Black says head regulator at Fed doesn't believe in regulation.

Patrick Paterson opposed Brooklsey Born too

http://www.federalreserve.gov/boarddocs/testimony/1999/19990518.htm

Modernizing the CEA: OTC Derivatives
In the Board's view, then, significant changes in the CEA are appropriate and the time to make those changes is in the next CFTC reauthorization. In the case of privately negotiated derivatives transactions between institutions, the Board has supported exclusion of such transactions from coverage under the CEA in the past and continues to do so. In these markets, private market discipline appears to achieve the public policy objectives of the CEA quite effectively and efficiently. Counterparties to these transactions have limited their activity to contracts that are very difficult to manipulate.

http://www.federalreserve.gov/boarddocs/testimony/2005/20050908/default.htm

Overall Evaluation of the CFMA
The Federal Reserve Board believes that the CFMA has unquestionably been a successful piece of legislation. Most important, as recommended by the President's Working Group on Financial Markets in its 1999 report, it excluded transactions between institutions and other eligible counterparties in over-the-counter financial derivatives and foreign currency from regulation under the Commodity Exchange Act (CEA).1 As the Working Group argued, regulation of such transactions under the CEA was unnecessary to achieve the act's principal objectives of deterring market manipulation and protecting investors. Such transactions are not readily susceptible to manipulation and eligible counterparties can and should be expected to protect themselves against fraud and counterparty credit losses. Exclusion of these transactions resolved long-standing concerns that a court might find that the CEA applied to these transactions, thereby making them legally unenforceable. At the same time, the CFMA modernized the regulation of U.S. futures exchanges, replacing a one-size-fits-all approach to regulation with an approach that recognizes that the regulatory regime necessary and appropriate to achieve the objectives of the CEA depends on the nature of the underlying assets traded and the capabilities of market participants. Together, these provisions of the CFMA have made our financial system and our economy more flexible and resilient by facilitating the transfer and dispersion of risk. Consequently, the Board believes that major amendments to the regulatory framework established by the CFMA are unnecessary and unwise.

Frankly, I think we should abolish the Fed altogether.

As a student interested in Economics I had nothing but the highest regard for the Federal Reserve until Greenspan.

"As a student interested in Economics I had nothing but the highest regard for the Federal Reserve"

So you are not a backer of free markets, but rather a student of socialized economy, yes?

Free Trade is very positive. Government is most effective when it resists the temptation to distort the economy. The best Government regulation is when it adds sunlight and transparency to the process, keeps the playing field level. Socialist Economy is bound to fail.

"Free Trade is very positive. Government is most effective when it resists the temptation to distort the economy. The best Government regulation is when it adds sunlight and transparency to the process, keeps the playing field level. Socialist Economy is bound to fail."

As long as we have a central bank with elites (governmental, economic, whatever) pulling all the strings in our economy, ours will never be a truly "free" economy.

Well maybe we can have a smaller, less powerful and more open Central Bank. I believe we'd be better off they only focused on Monetary policy.
Not every function of banks is critical to the economy. It's funny how the banks take
advantage of the critical functions they do perform and their too big to fail status and gain access to FDIC insured deposits and the Fed window to support functions like trading securities.

Our central bank is run by Goldman alums and is primarily concerned with ensuring that Goldman Sachs remains highly profitable