Now the Idea Is a Single Bank Regulator

Top Obama administration officials are close to proposing that Congress create a single regulator to oversee and detect activities that could pose risks to the banking sector and the entire financial system, The Wall Street Journal reported late Wednesday, citing people familiar with the matter.

From WSJ: The new agency is expected to be a major plank in a proposal that Treasury Secretary Timothy Geithner and White House officials send Capitol Hill in a few weeks with the goal of overhauling supervision of financial markets.

Other components under consideration are an agency to police financial products offered to consumers and a beefed-up investor protection regulator.

People involved in the process said much is still in flux and could change before a formal recommendation is made to Congress in mid-June.

The new bank regulatory agency could prove controversial because it would consolidate the Office of the Comptroller of the Currency and the Office of Thrift Supervision and strip supervisory powers from the Federal Reserve and the Federal Deposit Insurance Corp.

The Fed and the FDIC would gain other powers, though, as White House officials want the Fed to be able to oversee systemic risks in the economy. They also want the FDIC to have new powers to take large financial companies that aren’t banks into receivership.

Further centralizing the entire monetary system in the hands of a single federal agency, doesn’t really seem the wisest choice of action. I think Prof. Friedrich Hayek’s (1974 Nobel Laureate) argument in his 1976 paper, ‘Denationalisation of Money’, is as relevant as ever.

Professor Hayek warned that governments and their appointed central bankers would be tempted to misuse their money monopoly to print excessive quantities of money, cause instability, indulge in undisciplined state expenditure and impose economic nationalism. One can easily see the truism in Hayek’s predictions.

Whether we like admitting it or not the reality is, we have broken and continue to break every single rule of prudent monetary and fiscal management.

Comments

[Speedspirit:]

More government spending and more red tape. Another blameless function of government control. Complicating the issue with another office. We had a choice between two roads and the road our leaders have chosen was downhill thinking it would be easier but it will lead straight to hell.

May 28 09:52 PM

[Walking Turtle:]

Lyric Snippet for the Occasion:

"Haul away boys, let them go!
Out in the wind and the rain and snow!
We've lost more than we'll ever know
From the Rocky Shores [read, "Bloody Banks" per the imagery)] of England!"

Per the Brit "Show of Hands" folk trio: "Roots" @ www.youtube.com/watch?... - note the 2-min mark's imagery for the Oggham of it... There's only one place on Earth where that *distinctive* crimson-and-gold banner hangs, at that!

To think that this is the modern-day crowd that once, Back Then, would have had ones' hand (today a mere piece of ones' life) cut off and destroyed for the theft of a loaf of bread! The Directors of ALL this planet's predatory Fraudulent Finance Institutions stand in breach of a list of standing international laws and regulations as long as MY arm - and I am a "stringbean" in my Funny Hat, not short at all.

Aside to the Unwary: Um, y'know that "High Yield Investment Plan" that's been bannered about on NewsMax dot com of late? Well, don't bother. That "59-day Guaranteed Wonder" is operated by none other than one David Frazier, who is reliably reported to be one of Dick Cheney's top financial henchmen. (But why is Cheney raising penny-ante investor-funds these days, and on NewsMax at that? Click www.worldreports.org/news to read up on that.)

The "Subscription" model might serve to duck a few SEC regs, but fraud is still fraud and Ponzi is STILL PONZI. Nonetheless: Welcome to the US NeoConomy, successor to the American Dream!

Until further notice (following a lifting of the US Corporate Network Media's ongoing Global Financial TerrorWar News Blackout), it is fair and prudent to consider ANY "Emerging Financial Leader" with a HYIP "subscription" to sell to be a net liability to ones' own well-being and solvency.

They want to STEAL [the rest of] YOUR MONEY NOW.

So does a life filled day in day out with tantalizing neo-snippets and news-ey truth-y manipulative infotainment, punctuated with intermittent episodes of Gyrating Spandex, seem interesting to YOU? Stay glued to the Telly-Vision, FOOL.

Elsewise, seekingalpha.com reportage will do you just fine. Ditto for www.worldreports.org/news - the Naming of Names and the Shining of Accountant-Grade Light on the matter and perpetrators now at hand has not been utterly stopped. As for the nice-faced, sharp-dressed man in the Oval Office now talking at you like Scam Reporter Jim "Bear Stearns is SOLID (today) so BUY BUY BUY!" Cramer on the Town Meeting Telly-Vision in ways that seem to actually shove your sensible head's sound and prudent senses back to where Cramer first put them, while HE sees to the "Welfare of the State": BEWARE. 0{>:(-<

So here's REAL entertaining Speculation: Is Leon Panetta of the Ponzi-financed CIA ShadowGov gang now hiding out (maybe even in Tim Geithner's suburban basement) from the International Collections Team now on US soil with Lawful writ in-hand to *collect* on the long-delinquent US "Balance of Payments" debts to China, Great Britain and (one is given to suspect) the Rothschild Gnomes of Zurich? Or did he make it all the way to the Cayman Isles incognito and Get The Money while Geithner gyrates and gimbals in his TARP and GHWB Himself (that Marvellous He) surrenders his own US passport to the Stalwart and Well-Armed Men bearing that EXCELLENT and entirely Lawful World Court Writ? Follow the worldreports.org/news site's International Fraudulent Finance article series and (um) Go Figger. You shall not be disappointed nor disinformed.

They THOUGHT they could STEAL the WORLD. Internet Exposure was not factored into the Master Plan. (Anyone got any surplus string? Any leftover lynch, even? Well hold back on the Country Whupass for a few, and let the World Criminal Court have its way, first...)

There is sanity in sanitation. The trash-grade World Financial Fraud Industry and ALL the MAGGOTS therein MUST be REMOVED before the rot and consequent stench will EVER abate imho. Buy food and precious metals in small negotiable physical pieces. Also some hand-sized chunks of flint. Buy lead and old rags too. Also saltpeter, charcoal and sulfur. (Mix them intimately, but ONLY when wet. NOT while dry!)

Learn to nap flint into useful articles such as Critical Musket Parts, for survival's sake. Cultivate a taste for the Delicious and Plentiful Urban Wild Dog. Nothing wrong with learning NEW SKILLS.

Hint: Fresh puppies are very tender and nopurishing, when well prepared.

May 28 11:30 PM