Obama unveils overhaul of financial system oversight - More poweful Federal Reserve

[Pennywise38]

http://www.cbc.ca/money/story/2009/06/17/obama-financial-regulation-overhaul.html#socialcomments

U.S. President Barack Obama on Wednesday unveiled a series of changes to the oversight of the American financial system, in a move meant to avoid a repeat of the collapse that helped drag the economy into recession.

"While this crisis has had many causes, it is clear now that the government could have done more to prevent these problems from growing out of control and threatening our overall economy," Obama said

Obama called his proposed changes a transformation that has not been seen since the reforms that followed the Great Depression, but he said it would be a mistake to scrap the financial system entirely and start again.

The president said the reforms would give more power to the U.S. Federal Reserve to oversee bank holding companies and other large firms that could pose a risk to the entire economy in the event they collapse.

Obama also said the firms will be required to meet stronger capital and liquidity levels so that they are less likely to fail.

"We seek to create a framework in which markets can function freely and fairly, without the fragility in which normal business cycles bring the risk of financial collapse; a system that works for businesses and consumers," Obama said.

He said his reforms would also require regulators to look not only at the safety and soundness of individual financial institutions, but at the stability of the system as a whole.

Obama's plan would also establish a new agency to protect consumers in their financial dealings.

"This agency will have the power to set standards so that companies compete by offering innovative products that consumers actually want, and actually understand. Consumers will be provided information that is simple, transparent, and accurate," he said.

Look up some other sources on this. I was looking at the detail points of his plan and it's just plain ******ed or scary in some parts. I know quite a few people here will have major issues with the Federal Reserve getting more power, and I can't blame you.

As for trying to establish a global standard to mirror Obama's planned one for America...He can't seriously think that will ever happen?

[Psychokilla8888]

http://www.cbc.ca/money/story/2009/06/17/obama-financial-regulation-overhaul.html#socialcomments



Look up some other sources on this. I was looking at the detail points of his plan and it's just plain ******ed or scary in some parts. I know quite a few people here will have major issues with the Federal Reserve getting more power, and I can't blame you.

As for trying to establish a global standard to mirror Obama's planned one for America...He can't seriously think that will ever happen?

Its quite criminal. I dont know how else to describe it.

Obama said that it was out of control capitalism that caused this mess. And that clearly isnt the reality it was an out of control federal reserve lowering interest rates and government policies which caused the housing bubble. Those policies allowed people to be greedy and scam people. So if he really wanted to correct this problem, prevent it from happening again, and set the foundation for the economy to rebound he would remove powers from the federal reserve.

I always make this comparison. Giving the federal reserve control over the monetary system, would be like George Bush giving the entire defense budget to haliburton and having them run the military. Bush would have been impeached for that, how is allowing the federal reserve a privet business to run our currency (when its the congress' job) not an equal offense.

[DOISMILEY]

"Obama's plan would also establish a new agency to protect consumers in their financial dealings."
isnt this what the better businnes bureau is for?




when the federal reserve was created in 1913, it seems that every decade there is some kind of financial problem...but obama wants to give them more power? also for a man who preached transparency, everyone knows their records are more top secret than area 51. i dont understand how this can be acceptable

[MetalRocker]

Its quite criminal. I dont know how else to describe it.

Obama said that it was out of control capitalism that caused this mess. And that clearly isnt the reality it was an out of control federal reserve lowering interest rates and government policies which caused the housing bubble. Those policies allowed people to be greedy and scam people. So if he really wanted to correct this problem, prevent it from happening again, and set the foundation for the economy to rebound he would remove powers from the federal reserve.

I always make this comparison. Giving the federal reserve control over the monetary system, would be like George Bush giving the entire defense budget to haliburton and having them run the military. Bush would have been impeached for that, how is allowing the federal reserve a privet business to run our currency (when its the congress' job) not an equal offense.While im not all for more federal control , the truth is these guys brought this on themselves no one forced them to be greedy. Here is one example of why this is happening in the first place.

http://www.centredaily.com/business/story/1346531.html

[mantis3]

Goodbye capitalism.

[Psychokilla8888]

While im not all for more federal control , the truth is these guys brought this on themselves no one forced them to be greedy. Here is one example of why this is happening in the first place.

http://www.centredaily.com/business/story/1346531.html

They were shoveled money in their face with the fed droping rates to the lowest ever and they told you better give everyone a loan even if they couldnt put 20% down or we take action against you for discrimination. "And they said hey if they default on the loan freddie will back you with the help of the government". Its a big ****ing scam involving everyone started by the congress.

[Psychokilla8888]

Figure this was fitting since people brought up the banking crisis

-CT6HIDPbPc

[MetalRocker]

Figure this was fitting since people brought up the banking crisis

-CT6HIDPbPcIts a big ****ing scam involving everyone started by the congress.
Then you post a Frank vid , homophobe much.

[Fantasmo56]

While this is extremely disheartening, I can't say I'm surprised. It was to be expected that this crisis would be used as an opportunity to increase regulation and government intervention in the markets. You will see more stagnant growth in GDP, output, productivity and innovation in the years to come, all to sustain a system that should have been allowed to destroy itself.

The FED is a completely different story, considering how completely useless it has been not only at controlling the money supply but at preventing financial meltdown. Originally, the central banking system was intended solely for the purpose of controlling the quantity of money in domestic markets. Soon after its creation, the FED concerned itself with the manipulation of interest rates (notice how the FED has been extremely fearful of raising rates since the Depression, contributing to the state of inflation caused by low interest rates that we see today). I fear that now, the FED will concern itself with financial regulation and market oversight.

