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Congress Sells its Soul to the Federal Reserve

Change has arrived. But it is not the sort of change imagined by the fawning mobs of 2008 at Obama’s campaign rallies. Obama and Congress have pulled a three-card Monte on the American people. It’s called “financial regulatory reform” and it hands unprecedented power over to the Federal Reserve.

“This historic reform creates the strongest protections for consumers in history and the toughest financial regulations since the Great Depression,” declares a triumphant White House.

Ron Paul’s call for putting the bankster Fed under a microscope has evaporated. “Just a few months ago, amid populist anger at the Fed for failing to prevent the financial crisis of 2008 and bailing out Wall Street, Congress was talking of stripping the central bank of its supervisory oversight of banks or forcing it to submit to congressional audit of its interest-rate decisions,” the Wall Street Journal wrote yesterday. “Instead, the new law gives the Fed more power and a better tool box to help prevent financial crises.”

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