Kasz216 said:
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"? |
Consider this situation here, in regards to the financial system and the said "experts" involved with it:
http://en.wikipedia.org/wiki/Goldman_Sachs#Personnel_.22revolving-door.22_with_U.S._government
http://www.nytimes.com/2008/10/19/business/19gold.html?pagewanted=all
You have a system where the top banks have people in them go into government positions and shape policy favorable to them, because that is what they believe is needed. So, when the president asks for advice on why they should appoint for chairman of the Federal Reserve, you get Wall Street insiders shaping the decisions.
As for why this issue is different than arguably the justice department or FDA, it is that there is nothing that is not impacted in an economy by what the Federal Reserve does, in its control of the money supply, and that the people that would be appointed in the Fed will end up, invariably, try to bail out the banks. Also, the concentration of wealth leads to a concentration of power also, with there being very few major banks on top, to give a small select list. This is not true for legal or the medical industry.
And as far as the profits "going to the Treasury", how is that working out now? Is the U.S Treasury and the U.S tax payers making out like bandits now, by the decisions of the Fed?