There is a certain law in economics (the name escapes me) that deals with bureaucracy and government growth. It states that if a government funded program fails to produce positive results, it is likely to be given a bigger budget. What we see here is a complete failure in regulation, in oversight and in central banking. The government's answer, of course, is to create more regulatory bodies, increase oversight and strengthen the central banking system. Perhaps we should attempt to remove government restraints from the market, and curtail the FED by reducing some of its sweeping powers. It's not likely to happen anytime soon, however I can dream, can't I?

[Psychokilla8888]

Why not give the federal reserve power. We are really looking into their activities and making sure they are on the up and up /sarcasm

cJqM2tFOxLQ

This moron couldnt run a lemonade stand let alone investigate Fed transactions. I'm glad we are giving the fed more power with people like this person investigating them. I think senile Robert Bird would do a better job investigating them.

The man questioning her is a democrat.

[SWEETOOTH]

Its quite criminal. I dont know how else to describe it.

Obama said that it was out of control capitalism that caused this mess. And that clearly isnt the reality it was an out of control federal reserve lowering interest rates and government policies which caused the housing bubble. Those policies allowed people to be greedy and scam people. So if he really wanted to correct this problem, prevent it from happening again, and set the foundation for the economy to rebound he would remove powers from the federal reserve.

I always make this comparison. Giving the federal reserve control over the monetary system, would be like George Bush giving the entire defense budget to haliburton and having them run the military. Bush would have been impeached for that, how is allowing the federal reserve a privet business to run our currency (when its the congress' job) not an equal offense.

He's saying this while spending on stimulus plan which isn't working. If goes as he wants with healthcare, he's going to spend another trillions dollars......

Out of control capitalism? Hahahahaha. *clears throat*

[Iceman1977]

While im not all for more federal control , the truth is these guys brought this on themselves no one forced them to be greedy. Here is one example of why this is happening in the first place.

http://www.centredaily.com/business/story/1346531.html

yes - masssive government power over the people usually has some rationalization.


while it is true that many of the bank brought it on themselves I think we should let the free market eat them up and let the smart businesses take over. In the end letting the smartest win is better for the economy than proping up the worst.

granted marxists don't believe that but oh well.

I find it hilarious that you say you are not all for 'more' federal control but you were a big cheerleader for massive government control by democrats. what did you think would happen under a far left agenda?

[Iceman1977]

He's saying this while spending on stimulus plan which isn't working. If goes as he wants with healthcare, he's going to spend another trillions dollars......

Out of control capitalism? Hahahahaha. *clears throat*

with liberals - the reason that the massive spending and taxing doesn't work is because they need to increase spending and taxing...until they own everything. The the country collapses and they will probably blame the minority republicans in power.

[CF_Abyss]

The liberal democrats couldn't find their way to the surface of a plastic ball pit at chuck-e-cheese. Our country is going to fail with people like this in office.

[GB_Owl]

Here's a pic from 1999, just to piss you guys off.

http://j.bdbphotos.com/pictures/I/1L/I10G1F6P_large.jpg

[MetalRocker]

yes - masssive government power over the people usually has some rationalization.


while it is true that many of the bank brought it on themselves I think we should let the free market eat them up and let the smart businesses take over. In the end letting the smartest win is better for the economy than proping up the worst.

granted marxists don't believe that but oh well.

I find it hilarious that you say you are not all for 'more' federal control but you were a big cheerleader for massive government control by democrats. what did you think would happen under a far left agenda?yes - masssive government power over the people usually has some rationalization Says the master of hyperbole.

while it is true that many of the bank brought it on themselves I think we should let the free market eat them up and let the smart businesses take over. In the end letting the smartest win is better for the economy than proping up the worst. While im not totally against this , like i said before. The problem is massive failure of all this business will bring about a depression era economy were these " smart businesses" wont have the capital or be lent the capital to "take over". I believe this is the situation the government is trying to prevent but you can spin it into some conspiracy if you want.

[Psychokilla8888]

The liberal democrats couldn't find their way to the surface of a plastic ball pit at chuck-e-cheese. Our country is going to fail with people like this in office.
I'm debating putting this in for my sig. Have to change liberal democrat for progressive politician for all the ass backwards republicans that think government is the answer to problems.

but I lol'ed

[CF_Abyss]

I'm moving to Switzerland. Obama scares the **** out of me through his complete ignorance.

[SWEETOOTH]

with liberals - the reason that the massive spending and taxing doesn't work is because they need to increase spending and taxing...until they own everything. The the country collapses and they will probably blame the minority republicans in power.

They can say whatever they want because it's free speech but they can't tell us what to believe when the words are said and poor to no actions are shown. It's like they're telling us to believe in them when they're doing whatever they want even if the changing of the nation leads to irresponsiblity and poor principles which it's getting there. I do not care what smartass ****** bag people (no names) on this site say.

They've spent trillions of our money and saying it's for the good of the country to fix it. Well....I still see no results. Still....all talk and no action. How does Obama expect us to have our support when he still has not lived up to any of his words? Still...he spends.

No liberal on this site can deny that. Where would Obama be without 95% of the media support? Impeached.....

Wtf is wrong with our health care system which he's pushing to fix with another 1 trillion dollars? It's has been this way for......decades. It's funny though......no details or plans on what he wishes to do.

Obama is saying, "I want 1 trillion to fix our healthcare......give it!" It's just very funny to me.