Fed To Keep Bank Oversight

The Federal Reserve has won its battle to maintain singular regulatory oversight of America's major financial institutions, the Financial Times reported Sunday night.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) gave up the fight for a new super-regulator over the weekend, and will propose financial reforms this week that leave the Fed in control of big banks and the rest of the major Wall Street players, sources told the FT.

The parties allegedly responsible for the Fed's victory are easy to guess. The FT's sources point the finger at Treasury Secretary Tim Geithner and Fed Chairman Ben Bernanke, who is unsurprisingly speaking up more loudly now that he's won reconfirmation:

"Until, frankly, chairman [Ben] Bernanke was confirmed I think the Fed's hands were kind of tied," said a banking industry figure who has held discussions with one of those [regional] Fed presidents. "Now he is chairman for the next four years ... the Fed has been able to be more aggressive in fighting for its authority."

Comments

[Incorrect Assumptions]

06:57 AM on 03/10/2010

It's insane. We gave the PRIVATE Fed and banks the power to create our money, then loan it back to us charging interest? Then we have to pay income taxes to pay the interest on the debt? 40% of our collective productivity is tied to debt service which increases the price of everything we buy.

Since 1913, debt "is" money. Private debt has increased virtually every year from 40% of GDP in 1960 to 300% now at $47 trillion. Without ever increasing debt, there would have been virtually no growth in GDP or employment. The only way to keep the system going is by inflating asset prices like housing and stocks and other fraudulent ways to increase debt (hello derivatives).

This system is a fraud.

[AgendaAnalyst]

02:47 AM on 03/10/2010

Bank scam part 1

http://www.youtube.com/watch?v=zgdqFm8YZkA

SUPPORT ICELAND. They are kicking the banks OUT.

[AgendaAnalyst]

02:44 AM on 03/10/2010

We must circle the wagon on the fed and goldman.

Birgitta Jónsdóttir's Patriotic Fight to Save The People of Iceland

This is HUGE. US is being imploded by the banks just like iceland

http://www.youtube.com/watch?v=oWsn2xwAvtE””

[csuciadams]

05:27 PM on 03/09/2010

These career politicians are beholden to the highest campaign contributor. We have to vote them all out of office. It does not have to be one or the other; Democrat or Republican. We have been duped into believing that they are the only political parties that can win. Let's boycott ALL Dems and Repubs in this next election. Join the third party revolution!
http://www.facebook.com/group.php?gid=372343910762

[iridium53]

01:29 PM on 03/09/2010

The United States Senate is working hard to keep things as they are so that bankers are not inconvenienced. Or controlled.

It's nice to know that legislators are so very concerned about the convenience of big banks.

Perhaps legislators can assist the bankers next year in throwing us another economic crisis where American taxpayers will fund bankers personal incomes.

Cannot wait to vote out my Senators for individuals that do something for the people - and not big companies.

[stargazer13]

01:11 PM on 03/09/2010

RePosted

consumer confidence will continue to be a problem in America until we start to see some accountability! and regulations

from elected !! and companies that make a pretty profit here in America !!

that 15% will continue to not ! spend !! and you will see your profits and campaign donations dry up faster then a mud hole in the desert after a spring rain !!

and the world counts on us that 15% to spend so really the effects will be world wide !!

your going to have to listen !! to the American people !! at some point !! and we all know!! we are long suffering yes we can out last you on this one !!

no confidence no spending no spending less confidence !!

[PORK RIND]

05:44 PM on 03/08/2010

Fed to "oversee" (ha, ha!!!) the banks ?????????????

Are these people nuckin' futs?

It's like having Goebbels chairing the Department of Treasury, Pol Pot serving as an IRS commissioner. or appointing Jeffrey Dahmer as a Surgeon General.

The lunatics have definitely taken over the asylum. Is there a Psychiatrist in the House (or in the Senate?)

