Dodd's Finacial Reform Bill Strips The Federal Reserve Of Too Much Power, Say Critics

McClatchy:

WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd's sweeping new financial overhaul legislation, which proposes to strip the Federal Reserve of its authority to regulate banks, threatens the central bank's time-honored independence and its premier international standing, experts warn.

Read the whole story: McClatchy

Comments

[loki]

This is just more Dodd extortion.Nothing will come of it except money passing into Dodds hands. Dodds father was the king of using his congressional powers to extort money from corporations, and his son is doing the same. Only much better than daddy ever did.

[DustinTime]

Hello! The Fed should be stripped away entirely.

Private central bank financial system = well, look around you...

[Stop Wall Street]

Obama's job creation programs have been ineffective

hat tip to: http://financeopinionss.blogspot.com

The only beneficiaries of this 'v shaped' recovery are the bankers, fund managers, and rest of the top 1%

[sundog58]

Anything to make the Fed more transparent and more accountable is alright with me.

[lthuedk 1]

An anti-bribery bill should have been the first item on the Congressional agenda and passed by simple majority last year. Prove to us Corporate is being tamed and our "representatives" aren't criminals.

So far one more year of taxation without representation has passed by. Today, on these threads, we see how close to revolution we have come. Does anyone in Congress have any idea what cause and effect is? We need legislation now, not tomorrow.

[NoMoreBail2]

There wont be any positive change for middle and lower class form the Obammi administration. Expect more of the same BS that was 2002-2007. More bonuses for wall street, surging stock market, booming economy, widening wealth gap, surging gas, surging food, unfordable education & health care & surging oil prices, continuation of Iraq/Afghanistan wars, and high unemployment.

hat tip to; http://financeopinionss.blogspot.com

[JackRusselTerrier]

No regulation = No change

No enforcement of existing regulation = Continual abuse_ on Wall Street and from the banks.

No auditing of the FED = Perpetual abuse_ from the BANKING CABALS which ARE the FED.

No campaign finance reform = Corrupt government

$ to the Government from lobbyist = Corruption in government = No change in corruption Wall ST. etc.

Too big too fail = Too big too exist

Derivatives = Money for failure

Hedge funds = Betting on failure = Wanting failure

Money for failure does NOT = Capitalism

Socialism for the rich does NOT = Capitalism

Capitalism for the poor and Socialism for the rich does NOT = Fairness for all Americans

Universal health care *politicians get it, but the public doesn't = Unfair system in America

[rf-hawaii]

You cannot possibly strip the Fed of too much power.

They are all powerful and they should not exist at all.

Why should a country pay interest on it's own money to private banks?

[Hysterian68]

Congress and Treasury provide the necessary checks and balances on the Federal Reserve? Since when?

Abolish the Fed

The people must demand a national plebiscite and eject the entire Congress--House and Senate. B oth parties.

[bluntobject]

The Federal Reserve should be disbanded. They do not have the American people's interests at heart -- they have their own overlord's interests at heart.

[It Is That Way Because]

Tap tap tap.....

Oops...wrong thread.....

[socialbutterfly]

Welcome to the Philip Taylor thread?

[It Is That Way Because]

There you are...

Hello SB....

[PhilipTaylor]

WHAT HAS THE FED Reserve (19l3) Done for AMERICA by setting Interest Rates and Regulating Banks?

FED has worked to DRIVE AMERICA from

# 1 Creditor Nation in 1916 to
# 1 Debtor Nation in 2009

It has worked to REDISTRIBUTE WEALTH UP TO THE EXTRAVAGANTLY WEALTHY and Make the Average American LOSE WEALTH!

Causing the WORST IMBALANCE OF INCOMES IN US HISTORY!

We need to wrestle control back to OUR Government of Our Monetary Policy!

It is OUTRAGEOUS that the BIG BANK OWNED FED Reserve System runs our Monetary Policy for the Convenience and PROFITS of the Biggest Banks!

Simply make the FED Reserve an Agency within Government with OVERSIGHT by Government Accounting Office!

We must Democratize the FED!

The FED is now run to create Bubbles and Busts.

Bubbles = pull in the "SUCKERS" at High PRICES!
BUSTS = Harvest "SUCKERS" at LOW PRICES!
BAILOUTS = Harvest "ALL AMERICANS as SUCKERS" for GREEDY BANKSTERS

[4TJefferson]

I get the point. However, without a central bank how would we fund things like war on an as-need basis? Was it the FED that borrowed $5 trillion to fight the Russians in a cold war during the 1980's and early 1990's? Was it the FED that borrowed $6 trillion during the beginning of this century to hand out as tax refunds to the rich and to fight a war in Iraq? This argument has raged since the War of 1812. Just my 2 cents.

[aceholiday]

if dodd's bill strips the fed of too much power, then it doesn't do enough

[socialbutterfly]

ROFLMAO.

Fanned.

[PhilipTaylor]

Exactly!

Audit and Nationalize the FED Reserve System! America can NOT afford a Bankster Owned and Operated FED or Government!

[rf-hawaii]

The country should never pay interest on it's own money.

[blimie]

Who wrote that crock, "the central banks time honored independence". They are criminals who gained power through bribe and treachery. It's not independence, it's secrecy. They are not accountable to anyone and are vigorously fighting any attempts to audit them.

[aflyinyoursoup]

And they will win because our political system has been turned into a Sock-Puppet stage play, produced, directed, scripted and cast by the same treacherous parasites.
Fanned

[rf-hawaii]

There is no institution more corrupt than the Federal Reserve.