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Wednesday, June 17, 2009

More Power to the Federal Reserve

Ok, so I'm a little late on this. Here is the link.

From the article:

The Federal Reserve, already arguably the most powerful agency in the U.S. government, will get sweeping new authority to regulate any company whose failure could endanger the U.S. economy and markets under the Obama administration's regulatory overhaul plan.

I don't remember seeing anything about this in the Constitution. I guess it must be an emanation of a penumbra.


The most likely candidate for elimination is the Office of Thrift Supervision, whose failure to detect and forestall problems at Countrywide, IndyMac, Washington Mutual and other freewheeling mortgage lenders is thought to have contributed to the financial crisis.
I'm all for eliminating as many federal agencies as possible, but not when the power is simply shifted to another bigger agency. If government intervention makes things worse then the obvious solution is more government intervention.

To be honest I wasn't aware that there was an Office of Thrift Supervision. It must be another emanation.

At this rate we will all be government employees before long. I'm not sure how that is supposed to help this nation.

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