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In reality the congress has over site. But just look at the housing mess. They needed to unbundle those loans to separate the performing from non-performing. But treasury cannot do it . That is why treasury under Geithner proposed a federal/private sector (big banks) partnership to unbundle those loans. When GM and Chrysler where bailed out that went out the door because no one wanted to partner with government seeing the haircuts bondholders got. Noone wants federal partnership now because they can just change the rules in their favor anytime.
The Pres certainly has input though. For instance he picks the big cheese.
Input is one thing. Authority is another. Congress has authority over the FED. The President does not. He does however nominate FED Board members to their 14-year terms. Those nominees need to be confirmed by the Senate. From among Board members, he also nominates a Chair to a 4-year term, also upon confirmation by the Senate.
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Originally Posted by Hoonose
And second The Treasury is part of the Executive. And as such has significant influence.
The FED is a functionally autonomous federal agency. It is not part of the Executive Branch. It deals principally with the mechanics of banking and with monetary policy. Treasury has little if anything to do with monetary policy. Obviously, everybody talks, and it's nice if people can be on the same page. It doesn't go any further than that.
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Originally Posted by Hoonose
The Trillion Dollar Coin, for another instance.
An accounting gimmick popularized by the disinformation media. Same people who tell you that Obama wants to take away your guns. Lots of slop to fall for over there.
Check your facts and get back to me. It is owned by the big banks.
It's you that is in orbit somewhere. Member banks purchase "stock" in their regional FRB. It is similar to the "stock" one might be required to purchase in joining a golf, tennis, or swim club. It can't be sold or traded, and it can't be used as collateral. It can only be held. It carries no rights of ownership. You've simply been steamrollered here by a bunch of hair-on-fire whackjobs.
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Originally Posted by ContrarianEcon
Is the article in error in its facts? if so can you show a credible source to back up what you say?
All articles are more credible than the ones you have been reading.
Seriously? Executive Orders implement policy within the Executive Branch. E.O. 12631 established an advisory group to report to the President (Reagan) on the state of financial markets in the wake of the 1987 stock market crash. Got anything else? Maybe something actually relevant?
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Originally Posted by ContrarianEcon
I will let the accuracy of your last statement about the president not having input into the actions of the Fed speak for your accuracy in this matter as well. Or here is about the top hit on google to the question who owns the Fed Who Owns The Federal Reserve? | Global Research
LOL! Global Research is an OPINION site. All sorts of flakes and whackos can and do post total nonsense there. Your heroine Ellen Brown here is principally about warning others of the looming dangers inherent in the New World Order. Run for your lives! Briefly put, she's cuckoo. Meanwhile, nobody owns the FED. It is a public sector entity created by Congress.
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Originally Posted by ContrarianEcon
Nice one.
Indeed. The word "malarkey" has so far applied to every single claim you have made.
In reality the congress has over site. But just look at the housing mess. They needed to unbundle those loans to separate the performing from non-performing.
There is no way to track money once it is all thrown into a giant pot. Secondary market investors purchase a share in a pot, not a share of any individual loan that feeds into it. In the old days, individual loans were sold as individual loans, It was a horribly inefficient system.
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Originally Posted by texdav
That is why treasury under Geithner proposed a federal/private sector (big banks) partnership to unbundle those loans.
No loans were ever unbundled. Secondary market securities -- i.e., shares in a pot -- were bought and sold so as to restore liquidity to the banking system and permit its continued operation, what with virtually all economic activity being dependent upon such continued operation and all.
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Originally Posted by texdav
When GM and Chrysler where bailed out that went out the door because no one wanted to partner with government seeing the haircuts bondholders got.
This was not a "partnering". The automakers came to Washington begging for help. GM and Chrysler were on the brink of total collapse. They were given bridge loans and a deadline to show some progress. They failed to meet the deadline and were taken into bankruptcy. Bondholders got all that they deserved in a bankruptcy. Whine if you owned some.
You can't write laws that will erase history. You write laws to help shape the future and the first attempts at such things are rarely the last. The bailouts meanwhile were not for the purpose of aiding the banks or the bankers. They were to shore up an international financial system teetering on the brink of collapse on which the welfare of you and billions of other people around the world critically depends. Without a functional financial system, economic activity collapses, taking product and income with it. That's the scenario that was being warded off. Yours are the interests that were being protected.
A great post that all the arm chair quarterbacking cannot change. Even Alan Greenspan said in his last book he wished he'd have seen it sooner. The fact that the flooding of billions into the markets for stabilization was done by a Republican president shows just how wrong the deregulation ideal is. I was proud of GW for having the guts to do what was right even against some of the extreme conservative ideals. This was really beyond red, or blue, and was done for all people.
FWIW, the Fed is a government entity with autonomous authority to set fiscal policy through a combined agreement of its board of governors. All the negative comments are just BS, because fiscal collapse was not an option. To somehow think chaos and anarchy would have been a better option is ludicrous.
An accounting gimmick popularized by the disinformation media. Same people who tell you that Obama wants to take away your guns. Lots of slop to fall for over there.
Call it what you want. Until our laws are changed, Obama can cut our fiat debt with a simple order.
(k) The Secretary may mint and issue platinum bullion coins and proof platinum coins in accordance with such specifications, designs, varieties, quantities, denominations, and inscriptions as the Secretary, in the Secretary’s discretion, may prescribe from time to time.
Call it what you want. Until our laws are changed, Obama can cut our fiat debt with a simple order.
Questionable. The statute in question governs the issuance of commemorative coins. Even in its present form, use of the statute for the purposes supposed would raise immediate court challenges that would all but certainly result in a finding of an abuse of authority based on misconstruction of Congressional intent. This whole platinum coin argument is akin to claiming that parking in front of a hydrant is legal becasue you haven't gotten a ticket yet.
Questionable. The statute in question governs the issuance of commemorative coins. Even in its present form, use of the statute for the purposes supposed would raise immediate court challenges that would all but certainly result in a finding of an abuse of authority based on misconstruction of Congressional intent. This whole platinum coin argument is akin to claiming that parking in front of a hydrant is legal becasue you haven't gotten a ticket yet.
He doesn't do very well on other topics either.
The issuance of Commemorative coins is separate in the law as it is written. Sure there would challenges, and sure there are questions of intent. But the law as written could reduce our National Debt. Period.
It is illegal to park in front of a hydrant. Period.
The issuance of Commemorative coins is separate in the law as it is written. Sure there would challenges, and sure there are questions of intent. But the law as written could reduce our National Debt. Period.
Fairy godmothers could do it as well. But in each case beliefs in the realm of fantasy are necessary.
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Originally Posted by Hoonose
It is illegal to park in front of a hydrant. Period.
That's the general presumption on the basis of thousands of tickets having been issued and upheld in court. The game with platinum coins exists only because the matter has not come before a court. There is no doubt of what would happen if it did. Just as there is no doubt of what would happen once your car was in fact ticketed for parking in front of a hydrant.
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