- The Washington Times - Wednesday, June 24, 2009

ANALYSIS/OPINION:

President Obama wants to give the Federal Reserve, a quasi-public and quasi-private entity, even more power than it already has as a financial regulator (“Plan gives Fed sweeping power over companies,” Business, June 16). Back in 1913, the Federal Reserve was created ostensibly to stave off the booms and busts of the economy. Since that time, the government and the Fed have consistently failed to avert financial instability. Instead, they have participated in a power-grabbing scheme that has deliberately led us - from crisis to crisis - to the state we are in today. Rather than dismantling this inherently flawed and corrupt system, we are on the cusp of bestowing even more authority upon its ruling elites.

Under the guise of protecting Americans, disingenuous words like “consumer protection” and “regulation” are used to deceive the public. By granting the Federal Reserve greater power, we can be assured that special interests will continue to undermine this country and lead us further down the road to destruction.

ALEX LEONARD

Staten Island, N.Y.

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