President Bush and the Treasury Department are gunning to consolidate even more power in the hands of the Federal Reserve to "oversee financial market stability." Republican shenanigans like this make me angry. Haven't Republicans learned anything yet? On domestic issues, most especially the economy, Bush warrants an F, simple as that. This is truly outrageous. How vexing it is that on some things, Bush is right on, to wit, the War on Terror, while on other matter, he is way off in the stratosphere: education (Kennedy), campaign finance (Feingold) and his embrace of the man-made global warming myth, to mention a few. Democrats complain that the legislation in question here doesn't go far enough in terms of regulation, even more reason to hold the idea suspect. A McCain presidency, while infinitely superior that what a Clinton or Obama circus would offer us, will only be more of the same, as he is not an authentic conservative. Conservatives have to go back to square one it seems and start from scratch to find a new generation of leadership. Here's an excerpt and the link to the story.
The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.
The proposal is part of a sweeping blueprint to overhaul the nation’s hodgepodge of financial regulatory agencies, which many experts say failed to recognize rampant excesses in mortgage lending until after they set off what is now the worst financial calamity in decades.
http://www.nytimes.com/2008/03/29/business/29regulate.html?ei=5065&en=7ba12b1b93b17830&ex=1207368000&partner=MYWAY&pagewanted=print
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