I
Igor The Terrible
Guest
With the incredibly corrupt and mentally bankrupt inbreeds currently
infesting Washington, it is literally a breath of fresh air to have
someone like Jim Rogers spell **** out about the Fed and what they are
really made of.
http://www.cnbc.com/id/23588079
Call the rotten piece of corporate **** what you will, but, the
federal reserve is nothing less than a goddamned cartel with free
reign to do what it wants when it wants, for whatever reason it wants
regardless on whether or not it serves the better interest of America
or its long term security. Now, the head inbreed in charge (what the
**** is that goddamned retard still doing alive much less doing in the
white house) wants to give Bernanke and his FOMC flunkies more
centralized power?
=====================================
SIDE NOTE:
And for you liberal bail-out supporters.... (Excerpt from the below
article) "The credit crisis that has rocked Wall Street and made
credit hard to get on Main Street has highlighted that discrepancy in
regulation."
Well, after all the liquidity Bernanke & Co. dumped into the
investment banks, mortgage companies, and anything else that crawls
around on all fours that can beg and whine, WHERE is all the money for
refinancing home owners with ARMs on the verge of foreclosure?
Exactly. You don't have an answer. The ****ing banks are hording the
cash to help boost their bottom line for their next 10Q. And just
think of all the ****ing idiots that will take long positions to
further extend these banks' windfalls in taxpayer funded welfare!!!
I couldn't have said it any better than Jim Rogers..."if they need to
go bankrupt, LET THEM!!!
**** the goddamned complacent, unscrupulous greedy bastards. They got
themselves into this ****. It is their job to get themselves
out...lest the pissed off shareholders take their losses out on their
hides. Bailing out these ****ing thieves will only make what would
have been a moderate recession into a hulking economic nightmare that
will make the 70s and early 80s look like a time of untold prosperity.
Wake up folks! The powers that be are venom to the long term economic
health and security to this country--they need to be extricated from
their position by whatever means necessary.
Igor tells you this today so that tomorrow brings you no surprises.
====================================
Here is the question of the century...
What the **** are Americans doing at home when ALL of us should be
going to DC and Wall Street armed to the teeth and commence to some
serious head-rolling, head-bashing, ass-kicking festivities?
Have the ****ing brains lodged inside the skulls of Americans become
>that< numb and/or damaged to the point to where they can't see what
the **** these goddamed bastards are doing to this country?
Turn off that mother****ing TV and get a clue! Unless, of course you
love being a prized bitch the government and the Fed can have at their
slightest whim.
Folks...it is time for some SERIOUS house cleaning--20 years ago!!!!
Administration pushes regulatory changes By MARTIN CRUTSINGER, AP
Economics Writer
WASHINGTON - The Bush administration is trying to confront the credit
crisis that has rattled nerves from Wall Street to Main Street by
proposing wholesale changes in how Washington oversees the financial
system.
A plan set for release Monday would give new powers to the Federal
Reserve so that the central bank serves as the system's overarching
protector of stability.
The proposal would abolish agencies such as the Office of Thrift
Supervision and the Commodity Futures Trading Commission, shifting
their responsibilities to other federal institutions.
When Treasury Secretary Henry Paulson outlines the ideas in a speech,
the changes will represent the most sweeping overhaul of financial
regulation since the Great Depression of the 1930s.
The Associated Press obtained a 22-page executive summary of the
proposal. It seeks to make sense of the mishmash of overlapping
oversight in which an alphabet-soup roster of agencies regulates
banks, thrifts and credit unions.
Under the current hodgepodge, institutions that take deposits and are
federally insured face multiple regulatory bodies. By contrast, hedge
funds, private equity firms and investment banks endure substantially
less regulation.
The credit crisis that has rocked Wall Street and made credit hard to
get on Main Street has highlighted that discrepancy in regulation.
Many financial institutions have declared billions of dollars in
losses stemming from soaring mortgage defaults caused by prolonged
housing troubles.
In an unprecedented move designed to get credit flowing again, the Fed
is allowing investment banks to borrow directly from the Fed,
something only commercial banks had the power to do before.
That decision came as part of a rescue effort for Bear Stearns Cos.,
the nation's fifth largest investment bank. It nearly failed earlier
this month before the Fed rushed in with a $30 billion line of credit
to facilitate the sale of Bear Stearns to JP Morgan Chase & Co.
