so because obama says so, it's necessary? there's no hatred here, just the belief that obama is a flaming idiot for trying this. The fault of all of this can be rooted in two places: the banks and the consumer. The consumer should have been responsible, but the banks have the power to print money as the fed reserve banks are run by the banks in that district. That means, when they run out of capital, they can have more printed so they have more to loan. That is the root.

saying you should not question the government is the most ignorant thought imaginable.

Yup you said and this is going to help the problem.

Also I never said not to question anything. I said see it clearly.

It is a bit like turning a pedo lose in a day care and telling to fix his illness.

HOW IS THIS SUPPOSED TO STOP THINGS OR HELP???

Did you read it? Read it.

Yup you said it and this is going to help the problem.

Also I never said not to question anything. I said see it clearly.

HOW IS THIS SUPPOSED TO STOP THINGS OR HELP???

Dodd, who had been at Obama’s side in the East Room of the White House for the announcement, raised questions about one of the plan’s key features — giving the Federal Reserve authority to oversee the largest and most interconnected players in the financial world. “There’s not a lot of confidence in the Fed at this point,” Dodd said.

But the proposal also would do away with a restriction imposed on the Fed in 1999 when Congress lifted Depression-era restrictions that allowed banks to get into securities and insurance businesses. The Fed, as the regulator for the larger financial holding companies, had been prohibited from examining or imposing restrictions on those firms’ subsidiaries. Obama’s proposal specifically lifts that restriction, giving the Fed the ability to duplicate and even overrule other regulators.

Fed defenders argue that none of the major institutional collapses — AIG, Bear Stearns, Lehman Bros., Merrill Lynch or Countrywide — were supervised by the Federal Reserve. Critics argue the Fed failed to crack down on dubious mortgage practices that were at the heart of the crisis.

It means the FED will be above the law and there won't be much chance of them being investigated or audited.

BHO lining his retirement a little more?

Obama blames current financial crisis on ‘a culture of irresponsibility’

“We’ll have it done this year,” pledged Sen. Chris Dodd, D-Conn., chairman of the Senate Banking Committee.

“Absolutely,” agreed Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee.

I'll be the first to admit I don't know as much as some in here about economics (at least I can admit it)

but I would like to hear why people think it is good and not just because BHO says so

No it doesn't

Hey go ahead with the hate fest

I am done here.

Nobody wants to study up on it or actually UNDERSTAND IT so I will let ya'll have your unjustified hate fest.

Some people, geezzzzz

The FED was set in motion in 1913 to "END" recession and depression by regulation.

They swore their system of banking/banks would insure our economy and the country would never see a great depression again.....guess what?

Instead of destroying a working 200 year old Constitution and Bill of Rights, financing wars based on lies we can't afford, how about abolishing a system that has now been proven not to work and failed us more times than not in less than 100 years?

Yep, BHO is a brain trust for sure! He should have been a car salesman and our auto makers might not be going down the tubes. Instead, he was a lawyer (if I'm not mistaken) for ACORN and supported Fannie Mae and Freddie Mac business dealings.

I guess none of the posters here were listening to his earlier speeches where he said this needs to be done to stop the root cause of the housing crisis again, huh?

So this is nothing new and nothing that needs to be feared.

It is needed so we do not have the same problem again with the greed that happened from deregulation.


Come on folks.

Set the hatred down long enough to see the real picture.

he's a naked marxist...a stateist...his words mean absolutely nothing...he's just reading them off a teleprompter...written by someone else...this guys a disaster...he has no fuggin' clue !!...bring back Bush...bring back Bush...ohhhhhhhhhhhh for the 50's...