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: Mortgage Lender Implode-o-Meter

More Power To The Fed

By Implode-Explode Heavy Industries

`` This is not about cracking down on big banks as some claim. Rather, this is about not wasting a crisis. This is about using a traumatic event to increase government power and control over the economy. If it was really about addressing the causes of this recession, Fannie Mae and Freddie Mac would have been dealt with, or abolished. Failed companies would just fail, rather than being bailed out. Instead, a permanent bailout mechanism is being established. The Fed, and its ability to control interest rates and create cheap money, would be reformed or better yet, abolished. But instead its power is being increased and this Congress refuses to even fully audit it!''

Full post as published by Mortgage Lender Implode-o-Meter on July 09, 2010 (boomark / email).