The Super Fed?

Obama has called for an overhaul of the financial system. What does this mean? Basically, power is being moved around because of the financial crisis. Will it work? Depends on if the plan goes through.

The SEC is, or was, the Wall Street regulator. They apparently did not do their only job and let financial enterprises run amok. As a result, we are in the economical and financial situation that has given the US a disheartening, recession filled year.

Obama wants to give more power to the Federal Reserve. Here is where the problem lies. Many people feel that the Fed will be too powerful. The Fed did a good job with what they had to work with to try and combat the recession. If you burden the Fed with more responsibility, will they be able to continue doing their job efficiently while taking on more jobs? I don't think so.

The Fed should continue being the Fed that is has been for decades. There is no need to give it the jobs the SEC should have been doing. While we need a better regulator, we cannot depend on the Fed to keep us out of these situations. You cannot make cash money when everything you have is in one thing. We should not put everything we have into the Fed just because they did their job. We need to call the SEC out and make them earn their paycheck.