Comments on: Federal Reserve To Nationalize All US Banks? http://www.wildeggs.com/blog/2008/04/01/federal-reserve-to-nationalize-all-us-banks/ Paranoia at your fingertips Fri, 21 Nov 2008 00:16:56 +0000 http://wordpress.org/?v=2.3.3 By: Mark http://www.wildeggs.com/blog/2008/04/01/federal-reserve-to-nationalize-all-us-banks/#comment-58 Mark Thu, 03 Apr 2008 23:10:37 +0000 http://www.wildeggs.com/blog/2008/04/01/federal-reserve-to-nationalize-all-us-banks/#comment-58 Yes, this may be happening. But we need to be sure it happens correctly. It is the fed itself that caused the problems by supporting, even promiting derivatives and other exotic investments. The investment banks, conduits, etc. screamed for more paper, and took anything the mortgage industry could give them. Liar's loans were not a secret. Everyone knew what was going on. The Fed needs to be fully renationalized (run from and by Congress). Regardless of whose fault the problem is, the taxpayer is going to foot the bill to fix it. So we may as well go back the the constitutional formula and give the taxpayer (through representation) oversight of the process while it happens, not only after it crashes and he/she must open the wallet. See a proposal at www.TakeBackTheFed.com. Yes, this may be happening. But we need to be sure it happens correctly. It is the fed itself that caused the problems by supporting, even promiting derivatives and other exotic investments. The investment banks, conduits, etc. screamed for more paper, and took anything the mortgage industry could give them. Liar’s loans were not a secret. Everyone knew what was going on.

The Fed needs to be fully renationalized (run from and by Congress). Regardless of whose fault the problem is, the taxpayer is going to foot the bill to fix it. So we may as well go back the the constitutional formula and give the taxpayer (through representation) oversight of the process while it happens, not only after it crashes and he/she must open the wallet.

See a proposal at http://www.TakeBackTheFed.com.

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