Posted on 01/16/2009 7:00:17 AM PST by captnemo1
With all the recent moves by the feds regarding bail outs and the cash they are giving away. I find myself just overwhelmed by the moves they are making and the implications of these moves.
Some of my questions are “Does the Federal government now “OWN” the US banking system”? If so, where does that leave the “FED”. Or does the FED now own the US banking system? More to the point, who owns the banking system?
Do they also “OWN” the auto business? Same kind of questions.
Are any freepers out there able to sum up these moves in some kind of simple terms that a regular person can understand?
The ‘banking system’ is a broad term. A majority of banks are still publicly owned via stock. A better question would be who controls it. Even before the bailouts, the amount of regulation has more of an effect of day to day operations.
Take it one step deeper. Does the Federal Government own your mortgage, which means they own your home?
I believe that banking institutions are more dangerous
to our liberties than standing armies.
If the American people ever allow private banks to
control the issue of their currency, first by inflation,
then by deflation, the banks and corporations that will
grow up around [the banks] will deprive the people of
all property until their children wake-up homeless on
the continent their fathers conquered.
The issuing power should be taken from the banks and
restored to the people, to whom it properly belongs.
Thomas Jefferson (1743 - 1826), (Attributed)
It is scary, I was talking to the CEO of a private bank the other day, they applied for TARP money just to see if they could get some. When they realized that the government would be co-owners they refused the money.
As we all know when the government starts running private business the businesses will fail without major influxes of government money.
Which means they owe the property taxes too then.
Sniper63
What we need to look for in the future, after this “crisis” passes, is a congress that has a plan to unwind these new controls that the government now has on the financial sector. There needs to be someone to articulate the dangerous moral hazard that this bailout has created.
As usual, the gov’t has turned a crisis into a way to increase its control over our lives. We have to be vigilant in making sure this temporary situation doesn’t become permanent.
Well the FED, a semi-private institution, creates all the money in the system. That’s a lot of power in one institution, one that has little oversight. The fear when the Fed was formed was that given this unchecked power in a few generations they would have manipulated the economy through a series of crisis to the point that they owned and controlled pretty much everything.
It does not appear to be a conincidence to me that the biggest of the NY Banks are getting the most money, money they are using to buy out “failing” smaller regional banks, banks that themselves could have been saved if they had been given the money instead of their buyers.
If you want a simple formulation “The Fed owns America” is probably closer to the truth than any other at this point.
Well the FED, a semi-private institution, creates all the money in the system. That’s a lot of power in one institution, one that has little oversight. The fear when the Fed was formed was that given this unchecked power in a few generations they would have manipulated the economy through a series of crisis to the point that they owned and controlled pretty much everything.
It does not appear to be a conincidence to me that the biggest of the NY Banks are getting the most money, money they are using to buy out “failing” smaller regional banks, banks that themselves could have been saved if they had been given the money instead of their buyers.
If you want a simple formulation “The Fed owns America” is probably closer to the truth than any other at this point.
I believe this would more properly be FASCISM.
In fascist states the government does not properly own the means of production but does have a great deal of control over the means of production.
Those on the left are always fond of claiming that those on the right are fascist but it is the left that is constantly pushing this country toward that financial/political pit.
The system that is now usurping our constitutional government is more accurately ‘corporatist fascism’. Public private partnerships are where it began.
“free trade” also enabled it, where transnational corporations used the government to manipulate our domestic economy and use American tax dollars to fund development of the transnationalist’s businesses overseas.
Finally, the G8 conferences are used as the ‘government framework’ to enforce corporatist fascism globally.
Excellent. Fascist socialism controls the means of production under the rubric of nationalism. There are probably no good grounds for labelling socialism under internatonalists as fascism.
Well probably not in this country.
The wedge the left typically uses here is environmentalism and social justice.
You have got to remember nationalism is a dirty word to the left these days.
With the latest economic crisis the wedge is punishment.
The libs will require that they have a government representative on the boards of the companies that take government money. They will punish these companies for the sins of congress that led to this crisis.
Correct. I was questioning your use of fascism to describe socialism under O. My point is that fascism is nationalized socialism. Internationalists such as O can only be described as fascist if he adheres to a central authority such as One World government.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.