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visitorq
Joined: 11 Jan 2008
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 Posted: Wed Jun 17, 2009 10:58 am Post subject: "US unveils banking reform plans" |
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http://news.bbc.co.uk/2/hi/business/8104700.stm
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The US government has announced a major reform of banking regulation to prevent future financial crises.
The overhaul will require big banks to put more money aside against future losses to curb excessive risk taking.
Consumers will get a special agency to protect their interests and regulate mortgages and credit cards.
In outlining the reforms, President Barack Obama described them as the biggest shake-up of the US system of financial regulation since the 1930s.
The US central bank, the Federal Reserve, will be given the authority to monitor major financial institutions. |
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A new council of regulators, the Financial Services Oversight Council is to be created to co-ordinate the supervision of the banking system.
Meanwhile, one banking regulator - the Office of Thrift Supervision - will be abolished.
And the Fed will lose some of its powers to regulate mortgages to the new Consumer Financial Protection Agency. |
http://news.yahoo.com/s/afp/20090617/bs_afp/financeeconomyusregulatebankingcouncil_20090617010430
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The council will be set up under a key component of the reforms -- to devise "a strong supervision and regulation of financial firms," the official said.
He said the Federal Reserve, the US central bank, would act as "consolidated supervisor" of all large banks and other financial institutions under the reforms -- Obama's latest bid to address excesses and laxity blamed for pitching the US and global economy into crisis.
The so called "tier one" financial holding companies will be "subject to more exacting supervisory requirements and capital standards."
The Obama administration will "place square responsibility and require clear accountability on Federal Reserve to service (as) the consolidated supervisor at the holding company level of all large interconnected financial firms," the official said. |
So the Fed is to act as the "consolidated supervisor" of the rest of the financial industry  . I'd be curious to read the fine print...
I'd also like to know who he's going to place in charge of the "Financial Services Oversight Council"... |
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visitorq
Joined: 11 Jan 2008
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| Posted: Wed Jun 17, 2009 11:15 am Post subject: |
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http://www.fox6now.com/news/nationworld/sns-ap-us-financial-overhaul-highlights,0,216739.story
A look at President Barack Obama's plan to improve oversight of the financial industry:
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| Creates a council of regulators called the "Financial Services Oversight Council" to monitor risk across the financial system. The council will be chaired by the treasury secretary and include the heads of existing federal financial regulators, the Federal Reserve among them, and representatives of new regulators. |
In other words, Geithner (ex-President of the NY Fed) gets to be the chairman of this new council, together with other Fed members.
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Retains the Securities and Exchange Commission and Commodity Futures Trading Commission as market regulators. However, the SEC would no longer have a role in supervising large holding companies as it did in monitoring Lehman Brothers and Bear Stearns. That role would be turned over to the Federal Reserve.
Calls on the Treasury Department and the Housing and Urban Development Department to make recommendations on the future of government-backed mortgage lenders Fannie Mae and Freddie Mac and the Federal Home Loan Bank system. |
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Beeyee
Joined: 29 May 2007
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| Posted: Wed Jun 17, 2009 5:11 pm Post subject: |
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Disgusting.
When oh when are Americans going to see Obama for what he is; nothing more than a puppet of the private international bankers. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Wed Jun 17, 2009 5:47 pm Post subject: |
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| As long as the mainstream media is the handmaiden of those international bankers, never. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Jun 18, 2009 10:35 am Post subject: |
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Dems work to push banking overhaul quickly
WASHINGTON (AP) - President Barack Obama's plan to transform the Federal Reserve into a super-regulator ran into skepticism Thursday from lawmakers who worry that the central bank is not the best suited to keep an eye on firms deemed so big and influential that their demise could hurt the economy.
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It is likely the Fed itself will mount a defense to keep its consumer oversight duties. Fed officials believe their oversight of mortgages, credit cards and other products fits well with their duties to regulate banks, and that they have the right mix of experts�economists and lawyers�already on hand to do the job.
However, the Fed's failure to crack down on shady mortgage practices during the housing boom has irked Congress and consumer groups. So has its decision not to speed up implementation of new rules providing consumers with better protections from abusive credit card practices.
The Senate hearing also revealed philosophical cracks between lawmakers who believe the Fed is too independent and those who believe the Obama plan diminishes its independence. {WHAT?}
A swift legislative endorsement of the plan could be difficult. Dodd is leading a major overhaul of the nation's health care system and the Senate also faces a debate on whether to confirm Supreme Court nominee Sonia Sotomayor. |
http://www.breitbart.com/article.php?id=D98T7SG00&show_article=1
They want to do it quickly because the plan is half-assed, corrupted and irrelevant to the current depression.
The Fed caused this mess. Even Greenspan admits this now ("there was a flaw in my model"). Benny B. admits the Fed caused the Great Depression. And Obama is giving it more power. It's actually kinda funny, if you're indifferent to the republic. I'm not, so it is instead quite sad. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Thu Jun 18, 2009 10:44 am Post subject: |
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Does Obama's plan for Wall Street measure up?
