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Is Obama's "financial regulatory overhaul" essentially the last piece of the socialist pie?

http://www.examiner.com/x-13396-Minneapolis-Economic-Policy-Examiner~y2009m6d19-Fed-up-with-Ben-Bernanke I don't know whether housing prices are where they should be, but much of what has happened has been supported by the strength of the U.S. economy." This was Federal Reserve chairman Ben Bernanke speaking on CNBC back in 2006. He was referring to the rapid increase in housing prices when asked why some economists were warning us about a housing bubble. Indeed, Ben had not a clue whether housing prices were where they should have been, but he did know much of what had happened had been supported by himself and at the expense of US homeowners. Only in government can someone keep their job after failing so miserably at doing their job. If Ben Bernanke were a corporate economist, accountant, or CEO, he would've been fired for incompetence and already taking orders at the local McDonald's. Instead, to the dismay of real economists and free-marketeers, he is about to be rewarded and given more power than any other chairman in the Fed's clandestine 96 year history. Barack Obama, who surely is not letting a good crisis go to waste, has just introduced a bill which amounts to the final piece of the socialist pie. It is a bill to put yet another stranglehold on wall street and the private sector, while giving the Federal Reserve, whose chairman is a macroeconomist who didn't even see our recession coming, the power to dismantle any business it deems as a "threat to our economy". Government takeover will be complete. Barack is piling up layers of oversight over layers of oversight in new government agencies, so much so that it is hard to fathom that any of these federal watchdogs are going to be doing anything other than chasing their own tails at our expense. The plan includes but is not limited to: These from the associated press: -Giving new authority to the Federal Reserve to supervise firms considered so big or influential that their failure could topple the economy. -Creating a system to dismantle a troubled firm. Once the Fed and the Treasury Department decide an institution is a threat to the economy, the Federal Deposit Insurance Corp. would step in to break it down and sell its assets with minimal impact on investors. -Establishing a "national bank supervisor" to monitor all federally chartered banks and federal branches of foreign banks. The Fed and FDIC would retain their existing roles in helping to supervise state-chartered banks. Now, the fact that what you just read probably has you seeing communist red is beside the point. The point is that this is a serious case of the private sector being accused of crimes it did not commit, with the real culprit not only keeping his job, but being rewarded for the worst recession since the 1930's. Ben Bernanke and his central bank created the conditions that led to this massive bust, but that is for another article. The question here is, why did Ben and his band of banking brothers, as the leading economic forecasters and comptrollers of our economy, not foresee this massive collapse coming? Why, when Ben spends all his working hours artificially controlling and "preventing" a collapse as such we have just seen with its powers to change interest rates, control the money supply, and provide liquidity to our banks, did he not act to prevent this collapse? And if the Federal Reserve is worth its salt as a necessary agent of economic control, then why did this collapse occur? What is the job of the Federal Reserve and what has it been up to lately? Therein lies the problem. Nobody knows but Ben. In the era of Obamanomics, everything private and free is being attacked and assaulted from every angle under the guise of transparency, oversight, and regulation. The only one who is still shrouded in secrecy and above the law is the boss himself. Could it be that the reason Ben and his buddies didn't see this storm on the horizon is that he was a part of the storm and that his intervention into our markets contributed to the very conditions he was trying to prevent? True free market capitalism will always lead to more prosperity for everyone than central economic planning. The two cannot co-exist without the booms being followed by the inevitable painful busts. The market will adjust itself, no matter how powerful or intelligent our planners think they might be. Checks and balances are in place to keep three branches of government from becoming too powerful. The American people are the final authority when elections come around. There is a fourth branch of government that Americans do not know much about, but it is only a matter of time until the small, informed, educated masses demand answers. There are questions being asked, who's watching the Federal Reserve, and what has it done for us lately? Mopar Mike, maybe, but this is about as close to socialism as you can get without actually calling it socialism. Basicly it will put the Federal Reserve in charge of the private sector. And I can also assure you that this trend towards more and more central planning isn't going to reverse.

Public Comments

1. this is only the beginning. more socialist changes on the way.
2. Don't know but it is a big piece that's for sure.
3. No, it is to prevent collapses such as the Bush economic collapse.
4. Considering that 99.9% of all businesses in the US are privately owned, I'd say no. Learn what Socialism really means, it's when the state owns all means of production. All you're talking about is big government.
5. do you know what socialism means? or are you just pissed off because your candidate lost the election.
6. We still need Muslim to be the National Religon, all firearms taken away, limits on # of children parents can have... b ut he is working on it
7. Wow - what was sure a long right wing rant just to get the word "SOCIALIST" in there - and used incorrectly at that! Good work - 10 right wing idiot points for you.
8. Typical liberal philosophy, establish a bureaucracy to cut down on red tape. Obama is an idiot and fool but much worse he has a lot of much more stupid followers.
9. No. It is essentially to prevent the kind of financial meltdown that occurred last fall, from ever happening again. Do you honestly think the financial industry is capable of policing itself?
10. Nice rant
11. It is worse than that, it completely erodes the separation of powers under the Constitution whereby Congress controls the purse and coining of money, giving what tiny oversight there would be of the expanded fed to the executive branch, through the treasury secretary. The separation of purse powers from the executive dates back to the Magna Carta. It is hard to understand why more aren't furious about this attack on our basic Constitutional structure.