Fed gets new oversight powers under Dodd bill

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investorzzo's picture
investorzzo
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Fed gets new oversight powers under Dodd bill

But Fed Chairman Ben Bernanke, other Fed insiders and some banking interests have pushed back hard in recent months to shield the institution, and it appears to have worked.

http://news.yahoo.com/s/nm/20100314/pl_nm/us_financial_regulation_dodd

DrKrbyLuv's picture
DrKrbyLuv
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Posts: 1995
Re: Fed gets new oversight powers under Dodd bill

investorzzo - this has to be one of the most crazy ideas ever!  The private Fed (owned by mostly non-Americans) runs our entire monetary system, for profit and servitude, and we give them more power.

Judicial Watch rated and announced  Washington's "Ten Most Wanted Corrupt Politicians" for 2009 and number 1 was Dodd.

"This marks two years in a row for Senator Dodd, who made the 2008 "Ten Most Corrupt" list for his corrupt relationship with Fannie Mae and Freddie Mac and for accepting preferential treatment and loan terms from Countrywide Financial, a scandal which still dogs him. In 2009, the scandals kept coming for the Connecticut Democrat. In 2009, Judicial Watch filed a Senate ethics complaint against Dodd for undervaluing a property he owns in Ireland on his Senate Financial Disclosure forms.

Judicial Watch's complaint forced Dodd to amend the forms. However, press reports suggest the property to this day remains undervalued. Judicial Watch also alleges in the complaint that Dodd obtained a sweetheart deal for the property in exchange for his assistance in obtaining a presidential pardon (during the Clinton administration) and other favors for a long-time friend and business associate. The false financial disclosure forms were part of the cover-up. Dodd remains the head the Senate Banking Committee."

People like Dodd go beyond corruption to treason.  If people don't get some righteous anger and demand it stop, Dodd will skin them alive.

Larry

investorzzo's picture
investorzzo
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Re: Fed gets new oversight powers under Dodd bill

Larry, I wish everyone would contact their congressman or woman and let them know how outraged we are about this. Jon

John99's picture
John99
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Re: Fed gets new oversight powers under Dodd bill

The corruption continues because we allow it. We are supporting this system.

As 'V' said, "Who is to blame? We need look no further than into the mirror."

JAG's picture
JAG
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Re: Fed gets new oversight powers under Dodd bill

Like the Fed doesn't already have complete power over our world. What a farce.

Ready's picture
Ready
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Joined: Dec 30 2008
Posts: 917
Re: Fed gets new oversight powers under Dodd bill
John99 wrote:

The corruption continues because we allow it. We are supporting this system.

As 'V' said, "Who is to blame? We need look no further than into the mirror."

John, I do not wish to kill the messenger here, but I am getting pretty sick of being told I am the problem.

Do you really think I or anyone else on this board has any power over the USGov? Vote 'em out, right? I say that is no answer. March on Washington, right? Let's be realistic.

I would say most on this site are well aware of the issues and are doing everything we can at a personal / local level to create change. I've done all the things that have been suggested like pull money out of the banks, don't feed the beast. educate everyone who will listen, etc. etc. etc. but I'll be damned if I have any impact with what the govt or the Fed does on any real level.

My mirror is just fine. Prepare for the next phase. We cannot stop what is coming.

tocoadog's picture
tocoadog
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Joined: Feb 16 2009
Posts: 17
Re: Fed gets new oversight powers under Dodd bill

^ - Agreed.

The majority of the US population cares more about Tiger Woods and American Idol than what the Federal Reserve is doing.

Time is past talking/rallying...time has come to prepare.  Got gold/silver/food/guns/ammo?  FYI...I'll be 38 in April.  My wife and I have been planning to 2 years now.  Time will come when those who haven't planned will be looking for those who have.  Scary thought no doubt.

John99's picture
John99
Status: Gold Member (Offline)
Joined: Aug 27 2009
Posts: 490
Re: Fed gets new oversight powers under Dodd bill

 

Ready wrote:

John, I do not wish to kill the messenger here, but I am getting pretty sick of being told I am the problem.

Do you really think I or anyone else on this board has any power over the USGov? Vote 'em out, right? I say that is no answer. March on Washington, right? Let's be realistic.

I would say most on this site are well aware of the issues and are doing everything we can at a personal / local level to create change. I've done all the things that have been suggested like pull money out of the banks, don't feed the beast. educate everyone who will listen, etc. etc. etc. but I'll be damned if I have any impact with what the govt or the Fed does on any real level.

My mirror is just fine. Prepare for the next phase. We cannot stop what is coming.

Glad to hear what you are doing, Ready, and my intent is to 'get in the face' of those people, Tocoadog mentioned:

The majority of the US population cares more about Tiger Woods and American Idol than what the Federal Reserve is doing.

 

investorzzo's picture
investorzzo
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Posts: 1182
Re: Fed gets new oversight powers under Dodd bill

Picture if you had a woodshop filled with oily rags, no ventilation, no exits, a woodshop that was always catching on fire. One thing to do is to get a fire extinguisher. That is the resolution authority of the financial reform debate. Another thing to do is to establish new codes and rules to make it less likely that there will be a fire. Current regulators and industry leaders will tell us that the financial capital markets are up to The Swanson Code, the “I’ll know trouble when I see it” system; however we want there to be clear rules regulators won’t mess up to reduce the likelihood that there will be fires.

Ryan Avent and Kevin Drum both look at the Dodd Bill and are left a little worried about financial reform. A few points.

http://seekingalpha.com/article/195419-putting-stronger-limits-into-the-...

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