Mar

29

Sweeping Fed Powers For Federal Reserve

March 29, 2008 |

 I am always dubious when it comes to sweeping new powers for anyone, especially the the government. Now a non-legal extension of the government is being granted (proposed) the power to investigate potential threats to the economy. How will they identify such threats and who will be making the decision what a threat is? How capable is any governmental agency for being able to competently solve problems in the economy? It usually has been my position that the more government gets involved  the more screwed up it gets. Who ultimately is responsible for the current financial setup anyway? The government? We haven’t even begun to think about the Constitutional issues yet. Anyone?

My opinion may be in the minority but this doesn’t smell good either way you slice it. It sounds good but then those are just words and hopes that the government can solve more problems than it creates. Good luck.

President George W. Bush’s administration will propose sweeping new oversight powers for the Federal Reserve in a bid to avoid calamities like the current subprime crisis, The New York Times reported Saturday.

Citing a summary of the plan provided by the administration, the newspaper said the Fed will gain the power to investigate any activities of financial institutions that threaten US economic stability, gather information and combat risks to the financial system as a whole.


Comments

2 Comments so far

  1. Ben keeler on March 30, 2008 2:12 am

    I agree. Hopefully we are both wrong.

  2. Claire Norris on March 31, 2008 2:15 pm

    Read the book “The Creature from Jekyll Island, a second look at the Federal Reserve” by G. Edward Griffin and you will understand why we should fight any suggestion of increasing the powers of the Federal Reserve. This is extremely dangerous for our Nation.

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