The Fed's moves have put public money potentially at risk and
increased calls for greater regulation of investment banks and other
institutions.
The Paulson plan is expected to generate intense debate in Congress,
which would have to approve the changes.
Some top Democrats, including Rep. Barney Frank, the chairman of the
House Financial Services Committee, are pushing competing ideas that
would streamline oversight but also impose new controls beyond those
in Paulson's plan.
Sen. Charles Schumer, a leading voice in the debate, said he did not
think Paulson had gone far enough in dealing with some of the new
complex types of investments heavily featured in the current financial
crisis.
"Very complex financial instruments have evolved in recent years,"
said Schumer, D-N.Y. "The Treasury Department should address these
issues as well."
David Nason, Treasury's assistant secretary for domestic finance, said
the administration's primary goal is to get through the current credit
crisis with officials understanding that the debate over an overhaul
plan this far-reaching could last for years.
"These are very complex issues that require a serious amount of
debate," he said in an AP interview Saturday. "It is going to take
time to play out."
Business groups on Saturday generally voiced support for Paulson's
approach and said there would be significant debate over the details.
"The current crisis just shows in a very stark way that ... you need a
regulatory structure that is simple, nimble and modern and ours does
not meet that test," said David Hirschmann, president of the U.S.
Chamber of Commerce's Center for Capital Markets Competitiveness.
Tim Ryan, president of the Securities Industry and Financial Markets
Association, a big lobbying group for Wall Street, said there was
"universal agreement that it is time to modernize and revitalize the
current system."
The Paulson plan would:
_designate the Fed as the primary regulator for market stability,
greatly expanding its ability to examine any financial institution
deemed to pose a risk to the stability of the system.
_shift the functions of the Office of Thrift Supervision to the Office
of the Comptroller of the Currency, although ultimately the plan
envisions just one banking regulator.
_merge the Securities and Exchange Commission with the Commodity
Futures Trading Commission.
_create a national regulator for insurance companies, which now are
largely regulated by the states.
_establish a commission to address the abuses exposed in the current
tidal wave of mortgage defaults.
infesting Washington, it is literally a breath of fresh air to have
someone like Jim Rogers spell **** out about the Fed and what they are
really made of.
http://www.cnbc.com/id/23588079
Call the rotten piece of corporate **** what you will, but, the
federal reserve is nothing less than a goddamned cartel with free
reign to do what it wants when it wants, for whatever reason it wants
regardless on whether or not it serves the better interest of America
or its long term security. Now, the head inbreed in charge (what the
**** is that goddamned retard still doing alive much less doing in the
white house) wants to give Bernanke and his FOMC flunkies more
centralized power?
=====================================
SIDE NOTE:
And for you liberal bail-out supporters.... (Excerpt from the below
article) "The credit crisis that has rocked Wall Street and made
credit hard to get on Main Street has highlighted that discrepancy in
regulation."
Well, after all the liquidity Bernanke & Co. dumped into the
investment banks, mortgage companies, and anything else that crawls
around on all fours that can beg and whine, WHERE is all the money for
refinancing home owners with ARMs on the verge of foreclosure?
Exactly. You don't have an answer. The ****ing banks are hording the
cash to help boost their bottom line for their next 10Q. And just
think of all the ****ing idiots that will take long positions to
further extend these banks' windfalls in taxpayer funded welfare!!!
I couldn't have said it any better than Jim Rogers..."if they need to
go bankrupt, LET THEM!!!
**** the goddamned complacent, unscrupulous greedy bastards. They got
themselves into this ****. It is their job to get themselves
out...lest the pissed off shareholders take their losses out on their
hides. Bailing out these ****ing thieves will only make what would
have been a moderate recession into a hulking economic nightmare that
will make the 70s and early 80s look like a time of untold prosperity.
Wake up folks! The powers that be are venom to the long term economic
health and security to this country--they need to be extricated from
their position by whatever means necessary.
Igor tells you this today so that tomorrow brings you no surprises.
====================================
Here is the question of the century...
What the **** are Americans doing at home when ALL of us should be
going to DC and Wall Street armed to the teeth and commence to some
serious head-rolling, head-bashing, ass-kicking festivities?
