LedgerGermane: links on futurity, cover ups, mind control and the weird , Bernanke May Leave Lasting Legacy on Fed’s Mission

Aug. 25 (Bloomberg) — Ben S. Bernanke will have a chance to become one of the most influential Federal Reserve chairmen in history as he oversees the expansion of the Fed’s authority over financial markets and tries to pull back an unprecedented surge in central bank credit, economists say.
Topping Bernanke’s agenda during the next four years will be elevating the Fed’s role in reducing excessive risk in the largest financial institutions, figuring out a way to curtail asset bubbles, and scaling back $1.2 trillion of monetary stimulus at just the right speed, economists say.
Bernanke has been a steward of former Fed Chairman Paul Volcker’s legacy of establishing a regime of low inflation. His own imprint will be different, however, because he is confronting a crisis that extends “beyond the banking system and beyond monetary policy,” said Richard DeKaser, chief economist at Woodley Park Research in Washington.
As a result, the Obama administration is seeking to give the Fed an even larger mission.
The administration wants the central bank to dictate capital, liquidity and risk-management standards at major financial companies. The proposal, which would give the Fed a bigger role in financial stability along with its responsibilities for full employment and stable prices, has met with congressional resistance.

So what happens when the Fed becomes ‘too big to fail’ ?