Federal Reserve now is control of ENTIRE financial system.

[fede dpt]

[h1]Obama Unveils Financial Regulation Overhaul, Calls for New 'Rules of the Road'[/h1] [h2]The plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against the types of abuses that played a big role in the current crisis. [/h2]
AP

Wednesday, June 17, 2009

0


WASHINGTON -- President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression.

Obama blamed the financial crisis on "a culture of irresponsibility" that he said had taken root from Wall Street to Washington to Main Street, and he said regulations crafted to deal with the depression of the 1930s had been "overwhelmed by the speed, scope and sophistication of a 21st century global economy."

The Obama plan would give new powers to the Federal Reserve to oversee the entire financial system and would also create a new consumer protection agency to guard against credit and other abuses that played a big role in the current crisis.

Obama, speaking from the White House, attributed much of the country's current problem to "a cascade of mistakes and missed opportunities" that occurred over decades.

The Fed's expanded authority and the rest of the new rules would reach into currently unregulated regions of the financial markets. An 88-page white paper released by the administration detailed an effort to change a regime that Obama's economic team maintained had become too porous for the innovations and intricacies of today's financial markets.

Obama said the plan was designed in consultation with lawmakers, regulators and the institutions it seeks to police.

"We seek a careful balance," Obama said.

The plan would do away with the Office of Thrift Supervision, replacing it with a system aimed at closing gaps in coverage and keeping institutions from shopping for the most lenient bank regulator. The consumer agency would place new restrictions on lenders and mortgage brokers, requiring them to offer simple loans to consumers.

"Mortgage brokers will be held to higher standards, exotic mortgages that hide exploding costs will no longer be the norm, home mortgage disclosures will be reasonable, clearly written, and concise," Obama said.

The president offered his version of the source of the financial crisis, tracing the troubles to complex financial instruments such as asset-backed securities that ended up concentrating risk.

"It was easy money," he said. "But these schemes were built on a pile of sand."

The regulatory system either had gaps or overlaps with little accountability, he said.

"Millions of Americans who have worked hard and behaved responsibly have seen their life dreams eroded by the irresponsibility of others and the failure of their government to provide adequate oversight," Obama said.

The financial sector and lawmakers from both parties concede the need for significant changes in the rules that govern the intricate and interconnected world of banking and investment. But the details of Obama's proposal already are facing resistance, signaling a tough sell for a president who is spending major political capital on his health care overhaul.

Under Obama's plan, the Federal Reserve would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system. But even as it gained new powers, the Fed would lose some banking authority to the new Consumer Financial Protection Agency.

Obama's proposal would require the Federal Reserve, which now can independently use emergency powers to bail out failing banks, to first obtain Treasury Department approval before extending credit to institutions in "unusual and exigent circumstances."

The president predicted that critics will find that his efforts go too far or fall short. The expanded Fed role and the new consumer regulator will be subjects of fierce debate in Congress. Many bankers oppose a new consumer protection regulator, and many lawmakers worry the Fed could become too powerful.

 

[dj sven]

If everyone stopped borrowing money, the economy would be great

 

[emmanuel goldstein]

lmao ...

 

[gumbottombandit]

it's so sad it's funny. in the hands of the federal reserve? it just never ends.

 

[nikeflightposite]

Obama screws the economy every time he makes a speech

 

[tony goalie]

 

[kiid23]

So this Brand New Fed reserve should help i guess as long as it isnt to stringent and wont let economy grow. We'll see I guess

 

[mangudai954]

Under Obama's plan, the Federal Reserve would gain power to supervise holding companies and large financial institutions considered so big that their failure could undermine the nation's financial system. But even as it gained new powers, the Fed would lose some banking authority to the new Consumer Financial Protection Agency.

Obama's proposal would require the Federal Reserve, which now can independently use emergency powers to bail out failing banks, to first obtain Treasury Department approval before extending credit to institutions in "unusual and exigent circumstances."



I don't know what to think of this.

 

[emmanuel goldstein]

hey look on the bright side, he got gays more rights! ... smh ... its so blatantly obvious what the democrats are doing and im not even mad at them ... get anarticulate black man to win the black vote and the presidency back ... get the gay vote by giving them some more rights ... get the latino vote by nominatingsotomayor ... elect everyone from the financial system to your cabinet ... grow government and control the us population ...

i give up ... if people dont jump ship on this dude now theres no reason to argue cuz they are just ignorant ...

 

[methedy24]

- Obama is a victim of outside dictation. I'm starting to feel that even he doesn't support many of these overhauls/proposals/initiatives.




- However, he promotes/sponsors/endorses the agenda, like the 'proper' puppet

he is expect to be.

 

[springfieldxd]

Originally Posted by NikeFlightposite

Obama screws the economy every time he makes a speech

the fed reserve is the reason the market hasn't crashed already.

why not let them run it? greenspan is the C.R.E.A.M. king, and if y'all think back on his 60 minutes interview a while back before Bernake got in, he saidall of this would come to pass.

 

[mangudai954]

Originally Posted by Emmanuel Goldstein

hey look on the bright side, he got gays more rights! ... smh ... its so blatantly obvious what the democrats are doing and im not even mad at them ... get an articulate black man to win the black vote and the presidency back ... get the gay vote by giving them some more rights ... get the latino vote by nominating sotomayor ... elect everyone from the financial system to your cabinet ... grow government and control the us population ...

i give up ... if people dont jump ship on this dude now theres no reason to argue cuz they are just ignorant ...

At a glance, I agree.

Obama is a victim of outside dictation.


