Posted on 10/28/2009 9:52:19 AM PDT by FromLori
The Federal Reserve could order a financial institution to sell a risky division or stop dangerous trading activity if the central bank determined there was a threat to the US financial system, under a draft law released on Tuesday.
The bill drawn up by the Treasury and the House financial services committee sets up a "Council of Regulators" charged with snuffing out systemic risks and gives the government and the Fed sweeping powers over financial companies at home and overseas.
The bill does not address how this "Council of Regulators" will attain supreme wisdom to rule on markets. Nor does it mention that the Federal Reserve denied, in the middle of the housing bubble, that there was a housing bubble.
And it comes nowhere near identifying the Federal Reserve's money manipulations as at the core of the business cycle.
Thus, what we have in the proposed "Council of Regulators" is one further step in the direction of total political control of the financial system.
This is not your granfather's America.
Followed by a bank holiday.
The list, ping
In the Lincoln County War, the ranchers formed a team of ruthless enforcers called “Regulators”. Billy The Kid was one of them.
OT maybe, but I think I heard Judge Napolitano yesterday say the only way we can have government action declared unconstitutional is to allow the action to go into effect and then prove that we have been harmed by it. That would give us “standing.”
Please correct me if I’m wrong - I must be wrong because this can’t possibly be correct. If it is, that means we have no way of curbing this out-of-control administration. Isn’t this what checks and balances are intended to do?
Meanwhile, the CRA Community Reinvestment Act started by Jimmah Carter still has wheels......
How many people with no imcome are getting the loans for houses with the $8000 ‘tax credit”??
government action declared unconstitutional is to allow the action to go into effect and then prove that we have been harmed by it. That would give us “standing.”’In the past 7 months, NObama has harmed the entire country...
Does this all finally give “standing” to Philip Berg with his Aug 2008 lawsuit over NObama’s birth certificate?
They cannot have it both ways.
“This is not your grandfather’s America”
I really miss Eisenhower.
You’re right. And this congress is only carrying out obama’s wishes.
“Isn’t this what checks and balances are intended to do?
It’s been a long, long time since checks and balances were functional. Congress has ceded it’s power to the executive and the judiciary.”
Not to mention...the invisible fourth branch of government—the administrative branch, which has phenomenal power. Think about the EPA. Think about the czars; though they are in some ways an imperfect example because we associate them w/the exec branch, they are ultimately a great example of power vesting in the unelected.
But that’s what they’re doing. Note how Orly was slapped by a $20,000 fine - for having the audacity to take the BC issue to court. I find this very troubling. Did you see O’Reilly last night? He and his commentators blasted Orly. It was disturbing to see.
LOL!
When you start thinking about the power of the administrative branch of government in its many forms; my view is that, assuming you are generally a law-abiding citizen, the various admins out there have as much or more power over your life; certainly “influence”, if not raw power; and you encounter them more than the other branches....
Your local building department; the DMV; the EPA or in CA, the CA Air Resources Bd.
These are bureaucracies that are not going to throw you in jail, but they can make your life sheer hell as you wander around thining you a free man or woman.
Excellent!
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