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Overhauling the Fed: Changing the shape of trouble?

Posted by Non-Hamster on March 30th, 2008

Treasury department, probably out of reaction to the recent mortgage crisis, is now proposing big changes to the Federal Reserve.  They want to give the Fed power to "force American businesses to clean up their acts".  As in give them the authority and means to require mortgage lenders, banks and securities firms to toe a much sharper line.

In theory it sounds good, at least on the surface.  The problem is when you take the time to dig a little farther.  Just think about it for a moment.  This business of having the Fed (which isn't actually the government agency that most people THINK it is.), send out financial "hit men" to any business that they think isn't operating the way they've decided that it needs to.

I'm no financial wizard, but I am not a hamster either, If this is allowed to happen you can wave goodbye to a lot of the "private" in private enterprise.  Mark my words.  it's a "Bad Idea" and lots of people will regret it.

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