zman1
Active Member
Originally Posted by 1journeyman
http:///forum/post/2520461
The US Federal Reserve is not specifically under control of the Preident nor any particular political party.
I understand that - How can Dr. Bernanke who was Chairman of the President's Council of Economic Advisers, from June 2005 to January 2006 now be the Chairman of Board of Governors of the Federal Reserve System? Bad news
Their charter -
Charter Board of Governors of the Federal Reserve System. The Federal Reserve, the central bank of the United States, provides the nation with a safe, flexible, and stable monetary and financial system.
Today, the Federal Reserve's responsibilities fall into four general areas:
Let's grade them---
Failed - conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices
Failed - supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers
Failed - maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
Failed - providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments systems.
We can't blame him it's been a long time leading up to this from the surplus days. The keys in congress were turned over in 2006 (they could do better) and the president's will be turned over in 2008, It will take more than the next 4 years to fix it. They have failed for Americans as a whole, but not all American, some make a killing during and as a result of the failures...
I am afraid that all the money spent (debt) to defeat the soviet communist in the 80's wasn't as well spent, since they are moving back in now. I am afraid the terrorist will win by bankrupting us not by beating us militarily.