bobbyw24
03-27-2010, 08:13 AM
On Monday, Senator Chris Dodd rammed his "financial reform" legislation through his Senate Banking Committee on a strictly party-line vote. It's no surprise that Chris Dodd's answer to the economic crisis is the same as his answer to seemingly everything else: give the government more power ... Dodd's bill, which should be called the "Fed Empowerment Act," will add more layers of bureaucracy to government. One of its provisions includes creating a new Consumer Financial Protection Bureau to be housed at the Fed and funded by it. Apparently, the Connecticut senator expects us to believe that an agency inside the Fed and financed by it will be "independent." The legislation also includes a new Financial Stability Oversight Council to "monitor" companies that supposedly could become "too big to fail." The Council will have the ability to require nonbank financial companies to be under the Federal Reserve's supervision if the government deems they pose a "risk" to financial stability. Certain large companies will be expected to submit plans to the government "for their rapid and orderly shutdown" if the company goes under ... Who knows how many businesses could be targeted and broken up, under the guise of "reform," solely for standing up to the federal government! In yet another expected move, Dodd's bill strips out a complete Fed audit and allows the Fed to decline to disclose specific information. – Ron Paul (left), Campaign for Liberty
Dominant Social Theme: More regulation is necessary ...
Free Market Analysis: We were lucky enough recently to snag an exclusive, short interview (below) with libertarian congressman Ron Paul (R-Tex). And when we received the above missive via email from his Liberty organization, we found to some extent it paralleled the interview. In both this exclusive interview, and the call to action above, Ron Paul bemoans the power of the Federal Reserve and Congress' lack of ability to create meaningful oversight over what can in many ways be considered a rogue monetary entity. Hopefully, the Fed does not end up with even more power after its latest series of economic disasters. See for yourself:
Daily Bell: Will the Fed be audited in your lifetime?
Ron Paul: To the extent that I want to see it audited, probably not. There may be some half-hearted attempts at auditing the now-ended liquidity programs, but the substantive things like open market operations, the discount window, and deals with foreign central banks will remain in the shadows. We've had great success with the language from HR 1207, managing to get the language through the House as part of HR 4173, but I fully expect the audit language to be watered down when the House and Senate bills go to conference.
Daily Bell: What's in store for the dollar and fiat currency in general?
http://www.thedailybell.com/921/Ron-Paul-Sees-Dollar-Disappearing.html
Dominant Social Theme: More regulation is necessary ...
Free Market Analysis: We were lucky enough recently to snag an exclusive, short interview (below) with libertarian congressman Ron Paul (R-Tex). And when we received the above missive via email from his Liberty organization, we found to some extent it paralleled the interview. In both this exclusive interview, and the call to action above, Ron Paul bemoans the power of the Federal Reserve and Congress' lack of ability to create meaningful oversight over what can in many ways be considered a rogue monetary entity. Hopefully, the Fed does not end up with even more power after its latest series of economic disasters. See for yourself:
Daily Bell: Will the Fed be audited in your lifetime?
Ron Paul: To the extent that I want to see it audited, probably not. There may be some half-hearted attempts at auditing the now-ended liquidity programs, but the substantive things like open market operations, the discount window, and deals with foreign central banks will remain in the shadows. We've had great success with the language from HR 1207, managing to get the language through the House as part of HR 4173, but I fully expect the audit language to be watered down when the House and Senate bills go to conference.
Daily Bell: What's in store for the dollar and fiat currency in general?
http://www.thedailybell.com/921/Ron-Paul-Sees-Dollar-Disappearing.html