Under Supposed “Regulatory Reform,” the Fed Will Police Itself
March 8, 2010 at 12:44 PM Leave a comment
So, remember a year, year and a half ago when the economy was crashing and everyone was talking about how we needed to “reform” and/or “regulate” the banks and the Federal Reserve because neither of them saw the disaster coming? (Well, they may have seen it coming but nobody did anything.)
Fast forward to the “regulatory reform” that is making its way through congress right now. Thanks to the fact that, “The banks run the place. I will tell you what the problem is, they give three times more money than the next biggest group,” the legislation is worded such that — get this — the power of oversight isn’t vested in an independent, outside group, it’s vested in the Federal Reserve itself. It’s a farce.
All that money the banks are pouring into congress is paying off for them big time.
Entry filed under: Financial Crisis. Tags: .
Trackback this post | Subscribe to the comments via RSS Feed