Tuesday, April 01, 2008

My Review of the Fed Overhaul

Yet another ham handed effort on the part of W to salvage a situation that doesn't need to be salvaged. A bottom needs to be found and built upon with fundamentals.

This overhaul will never work. Has anyone seen what’s going on at DHS? The Department of Homeland Security is floundering and failing. 7 years later, it still isn't fully staffed, programs are not coordinated and key mandates aren't being met. All DHS does is protect our borders and ensure our safety. The Fed overhaul wants to create a Federal Reserve which is responsible for our money at the expense of other federal agencies. Does anyone in their right mind see that endeavor succeeding?

I am not saying that revamping our financial regulatory structures isn't important or needed, but there are more pressing issues at hand. I also disagree with how the government is going about this restructuring. Representative Barney Frank, D-MA, who is the chairman of the House Financial Services Committee, called it "a constructive step forward (in) a profound national discussion that cannot be concluded in the months before the election". Correct Congressman, but its like the 4th or 6th step from where we are now. I hate to say it, but for a change Hillary was right when she called this reorganization, arraigning deck chairs on the Titanic. Too bad she rendered herself irrelevant last week when she called for a bailout of the individual homeowners.

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