to by no one except idiots and their useless criminal families
June 20th, 2009 at 7:52 am
Hooray! Obama is bringing Change! It’s just not really what is needed or desired though…
http://www.myspace.com/bigwheelstuntsquad
June 20th, 2009 at 8:00 am
Before giving the Federal Reserve System any more power, it is time for the US Congress to audit the performance/profits of the organization since and before its 1913 inception. In fact, it would be a good idea for the American people to audit the performance/profits of the US Congress since 1916 and the beginning of WWI. The goal of the thorough audit would be to identify the individuals who approved of enslaving the American people in $11.3 trillion in national “debt.”
See the 14th amendment, middle of part 4:
4. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, ..; but all such debts, obligations and claims shall be held illegal and void.
June 20th, 2009 at 11:12 am
##SPREAD THIS INFORMATION##
**Wall Street criminals exposed By Marcy K.**
kaptur.house.gov/index.php?option=com_content&task=view&id=289&Itemid=1
youtube.com/watch?v=S27yitK32ds
youtube.com/watch?v=oAADyc6t4nY
**Rep. Alan Grayson asks the Federal Reserve Inspector General**
youtube.com/watch?v=PXlxBeAvsB8
#####ACTION#####
Bills to be supported: ‘S 604′ and HR 1207 (information and sample letter here)
http://www.ronpaul.com/on-the-.....ve-hr-1207
&
http://www.campaignforliberty......thefed.php
**Senators Who are NOT Co-Sponsors of S 604 (Sister Bill to HR 1207)**
This bill NEEDS sponsors, call them:
http://www.scribd.com/doc/1648.....CoSponsors
#PETITIONS#
thepetitionsite.com/1/down-with-federal-reserve
thepetitionsite.com/2/The-Federal-Reserve-Transparency-Act
More information and events here:
anewwayforward.org
PETITION TO BLOCK CONGRESSIONAL ATTACKS ON FREEDOM OF SPEECH AND PRESS
http://www.wnd.com/index.php?pageId=87882
June 20th, 2009 at 11:35 am
They might not like it, but I don’t see anyone other than Ron Paul trying to do jack shit about it.
There is only so much he can do, and that seems more like pissing in the wind, than making real progress. Petitions signed, and things moving forward to audit the fed, then POOF the fed has more power, not less, before the legislation can even hit and attempt to make a difference.
June 20th, 2009 at 1:49 pm
How can we stop this madness, what can be done ??
“I’m as mad as hell,
and I’m not going to take this anymore!!”
I don’t have to tell you things are bad. Everybody knows things are bad. It’s a depression. Everybody’s out of work or scared of losing their job. The dollar buys a nickel’s worth; banks are going bust; shopkeepers keep a gun under the counter; punks are running wild in the street, and there’s nobody anywhere who seems to know what to do, and there’s no end to it.
We know the air is unfit to breathe and our food is unfit to eat. And we sit watching our TVs while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that’s the way it’s supposed to be!
We all know things are bad — worse than bad — they’re crazy.
It’s like everything everywhere is going crazy, so we don’t go out any more. We sit in the house, and slowly the world we’re living in is getting smaller, and all we say is, “Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials, and I won’t say anything. Just leave us alone.”
Well, I’m not going to leave you alone.
I want you to get mad!
I don’t want you to protest. I don’t want you to riot. I don’t want you to write to your Congressman, because I wouldn’t know what to tell you to write. I don’t know what to do about the depression and the inflation and the Russians and the crime in the street.
All I know is that first, you’ve got to get mad.
You’ve gotta say, “I’m a human being, goddammit! My life has value!”
So, I want you to get up now. I want all of you to get up out of your chairs. I want you to get up right now and go to the window, open it, and stick your head out and yell,
“I’m as mad as hell,
and I’m not going to take this anymore!!”
Madman Reply:
June 20th, 2009 at 4:18 pm
I run a mobile computer repair service, and carry a gun in my car at all times, it’s that bad, and has been for a few years, it’s just getting worse. From someone who has been carjacked before, fight crime, shoot the bastards. I was carjacked without a weapon in my car before, never again.
Great Network reference though.
Bushmaster Reply:
June 20th, 2009 at 7:50 pm
I got my license to carry and I do better than keep it in my car, I keep it on me at all times. There is a reason ammo is getting harder to get, guns more expensive and people are buying gold and silver.
Some people can foresee whats coming, others just think they are paranoid and crazy. Not all of us are crazy.
Madman Reply:
June 21st, 2009 at 8:34 pm
Yup, guns in the house, guns on the person, and a gun in the glove box of each car, and fully loaded and ready to go.
People think I am a gun nut, but a 32 in the back pocket is better than WISHING I had it on me.
Thankfully, walmart is at least cool with people doing concealed carry… again a right changed to a privilege, but get it while you can.
I got my concealed carry, my C&R, and I’m thinking about getting my explosives manufacture *so I can reload, if nothing else* and setting up a pawn shop selling guns, ammo, and machineguns, silencers, etc.
The license fees are expensive, 200 – 400 bucks a whack, for most of them, but… if you have a license to work with said materials, your not breaking the law.
Money in this society will get you a license to sell or do whatever, if you are willing to submit, register, etc… you can do it.
Imagine the message sent to Washington if 100,000 Prisonplanet subscribers became FFL dealers, Explosives Manufactures, Got their Class 3 license, etc.
wildcat Reply:
June 21st, 2009 at 6:47 am
Just like the truckers who drive through the Channel Tunnel between France and England. Immigrants are so determined to get a ride through the border that they try and break into the back of the truck or even attempt to hijack the truck itself.
June 20th, 2009 at 3:22 pm
############HOW STUFF WORKS##############
OFSHORE BANK (ONE WORLD BANK) MEANS NO AUDITING ANYMORE.
CRIMINALS TAKING FULL OVER. PLAY GAMES / WARGAMES WHENEVER THEY WANT.
TAKE ALL YOUR MONEY OUT OFF THE BANKS (EVENTUALLY WE MUST OPEN OUR OWN SAFE/TRUSTFULLY SYSTEM BANK) = THE ONLY SOLUTION!!!
June 20th, 2009 at 8:31 pm
“We the people” doesn’t include us.
http://www.pentwhistle.com/
June 21st, 2009 at 4:35 am
OFF SUBJECT> We all have a very powerful voice, some of us are going to end up in a court of” law” and most of us do not want jury duty but if you google FULLY INFORMED JURY and educate yourself (just a couple minutes) then pass this info to ALL on your email list. When the time comes you may keep an innocent person out of jail inspite of what the law states. There’s the spirite of the law, letter of the law and what the people want
PLEASE pass this on,fully informed jury, it’s only a couple of paragraphs long but priceless
I saw a bumper sticker> gun control; hitting what you shoot at
June 21st, 2009 at 6:39 pm
Well let’s see the dopes do something about it–duh..
June 21st, 2009 at 6:41 pm
HERE HERE… BUSHMASTER…BRAVO…
June 21st, 2009 at 10:16 pm
Chris Dodd should keep his mouth shut because him and franks are the ones who drafted the plan. Its the old good cop bad cop routine the congress and senate are playing in the end it will be passed by a wide majority. Its another stab in the back by the worthless senate and congress who will pass any bill that will benefit them and hurt the American public. I don’t know how these elected phonies can look themselves in the mirror and call themselves Americans. They want to give complete power to twelve families that control the federal reserve after they gave trillions away to crooks and schemers and they don’t even know where the money want.
Yes we have external enemies but there no worse then the people who put there hand on the bible and swear to uphold the constitution and protect the American public……………..