The NYT just announced that, despite ALL the missteps and ‘incompetence‘ the Federal Reserve has foisted on the American people so far, that on Monday, the Treasury is introducing a NEW PLAN: giving the Federal Reserve WIDE NEW SWAT-TYPE POLICING POWER.
Read this: “The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.”
Did ANYONE, even Ron Paul, see THIS coming???
At the end of the day, the Fed will assume ownership of all those 40% of homes that have been foreclosed on, and is looking forward to the 60% or more yet to come. We haven’t even gotten halfway through THAT nightmare yet, or had time to document and bring to justice those RESPONSIBLE for it.
NOW, based on… what???…. the Congress is actually considering giving the Fed policing power to enter ANY BANK, ANY FINANCIAL INSTITUTION, ANY INVESTMENT FIRM and seize ALL ASSETS and records including YOURS.
Do you REALLY believe that you’ll get your retirement funds back from anyplace that has been so policed that way? Where is the RIGHT TO PRIVATE PROPERTY in all this???
Read this and weep: “Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis. Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.”
The Democrats have an even DIFFERENT agenda for their puppet masters!
Though this plan is SUPPOSED to be all about this mortgage crisis: “The plan would not rein in practices that have been linked to the housing and mortgage crisis, like packaging risky subprime mortgages into securities carrying the highest ratings.”
Then WHAT THE HELL IS THIS FOR???
Here is a CLUE for politicans with their greasy palms out: “The blueprint also suggests several areas where the S.E.C. should take a lighter approach to its oversight. Among them are allowing stock exchanges greater leeway to regulate themselves and streamlining the approval of new products, even allowing automatic approval of securities products that are being traded in foreign markets.” (Isn’t this what CREATED the problem in the first place???)
“Both see the Fed overseeing risk across the entire financial spectrum, but Mr. Frank is likely to favor a stronger Fed role and to subject investment banks to the same rules that commercial banks now must follow, especially for capital reserves.
The Treasury plan would let Fed officials examine the practices and even the internal bookkeeping of brokerage firms, hedge funds, commodity-trading exchanges and any other institution that might pose a risk to the overall financial system.
That would be a significant expansion of the central bank’s regulatory mission.”
So, here WE are, DEMANDING an END to the Fed, and what do our ‘representatives’ give us instead? Who are they going to use to ‘police’ this- Blackwater who now has immunity from shoot-to-kill crimes against Americans?
Let this be very clear: The SYSTEM that has brought us to this mess, that Americans are DEMANDING be dismantled in favor of a Constitutional monetary system, is INSTEAD being GIVEN MORE POWER to sustain itself and ENFORCE itself against all disagreement.
And, McCain’s position? “Many news reports have pointed out that Mr. McCain more or less came out against aid for troubled homeowners: government assistance “should be based solely on preventing systemic risk,” which means that big investment banks qualify but ordinary citizens don’t. ”
Hillary? “Mrs. Clinton’s suggestion that she might convene a high-level commission, including Alan Greenspan — who bears a lot of responsibility for this crisis — had echoes of the excessively comfortable relationship her husband’s administration developed with the investment industry.”
We’re already bankrupt but they want to INCREASE THE SIZE OF THE GOVERNMENT FURTHER:
“This plan would consolidate a large number of regulators into roughly three big new agencies.”
They want to subsume government’s Constitutional responsibilities under outside non-Constitutional private entities:
“Bank supervision, now divided among five federal agencies, would be led by a Prudential Financial Regulator,which could send examiners into any bank or depository institution that is protected by either federal deposit insurance or other federal backstops”
If THAT isn’t a recipe for corruption and cronyism, I’ve never seen one! Even the mafia never had government sanction to make ‘offers that bankers can’t refuse’ and legalized, taxpayer funded guns-and-muscle private militias to back it up without fear of penalty or censure!
And they justify it ‘prophetically?’
“Our present regulatory framework was born of Depression-era events and is not well suited for today’s environment where billions of dollars race across the globe with the click of a mouse,” said the organization’s chief executive, T. Timothy Ryan Jr.”
They are preparing to ENFORCE, by any means necessary, ELECTRONIC currency and by-pass Constitutional government to do so by putting it all into the private hands of the global bankers!
Time to pull EVERY asset you’ve got, before any of this goes into effect. Pull your retirement funds, pull funds out of the banks, dump your stocks, ALL OF IT. Gonna take a hit? This will be NOTHING compared to what kind of a hit you’ll be facing SOON.
Take everything you’ve got and go anywhere you can- pawn shops, yard sales, estate sales, coin shops, and buy all the genuine gold and silver you can get your hands on. It isn’t going to be long and the government will be telling us that owning gold and silver is a risk to the overall system of electronic currency- it will be illegal to own or transfer your gold or silver soon!
We were figuring there would be time- time to establish an alternate currency (not an RFID Amero), time to peacefully transfer what assets you had from a collapsing or collapsed dollar into a genuinely American government currency backed by hard assets.
“Whether there is a formal, legal change in the Fed’s power over Wall Street or not, the recent measures, which were taken under a 1930s law that can only be exploited in “unusual and exigent circumstances,” represent a massive departure from past practice…. This latest episode has highlighted that the world has changed, as has the role of other non-bank financial institutions, and the interconnectedness among all financial institutions…. a broader role may be the result of the unprecedented intervention and are being forced to consider whether it makes sense to expand the scope of their formal powers over the investment industry.
“This will redefine the Fed’s role,” said Charles Geisst, a Manhattan College finance professor who wrote a history of Wall Street. “We have to realize that central banking now takes into its orbit everything in the financial system in one way or another. Whether we like it or not, they’ve recreated the financial universe.”