Where Are The BC Folks Who've Cried For More Gov't Regulatory Oversight?

[wkmac]

Over the last couple of years, it's come to light of how much in shambles our economy really is. Getting to the root of cause and blame is like trying to play musical chairs in a very crowded room, never taking away a chair when the music stops but instead adding more. In the end, the confusion to determine a winner becomes so frustrating, people give up and the culprits slither away amongst the crowd.

The Federal Reserve Bank was created as the central bank in 1913' and has control of the money supply and the means of credit in the United States. Much is unknown about the Fed because there is no mechanism for Congress to audit it's activities. For example, the TARP money was doled out to member banks of the Federal Reserve but when asked for an accounting of where that money went, the people get the strugged "I Don't Know!" look from the banksters (not a typo folks).

President Obama and the democrat party ran on the idea that Washington had no regulatory oversight and there lacked transparency and this in itself created this whole mess. If this be true, then it's time for them and all who feel this way to get out and support HR 1207 which would finally allow Congress the oversight to demand upon the Federal Reserve Bank a full accounting and audit.

It's past time the American public had a transparent look at the Central Bank and it's economic activities to make sure that an honest accounting is given to all and at the same time, if certain parties are at blame, to be held accountable if no place else but in the public space. Considering where we are at this time economically speaking and what we face going forward, is this accounting and audit power to Congress to much to ask?

Learn more and call you representative today!

 

[wkmac]

FDIC is on the job now. I'm glad to see gov't making sure that all banking remains "equal!"

From the article

Joseph A. Petrucelli is one of the most cautious bankers in America.
In fact, Petrucelli is so cautious that the Federal Deposit Insurance Corp. recently criticized his bank for not lending enough.
The FDIC’s negative review of East Bridgewater Savings Bank's loan volume is an anomaly in today’s current banking scene as lenders reel from their role in offering too many cruddy mortgage products to borrowers with weak credit.
Still, the FDIC slapped East Bridgewater Savings with a rare “needs to improve” rating after evaluating the bank under the Community Reinvestment Act.

I guess US banking regulators will have to go after the central bank of Lebanon next.


Did anyone ever consider that it's possible the root cause was gov't policy intervention in the first place and that in order to meet policy demands, risky "out of the box" solutions were created and thus we have the spiraling cycle that became the economic disaster of 2008'?

We keep hearing so much bad news about the economy and I know in places it is bad. Elkhart Indiana is a recent publized example with the collaspe of the RV industry. Detriot is suffering even worse than it was before the bubble burst but amongst all this, we hear the gloom and doom of the collaspe of the home real estate market.

Oddly enough, my wife's law firm does a lot of real estate closing business and in that part, she's working more now than she was when the whole thing was in a boom a few years back. She even worked this past Sunday evening much to the delight of my 17 year old who worked with her to pick up some more money. She was even told by several industry folks that once gov't started to act to get ready and the work was coming and boy they weren't kidding either.

At work, the delivery volume is down from a year ago but on the Pickup side, I've watched our volume day to day on both GSS and then the PKG report to compare year/ago numbers and some days it is below last year but still ahead of plan but many days we are at or above last year's volume. Some weeks, 4 out of 5 days are at or above last year. Sunday I rode past the local FedEx Ground hub and the building is less than 2 years old and they are expanding. Concrete poured and steel framework starting to be erected.

I'm not saying all is a bed of roses but it ain't all a patch if weeds either. I then hear day after day the collaspe of real estate so I get curious about median and average home prices going back a few years and coming forward. I search and find a list from the US Census of new home sales prices, both median and average, from Jan. 1963' to Jan. 2009' and sure there's been a drop but it's not gloom and doom either.

What I also find interesting looking over the numbers is that based of price peaks, 2006' seems to be the peak year and the point when things started dropping off in home sales. Ironically I ran across this document from Feb. 2006' that warns of concerns of dropping home sales showing a downward trend just for an 06' example.

I'm not saying we're not running on rough road right now but I'm asking myself if the real situation demands the over reaching actions of both the Bush adminstration in the fall of 08' and now the incoming adminstration? I do believe gov't has a tendency to overreact as I do think it did after 9/11 not only in it's military response but other draconian measures and I have to wonder if again with the economic crisis, if they aren't over reacting again? And to whose benefit I might also ask?

