The Federal Reserve, Inc. (a private institution) and the Treasury (headed by Hanky Paulson, the former chariman of Goldman Sachs) have already shown repeatedly their preference of fictitious corporate entities over living breathing voting citizens.
Continuing to over-reach beyond their mandate, Paulson and Bukkake are making a naked grab for power, soviet-style.
Who’s side do you think they will come down in in the future?
When the Federal Reserve, Inc. was established, it was in response to instabilty in the markets. But then just a few years later we had ourselves a Great Depression.
(Note: for most citizens it wasn’t all that great.)
Well done! And the Fed’s record since isn’t without some major blemishes.
Maybe the answer isn’t more power to the Fed, Inc., but rather no less than complete elimination.
Else it is buh-bye America, it was nice knowin’ ye.
“I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men.
We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
Opinion piece in today’s (3/31) by Paul Krugman that clarifies Paulson’s ture intentions about regulating hedge funds et al:
Thus, in a draft of a speech to be delivered on Monday, Henry Paulson, the Treasury secretary, declares, “I do not believe it is fair or accurate to blame our regulatory structure for the current turmoil.”
Oh, and the Bush administration actively blocked state governments when they tried to protect families against predatory lending.
If the SEC wasn’t asleep at the wheel the last four years, would Bear Stears have belly-flopped?
Certainly, had the Fed, Inc., had access to the information as Paulson proposes, it would not have mattered one iota, and BSC would have still imploded.
So it’s a naked grab for power, pure and simple. Setup the scenario that will likely create a bubble, and when it pops, promise to save the teeming multitudes (and financiers, who are oddly silent about the scheme) from their misery.
The Fed, Inc., has certainly demonstrated that it knows how to cause a bubble, or a Great Depression, but it has never demonstrated it has the ability- or indeed the desire- to stop one from occuring.
Therefore let’s all it what it is. The Soviet Cerntal Committee for Overight of Financial Markets of the USSA.
Comrade Bukkake, I am your most humble sevant. Death to capitalism!
Heh, Paulson is all bark and no bite. It’s just more scamming and fleecing of the public- in other words, business as usual for the Bush adminstration.
the Paulson plan belongs in a fictional world where financial institutions do a good job in regulating and monitoring themselves. Unfortunately, that’s not the world we live in.
“I like to be kissed when I’m being fucked”
Why do investment banks exist anyway? One would suppose for their customers. But the reality is, they exist for the sole purpose of enriching the principals and their cronies.
At the expense of the public, who funds their parties on the beach in the Hamptons.
It was a stroke of brilliance. Wall Street created a way to enable ordinary people to buy things they do not need with money they do not have in order to impress people they do not know.