The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Oh, Great: Senate Plans to Entrust U.S. Financial System to Federal Reserve?

Posted on | March 3, 2010 | 10 Comments

The kind of economic insanity only Chris Dodd could concoct:

Key members of the Senate Banking Committee, after months of negotiations, are expected to unveil their proposal within the next week, people familiar with the negotiations said. While the sources cautioned that no agreement has been reached, the lawmakers, led by the panel’s chairman, Sen. Chris Dodd, D-Conn., are considering a new plan to entrust the Federal Reserve with protecting consumers from abusive financial industry practices. . . .
The latest proposal to house the consumer protection unit within the Federal Reserve came days after Dodd suggested putting it in the Treasury Department under the name of a “Bureau of Financial Protection.”
It remains to be seen what will win the support of Republican senators such as Richard Shelby of Alabama and Bob Corker of Tennessee . . .

Yeah, well if Shelby and Corker support Dodd’s plan they’re dead men walking, politically. The Federal Reserve is deeply implicated in the housing bubble, the Wall Street bailout and the current recession, and Dodd’s as crooked as a snake.

As with health-care “reform,” the appropriate response to Democrats’ financial “reform” is very simple: VOTE NO!

UPDATE: Ron Howard has produced a video, predictably pushing for enactment of CFPA, but kind of funny anyway:

Funny or Die’s Presidential Reunion from Will Ferrell
Category: Economics, Senate, Uncategorized

Comments

10 Responses to “Oh, Great: Senate Plans to Entrust U.S. Financial System to Federal Reserve?”

  1. molonlabe28
    March 3rd, 2010 @ 4:18 pm

    I enthusiastically voted for Corker in 2006, but now I view him as nothing more than a TARP-supporting bailout monkey.

    He is a real disappointment.

    Not as bad as Lamar Alexander, but still lousy.

  2. molonlabe28
    March 3rd, 2010 @ 11:18 am

    I enthusiastically voted for Corker in 2006, but now I view him as nothing more than a TARP-supporting bailout monkey.

    He is a real disappointment.

    Not as bad as Lamar Alexander, but still lousy.

  3. chuck cross
    March 3rd, 2010 @ 6:24 pm

    I’m convinced Bob Corker and Steven Schwartzman were separated at birth.

    Bring back tally sticks!

  4. chuck cross
    March 3rd, 2010 @ 1:24 pm

    I’m convinced Bob Corker and Steven Schwartzman were separated at birth.

    Bring back tally sticks!

  5. Live Free Or Die
    March 3rd, 2010 @ 7:44 pm

    I thought Chris Dodd was dead!(Could’ve been a dream)
    By-n-by, Ol’Brer Fed gets what he wants; to guard the Chicken coop.

  6. Live Free Or Die
    March 3rd, 2010 @ 2:44 pm

    I thought Chris Dodd was dead!(Could’ve been a dream)
    By-n-by, Ol’Brer Fed gets what he wants; to guard the Chicken coop.

  7. The Javelineer
    March 3rd, 2010 @ 9:46 pm

    Please, support Ron Paul’s “Audit the Fed” bill. It passed the House and is now gathering co-sponsors in the Senate.

    The bill will remove the blanket restrictions on GAO audits of the Federal Reserve.

    Contact your senator. Support open government.

  8. The Javelineer
    March 3rd, 2010 @ 4:46 pm

    Please, support Ron Paul’s “Audit the Fed” bill. It passed the House and is now gathering co-sponsors in the Senate.

    The bill will remove the blanket restrictions on GAO audits of the Federal Reserve.

    Contact your senator. Support open government.

  9. Drops in the River.com - Chris Dodd trying to do as much damage as possible before retiring
    March 3rd, 2010 @ 10:59 pm

    […] Stacy McCain wrote about this, almost trying to prove that conservatives can be on the right side of an issue, and still be stupid and wrong. Robert Stacy McCain’s problem with this isn’t simply that the Federal Reserve is […]

  10. The Global Economy Unravels
    March 4th, 2010 @ 11:21 am

    […] Oh, Great: Senate Plans to Entrust U.S. Financial System to Federal Reserve? Yeah, well if Shelby and Corker support Dodd’s plan they’re dead men walking, politically. The Federal Reserve is deeply implicated in the housing bubble, the Wall Street bailout and the current recession, and Dodd’s as crooked as a snake. […]