https://nypost.com/2021/09/30/bidens-pick-for-treasury-post-sought-end-to-banking-as-we-know-it/
https://www.consumerfinancemonitor.com/2021/09/27/president-biden-nominates-saule-omarova-for-comptroller-of-the-currency/
5 replies (most recent on top)
https://youtu.be/4vPisGG6nvw
“What she was arguing for in this paper from just last year was really promoting the naturalization of an entire industry, retail banking, basically bring to an end the ability of banks to compete for customers’ services and instead nationalize that. A clear socialist idea—that we shouldn’t have free enterprise system competing for people’s business, but rather have the government own it and provide that...”
I’m not a big fan of the feds taking over banking like they tried to do with medical care.
If you like the way the post office works then its a good idea. If you don’t, then ‘no’. It’s a slippery slope. Taking over banking will lead to taking over investments. Imagine submitting a buy order for an ETF at what you deem a good price at that time only to have to wait days\weeks for federal review\approval before the buy is gone through. It was a good price when you hit the ‘buy’ button, now its not at that same amount. It may be much higher and you miss out on all those gains.
Let’s not also forget about correcting a problem. If a private bank makes a mistake that costs you money, you have the fed regulation to back you up and a solid legal standing. If the fed themselves actually OWNS the banking and they make a mistake, good luck on winning that litigation. There’s no way they will find fault with themselves and you lose.
Mistakes you say, oh, I dunno. I mean its completely unheard of for a governmental branch to mis manage money like paying $500 for a hammer. I see no good from this.
interesting quotes from the articles:
“Ms. Omarova has called for 'radically reshaping the basic architecture and dynamics of modern finance’ including nationalizing retail banking and having the Federal Reserve allocate credit...”
"Ms. Omarova’s previously-expressed support for substantial restructuring of the financial system, including the complete migration of customer demand deposit accounts to the Federal Reserve..."
Fed. Reserve is the only .org that keeps everything together. I doubt Jay will get the green light next year, and that might just be the straw the camel needs. Bad juju in 2022