| richardhutnik said: So, you are saying that the Federal Reserve is an entity that is part of the U.S government and has oversight like other parts of the U.S government? Alan Greenspan said it isn't: http://www.youtube.com/watch?v=3QkmLnNEvdU As far as ownership, they the Federal Reserve is owned by private banks: http://www.factcheck.org/2008/03/federal-reserve-bank-ownership/ Q: Who owns the Federal Reserve Bank? A: There are actually 12 different Federal Reserve Banks around the country, and they are owned by big private banks. But the banks don’t necessarily run the show. Nationally, the Federal Reserve System is led by a Board of Governors whose seven members are appointed by the president and confirmed by the Senate. FULL ANSWER The stockholders in the 12 regional Federal Reserve Banks are the privately owned banks that fall under the Federal Reserve System. These include all national banks (chartered by the federal government) and those state-chartered banks that wish to join and meet certain requirements. About 38 percent of the nation’s more than 8,000 banks are members of the system, and thus own the Fed banks. Yes, the U.S government appoints people over it, the governors, and the chairman. Look at who has been appointed to these roles, it is individuals from Wall Street in the chairman role, and other key offices in the U.S government. |
You do realize the very next paragraphs completely defeat your point right?
The concept of "ownership" needs some explaining here, however. The member banks must by law invest 3 percent of their capital as stock in the Reserve Banks, and they cannot sell or trade their stock or even use that stock as collateral to borrow money. They do receive dividends of 6 percent per year from the Reserve Banks and get to elect each Reserve Bank’s board of directors.
In otherwords... they don't really own the fed. Anymore then anyone who pays into socail security "owns social security"
They have no actual ownership rights, and the stock being held is just a requirement to be in the Federal Reserve System.
So... your wrong. And again, if this is a privately run corporation, why does all the excess profits go straight to the US Treasury?
Don't tell me your turning into one of those "The world is controlled by international (jewish) banker" types.
Aside from which before he was appointed by the government Ben Bernake was an economics teacher at Princeton... and never actually held a job on Wallstreet... actually Princeton Proffessor was his only job after he graduated. So, no, the Chairman of the Federal Reserve ISN'T a Wallstreet insider.
Though why you wouldn't expect economics people to be head of the government agency that handles a big part of the economy i'm not sure.
Are you raging at the fact that the FDA is full of "Medical Insiders" or that the Justice Department is full of "Legal insiders"?
