Carole
03-26-2009, 08:27 AM
Fed-Treasury Attempted Power Grab
Treasury pushes for more power
http://money.cnn.com/2009/03/25/news/economy/new_power_treasury/index.htm
Here is copy of letter I wrote my Reps in Congress:
I watched with amazement as Geithner and Bernanke testified yet again seeking more power to interfere with our "not-so-free" markets.
Quite simply, Sir, they already have the power they now seek to shut down any business that is detrimental to the economy. It is called bankruptcy.
By refraining from giving bailouts to private entities, the bad companies will be forced to go under.
This latest ridiculous request is a clear result of their having helped toxic/zombie banks and companies in the first place. Obviously, they are admitting it was a bad idea. Now, after having created the conditions necessary to ask for more power to terminate these companies, the Fed and the Treasury need to learn a lesson. The people are sick and tired of the socialism the Fed and Treasury hae introduced to the "managed" free markets, Sir. Please take some time to read what Sec. Morgenthau had to say about what we are now doing:
"No less an authority than FDR's Treasury secretary and close friend, Henry Morgenthau, conceded this fact to Congressional Democrats in May 1939: "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises . . . I say after eight years of this Administration we have just as much unemployment as when we started . . . And an enormous debt to boot!" Indeed, FDR's market-suffocating policies are almost surely what put the "Great" in Great Depression."
Whether our current Fed and Treasury did this in ignorance or as part of a power-grabbing plan matters not. They must NOT be allowed any more latitude, Sir, to destroy our economy by propping up, then further invoving the government in illiquid companies.
Legislation giving them more power to interfere with private enterprise would be a huge error on the part of Congress. The ramifications of creating yet another situation for politicizing who may be allowed to do business in America is not only un-American, but un-Constitutional, as is the Fed in the first place.
Congress needs to take back their required Constitutional duties regarding monetary policy and investigate the Fed and Treasury. These entities are coming very close to destroying our country.
Treasury pushes for more power
http://money.cnn.com/2009/03/25/news/economy/new_power_treasury/index.htm
Here is copy of letter I wrote my Reps in Congress:
I watched with amazement as Geithner and Bernanke testified yet again seeking more power to interfere with our "not-so-free" markets.
Quite simply, Sir, they already have the power they now seek to shut down any business that is detrimental to the economy. It is called bankruptcy.
By refraining from giving bailouts to private entities, the bad companies will be forced to go under.
This latest ridiculous request is a clear result of their having helped toxic/zombie banks and companies in the first place. Obviously, they are admitting it was a bad idea. Now, after having created the conditions necessary to ask for more power to terminate these companies, the Fed and the Treasury need to learn a lesson. The people are sick and tired of the socialism the Fed and Treasury hae introduced to the "managed" free markets, Sir. Please take some time to read what Sec. Morgenthau had to say about what we are now doing:
"No less an authority than FDR's Treasury secretary and close friend, Henry Morgenthau, conceded this fact to Congressional Democrats in May 1939: "We have tried spending money. We are spending more than we have ever spent before and it does not work. And I have just one interest, and if I am wrong . . . somebody else can have my job. I want to see this country prosperous. I want to see people get a job. I want to see people get enough to eat. We have never made good on our promises . . . I say after eight years of this Administration we have just as much unemployment as when we started . . . And an enormous debt to boot!" Indeed, FDR's market-suffocating policies are almost surely what put the "Great" in Great Depression."
Whether our current Fed and Treasury did this in ignorance or as part of a power-grabbing plan matters not. They must NOT be allowed any more latitude, Sir, to destroy our economy by propping up, then further invoving the government in illiquid companies.
Legislation giving them more power to interfere with private enterprise would be a huge error on the part of Congress. The ramifications of creating yet another situation for politicizing who may be allowed to do business in America is not only un-American, but un-Constitutional, as is the Fed in the first place.
Congress needs to take back their required Constitutional duties regarding monetary policy and investigate the Fed and Treasury. These entities are coming very close to destroying our country.