Overhaul the U.S. financial rule book by giving the Federal Reserve increased powers.

WASHINGTON - The Obama administration wants to overhaul the U.S. financial rule book by giving the Federal Reserve increased powers but, bowing to critics in Congress, is backing away from proposals to consolidate various regulatory agencies.

The administration's overhaul plan would make the Fed a systemic risk regulator to oversee large institutions whose failure could threaten the stability of the entire system.

It also would create a council of regulators with broad coordination responsibility across the financial system, administration officials said.

And the administration plans a stronger framework for investor protection, including increased oversight of consumer products ranging from credit cards to annuities, officials said.

http://www.msnbc.msn.com/id/31354523/ns/business-stocks_and_economy

 

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good, the weak regulations were at the heart of this mess (look at the fact that australia who has strong ASIC regulation hasnt lost even 1 bank compared to the US and UK)

 

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Uhh...I don't like the Federal Reserve, and the whole "it costs interest just to use currency" crap, so I don't think this is such a good thing. The article doesn't get too specific, but this sounds like a quick fix that's not going to be all that helpful.

And furthermore, Obama giving power to the Federal Reserve? That seems like a more Republican thing to do. Great...

 

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I think Obama wants control of everything.

 

You have been hanging around the wrong crowds my friend. Obama has no desire to control everything. He is acting a like a responsible leader. He inherited a mess. Just because he working to fix the multiple problems we now face does not mean he is a control freak.

I thank God that at a time of crisis the American people have found a leader who can and does lead.

 

But lead us to where? :shrug:

He has already budgeted over 4 trillion dollars this year alone, Bush's budget was only 2 trillion last year, what's next years budget going to be?

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Who's going to pay for all that he "fixes? The taxes are going to rise, that's for sure, in order to pay for everything he is doing.

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Well it is like this cosmic, have you ever been married? I'm assuming you are married, and has your wife ever gone shopping? Obama's situation is similar to the husband whose wife has been on a shopping spree. Most of the spending has already been done. The decisions causing this cash outflow were made years ago under the Republican congress and george II. Now the bills must be paid and Obama is paying them. And the electorate, is giving the wife a good tongue lashing by voting them out of office. In typical wifie fashion, wifie is ignoring the husband.

 

Dude. Australia is running a very large budget deficit for countries of our size. I don't get what you folks are so panicked about. There are plenty worse off than you.

 

For THIS year, that's true, but he wants a health care agency to help the 45 million people without any health care now. That will cost ALLOT of money then there's the Afghanistan war as well as more money needed IF the economy isn't picking up steam by the end of this year as well. So many added expenses that are looming for us. How much will next years budget be, no one knows, but I'll bet it will be over 3 trillion dollars. The deficit keeps climbing, costs are going up, inflation is starting to raise its head.

Where does the spending stop and savings begin?

 

Most people agree it will cost one trillion dollars over 10 years. And that is the number baked into the Obama budgets. To pay for that he has targeted 950 billion in budget cuts. And Obama's numbers ignore any soft savings created by improved efficienies in the healthcare system like automation of medical records and implentation of best practices (example: healthcare costs in Florida for same conditions are three times higher than in Washington) but the outcomes are similar.

 

From my point of view on Obama....He talks more about what he is going to do rather then doing them....he has no idea how to or why he wants to do things he has talked about....I would classify him as a Showman...not a productive man.....if he would of really cared for america he could of came up with a way to help us not say, "Yes We Can" obiviously meaning...You can do it yourself!!!....He is a socialist...
yet again this is my opinion...

 

I am impressed with what he has done thus far...probably one of the most productive presidents I have seen in my life.

 

Thats not saying much knowing we had G.W. Bush for a 8 year term..

 

Yeah, I think he was already on vacation at this time. I think he was no vacation most of the time. I am not sure if that was a good thing or a bad thing.

 

Thats right, and look at what you did, and now look at what America is doing.