Red Headlines For March 29, 2008

Oh, it’s getting worse.

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Treasury Dept. Plan Would Give Fed Wide New Power

WASHINGTON — 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.

Democratic lawmakers are all but certain to say the proposal does not go far enough in restricting the kinds of practices that caused the financial crisis. Many of the proposals, like those that would consolidate regulatory agencies, have nothing to do with the turmoil in financial markets. And some of the proposals could actually reduce regulation.

According to a summary provided by the administration, the plan would consolidate an alphabet soup of banking and securities regulators into a powerful trio of overseers responsible for everything from banks and brokerage firms to hedge funds and private equity firms.

While the plan could expose Wall Street investment banks and hedge funds to greater scrutiny, it carefully avoids a call for tighter regulation.

Emphasis added by me.

So then, pardon the rude question, what the fuck is the point?

Oh, here we go:

The plan would not rein in practices that have been linked to the housing and mortgage crisis, like packaging risky subprime mortgages into securities carrying the highest ratings.

The plan would give the Fed some authority over Wall Street firms, but only when an investment bank’s practices threatened the entire financial system.

Emphasis added by me.

In other words, it’s our money being used to save the fat asses of the greedmeisters!

Who are:

There we go! Their icon!

Remember that movie? He was a fraud and a thief!

Just like his real-life counterparts who bray about the “free market” — yet the first time it nibbles on their ankles and causes them to stumble, they scream for a Federal Bailout because “we’re too big to fail!”

Bullshit.

Let them fail. Why should they get help when families are being kicked out of millions of homes across this nation? Homes they were enticed into by the greedmeisters at the lowest level of this stinking, corrupt pyramid scheme that went unchecked for the past decade!

If this isn’t another reason for a revolution in November, I don’t know what the hell is!

Next item:

High Rice Cost Creating Fears of Asia Unrest

HANOI — Rising prices and a growing fear of scarcity have prompted some of the world’s largest rice producers to announce drastic limits on the amount of rice they export.

The price of rice, a staple in the diets of nearly half the world’s population, has almost doubled on international markets in the last three months. That has pinched the budgets of millions of poor Asians and raised fears of civil unrest.

Shortages and high prices for all kinds of food have caused tensions and even violence around the world in recent months. Since January, thousands of troops have been deployed in Pakistan to guard trucks carrying wheat and flour. Protests have erupted in Indonesia over soybean shortages, and China has put price controls on cooking oil, grain, meat, milk and eggs.

Food riots have erupted in recent months in Guinea, Mauritania, Mexico, Morocco, Senegal, Uzbekistan and Yemen. But the moves by rice-exporting nations over the last two days — meant to ensure scarce supplies will meet domestic needs — drove prices on the world market even higher this week.

This has fed the insecurity of rice-importing nations, already increasingly desperate to secure supplies. On Tuesday, President Gloria Macapagal Arroyo of the Philippines, afraid of increasing rice scarcity, ordered government investigators to track down hoarders.

Emphasis added by me.

Everything is coming to a head all at once.

Inflation, greed-inspired fraud, governmental favoritism for the greedmeisters, soaring oil prices, falling American dollar value, and now food is rapidly coming into focus.

And this is still the introduction; the credits rolling over the theme music. Act One hasn’t yet begun.

I asked a question here. That question is still valid.

Explore posts in the same categories: C.O.A.T. - Food, C.O.A.T. - Money, C.O.A.T. - Other, C.O.A.T. - Politics, C.O.A.T. - Riots, C.O.A.T. - Scams, Depression 2.0, Red Headlines, Video - DVD, Video - Online

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