What makes you say this?

the fed reserve is the reason the market hasn't crashed already.



But is that a good thing or a bad thing? Because of them this "thing" will be a lot longer and dragged out.

 

[produccionfrescos]

Originally Posted by Emmanuel Goldstein

hey look on the bright side, he got gays more rights! ... smh ... its so blatantly obvious what the democrats are doing and im not even mad at them ... get an articulate black man to win the black vote and the presidency back ... get the gay vote by giving them some more rights ... get the latino vote by nominating sotomayor ... elect everyone from the financial system to your cabinet ... grow government and control the us population ...

i give up ... if people dont jump ship on this dude now theres no reason to argue

[color= rgb(255, 0, 0)]I was basically going to post the same thing. At the end of the daythough, what can we do?

[/color][color= rgb(255, 0, 0)]"No matter who they vote for, we always win"[/color]

 

[mangudai954]

We can stand up and let them know we wont stand for it. In this respect we could learn something from the French.

 

[produccionfrescos]

Originally Posted by Mangudai954

We can stand up and let them know we wont stand for it. In this respect we could learn something from the French.

[color= rgb(255, 0, 0)]In the age where people are more concerned about Twitter andFacebook?[/color]

[color= rgb(255, 0, 0)]Doubt it.[/color]

 

[lifelessons]

Originally Posted by ProduccionFrescos

Originally Posted by Emmanuel Goldstein

hey look on the bright side, he got gays more rights! ... smh ... its so blatantly obvious what the democrats are doing and im not even mad at them ... get an
articulate black man to win the black vote and the presidency back ... get the gay vote by giving them some more rights ... get the latino vote by nominating
sotomayor ... elect everyone from the financial system to your cabinet ... grow government and control the us population ...


i give up ... if people dont jump ship on this dude now theres no reason to argue

[color= rgb(255, 0, 0)]I was basically going to post the same thing. At the end of the day though, what can we do?

[/color][color= rgb(255, 0, 0)]"No matter who they vote for, we always win"[/color]

@ bringing blacks into when obama got 50% of the white vote if i'm not mistaken....if old man mccain was pres....things would be alot worse economicallyand internationally when it comes w/ dealing with n korea/iran/Israel Palestine

 

[mangudai954]

Originally Posted by ProduccionFrescos

Originally Posted by Mangudai954

We can stand up and let them know we wont stand for it. In this respect we could learn something from the French.

[color= rgb(255, 0, 0)]In the age where people are more concerned about Twitter and Facebook?[/color]

[color= rgb(255, 0, 0)]Doubt it.[/color]

Do you agree with me when I say that there will come a time that we'll reach the breaking point? In the coming years?

 

[springfieldxd]

to tell y'all the truth, i quit caring.

as long as p*ssy sells, we all gonna be straight.

 

[jdb1523]

Even as an economic liberal, I don't see ALL of this as half bad. It will be very interesting, however, to see the Fed try and regulate some of these hugemultinational enterprises though, because it's not as easy as it sounds. I was listening to a podcast earlier today that mentioned that firms will have toactually own Asset Backed Securities in order to be trading them, which I think is a good move. Part of the reason we're in this mess is that Wall St andother financial institutions around the world were trading securities they both: a. didn't own and b. didn't fully understand. From one standpoint, Idon't think these regulations are THAT bad, especially considering it was Wild West trading with some securities and assets which is partly to blame forour crisis.

 

[mangudai954]

Originally Posted by SpringfieldXD

to tell y'all the truth, i quit caring.

as long as p*ssy sells, we all gonna be straight.

You need to be shown.

 

[trelvis tha thrilla]

Originally Posted by LifeLessons

.if old man mccain was pres....things would be alot worse economically and internationally when it comes w/ dealing with n korea/iran/Israel Palestine

You sure? Please tell me how you came to that conclusion.

 

[finnns2003]

lol at people blaming obama. these people you 'see' are strictly puppets. we don't see the people that are really behind these decisions.

 

[salviboy7]

SMH. Socialist Obama, uhm I mean President Obama is really making some major moves huh.

 

[produccionfrescos]

Originally Posted by Mangudai954

Originally Posted by ProduccionFrescos

Originally Posted by Mangudai954

We can stand up and let them know we wont stand for it. In this respect we could learn something from the French.

[color= rgb(255, 0, 0)]In the age where people are more concerned about Twitter and Facebook?[/color]

[color= rgb(255, 0, 0)]Doubt it.[/color]

Do you agree with me when I say that there will come a time that we'll reach the breaking point? In the coming years?

[color= rgb(255, 0, 0)]Reach the breaking point and do what though?[/color]

[color= rgb(255, 0, 0)]After we overthrow the Gov't, some random soul is going to claim Divine right?Doesn't sound likely.[/color]

 

[mangudai954]

Originally Posted by ProduccionFrescos

Originally Posted by Mangudai954

Originally Posted by ProduccionFrescos

Originally Posted by Mangudai954

We can stand up and let them know we wont stand for it. In this respect we could learn something from the French.

[color= rgb(255, 0, 0)]In the age where people are more concerned about Twitter and Facebook?[/color]

[color= rgb(255, 0, 0)]Doubt it.[/color]

Do you agree with me when I say that there will come a time that we'll reach the breaking point? In the coming years?

[color= rgb(255, 0, 0)]Reach the breaking point and do what though?[/color]

[color= rgb(255, 0, 0)]After we overthrow the Gov't, some random soul is going to claim Divine right? Doesn't sound likely.[/color]

That's not what I was getting at. The public can be complacent only for so long with things going the way they are.