Just when you think that you would not throw up any more, here is Dodd and his idea...

Neshanic

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Wed Sep-17-08 10:19 PM
Original message

Just when you think that you would not throw up any more, here is Dodd and his idea...

"Sept. 17 (Bloomberg) -- Senate Banking Committee Chairman Christopher Dodd said the Federal Reserve can act as an ``effective Resolution Trust Fund'' to buy and dispose of bad debt stemming from the subprime mortgage crisis.

``The Fed has the authority to move in this area,'' Dodd told reporters in Washington today.

Creating a separate agency to take on bad debt, akin to the Resolution Trust Corp. set up in 1989 to absorb losses from savings and loan associations, would take about a year, he said. Instead, the Fed should use its own authority to act."

http://www.bloomberg.com/apps/news?pid=20601087&sid=axN7il2n3WO0&refer=home

Unbelievable....

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gateley

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Wed Sep-17-08 10:38 PM
Response to Original message

1. Why is this a bad approach? (And be gentle, I'm just trying to learn and understand.)

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Hestia

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Wed Sep-17-08 11:20 PM
Response to Reply #1

2. In my HO, the Federal Reserve is the problem, they are a private

bank to whom Wilson signed our entire Treasury over to. You know all that debt? Most of it is interest that we, the taxpayers, pay to the Federal Reserve. Another capitalize the profits, socialize the debt. We are no longer in control of the Mint. It is the very thing that Jefferson warned against, giving control of a nation's mint to private bankers.

http://en.wikipedia.org/wiki/Federal_Reserve

The article repeatedly emphasizes that it is not a private bank, but that is sure not what I have read.

The Creature from Jekyl Isle is a good book, long on hyperbole, but a good foundation on
just exactly how in every way we are screwed by the Federal Reserve.

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gateley

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Thu Sep-18-08 12:20 AM
Response to Reply #2

3. I've actually read the Creature from Jekyll Island so I did know about the

Fed being a private concern (:grr:).

So I get the what the issue is now - that Dodd is treating the Fed as though it was a government institution, instead of the reality of what it is. This should be the opportunity to do away with it, not enable it and continue treating it as our saving grace. Thanks for helping me see that.

:hi:

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Hestia

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Thu Sep-18-08 12:35 PM
Response to Reply #3

4. ding ding ding! That's a meme that needs to spread fast throughout

the nation. This has turned into more than 'regulation', this is putting a brake
on the entire game.

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