You Can Fool All The Fools All The Time

Obama, in an interview shown on the CBS Early Show, said the administration wants an overseer that ‘is accountable and clear when it comes to these large systemic firms that could potentially bring down the entire financial system. The Fed has the expertise and the credibility I think to do it.’”

Wow.
Either he's a really big idiot, or he's hoping that everybody else is really big idiot.

First of all, when he refers to "large systemic firms", is he referring to those government sponsored entities, Fannie Mae and Freddie Mac?
No. I didn't think so.

And secondly, does he really mean to induce laughter when he says, "The Fed has the expertise and credibility I think to do it."
The Fed has exactly neither.
Let's review: The Fed has no expertise. And they have no credibility.
If The Fed had either, The Fed would not have caused our current economic meltdown.

Once again, Obama doubles down by misdiagnosing the problem, then imposing a fatal cure.