Barney wants the fox to count the chickens... Speaking now CSPAN

[dixiegrrrrl]

he is speaking now, with a plan for the Federal Reserve to be responsible for overseeing the rules that
the banks use.

Does no one get that the Federal Reserve is the freaking problem?

Wants the gov't to build housing, says it is unrealistic to expect everyone can buy, people have to rent also.

Back to Sec. 8 housing, meaning the owner of the houses get gov't subsidies.

[On the Road]

1. To Use Your Metaphor,

who would NOT qualify as a fox? Would the chickens be better overseeing themselves? Is he proposing the Fed instead of some other agency?

[dixiegrrrrl]

2. He is proposing the Fed.

The bankers are to over see the bankers, essentially, under new rules.
Nothing changes, in essence.

Yeah, that has always worked well.

The Federal Reserve in unconstitutional, actually.

The Constitution, that "quaint outmoded" piece of paper ( said Bush et al )
clearly stated that ONLY the Government has the power to make and set value of money.

Article 1 - The Legislative Branch
Section 8 - Powers of Congress

but since the Federal Reserve has existed 1913, it is now "normal" and even smart Congress critters think it rules over our money.
( exception: smarter Congress critters like Kucinich and Ron Paul..they know better)

Interesting..the Alfalfa club started in 1913 also...hmmmm..

[On the Road]

3. The Alternative Would be Treasury

Not sure that would be appreciably different in practice.

In this case, you have an academic at the Fed and a Fed person at Treasury. Before that, there was an investment banker at Treasury (and others before him like Rubin).

Listening to people like Kucinich and Paul would put the government's ability to deal with the recession back in the pre-1929 days. It would not in any way be better for the average working person.

[notesdev]

4. End fractional reserve banking

and make the regulation issue moot. The need to regulate is only as dire as it is because fractional reserve banking magnifies the potential risk of banking activities by a factor of 10. Get rid of it, and it won't matter how much risk a bank wants to take on since they will only be able to risk money they have to lose.