What Legal Authority Does the Fed Need During a Financial Crisis?

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de officiis
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What Legal Authority Does the Fed Need During a Financial Crisis?

Post by de officiis » Fri May 12, 2017 6:47 pm

What Legal Authority Does the Fed Need During a Financial Crisis?

Eric A. Posner * - 101 Minn. L. Rev. 1529 (4/17)

* Kirkland & Ellis Distinguished Service Professor and Arthur and Esther Kane Research Chair, University of Chicago Law School

Abstract
The financial crisis of 2007-2008 exposed gaps in the law that authorizes federal agencies to provide emergency liquidity support. This essay describes the ways in which legal constraints hampered response to the crisis, proposes reforms that would make possible a unified and strong response, and criticizes the Dodd-Frank Act for weakening, rather than strengthening, the crisis-response agencies.
http://chicagounbound.uchicago.edu/cgi/ ... _economics
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SuburbanFarmer
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by SuburbanFarmer » Fri May 12, 2017 10:08 pm

Fucking glorious. Hand them the keys. No more pretending. Pledge allegiance to the banking cabal.
SJWs are a natural consequence of corporatism.

Formerly GrumpyCatFace

https://youtu.be/CYbT8-rSqo0

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de officiis
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by de officiis » Sat May 13, 2017 4:23 am

GrumpyCatFace wrote:Fucking glorious. Hand them the keys. No more pretending. Pledge allegiance to the banking cabal.
You do understand that the shareholders of the very banks the Gov't. intervened to save are suing the Gov't. for billions of dollars for acting illegally...right?
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SuburbanFarmer
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by SuburbanFarmer » Sat May 13, 2017 6:19 am

de officiis wrote:
GrumpyCatFace wrote:Fucking glorious. Hand them the keys. No more pretending. Pledge allegiance to the banking cabal.
You do understand that the shareholders of the very banks the Gov't. intervened to save are suing the Gov't. for billions of dollars for acting illegally...right?
10/10 avatar and sig btw.

I wasn't aware, but it makes sense. Fuck everybody both ways.
SJWs are a natural consequence of corporatism.

Formerly GrumpyCatFace

https://youtu.be/CYbT8-rSqo0

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Fife
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by Fife » Sat May 13, 2017 9:18 am

de officiis wrote:What Legal Authority Does the Fed Need During a Financial Crisis?

Eric A. Posner * - 101 Minn. L. Rev. 1529 (4/17)

* Kirkland & Ellis Distinguished Service Professor and Arthur and Esther Kane Research Chair, University of Chicago Law School

Abstract
The financial crisis of 2007-2008 exposed gaps in the law that authorizes federal agencies to provide emergency liquidity support. This essay describes the ways in which legal constraints hampered response to the crisis, proposes reforms that would make possible a unified and strong response, and criticizes the Dodd-Frank Act for weakening, rather than strengthening, the crisis-response agencies.
http://chicagounbound.uchicago.edu/cgi/ ... _economics
Thanks for the link. It's been a while since I took a stab at Eric's view on the world. An essay in favor of expansion of the Fed's power to bail out those "too big to fail?" I see he's rocking along same as always.

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Ex-California
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by Ex-California » Sat May 13, 2017 3:43 pm

Holy shit this isn't satire?

The guillotines need to be rolled out ever faster
No man's life, liberty, or property are safe while the legislature is in session

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SuburbanFarmer
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by SuburbanFarmer » Sat May 13, 2017 10:25 pm

California wrote:Holy shit this isn't satire?

The guillotines need to be rolled out ever faster
Just keep up on your payments. Those blades ain't cheap.
SJWs are a natural consequence of corporatism.

Formerly GrumpyCatFace

https://youtu.be/CYbT8-rSqo0

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jbird4049
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by jbird4049 » Sun May 14, 2017 10:18 pm

I dislike the Obama Administration and loathe the Bush Administration, but they did splendidly saving our collective posteriors. The planetary, not just the United States' financial system, therefore everyone's economy was less than a day from systemic collapse. Perhaps just an afternoon. It would have been worse than the Great Depression. Caused by the too big too fail banks.

That's not hyperbole.

So what's the solution? And some people riding tumbrels would be nice.
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.

Ph64
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by Ph64 » Sun May 14, 2017 11:51 pm

Rules are for "little people", the proles.
They don't apply to bankers, politicians, and other "leaders".
"People don't like to be meddled with. We tell them what to do, what to think, don't run, don't walk. We're in their homes and in their heads and we haven't the right. We're meddlesome."

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Alexander PhiAlipson
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Re: What Legal Authority Does the Fed Need During a Financial Crisis?

Post by Alexander PhiAlipson » Mon May 15, 2017 12:36 am

jbird4049 wrote:The planetary, not just the United States' financial system, therefore everyone's economy was less than a day from systemic collapse. Perhaps just an afternoon. It would have been worse than the Great Depression. Caused by the too big too fail banks. That's not hyperbole.
How do you know any of that?
"She had yellow hair and she walked funny and she made a noise like... O my God, please don't kill me! "