Thread: Senator Dodd Sells USA out to Fed

REUTERS REUTERS VIDEO

The bill by Senator Christopher Dodd would give the Fed the power to break up big firms that could threaten the stability of the financial system if they suffered serious problems.



The Fed would also gain authority over the nation's largest bank-holding companies and become the home to a new consumer watchdog with oversight on mortgage-related businesses and some large nonbank financial firms, such as insurers.



Dodd released the 1,336-page bill less than a week after efforts at a bipartisan compromise broke down. Lawmakers have been arguing for months about regulatory reform following the worst financial crisis in generations that tipped the economy into a deep recession that reverberated globally.



In addition to addressing concerns over how to maintain the financial system's stability, the bill takes aim at regulating the risky financial instruments that have been blamed for contributing to the financial crisis and protecting consumers from risky financial products that have also been blamed for their role in the crisis.

The Federal Reserve is NOT a part of the federal government. These people are not elected to any federal office. It is insane, and totally irresponsible of the Democrats in the Senate to even consider giving such wide-ranging powers to the Federal Reserve.

There is zero way in hell this passes. It's quite funny, the left-leaning stations in CT are covering this as "hey it's smart consolidating departments!". The law of unintended consequences indeed.



(when this bill calls for no shared services between then one needs just question what's the true advantage of this)

[quote name='PoliticalHotwire' date='16 March 2010 - 08:03 AM' timestamp='1268741003' post='129394']

There is zero way in hell this passes. It's quite funny, the left-leaning stations in CT are covering this as "hey it's smart consolidating departments!". The law of unintended consequences indeed.



(when this bill calls for no shared services between then one needs just question what's the true advantage of this)

[/quote]



I wouldn't be surprised to see this pass. The Democrats are firmly behind this.

As predicted, he sold out the country. He's probobly setting himself up for a lobbyest job when he leaves the Senate.

[quote name='Burning Giraffe' date='16 March 2010 - 07:18 AM' timestamp='1268741892' post='129402']

I wouldn't be surprised to see this pass. The Democrats are firmly behind this.

[/quote]

Sounds to me as though if something like this had been in place the practices of AIG and big banks like First American would not have been able to get in the position they were causing the bailouts. I suppose you think it better they do whatever the fuck they want and then bail them out when they do?



I think it is incredibly stupid that companies such as these were allowed to go this far. Regulation is not taking control of private business nor telling them how to run their business it's just keeping an eye on what they are doing and not allowing them to claim vast assets when they don't have two pennies to rub together.



Sounds to me to be the conservative thing to do to prevent the govt from having to bailout private business. I guess because it was brought up by a democrat you automatically have to come up with a reason to be against it.

[quote name='Pragmatist' date='16 March 2010 - 12:35 PM' timestamp='1268757320' post='129477']

Sounds to me as though if something like this had been in place the practices of AIG and big banks like First American would not have been able to get in the position they were causing the bailouts. I suppose you think it better they do whatever the fuck they want and then bail them out when they do?



I think it is incredibly stupid that companies such as these were allowed to go this far. Regulation is not taking control of private business nor telling them how to run their business it's just keeping an eye on what they are doing and not allowing them to claim vast assets when they don't have two pennies to rub together.



Sounds to me to be the conservative thing to do to prevent the govt from having to bailout private business. I guess because it was brought up by a democrat you automatically have to come up with a reason to be against it.

[/quote]



Prag - First of all, we're not talking about the government enforcing its own laws. We're talking about the Federal Government contracting out its responsibilities to a privately owned bank. I thought you Democrats were all for a centrally planned economy and against private corporations having all the power. Well, the Federal Reserve will become Monarch of all Industry if this passes. This Bill is creating "one ring to rule them all".