Federal Reserve: Same Old Sheriff on Wall St.

Pollin: Obama plan to 'empower' the Fed won't reign in casino capitalism; finance must be democratized

Last week, Barack Obama announced that his new plan for Wall Street regulation would be hinged upon an enhanced oversight role for the Federal Reserve. Robert Pollin, while welcoming a first attempt at regulation, points out that the Fed already was tasked with bank oversight, but allowed the excess and recklessness to continue due to lack of transparency and accountability. Furthermore, while the Obama plan gives the Fed more power, it does not give one reason to expect a more transparent or accountable agency. When seen together with Treasury Secretary Geithner's plan to relieve banks of their so-called toxic assets, Pollin believes that the White House's vision for an overhauled financial system, falls horribly short.

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Comments

[lightningbolt]

Letting the Federal Reserve supervise the banks that own it is ridiculously stupid. Clearly Obama has financial advisors who work for the banks and not for the people who elected Obama. Obama must fire Geithner and Summers before the entire country is owned by the banks. They own too much already.

[WIpatriot]

"Horribly short" is an understatement.

[noneIn2008]

Read "The Creature from Jekyll Island" - The secret meeting on Jekyll Island in Georgia at which the Federal Reserve was conceived; the birth of a banking cartel to protect its members..
Support Ron Paul's request to allow the GAO to audit the Fed. The Fed hates the idea, making it all the better.

[joebhed]

ummmmm, OK.
The Fed.
Wall Street.
"My people."
We own both parties.

Happy Independence Day to our country.
I fear that we waste away the blood of the brave Colonists who refused the British laws of moneyed commerce written for the benefit of the private Bank of England, laws that refused to allow the Colonies to print their own monies as legal tender.
Creating our own legal tender money.
What happened to the spoils of victory?
Why aren't we talking about that?

The Fed is a private money system, a private banking system and the private Central Bank of the US, the mirror image of its Bank of England counterparty.
The create the money.
They regulate the financial institutions that control the money system.
And now Congress will provide every last bit of government control slip into the hands of these private bankers.
The government of the United States of America, as it celebrates its sovereign powers won so many years ago, has decided that it needs to put the private banking cartel of the Fed in charge of every aspect of outr money system.
It is probably illegal in its present form, and has been charged as such in the halls of the United States Congress, but it is all we've got to pump in the necessary Trillions of $USD to intravenously feed the private debt-money system of the federal reserve bankers.
They own the Congress, and Congress knows it.

[WIpatriot]

...and not just Congress.