Many folks here point to the removal of the Glass-Steagall Act as the beginning of the end so to speak and I think they have some merit to the point if one comes from a certain POV. However, did anyone of us ever drop the other shoe and ask, did the public policy actions concerning home ownership such as the Community ReInvestment Act make it necessary to remove Glass Steagall because one of the principle actions of this act under the created FDIC was to limit the banks from risky and speculative loans and investments and many of the targeted areas under the CRA would be considered risky in invesment and specualtive terms. However, if banks could then take these loans, bundle them into investment blocks and sell the paper as a type of broker to hedge funds, etc. you've just created a market for the banks and a false one rather than a natural one that doesn't overtime have true sustainability. From a certain POV, gov't intervention in the form of policy create a temp. market that people come to see as permenate, ride the wave up thinking there is no top only to have it come crashing down. If one considers the infamous Ponzi scheme, one also would ask in truth, why doesn't Bernie Madoff have other gov't and business officials as cellmates?


The real problem is getting down to who used who first. the state or the corp. but if you begin to see both as equal partners in the Mussolini ideal cross pollenated with Corporatism and a pinch of old world fuedalism now known as neo-fuedalism then it matters not who used who but the simple fact that both benefit at the sacrifice of the individual meaning the bulk of people that make up society in general.

The real question is, are we being "CONNED" again at our own expense of labor, sweat, blood and the futures of our children?

I think we are!

Then again, you can always just send elected officials tea bags to give them something to laugh at while they waller in delight to the "screwing over" they give you as they amass more power and more personal fortune while you labor to their edicts and will.

 

[wkmac]

And the credit of the American taxpayer and the children of the American taxpayer are on the hook while the Federal Reserve pumps billions into foreign banks to keep them afloat!

And now the IMF is joining the fray!

However, economists warned that the scheme could cause a major swell of inflation around the world as the newly-created money filters through the system. The idea has been suggested by a number of key figures, including billionaire investor George Soros and US Treasury adviser Ted Truman.

Wonder if anyone will accuse them of being kooky Austrians?
LOL!

 

[IVE GOTTA PACKAGE 4U]

Maybe

 

[teamer]

Over the last couple of years, it's come to light of how much in shambles our economy really is. Getting to the root of cause and blame is like trying to play musical chairs in a very crowded room, never taking away a chair when the music stops but instead adding more. In the end, the confusion to determine a winner becomes so frustrating, people give up and the culprits slither away amongst the crowd.

The Federal Reserve Bank was created as the central bank in 1913' and has control of the money supply and the means of credit in the United States. Much is unknown about the Fed because there is no mechanism for Congress to audit it's activities. For example, the TARP money was doled out to member banks of the Federal Reserve but when asked for an accounting of where that money went, the people get the strugged "I Don't Know!" look from the banksters (not a typo folks).

President Obama and the democrat party ran on the idea that Washington had no regulatory oversight and there lacked transparency and this in itself created this whole mess. If this be true, then it's time for them and all who feel this way to get out and support HR 1207 which would finally allow Congress the oversight to demand upon the Federal Reserve Bank a full accounting and audit.

It's past time the American public had a transparent look at the Central Bank and it's economic activities to make sure that an honest accounting is given to all and at the same time, if certain parties are at blame, to be held accountable if no place else but in the public space. Considering where we are at this time economically speaking and what we face going forward, is this accounting and audit power to Congress to much to ask?

Learn more and call you representative today!

do you have a representative if you never voted for one?

 

[wkmac]

do you have a representative if you never voted for one?

Hmmm, let me see........self governance work for ya?

"The man capable of governing himself in such manner that the liberty of all other men is paramount, such man needs no governance."

 

[bbsam]

Hmmm, let me see........self governance work for ya?

"The man capable of governing himself in such manner that the liberty of all other men is paramount, such man needs no governance."

I will not say you are not such a man but I will say such men are few and far between.

 

[wkmac]

I will not say you are not such a man but I will say such men are few and far between.

There is truth in that but I'm meeting more and more which give me hope.

 

[newfie]

Hmmm, let me see........self governance work for ya?

"The man capable of governing himself in such manner that the liberty of all other men is paramount, such man needs no governance."

so you'll be calling yourself to support HR1207?