FED to start making car, credit card loans...
By Destiny007
@Destiny007 (5805)
United States
November 25, 2008 11:02am CST
Paulson announced his new plans for the Federal Reserve to issue Car Loans, Student Loans, and Credit Cards.
Even though the Federal Reserve is not a government entity, I think this is a bit much as they are who handles the government finances although they have no Constitutional authority to do so.
Here is the link...
http://www.reuters.com/article/topNews/idUSTRE4AO1DB20081125?feedType=RSS&feedName=topNews
What do you think... is this a good idea, or just more evidence that
Paulson is an idiot?
2 people like this
2 responses
@gewcew23 (8007)
• United States
16 Feb 09
If Paulson is an idiot then what does that make Giethner? I know technical the Federal Reserve is not a government entity but really it is, a more powerful government entity. Anyway government should not be in the business of issuing any kind of loans. Loans and credit cards should only be issued by private companies. Like you write government has no Constitutional authority to be in the banking business.
@Destiny007 (5805)
• United States
16 Feb 09
The Federal Reserve is a collection of private banks. It has nothing to do with the government... yet it sets interest rates and makes decisions that effect everyone. There is no government oversight of the FED... nor do they answer to the government in any way.
The FED has no Constitutional authority to print money... as minting money is the responsibility of Congress.
Twice now the FED has contributed heavily... if not outright caused... severe economic problems... the first time was the Great Depression... and now they just did it to us again.
I have learned more about our government and economy during the last 3 years than what I thought I knew prior to that time.
We are on the verge of being totally screwed.
Paulson and now Giethner are idiots, they only care about the well being of the banks, and not the American people
