Page 1 of 2 12 LastLast
Results 1 to 10 of 15

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

  1. #1
    Dispenser of Negativity
    Cold Highway's Avatar
    Join Date
    May 2007
    Location
    Newburgh, New York and World 8: Dark Land
    Last Seen
    12-24-12 @ 11:21 PM
    Gender
    Lean
    Libertarian
    Posts
    9,596
    Blog Entries
    7

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

    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’
    Last edited by Cold Highway; 07-26-09 at 11:45 AM.
    Jackboots always come in matched pairs, a left boot and a right boot.

  2. #2
    Norville Rogers
    Kernel Sanders's Avatar
    Join Date
    Jul 2008
    Location
    Pittsburgh, PA
    Last Seen
    07-23-12 @ 10:20 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,730

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

    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.

  3. #3
    Dispenser of Negativity
    Cold Highway's Avatar
    Join Date
    May 2007
    Location
    Newburgh, New York and World 8: Dark Land
    Last Seen
    12-24-12 @ 11:21 PM
    Gender
    Lean
    Libertarian
    Posts
    9,596
    Blog Entries
    7

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

    Quote Originally Posted by Kernel Sanders View Post
    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.
    Jackboots always come in matched pairs, a left boot and a right boot.

  4. #4
    Sage
    Join Date
    Jan 2009
    Last Seen
    08-27-09 @ 08:41 PM
    Lean
    Undisclosed
    Posts
    6,344

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

    Quote Originally Posted by Kernel Sanders View Post
    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.

  5. #5
    Sage
    Harry Guerrilla's Avatar
    Join Date
    Dec 2008
    Location
    Not affiliated with other libertarians.
    Last Seen
    09-01-17 @ 02:38 PM
    Gender
    Lean
    Libertarian
    Posts
    28,955

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

    Quote Originally Posted by chevydriver1123 View Post
    Well nice to see another former high profile politician is getting it.

    Raw Story Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’
    Well that's certainly nice to hear. It's not often a high profile guy throws the Fed under the bus for good reasons.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

  6. #6
    Fool & Troll Handler
    MC.no.spin's Avatar
    Join Date
    Dec 2007
    Last Seen
    08-26-17 @ 02:53 PM
    Gender
    Lean
    Independent
    Posts
    3,392

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

    Quote Originally Posted by Harry Guerrilla View Post
    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.
    "Everyone has his axe to grind - his favorite fiction to pimp. We live in a world of hustlers and clowns."
    ~ Bob Somerby

  7. #7
    Banned
    Join Date
    Jul 2009
    Location
    Silicon Valley
    Last Seen
    12-23-09 @ 05:40 PM
    Gender
    Lean
    Libertarian
    Posts
    616

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

    Thumbs up for the article and Spitzer.

  8. #8
    Banned
    Join Date
    Sep 2005
    Location
    Chicago
    Last Seen
    04-02-15 @ 06:08 PM
    Gender
    Lean
    Libertarian
    Posts
    8,211

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

    Quote Originally Posted by celticlord View Post
    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]

  9. #9
    Sage
    Join Date
    Jan 2009
    Last Seen
    08-27-09 @ 08:41 PM
    Lean
    Undisclosed
    Posts
    6,344

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

    Quote Originally Posted by Ethereal View Post
    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.

  10. #10
    User
    Join Date
    Jul 2009
    Last Seen
    07-27-09 @ 05:37 AM
    Gender
    Lean
    Undisclosed
    Posts
    7

    Arrow Re: Spitzer: Federal Reserve is ‘a Ponzi scheme, an inside job’...•

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










    demande carte de
    credit
    - Carte de credit, credit en ligne.
    La notation des maison de credit rejaillit sur le client !

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •