Expanding the Fed powers to completely collapse our economy

Posted by Jason | Posted in Economics, Government | Posted on 29-10-2009

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We may have the dumbest people in America running the country. Even most of the politicians pushing for the expanded Fed powers admit that the Fed caused the housing bubble. So, what is their fix? I think most rational people would say let’s take power away from the Fed. Oh no, not the geniuses sitting in the Capital. They want to give the Fed more power to screw up the economy. Apparently, this disaster isn’t bad enough yet. They want to see if the Fed can collapse the entire system.

By SUDEEP REDDY

WASHINGTON — Get ready for a fiery debate about the role of the Federal Reserve.

The latest financial-regulation legislation moving through Congress would give the Fed new oversight powers, including the authority to force large firms to shrink if their size threatens the broader economy.

The draft bill, released this week by House Financial Services Committee Chairman Barney Frank (D., Mass.) gives the central bank more direct authority than outlined in a proposal earlier this year.

The expansion of the Fed’s role is sure to become a flash point in the debate over the overhaul of financial regulations.

On one side are Mr. Frank and Treasury Secretary Timothy Geithner, who favor giving the Fed broad authority. On the other side are lawmakers who want power spread out among agencies. Many also charge that the Fed’s regulatory missteps helped to cause the financial crisis.

via Congress Weighs Scope of Fed’s Authority – WSJ.com.

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