Take a wild guess
The plan doesn't stop bankers from making huge, risky bets with other people's money. It does increase capital requirements and oversight, but it doesn't require bankers to take their pay in long-term stock options or warrants, and it doesn't even hint that banks should go back to being partnerships instead of publicly held corporations. All this means traders still have incentive to place big and often wildly risky bets as long as the potential winnings are big enough, and top executives have very little incentive to monitor what traders are up to as long as the traders are collecting large commissions on the bets.
Nor does the plan do anything to prevent banks from becoming too big to fail. It doesn't hint at a return to the days before the late 1990s when commercial banks were separate entities from investment banks -- before mammoth bank supermarkets like Citigroup came to be so tied up with so many other commercial and investment vehicles that they couldn't be allowed to go under. And there's not the slightest mention of antitrust law.
It's a mere filigree of reform, a sheer gossamer of government. Wall Street must be toasting its good fortune. Unless Congress shows some spine, the great Wall Street meltdown of 2007 and 2008 -- which led to the biggest taxpayer bailout in history, very likely the largest taxpayer losses on record, and the largest investor losses since 1929 -- will repeat itself.
In fact, the banks that have repaid their TARP money are already planning to resume supersize bonuses, even though many of them are still awash in toxic assets and their non-performing loans are up. Bad credit-card and commercial property debts are mounting. Foreclosures are soaring. Yet several of the big banks are showing profits. How are they pulling this off? First, they strong-armed the Financial Accounting Standards Board into allowing them to assign whatever value they wanted to all the junk on their balance sheets. Then they played hardball with the Treasury staffers whose so-called stress tests lapsed into little more than negotiations over numbers and probabilities. (The national unemployment rate is already approaching the highest unemployment rate in the stress tests.) Then they convinced investors that financials have hit bottom and were now good bets. Presto!
Watch your wallets. The Street is up to its old tricks. And the White House's so-called reform is little more than a whitewash. |
http://www.salon.com/opinion/feature/2009/06/18/reich/index.htm
No limited purpose banking, no new controls on the fed, not end to "sweeps", no meaningful reform at all. You'd think they didn't realize the financial system has any problems at all. |
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Rusty Shackleford
Joined: 08 May 2008
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| Posted: Thu Jun 18, 2009 7:58 pm Post subject: |
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[quote="mises"]
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The Fed caused this mess. Even Greenspan admits this now ("there was a flaw in my model"). Benny B. admits the Fed caused the Great Depression. And Obama is giving it more power. It's actually kinda funny, if you're indifferent to the republic. I'm not, so it is instead quite sad. |
It is getting sad now. I've given up trying to analyze or even think about what is going on in the former greatest country on Earth. It seems the great experiment is dead. The founding fathers must be rolling in their graves right now. |
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visitorq
Joined: 11 Jan 2008
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| Posted: Thu Jun 18, 2009 10:25 pm Post subject: |
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[quote="Rusty Shackleford"]
| mises wrote: |
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The Fed caused this mess. Even Greenspan admits this now ("there was a flaw in my model"). Benny B. admits the Fed caused the Great Depression. And Obama is giving it more power. It's actually kinda funny, if you're indifferent to the republic. I'm not, so it is instead quite sad. |
It is getting sad now. I've given up trying to analyze or even think about what is going on in the former greatest country on Earth. It seems the great experiment is dead. The founding fathers must be rolling in their graves right now. |
I honestly don't feel sad about it, I feel very angry. All this behavior on the part of the gov't holding hands with the bankers is NOT mere bungling stupidity -- it's premeditated treason! They are destroying our country deliberately!
Obama, the Clintons, the Bushes et al are all complete, utter, and unapologetic traitors, they serve only the financiers who control all the money and are raping us of our wealth as we speak. My feelings are actually probably not unlike how a Frenchman felt towards the aristocracy there before storming the Bastille - I would like to see all these criminals sent to the scaffolds. |
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bacasper
Joined: 26 Mar 2007
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| Posted: Fri Jun 19, 2009 8:54 am Post subject: |
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| visitorq wrote: |
| Rusty Shackleford wrote: |
| mises wrote: |
| Quote: |
The Fed caused this mess. Even Greenspan admits this now ("there was a flaw in my model"). Benny B. admits the Fed caused the Great Depression. And Obama is giving it more power. It's actually kinda funny, if you're indifferent to the republic. I'm not, so it is instead quite sad. |
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It is getting sad now. I've given up trying to analyze or even think about what is going on in the former greatest country on Earth. It seems the great experiment is dead. The founding fathers must be rolling in their graves right now. |
I honestly don't feel sad about it, I feel very angry. All this behavior on the part of the gov't holding hands with the bankers is NOT mere bungling stupidity -- it's premeditated treason! They are destroying our country deliberately!
Obama, the Clintons, the Bushes et al are all complete, utter, and unapologetic traitors, they serve only the financiers who control all the money and are raping us of our wealth as we speak. My feelings are actually probably not unlike how a Frenchman felt towards the aristocracy there before storming the Bastille - I would like to see all these criminals sent to the scaffolds. |
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If you're not angry, then you're not paying attention. |
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arjuna
Joined: 31 Mar 2007
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| Posted: Fri Jun 19, 2009 10:31 am Post subject: |
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Now, do not stop here, but do put all the pieces together...
And please hurry. |
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