Liberals, The New York Federal Reserve, Timothy Geithner, and the Incompetent Barack Obama (Dodd, how much)
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Supervision and regulation is the enforcement of rules.
Congress has oversight of wall street; The Fed, the SEC, the OCC, the OTS, and some others all share supervision and regulation duties.
And again you missed the point: We're talking about pre-2008 Fed, you're talking about post-2008 Fed.
Quote:
Suspension, Liquidation, or Reorganization of Reserve Banks
(h) To suspend, for the violation of any of the provisions of this Act, the operations of any Federal reserve bank, to take possession thereof, administer the same during the period of suspension, and, when deemed advisable, to liquidate or reorganize such bank.
[12 USC 248(h). Part of original Federal Reserve Act; not amended.]
Rules and Regulations
(i) To require bonds of Federal reserve agents, to make regulations for the safeguarding of all collateral, bonds, Federal reserve notes, money or property of any kind deposited in the hands of such agents, and said board shall perform the duties, functions, or services specified in this Act, and make all rules and regulations necessary to enable said board effectively to perform the same.
[12 USC 248(i). Part of original Federal Reserve Act; not amended.]
Supervision Over Reserve Banks
(j) To exercise general supervision over said Federal reserve banks.
[12 USC 248(j). Part of original Federal Reserve Act; not amended.]
Ok, so some liberals are "disappointed" and many on the left "see through his lies, too." What reason do I have to believe that these liberals are not going to vote for Barack Obama in 2012? Are they that disappointed with his incompetency and lies? You folks didn't raise an eyebrow when Geithner was nominated, when it was clearly evident that Obama used your vote as a pawn to install Wall Street Flunkies in his Cabinet, so what makes anyone believe that you'll withold your vote in protest?
There are 2 choices Obama or Romney. Romney's view of the world is we should go back to the deregulated, non-interference attitude that led to the financial crisis in the first place. The odds that reasonable oversight will be implemented is higher, although slim, under Obama then under Romney.
There are 2 choices Obama or Romney. Romney's view of the world is we should go back to the deregulated, non-interference attitude that led to the financial crisis in the first place. The odds that reasonable oversight will be implemented is higher, although slim, under Obama then under Romney.
Isn't it sad that our choices are slim and none? Is it any wonder why we are in such shape when our choices have been Gore, Kerry, Bush, McCain, Obama and Romney?
The President has nothing to do with it. The jurisdiction of the Federal Reserve (and the FDIC) is independent.
The president nominates the head of the Fed. They nominate someone that they know will do their bidding overall. If Obama was against things like QE he would not have renominated Bernanke.
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