Pay attention!! Big changes are going to be proposed tomorrow in Washington DC that deal with the financial well being of the nation. Already the plan has opened a very sharp debate an no one is talking but my fear is that it may send out the wrong message that things are so bad they cannot be fixed!
The plan was announced late Friday night to insiders, and will be officially released Monday morning. There are going to be the biggest proposals of change since the Great Depression. The plan focuses on a broader role for the Federal Reserve consolidating powers by eliminating overlapping areas of state and Federal regulators to gain oversight into investment banks and brokerages. The plan also calls for Office of the Comptroller and the Office of Thrift Supervision to come under tighter Federal or centralized control to keep the credit crisis problems from getting worse. It will create a "Super watchdog agency! Other streamlining proposes the Securities and Exchange Commission to merge with the Commodities Futures Trading Commission!
Under the 200 page plan which will be released Monday morning is an effort to regain confidence in our economy. Paulson (Former chairman of Goldman Sachs) want the Federal Reserve to become the center of oversight to control market stability.
I am a firm believer that less government is better government, and that this announcement may send shock-waves throughout the economy. It is sort of like the situation we have on the boarder - we have all the rules, laws in place no one wants to be man enough to enforce them. It is alos like the wolves gaurding the sheep! Some of the institutions that they want to change have been in place since the Civil War. It may concentrate too much power to too few!
Bill Kennedy This story was very hidden. It posted near 11 PM Friday night on a weekend to pre-announce a Monday Release. It will be interesting how the foreign market perceive this! The best overage of the story seems to have come from overseas:
I agree about less interference. However, in the current situations, the fed has acted to bail out business. I understand why they did but we need to ficus on how we can improve the economy.
Most politicians can not even explain how the Fed works. I think many of them will say, we tried to fix things. Tried and doing are definitely not the same thing. All the rest of us can do it hold on we know we are in for a ride. We just don't know where it is heading.
P. Timothy McDonald The sad this was last week they bailed out an investment bank in which they have no jurisdiction. No one questioned the authority, and I know there was no full disclosure. We will never know all the reasons for their actions, but the new authority is being treated with skepticism!
Frank Rubi Louisiana Real Estate-Homes for Sale Exactly! I just finished watching the announcement this morning, More regulation, more powers to enforce, more oversight...they could not enforce what they have now! It is the wolves guarding the sheep. The best line I heard is that this is like having "Elliot Spitzer to head up a morals division!"
Star Chamber...the Fed already is a quasi-governmental agency with NO public oversight. I don't like it. It is part and parcel an arm of the Financial sector and has NO real checks and balances. Don't like what I've read so far.
Roger Hollingsworth - I read that and I saw a video supporting that. Too bad they did not run it before he had to resign. It would have had credibility then. Sort of like these folds that like to talk about Nostradamus! Things all of a sudden become clear in the rear view mirror, but the reality is this is a PR ploy after the train has wrecked. Andrew Cuomo however earlier that week came to an agreement with Fannie Mae and Freddie Mac after he prosecuted them Spitzer was too pre-occupied with other things.
Rich Sweum I agree! What most folks don't under stand is that the Federal Government is the largest employer in the USA! No one comes close! They are broken! No one does their job, everyone is too afraid to do so, everything has to be politically correct everything is subjective as opposed to being objective and accountable for their actions!
Jim Crawford ~ Atlanta Real Estate-ABR E-PRO
Atlanta, GA
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I am definitely in the same boat about less government is good. They screw up everything they get involved with.