...financial institutions.
Un-f*cking-believable. This is financial tyranny that contravene the Adam Smith concept of free market.
I noticed the omission of the mention of SWAT being used as a financial terror tactic in MSNBC, CNN and ABC News.
U.S. Treasury secretary -- who is a former Goldman Sachs Chairman & CEO and current International Monetary Fund member of the board of governors -- Henry Paulson is another well-known major league asshole added to the list of traitors to the Republic for their part in damaging and wrecking the American economy.
(Rejected as political taboo) video for ABC News & CNN Democratic Presidential Debate respectively: Men ask questions on Federal Reserve & fractional reserve banking (2 min)
http://www.youtube.com/...
http://www.youtube.com/...
Crime of the century - Federal Reserve (6 min)
http://www.youtube.com/...
The excerpt from America's leading newspaper is used for the express purpose of fair use in providing commentary for criticism
Treasury Dept. Plan Would Give Fed Wide New Power
By EDMUND L. ANDREWS, New York Times March 29, 2008 WASHINGTON
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.
WTF??? Corruption may be a problem, but the US government raid on Constitutionally legitimate Liberty Dollar is and will not be an isolated case, because they're going to pull this shit off again to kiss ass with the powers that be.
The proposal is part of a sweeping blueprint to overhaul the nation's hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
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.
According to a summary provided by the administration, the plan would consolidate an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.
While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.
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.
The plan would give the Fed some authority over Wall Street firms, but only when an investment bank's practices threatened the entire financial system.
Yeah right - irony, considering the Fed itself is the threat to the whole financial system, as history will indicate
And the plan does not recommend tighter rules over the vast and largely unregulated markets for risk sharing and hedging, like credit default swaps, which are supposed to insure lenders against loss but became a speculative instrument themselves and gave many institutions a false sense of security.
Parts of the plan could reduce the power of the Securities and Exchange Commission, which is charged with maintaining orderly stock and bond markets and protecting investors. The plan would merge the S.E.C. with the Commodity Futures Trading Commission, which regulates exchange-traded futures for oil, grains, currencies and the like.
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.
The proposal began last year as an effort by Henry M. Paulson Jr., secretary of the Treasury, to make American financial markets more competitive against overseas markets by modernizing a creaky regulatory system.
His goal was to streamline the different and sometimes clashing rules for commercial banks, savings and loans and nonbank mortgage lenders.
"I am not suggesting that more regulation is the answer, or even that more effective regulation can prevent the periods of financial market stress that seem to occur every 5 to 10 years," Mr. Paulson will say in a speech on Monday, according to a draft. "I am suggesting that we should and can have a structure that is designed for the world we live in, one that is more flexible."
And? Mr. Paulson can't seem to handle the utter fucking irony of it all, by depleting treasure on protracted wars, providing tens of billions of dollars to Israel in annual foreign aid, digging the grave in record trade deficit and fleecing the taxpayers to be wasted on bloated military budget, porks & paying the accrued interest to Federal Reserve for its "service" rendered in ripping off taxpayers with invisible money presses operating non-stop to bail out struggling investment firms with sweet deals and injecting hundreds upon hundreds of billions of dollars of liquidity into the market hoping it makes for more than a dead cat's bounce.
Congress would have to approve almost every element of the proposal, and Democratic leaders are already drafting their own bills to impose tougher supervision over Wall Street investment banks, hedge funds and the fast-growing market in derivatives like credit default swaps.
But Mr. Paulson's proposal for the Fed echoes ideas championed by Representative Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Services Committee.
Where is Ron Paul or even Mike Gravel -- both having shared anti-IRS view -- for alternative opinion in rebuttal to this sick power gain? Guess NY Times can't be bothered to follow up with him for his brutally candid view on the corruptible culture of government-sanctioned fiscal abuse in fractional reserve banking.
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.
Big brother's roving eyes on the (assumedly not cooked Enron-style) accounting books and trade secrets. They are looking to exploit the new power granted by snooping on which institutions hold significant amount of precious metals and valuable bonds, then raid to confiscate under the pretense of weeding out financial corruption.
That would be a significant expansion of the central bank regulatory mission.
Thomas Jefferson was right [letter], central banking institution is more dangerous than a standing army. This expansion of power is proof absolute power corrupt absolutely, and Bush administration have proven itself to be above the law, even impliedly threatening the citizens not of wealth, higher social status and prestige -- or not of the above -- that resistance is futile when it comes to the financial rights of the citizenry to protect their assets that they worked lifetimes and generations to build.