Monday, September 14, 2009

Ron Paul vs. Obama on the Fed, Wall Street and Economic Reform

"More power to the Federal Reserve? The answer is 'End the Fed.' The Fed is the culprit. The people who love war love the Fed. They {the Fed} have more power than the Congress. The Fed chairman probably has more power than the President" Dr. Paul 9/14/09

Some Obama comments, 9/14/09, in an address on Wall Street.

"By opening and examining the books of large financial firms, we helped restore the availability of two things that had been in short supply: capital and confidence."

"We are proposing the most ambitious overhaul of the financial system since the Great Depression."
No call to open the books of the Fed though.
"We’ll create clear accountability and responsibility for regulating large financial firms that pose a systemic risk. While holding the Federal Reserve fully accountable for regulation of the largest, most interconnected firms, we’ll create an oversight council to bring together regulators from across markets to share information, to identify gaps in regulation, and to tackle issues that don’t fit neatly into an organizational chart."
Who is going to hold the Fed accountable? And where is that 'official' organizational chart that shows who owns and controls the Fed? Could that information show that foreign central banks have their tentacles around the Fed and that our economic policies are not actually in our hands?


  1. "We’ll create clear accountability and responsibility for regulating large financial firms that pose a systemic risk.

    The banks that were 'too big to fail,' have gotten bigger, thanks to a compliant Congress and asleep at the switch WH.

    What regulators will they bring in? Former and current Goldman Sachs execs?

    Maybe they could bring in some of these guys to audit the situation. At least they'll have a good time spending our money.

    File this one under unneighborly conduct. Goldman Sachs Group Inc. (GS) partner and managing director Richard Kimball Jr. has been throwing his share of loud parties at his Southampton, N.Y., rental this summer, and it hasn't exactly pleased his neighbors.

    "There's loud music blasted out until the early hours, loud screaming and shouting and taxis coming in and out at all hours," one neighbor told the New York Post. "Another neighbor went round to get them to turn it down, and she came back saying there were a lot of topless girls around the pool with just two or three guys."

    Well I suppose Kimball's behavior can be explained, if not excused. I mean it's not like he's got rails of coke lined up on his white picket fence or anything, right?

    Fairly sure this is not what Lord Blankfein meant when he said "keep it on the down low"...

  2. The banks need to fail. Most of them are largely parasitic, taking money from the fed and loaning it out at a percentage, risking little if any of their own capital in the process. Even with that neat little trick, they still went broke. These guys are not geniuses; they're morons, and they deserve to fail.