Sunday, March 30, 2008

Federal Reserve: “Can We Get A ‘Sieg Heil!’?” (Robert Kaercher)

Robert Kaercher on Bush's massive power grab:

In addition to initiating two major wars and vastly expanding the warfare state, adding on a whole new program to the costly state socialist health insurance boondoggle, innovating new legal interpretations in order to permit torture of mere suspects (including their children), and subjecting increasing numbers of Americans to government surveillance, George W. Bush is about to pull off one more massive Federal power grab before he leaves office:

WASHINGTON - The Bush administration is proposing a sweeping overhaul of the way the government regulates the nation’s financial services industry from banks and securities firms to mortgage brokers and insurance companies.

The plan would give major new powers to the Federal Reserve, according to a 22-page executive summary obtained by The Associated Press.

The Fed would be given broad authority to oversee financial market stability. That would include new powers to examine the books of any institution deemed to represent a potential threat to the proper functioning of the overall financial system.


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