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Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’

Cold Highway

Dispenser of Negativity
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Spitzer — who built a reputation as “the Sheriff of Wall Street” for his zealous prosecutions of corporate crime as New York’s attorney-general and then resigned as the state’s governor over revelations he had paid for prostitutes — seemed to agree with Ratigan that the bank bailout amounts to “America’s greatest theft and cover-up ever.”

Well nice to see another former high profile politician is getting it.

Raw Story Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
 
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Oh god, please don't let spitzer become the face of opposition to the federal reserve. If I were as paranoid as I was when bush got his second term I'd almost think he was put up to holding this position by the powers that be.
 
Oh god, please don't let spitzer become the face of opposition to the federal reserve. If I were as paranoid as I was when bush got his second term I'd almost think he was put up to holding this position by the powers that be.


Not gonna, happen. Ron Paul is still the main face, plus Roger Stone will tear Spitzer a new one when he gets wind of this.
 
Oh god, please don't let spitzer become the face of opposition to the federal reserve. If I were as paranoid as I was when bush got his second term I'd almost think he was put up to holding this position by the powers that be.
Spitzer puts his finger on a real issue and a real problem. Loose money policies have not served this country well in the past two decades, going back to Greenspan's tenure as Fed Chairman.

However, transparency and accountability are the wrong goals to pursue with respect to addressing the Federal Reserve's very real failures. Pursuing accountability for how they address interest rates among financial institution politicizes their actions, and that is the one thing we must not do. Central banks serve the public interest when they are truly independent of the government; independence precludes--and therefore must trump--accountability.

What should be done is circumscribe the Federal Reserve's purview. The Federal Reserve should not grow the money supply to facilitate speculative Wall Street finance--and that is exactly what Greenspan's artificially low interest rates did.

  • Glass-Steagall's dividing lines separating insurance companies, investment banks, and commercial banks need to be erected anew.
  • The power to regulate bank holding companies granted the Federal Reserve by the Bank Holding Company Act of 1956 should be taken away from the Federal Reserve and given to the FDIC.
  • More Federal Reserve Districts should be created.
Essentially, limit the Federal Reserve's activities to facilitating commercial banking. Within that arena, they need to function without much oversight, because the "invisible hand" of the marketplace does not do well under a visible spotlight.
 
Well that's certainly nice to hear. It's not often a high profile guy throws the Fed under the bus for good reasons.

Yeah, Spitzer was always known for having balls (even with the escort lol), and now it looks like he's pissed and back for blood. It's interesting to see how just weeks after his article in the Washington Post exposing the banks and the Bush administration regarding sub-prime loans he got busted.

I hope he continues to speak out and raise awareness of this mess.
 
Spitzer puts his finger on a real issue and a real problem. Loose money policies have not served this country well in the past two decades, going back to Greenspan's tenure as Fed Chairman.

However, transparency and accountability are the wrong goals to pursue with respect to addressing the Federal Reserve's very real failures. Pursuing accountability for how they address interest rates among financial institution politicizes their actions, and that is the one thing we must not do. Central banks serve the public interest when they are truly independent of the government; independence precludes--and therefore must trump--accountability.

Transparency doesn't necessarily result in political pressure. The Supreme Court's deliberations and decisions are a matter of public record yet their political autonomy is maintained.

The Federal Reserve has operated in secrecy for far too long. I want to know at least what they have done, if not what they will do. That's the kind of CHANGE™ we could use...

[ame=http://en.wikipedia.org/wiki/Audit_the_Fed]Federal Reserve Transparency Act - Wikipedia, the free encyclopedia[/ame]
 
Transparency doesn't necessarily result in political pressure. The Supreme Court's deliberations and decisions are a matter of public record yet their political autonomy is maintained.
Supreme Court rulings and opinions are a matter of public record, as are oral arguments. The internal deliberations are not a formal part of that record.

It is also worth noting that Supreme Court Justices are lifetime appointments. That preserves autonomy.

Finally, the Supreme Court issues a ruling and that is the end of that particular matter, whereas the Federal Reserve's banking operations are an ongoing process. Transparency of that process would very likely politicize it (indeed, even in the current arrangement Bernanke is far too cozy with the Administration).

The Fed should not have broad powers, or even much in the way of formal regulatory powers. Their mandate should be the money supply, period.
 
Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’...•

•►`That's very mean for every other civilized people, dude........!:roll:










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The Federal Reserve has operated in secrecy for far too long. I want to know at least what they have done, if not what they will do. That's the kind of CHANGE™ we could use...

I do to but I also fear that if we get our wish the dollar may collapse.
 
I personally think God every day there is a Federal Reserve Bank. I really couldn't imagine the financial system in this country without the discount rate and an organization to regulate the money supply. That kind of decentralization scares the **** out of me, especially because the combined decisions of that cluster **** of a banking sector would assume those powers. And I'd bet the biggest private banks would form some kind of jointly run organization similar to the Fed anyway to provide them with that stability the Fed offers.
Also without the Fed the US would be unable to negotiate with foreign gov'ts on how to solve international economic and financial problems, like the current one, because we'd given up control of our money supply to the private markets. Our banking system and the banking systems of the world wouldn't act together as well as they do without a central bank.
And without the Fed the gov't would lose its ability to loan to private investors and companies, any time the gov't wanted to inject cash into the system it would have to purchase something and there would be no tool to decrease the money supply.

I love the Fed and I love Ben Bernanke.
 
Well nice to see another former high profile politician is getting it.
Raw Story Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’



He sure was! :thumbs:


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