Have the ****ing brains lodged inside the skulls of Americans become
>that< numb and/or damaged to the point to where they can't see what
the **** these goddamed bastards are doing to this country?
Turn off that mother****ing TV and get a clue! Unless, of course you
love being a prized bitch the government and the Fed can have at their
slightest whim.
Folks...it is time for some SERIOUS house cleaning--20 years ago!!!!
Administration pushes regulatory changes By MARTIN CRUTSINGER, AP
Economics Writer
WASHINGTON - The Bush administration is trying to confront the credit
crisis that has rattled nerves from Wall Street to Main Street by
proposing wholesale changes in how Washington oversees the financial
system.
A plan set for release Monday would give new powers to the Federal
Reserve so that the central bank serves as the system's overarching
protector of stability.
The proposal would abolish agencies such as the Office of Thrift
Supervision and the Commodity Futures Trading Commission, shifting
their responsibilities to other federal institutions.
When Treasury Secretary Henry Paulson outlines the ideas in a speech,
the changes will represent the most sweeping overhaul of financial
regulation since the Great Depression of the 1930s.
The Associated Press obtained a 22-page executive summary of the
proposal. It seeks to make sense of the mishmash of overlapping
oversight in which an alphabet-soup roster of agencies regulates
banks, thrifts and credit unions.
Under the current hodgepodge, institutions that take deposits and are
federally insured face multiple regulatory bodies. By contrast, hedge
funds, private equity firms and investment banks endure substantially
less regulation.
The credit crisis that has rocked Wall Street and made credit hard to
get on Main Street has highlighted that discrepancy in regulation.
Many financial institutions have declared billions of dollars in
losses stemming from soaring mortgage defaults caused by prolonged
housing troubles.
In an unprecedented move designed to get credit flowing again, the Fed
is allowing investment banks to borrow directly from the Fed,
something only commercial banks had the power to do before.
That decision came as part of a rescue effort for Bear Stearns Cos.,
the nation's fifth largest investment bank. It nearly failed earlier
this month before the Fed rushed in with a $30 billion line of credit
to facilitate the sale of Bear Stearns to JP Morgan Chase & Co.
The Fed's moves have put public money potentially at risk and
increased calls for greater regulation of investment banks and other
institutions.
The Paulson plan is expected to generate intense debate in Congress,
which would have to approve the changes.
Some top Democrats, including Rep. Barney Frank, the chairman of the
House Financial Services Committee, are pushing competing ideas that
would streamline oversight but also impose new controls beyond those
in Paulson's plan.
Sen. Charles Schumer, a leading voice in the debate, said he did not
think Paulson had gone far enough in dealing with some of the new
complex types of investments heavily featured in the current financial
crisis.
"Very complex financial instruments have evolved in recent years,"
said Schumer, D-N.Y. "The Treasury Department should address these
issues as well."
David Nason, Treasury's assistant secretary for domestic finance, said
the administration's primary goal is to get through the current credit
crisis with officials understanding that the debate over an overhaul
plan this far-reaching could last for years.
"These are very complex issues that require a serious amount of
debate," he said in an AP interview Saturday. "It is going to take
time to play out."
Business groups on Saturday generally voiced support for Paulson's
approach and said there would be significant debate over the details.
"The current crisis just shows in a very stark way that ... you need a
regulatory structure that is simple, nimble and modern and ours does
not meet that test," said David Hirschmann, president of the U.S.
Chamber of Commerce's Center for Capital Markets Competitiveness.
Tim Ryan, president of the Securities Industry and Financial Markets
Association, a big lobbying group for Wall Street, said there was
"universal agreement that it is time to modernize and revitalize the
current system."
The Paulson plan would:
_designate the Fed as the primary regulator for market stability,
greatly expanding its ability to examine any financial institution
deemed to pose a risk to the stability of the system.
_shift the functions of the Office of Thrift Supervision to the Office
of the Comptroller of the Currency, although ultimately the plan
envisions just one banking regulator.
_merge the Securities and Exchange Commission with the Commodity
Futures Trading Commission.
_create a national regulator for insurance companies, which now are
largely regulated by the states.
_establish a commission to address the abuses exposed in the current
tidal wave of mortgage defaults.
