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Bush is starting to sound more and more like Nixon.
Voted into office on a platform which touted deregulation and less government interference, he's now turned the corner toward draconian, totatliarian centralized microscopic examinations of financial institutions.
What's next, a revival of Tricky Dick's wage/price freezes? Not good. Not good at all.
CBS NEWS
Sweeping Overhaul Of Fed Proposed
Bush Administration Would Strengthen Reserve's Oversight Of Financial Institutions
Sweeping Overhaul Of Fed Proposed, Bush Administration Would Strengthen Reserve's Oversight Of Financial Institutions - CBS News
Fact file: Financial overhaul
The main elements of the Bush administration's plan to overhaul financial regulation:
— Expand the role of the President's Working Group on Financial Markets to include the entire financial sector and not just financial markets.
— Create a federal commission, the Mortgage Origination Commission, to develop uniform, minimum licensing standards for mortgage market participants.
— Close the Office of Thrift Supervision, which regulates thrift institutions, and move those functions to the Office of the Comptroller of the Currency, which regulates banks.
— Merge the functions of the Commodity Futures Trading Commission into the Securities and Exchange Commission to create one agency to provide unified oversight of the futures and securities industries.
— Establish an Office of National Insurance within the Treasury Department to regulate those in the insurance industry who want to operate under an optional federal charter.
— Work to establish as a long-term goal three major regulators: the Federal Reserve as a "market stability regulator"; a "prudential financial regulator" to take over the functions of five separate banking regulators; and a "business conduct regulator" to regulate business conduct and consumer protection.
Source: Associated Press
No, I'm not going to sit here and pretend to even begin to fathom all the ramifications of these proposals.
Certainly, establishing a Office of National Insurance within the Treasury Department jumps out and grabs my attention.
Centralized Federal control over the insurance industry? I would tend to think the line of lobbyists would be long, with very deep-pocketed interests fighting it tooth and nail.
Right. I haven't read much on the proposal, but if it is par for the course for this Administration the issue isn't more, or less, regulation. The issue is federal preemption. You get the feds involved, you create a regulatory system written by the corporate interests and then you have the conservative judiciary rule that the federal scheme preempts any attempts by the states to exercise control.
New Yorker: Americans are going for broke - The New Yorker - MSNBC.com
Everything seems to backfire I would have thought tougher bankruptcy laws would have helped not hurt.
New Yorker: Americans are going for broke - The New Yorker - MSNBC.com
Everything seems to backfire I would have thought tougher bankruptcy laws would have helped not hurt.
I always thought the bankruptcy reform was horrendous.
It sounds good on paper, under the guise of making people responsible for their own decisions. But it was a boondoggle for the credit companies, and it didn't include reform of any of the complicated, draconian, usurous practices of credit companies.
We've been over it many times on the board, but when companies are able to create complicated tricks that force credit holders into interest rates over 33%--and they reform bankruptcy laws in such a way that it becomes almost impossible for people to escape those debts--who's the one at fault?