http://www.bloomberg.com/apps/news?pid=20601087&sid=aTkRLjsOkji0
The most flagrantly ironic but scary thing I notice, just immediately, is that the Federal Reserve will be getting even more power EVEN THOUGH it’s obvious that the Fed was mostly responsible for the housing bubble and subsequent credit contraction.
It should be titled “The most sweeping overhaul to prolong the recession and stagnate economic growth”.
Yes, I agree.
You shouldn’t concentrate about the Fed per se too much. If it isn’t the Fed, it will be some other agency. Who cares?
one word to describe it all: FASCISM!
“I think the irony … is that I actually would like to see a relatively light touch when it comes to the government,” said Barak Obomba Tuesday in a White House interview.
I second that…
My initial reaction was I popped some painkillers, hoping to get high enopugh to believe this @$$h0le…
As you can see I am still feeling it… and sadly I did not get high enough…
I concentrate on the Fed because the Fed is really mainly responsible for the bubble so why would they give more power to the same institution that caused the problem in the first place?? This is like putting McDonald’s in charge of a national health committee. Not that people getting fat is just McDonald’s fault, but I think you know what I’m trying to say here.
No one forces me to eat McDonald’s… yet.
Fair point, Mcdonald’s was probably a bad analogy. But the irony, I think, is still relevant.
I am optomistic, this will only strengthen the claims the Austrians make and also increase interest in the subject thereby blostering the numbers.
CHOPPER DAVVVE!
HIOOOOOOOOOOOo
I hope so.
The Austrian voice has to be heard first otherwise we will still be stuck in the same left-right paradigm. After Obama fails republicans will take power and after they fail doing exactly the same thing they will lose power to the democrats and so on. That is how it has been for decades. Apart from Peter Schiff there aren’t that many voices representing the Austrian viewpoint in the mainstream so in most people’s minds the Austrian way of thinking simply doesn’t exist so it can’t be seen as an alternative.
I came to know austrian economics through my own research. Most people don’t even bother researching major decisions in their life much less something that most people are afraid to touch like basic economics. It is not that they won’t be able to understand it but they don’t want to know about it in the first place because in there minds someone else will handle it for them.
Unfortunately, I think a lot of what you said here makes a lot of sense. But it’s that abdication of responsibility that’s such anathema to the concept of freedom. Freedom means that one has choices, but also that one must be responsible for said choices. So basically what you’re saying here is that the modern mainstream liberal approach will ultimately win because people would rather have someone else take care of everything for them. Right?
Correct me if I am wrong but the US Federal Reserve is technically not part of the US government and an independent/private entity, its members aren’t elected by the US people. This means a technically private body will be given larger powers over the US and, to a lesser extent, the world economy. We all know what the truth is but in the real world this means that the (non populary elected) Fed Board of Directors will be able to impose economical decisions without an open debate in the House. OK, apart from Ron Paul and a few other characters the House is full of clowns (with all due respect to honest hardworking clowns) but this means that most of the US economy will now be run from behind closed doors even more than before. Not even the EU ever dared taking such a move and probably won’t in the foreseeable future.
Hope and change you can believe in? The US citizens were told that the election of Mr Obama would bring a new, better era and most are still blindly believing it. Personally I do not put the blame on Mr Obama completely: he’s just a smiling and well mannered salesman, none of his business what people will find in the box he’s selling.
The Fed is more like a partnership between the government and a cartel of big banksters which allow the politicians to spend as much as they want to while hiding the costs to the voters through inflation. The cartel of bankers get to profit from the arrangement by eliminating competition through banking and finance regulations (Peter Schiff’s EuroPac is now facing six digit fines and has been ordered not to hire any more employees), by making ‘loans’ to the government (bonds for fiat currency), and by having foreknowledge of monetary policies (insider trading). With these and other profits, the banksters are also able to control the politicians directly and the masses through a wide web of investments.
Follow the money and you’ll find the answer.
Obomba seems to be just another Chicago gangster lookin out for number one?