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One thing seems certain from this interview is concurrence that the Obama Goldman Economic Team and the FED are leading us down a path we do not want to trod.
It really IS up to us citizen’s to stop the prejudicial actions of Obama’s Goldman Economic Team by letting our Congress critters know our perspectives on what Geithner, Summers, et al and Bernanke are trying to do and that is let the banks have their way .
For another example, see this article.
As I wrote someone else "It would seem there would be a need for people to back Congress per -and because- "While the central bank has been favored to take the job since a proposal by former Treasury Secretary Henry Paulson last year,lawmakers and some regulators have
shifted away from that view.Federal Deposit Insurance Corp. Chairman Sheila Bair and SEC Chairman Mary Schapiro earlier this month recommended that a council of regulators assume the role."
Barney Frank in particular needs to hear that the FED is not the proper avenue for regulations of CDS’s; if they had done their job to begin with this mess would not be as large a mess as it is.
The whole concept of those being regulated being able to chose who regulates them is a sham and needs to be stopped now.
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Either we regulate them, or they rob us. Let’s be “disruptive” for a change.
This is not a case of the Fed wanting to do something but not having the authority. I believe it is Yves Smith at Naked Capitalism who has pointed out again and again that Fed types hate to involve themselves in regulation. So to vest them with power they would not use is a recipe for disaster.
It certainly hasn’t been to our advantage to have half a dozen regulators and to let firms choose the least effective one to regulate them. I suspect Bair and Schaprio have a better idea.
“Let’s be “disruptive” for a change” ; EXACTLY !
Thanks!
That’s a keeper.