Congress to the Rescue
Or... should I say Democrats to the rescue. Apparently Barney Frank (D - Ma.) and Chuck Schumer (D - NY) have voiced their opinion of government and Federal Reserve oversight of private financial institutions to insure that the public is protected... how nice.
Thoughts?
Also a great quote from Treasury Secretary Paulson: “I am not suggesting that more regulation is the answer, or even that more effective regulation can prevent the periods of financial market stress that seem to occur every 5 to 10 years,” Mr. Paulson will say in a speech on Monday, according to a draft. “I am suggesting that we should and can have a structure that is designed for the world we live in, one that is more flexible.”
????
http://www.nytimes.com/2008/03/29/business/29regulate.html?ei=5065&en=7ba12b1b93b17830&ex=1207368000&partner=MYWAY&pagewanted=print
posted by General Ledger @ 12:11 AM
4 comments
4 Comments:
Following the recent issues with the Fed and the tanking housing market has made me think of two primary questions:
1. How does this effect me? Is being debt free enough?
2. What's will the American economy look like in the next year?
This is ridiculous! This is unAmerican! We need to abolish the Fed. Our dollar should be regulated naturally by a free market; NOT by some unaccountable private entity that lends imaginary money at an interest to us and to our government.
The wisdom of Solomon, from the book of Proverbs, which has stood the test of time of the past 2500 to 3000 years says: "The borrower is slave to the lender"
We the people of the United States of American and our Federal Government are slaves to the Federal Reserve!
How ironic! We pay income taxes to the Federal government and they pay interest on debt owed to the Fed! Can you see it? The fruits of our labor are literally ripped from us and in turn given to the Fed. We are all mere slaves or serfs in this new form of Feudalism.
Check out the wikipedia article on Ron Paul:
http://en.wikipedia.org/wiki/Ron_Paul
I copied this straight off the site. Below is the reason Ron Paul entered politics.
He clearly remembers August 15, 1971, when President Richard Nixon closed the "gold window" by implementing the U.S. dollar's complete departure from the gold standard, as the day he realized what the Austrian school economists wrote was coming true. That same day, the young physician decided to enter politics, saying later, "After that day, all money would be political money rather than money of real value. I was astounded."
Check wikipedia for references and credits.
Thanks for writing this.
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