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Ron Paul on MSNBC talking about Obama's New Regulatory Reforms (6/18/09) Responding to the Obama administration's new regulatory reform plan, which will officially hand the Federal Reserve complete dictatorial control over the U.S. economy, Congressman Ron Paul told MSNBC that the Fed was now more powerful than Congress. President Barack Obama wants to give a non-political Fed a new power - to regulate all systemically important institutions. Many members of Congress are balking at this "macroprudential" mission. They're afraid of a Fed that makes politically significant decisions without any political oversight. They may also be worried about the ambitions of Larry Summers, Obama's economic guru. He is widely thought to have his eyes on the top Fed job. Paul emphasized that no amount of regulation could compensate for a financial system created and controlled by the Federal Reserve that was completely unstable to begin with. Obama's regulatory "reform" plan is nothing less than a green light for the complete and total takeover of the United States by a private banking cartel that will usurp the power of existing regulatory bodies, who are now being blamed for the financial crisis in order that their status can be abolished and their roles handed over to the all-powerful Fed. |
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