[OpposingViewpoint]

06:56 PM on 03/08/2010

"Is there a Psychiatrist in the House (or in the Senate"?)

Ha! Our Congress, the ins@ne asylum for the universe.

[joyce628]

05:35 PM on 03/08/2010

Boy, this present day congress will be the demise of the USA as we know it. We have to take back this country from the greedy unpatriotic politicians who want to transfer the wealth and the control of this republic to a marginal set of rich fat cats (at the expense of this country) and their generations.

There is a reason why the unemployment rate is so high and the middleclass and the poor are getting the shaft while Wall Street is bailed out when they mess up, and the never ending funds for the war military industrial complex. They are starving the beast so that they can hold the big stick over our heads.

Rubin, Summers, Bernanke, Geithner, Greenspan, Paulson, among others were all a part of deregulating the financial markets, aided and abbeted by some of the greedy law makers in congress which have led to the slow demise of the USA as we know it. We the people have to put a stop to this madness that a handful of selected people are perpetrating on this nation.

[chillypalmer]

05:32 PM on 03/08/2010

where is our bum in this. The buck stops at his desk. Another shameful surrender to Wallstreet. Everywhere you look the guy ducks and plays the disappearing act. We were better of with Bush. He never pretended to be different. It's all a game. All aces with Wallstreet & Big Pharma. The people who elected this dud get screwed.

[chuck prebys]

04:51 PM on 03/08/2010

Nothing you can do about it people.
They will do whatever they desire.
Gonna come a time when people flying planes into offices seems tame.

[UNCLEJOE]

04:44 PM on 03/08/2010

Now is the time! If not now, when?
...when we are completely disarmed, and pauperized to begging for a pittance for our starving children, and run down emotionally to the level of the French peasants under Louie VIII?

And who are the modern Royal Families that we should line up for their judgement for destroying the greatest nation in world history to impotency and grinding its citizens into abject misery?

And we all know where the modern Bastille sets and though it has spread its tentacles like an ominous octopus into many diverse branches, the brain and source of this monster is the Federal Reserve Bank. Who will be our Saint George to lead us and slay this modern dragon?

[PhilipTaylor]

04:40 PM on 03/08/2010

BANKS EARN 3.5% WITH ZERO RISK USING BANKSTER OWNED FED AS A TOOL

The Banks Borrow from FED at NEAR ZERO% and then BUT 3.5% T-Bills from another Branch so the BANKSTERS PROFIT 3.5% on ALL THEY BORROW!

This is the EASIEST ZERO RISK RIP-OFF in HISTORY and the FED IS THE TOOL OF THE BANKS!

[zlohcuc]

03:42 PM on 03/08/2010

Can someone explain this to me (I've already done a "Karnack" on the answer) but I don't really get it. Wall St. and Fed , with the aid of current administration seemingly collude to destroy the International Monitary system while making obscene profits. The solution to "avoid" this in the future? Enable the very same players to set us up for round 2 of the same malfeasence. Why are Americans allowing this to happen?What are our representatives doing to help extricate us from this ongoing crisis? What is the penalty for abrogating your sworn duties as an elected official? What is happening to the mirrors being removed from the homes of these perps? God help us, one world order seemingly coming to pass.

[idyl]

03:31 PM on 03/08/2010

OK … this got me angry. Maybe we need to pass a constitutional amendment … a so called "keep the fox out of the henhouse" provision. If we keep looking after people at the top, soon they won't have anybody left to exploit. Oh wait, we live in a so called flat and global world now. Safe behind their gated communities and chauffeured humvees, perhaps they just don't need us anymore. I'm tired of Senators wanting to do the right thing, say they are doing the right thing, and then back down at the last moment. And why Dodd … he's not even running for re-election. 1,929 comments and counting, at some point representatives will need voters again to win elections. For now, they don't seem to care much (do they)?

[kent4620]

02:51 PM on 03/08/2010

Elizabeth Warren in therapy over this one.