Treasury Secretary Henry Paulson proposed a set of sweeping changes on Monday aimed at modernizing the US financial system. The plan would broadly expand the Federal Reserve's powers. The measure taken would be largely invisible to consumers but would drastically alter how the financial services industry is controlled. His plan would take years, if not decades, to implement even if it is feasible. Has he changed the rules and regulations which allow investment banks and financial houses like Bear Stearn to dish out creative loans to people who cannot afford to buy houses or to people who speculate in the property market. Is there any plans to address the immediate subprime fiasco and root of the credit crunch ..quickly and effectively. The short answer is NO, NO, Nothing. For details read and watch video below: http://edition.cnn.com/video/#/video/business/2008/04/01/intv.markets.benjamin.cnn?iref=24hours http://edition.cnn.com/video/#/video/business/2008/03/31/lklv.chernoff.fed.oversight.cnn?iref=24hours http://edition.cnn.com/video/#/video/business/2008/03/31/lklv.chernoff.fed.oversight.cnn?iref=24hours http://money.cnn.com/2008/03/31/news/economy/paulson_regulation/index.htm?cnn=yes http://edition.cnn.com/2008/BUSINESS/03/31/us.fed/index.html
