It's not a bank its a private corp. FYI
Do you not think that banks are private corporations?
What does regular banks have to do with the "Federal" reserve not being Federal? I was simply pointing out a fact most people...yourself included...seem to not understand. That the federal reserve is no more federal then fedex.
And Bank of America is not America's bank? The Fed is a Quasi Government institution. It is a private company that is owned by the banks within its district (by having to buy in to become part of it). Those banks own the Fed, but the Fed is operating similar to a branch of government.
I know this is the stuff that panics the people that refuse to not believe conspiracy theories, but it is really a brilliant way to do it.
2. Somehow they are overpaid? The Fed employees can make much more money in the private sector. LULZ
See above for the stupidity of this. -
You were the one who said..."The Fed employees can make much more money in the private sector." Well seeing as how the Federal reserve is a private for profit corporation....what sector would you say they are in? Private.....
Sigh, fine you got me, the Fed is a Quasi Government branch that is really paid for through a buy in of private banks (who retain the assets of the Fed if it were to be dissolved). Is that as accurate as possible for you?
Bernake's pay for 2010: $199,700.
All over a million dollars for CEO's of these banks. You will be hard pressed to find executives willing to be paid what the Fed pays their people. And even economists can find better pay in other industries:
What? Did you even read what that twit said the Fed does? He is right, the government when low on money can simply call the Fed and have them print up some more for us to spend with some juice aka interest tacked on it. We have a fiat currency backed by nothing which allows this type of bullshit. Read that link I posted. The national debt can never go away because our currency system makes it impossible. Every last dime in US currency is being charged interest because of the Federal Reserve system. And that is what our Income taxes that you are so fond of pay for.
This is 100% false.
This is a conspiracy theory that is not true. It is illegal for the Fed to print money (They don't even have a printing press!) that is the Treasury that has the ability to print money. So with the government in control of this, why would they need to fed to illegally print money? Sounds stupid because it is, and it is not true.
The Fed is able to only buy and sell EXISTING treasury bills, ones that the government has already sold to the public (not the Fed).
And when they do so, the Treasury still has to pay the interest (just like if you purchased a secondary market security you would then get the interest and not the original buyer). And at the end of the year when the Fed has a lot of money that would be profit if they were not a 'quasi government system that was paid for and operates on the payments of the private banks' gets 'donated' to the treasury.
All the other nonsense that is out there is horseshit. I strongly urge you to stop reading garbage on the internet (you can start with this if you wish, as long as you forget the other stuff too) and find out which book they teach in the money and banking class in the local economics department at a local university and use that to learn about the banking system.
If you don't you will continue to regurgitate the nonsense of the internet, and while to people that wear the stupid Obama joker shirt may think you are with it, anyone that knows anything about the banking system will quickly find out you are just spouting the garbage from cook internet sites.
When I look back at one defining moment that puts our country in its current situation, I think of Wilson signing off on the Fed.
I agree, we are far more wealthy, have everything we need and much of what we want as a country because of that signing.
Businesses were able to operate much more efficiently due to financial innovations, people were able to have places to live, and purchase cars. We were finally able to curb the boom and bust that devastated entire regions forever to less amplitude peaks and valleys and occasional recessions taking their places. I mean it is amazing, as stupid as much of the decisions that politicians and people make here in the us, we still keep improving all we have.
It really is amazing how well having a regulatory body to force banks to work as a system in the bad times has worked. I mean imagine if the Fed was not here during this last time, and we allowed the banks to collapse like a lot of people on the right were begging for.
Bank panics, leading to more and more banks to collapse, that would have completely destroyed the stored wealth (401k's, retirement, pension funds, insurance funds, ect) of our retiring generation who worked very hard to keep us in good roads, new technologies, schools, so that are lives would be better. After a few years we would have been fine (younger workers) but really anyone over 55 would have been toast.
