Friday, May 8, 2009

Not from the Onion

I had to make it clear this is a real story albeit those amongst us keeping an eye on the insanity that is seemingly beginning to be an everyday story coming out of this administration (i.e., terror plane fly-over, resettling terrorists in the U.S. and forcing us to pay for their keep) I predict in just a few months no one will be surprised when they read something so strange or something so obviously wrong they will realize it is a real news story without thinking twice about it. It does take a while for the rest though to believe the almost unbelievable corruption and mayhem being caused by "The One" so for you this is a real story.

Only now are The Residents backers beginning to cry foul over the placement of Government Sach's boy Tax Cheat Timmy to Loot err I mean lead the cough, cough (heists) bailouts. Well here we go again another case of putting the Looters in charge of those pulling the Heist.

Admin wants Fed to oversee "systemic risk": sources

WASHINGTON (Reuters) - The Obama administration is expected to propose legislation by June calling for the U.S. Federal Reserve to play a central role in regulating systemic risk in the economy, trade association sources said on Friday.

Now that the U.S. bank stress tests are over, the administration is refocusing on a drive to tighten regulation of banks and markets to prevent another financial crisis like the one that is currently ravaging economies worldwide.

Systemic risk refers to problems in the financial system large enough to damage the overall economy. For instance, the government last year bailed out insurer American International Group because its failure was seen as a systemic risk.

Beyond that, there is little agreement among officials about the much-debated idea of setting up a government regulator to monitor and manage systemic risk.

The administration left the door open to further discussion in remarks by a Treasury Department spokesman.

Treasury Secretary Timothy Geithner is open to the possibility of a council to coordinate among bank regulators, including the agency overseeing the stability of the system as a whole, the spokesman told Reuters on Friday.

"Secretary Geithner believes that we need a single independent regulator with responsibility for systemically important firms and critical payment and settlement systems," spokesman Andrew Williams said.

"He does see a role, however, for a council to coordinate among the various regulators, including the systemic risk regulator," Williams added.


The systemic risk regulator proposal would have to dovetail with other administration initiatives, including empowering the government to seize and resolve the problems of large, non-bank financial firms, using the established bank resolution authority of the Federal Deposit Insurance Corp as a model.

The administration is committed to enacting proposals into law this year, the trade association sources said. The sources also said their information came from a briefing administration officials held with industry executives on Friday.

National Economic Council Director Lawrence Summers, a senior adviser to President Barack Obama, will lead the effort on regulatory restructuring, the sources said.

Geithner told Reuters Television on Friday the administration wants to move swiftly. "We're going to be laying out to the Congress the broad comprehensive framework within the next couple weeks, and we hope to move forward quickly with legislation," he said.

Briefing participants said a specific timetable was not presented, but that the House of Representatives Financial Services Committee is expected to approve a bill by July 4.

Representative Barney Frank, the Massachusetts Democrat who chairs the committee, has said he wants to enact a bill to overhaul financial regulation this year, as well.

One more ridiculous story to bring to your attention The Resident will be holding Town Hall meetings on Credit Cards and I know the Lamestream Media will not be pointing out that the vote he cast in the Bankruptcy bill was in favor of the banks

Though I might not agree with the other sentiments expressed by the author one thing I think we would agree on is the obamageddon got his $$$$.

I mean come on have you seen the spin from the lamestream media on the horriffic job loss or sham stress test news they spun those every which way but correct. I guess I do not have to tell you I voted Puppet Monkey (Talk to the hand the poll is from a Looney Liberal site...:)

Live Poll

Is Obama a....

Puppet Monkey
View Results

Obama: World Leader or Puppet Monkey?


p.s. Have you heard the banks connived concessions on the stress test?

Maybe this had something to do with his vote on the bankruptcy bill...

For the first six months of this year, as a presidential candidate, Senator Clinton has received $493,000 from commercial banks. Senator Barack Obama of Illinois, a rival for the Democratic nomination, has received more ($607,000) and is the top recipient of contributions from banks among both Democrats and Republicans.

On February 10, 2005, Senator Obama voted in favor of the passage of the Class Action Fairness Act of 2005. 

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