Here you find some information on the stream of a hyperset (= non-well-founded set):
http://plato.stanford.edu/entries/nonwellfounded-set-theory/#1
Of course, when we write S = pow S then obviously we have a version of Cantor's paradox... So I guess this idea can only be formalized in a paraconsistent approach to set theory where contradiction is not explosive. Paraconsistent mathematics have been around for some time now:
http://plato.stanford.edu/entries/mathematics-inconsistent/
Apparently such paraconsistent mathematics can circumvent Gödel's incompleteness results. So with a paraconsistent approach, mathematics can be complete.
I guess that if we want a set S such that S = pow S in order to generate the entire hierarchy of sets (and thereby the whole of mathematics, which can be seen as conainted within that hierarchy), we need something like a paraconsistent hyperset theory...