Word: feds
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...Sept. 12, a large crowd gathered in Washington to protest ... what? The goals of Congress and the Obama Administration, mainly - the cost, the scale, the perceived leftist intent. The crowd's agenda was wide-ranging, so it's hard to be more specific. "End the Fed," a sign read. A schoolboy's placard denounced "Obama's Nazi Youth Militia." Another poster declared, "We the People for Capitalism Not Socialism." If you get your information from liberal sources, the crowd numbered about 70,000, many of them greedy racists. If you get your information from conservative sources, the crowd was hundreds...
...Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." Late last year, you could hear a few people arguing this case on CNBC and even on the floor of the House of Representatives. But after Lehman's failure, no one at Treasury or the Fed talked that way. Instead, the consensus among the policymakers who mattered, in the U.S. and overseas, was that the panic had to be stopped at any cost...
...commercial banks from Wall Street. It's not obvious that we need such a drastic overhaul now, but still, the contrasts with 1930s are stark. Ironic, too. By following their belief that financial markets should work out their own problems, Andrew Mellon and his kindred spirits at the Fed triggered a financial collapse that more or less ensured major, permanent government participation in the financial sector. By intervening aggressively, Hank Paulson and his kindred spirits at the Fed haven't quite ensured a continuation of the status quo - some reforms will come, and banks and their regulators will tread more...
...This sense of urgency is well founded. Japanese voters, frightened by the country's sinking economy and fed up with years of feckless political leadership, handed power to the DPJ in a landslide victory that Hatoyama called "the first ever proper change in government in the history of our constitutional politics." Indeed, by electing DPJ members to 308 of 480 seats in the Japanese parliament's lower house, voters ended a half-century of nearly unbroken rule by the Liberal Democratic Party (LDP) - providing an unprecedented rebuke to the country's political élite, at the same time issuing...
...citizenship this past February, and when Treasury Secretary Tim Geithner first unveiled the Administration's sweeping plan to reform the financial system in June, Shelby said of its goal to expand the Federal Reserve's regulatory power, "I personally believe this represents a grossly inflated view of the Fed's expertise...