Expand the Fed?

Obama Pitches Federal Reserve Plan

This makes me a little scared…just because I’m wary of how much power we give to one authority…especially one that isn’t officially part of the government at all.

I think the system we have set up inherently has the flaws that we’re trying to eliminate.  Giving more power and oversight will only bandaid the problem.  I think we need some sort of overhaul…though, being no economical expert, I’m not sure which direction to go.

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  1. What innate flaws do you see in the system? As a prevention plan, I think the Fed does need get a boost in power (Ayn Rand is probably rolling in her grave, at the moment). They need to be able to enforce regulation that prevents systematic risk. What concerns me more, though, is the fact that there is no limit to how big a corporation can become. Why did we have to bail out the banks, AIG, and others? In short, because they were too big to fail. Well, if there is no limit on how big a corporation can become, then we'll eventually see another bailout situation. Because of globalization, corporations' reach and influence impact everyone. When it comes to measuring the potential damage that may be caused if they fail, they have immense amounts of power. It's this power that should be limited, imo.

  2. Time to write some letters.

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