Organizing for America | Ron Paul Republican for Obama: The FED Wants More Power?!?! NO WAY! FOMC Scam!

Post from Ron Paul Republican for Obama:

The FED Wants More Power?!?! NO WAY! FOMC Scam!

By GOPCrashers - Apr 1st, 2008 at 8:39 am EDT

Also listed in: Ex-Ron Paul Supporters | Foreign Policy | Republicans for Obama

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Tags: Ben Bernanke, credit default swaps, Fed, fico, Goldman Sachs, Henry Paulson, housing crisis, JP Morgan, Keating Five, Liberty, Wikipedia

Everyone should make themselves aware of the new legislation that is being proposed to give the Fed sweeping new powers over vast aspects of our financial/economic system. Here is a link to a story from MSNBC I saw the other day, before the plan was delivered to Congress by Herr Dennis Paulson, formerly of Goldman Sachs, presently an unelected official engaged in a flagrant power grab.

http://www.msnbc.msn.com/id/23864745/from/ET/

THIS IS AN OUTRAGE!!!

The federal reserve bank and its incompetent oversight of lending practices and Wall Street's common attitude of 'get paid up front, stick it to the taxpayer later' (like points on a subprime loan) MUST BE CURBED! Under no circumstances should the Fed be allowed MORE control after screwing everything up as badly as they have done!

Having Democrats say the legislation does not go far enough in regulating the housing industry is, to me, like watching a car wreck unfold in slow motion and being able to do nothing about it.

THE FEDERAL GOVERNMENT AND ITS REGULATORY PROBLEMS ARE THE CULPRIT!

Individual states are more than capable of regulating their local housing industries. During the S&L scandal of the 1980s, changes which originated in Arizona and then were implemented on a national scale caused a fiasco that played directly into the hands of greedy bankers on Wall Street (think the Keating Five scandal and the book, Den of Thieves, the movie Wall Street).

The fact that idiots in California, Florida and a few other places should be allowed to force federal policy on housing regulation is ABSURD! Places like Texas and Illinois had stronger state policies about leveraging home loans above 80% of a home's value and/or restricted the amount of points that a homeowner could be charged when refinancing their loans.

It comes as no surprise that Texas is one of the states least hit by this current meltdown, since they were responsible about lending in the first place! When I worked as an account executive at Countrywide FSL, we were TOLD to IGNORE Texas borrowers because the regulations were so restrictive!

This does not mean Texas' laws are going to work in, say, Massachusetts. Every state has different circumstances which warrant consideration before changing regulations on a broad level. It does mean that a **sensible state policy is much better than federal meddling in private business affairs.**

The federal government has completely trashed our currency since it took over its control in 1913 with the Federal Reserve Act. It tightened the noose when it took us off the gold standard. This is the ENDGAME, folks! Believe it or we will all be led like sheep to the slaughter. I know this sounds extreme but the answer to this current crisis is for states to TAKE CONTROL from the Federal Reserve Banking System. The FOMC is nefarious in its business dealings when it allows irresponsible bankers to scam their way out from under a mountain of Credit Default Swap exposure by depreciating the currency, ruining the housing market through non-regulation over the last 10 years and allowing unscrupulous home appraisers mark values ever higher in a big SHELL GAME!

This latest federal proposal by Herr Paulson and his handlers at GOLDMAN SACHS is just the latest iteration in the SHELL GAME designed to separate the Average US citizen from their wealth, their land and their sanity. DO NOT get suckered in to the proposal itself and certainly do not buy into the need for greater government control!

We the people of the United States must force the federal government to play the hand IT HAS DEALT ITSELF! Mechanisms are in place that will allow bipartisan agreement to hammer out the necessary deals on the national level and I have faith in our state governments that they can put together regulatory statutes at the state/local level that are much better than anything Herrs Bernanke and Paulson can come up while playing voodoo economics in front of their crystal ball in a back room at Goldman Sachs.

People are angry and its time to direct that anger at its rightful recipients. Please go to Wikipedia and read up on Credit Default Swaps, Securitization of Assets, state-by-state mortgage regulations for starters.

KNOWLEDGE IS POWER! LIGHT UP THE DARKNESS!

I will have a better set of links/articles for everyone by the end of the week. In the meantime, this is the time to stand up and say NO! to the total war that is being executed upon the American people from Washington via the Federal Government and its minion elected officials.

Have a Great Day,

Dave

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