Sunday, June 28, 2009

The Wolf & The Henhouse

I found it amazing that we're about to provide more power to the Federal Reserve. The organization that fueled this "credit orgy" since 1982 now will have more powers to "tip the canoe".

The Washington Times reports:
"The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration's regulatory overhaul plan. The final plan due to be released on Wednesday -- which originally aimed to streamline and consolidate banking and securities regulation in one or two agencies -- now is expected to sidestep most jurisdictional disputes and simply impose across the board standards to be applied by all financial regulators, according to administration and industry sources."

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