Yet More Proof.....
Saturday, March 29, 2008
Treasury Secretary Henry Paulson is likely to call for the creation of new regulatory agencies with broad powers over lending, the securities industry and business conduct, according to the draft of a study he commissioned.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aRtdXeb9Bca4&refer=worldwide
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If bailing out Bears Stearns wasn't enough, the Treasury Dept wants to hand over more power to the Fed. Both the WH and the Fed under the leadership of that hack Greenspan screwed up big time and lowered interest rates to the point that loans were free for the taking. They were making money hand over fist all the while knowing it would blow up in the future. I have a feeling that they expected it to happen after the election that way it wasn't their problem. Instead the credit crunch and subprime mortgage imploded early. Now the only thing left to do is to cover their tracks and by giving the Fed more power, investigations and oversight can be kept to a minimun. The WH knows Congress will impose more regulation and to stay "true" to their cause they must defeat this and keep the Fed operating under the guise of free market capitalism. Like I said before, the idea of free market capitalism has been flushed away by this administration. It's just a CYA and the WH hopes that all the attention on Obama vs Hillary and American Idol will keep the public from figuring it out.
If anything Bush and co are proving that the new breed of Republicans believe in Big Govt much more than the Dems and the principles of the Reagan era are all but dead.
Posted by mardenhill 3/29/2008 11:03:00 AM
Labels: Politics
