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A Plan to Grant the Fed Additional Powers Will Only Exacerbate Current U.S. Woes

Peter D. Schiff (June 23rd, 2008) Writes:
By Peter D. Schiff Guest Columnist Throughout history, governments have always used crises to justify blatant power grabs. All too often, the "expanded government powers" that resulted from the moves remain in place - even after the crisis subsides. This tendency has come into sharp focus here in America recently. Congress signaled that it is preparing to perpetuate the Bush Administration’s domestic wiretapping program, and has even abandoned the pretense that warrantless surveillance be confined to terrorism. Similarly, even though our financial crisis has yet to reach full flower, U.S. Treasury Secretary Henry M. Paulson has announced plans to give the U.S. Federal Reserve new and explicit powers to oversee and regulate the financial services industry. However, a sober look at his plan reveals that it is tantamount to giving the fox complete autonomy to guard the henhouse. What few ...

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