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Originally Posted by Tony_SS
This from the guy who lobbied to repeal Glass-Steagal. Yeah, it should be brought back, even after the damage has been done.
We agree on some things though.
As for the Fed chairmen, The president can only appoint from a pre-selected pool of people. Pre-selected by the heads of the Federal Reserve banks. The chairman is accountable only to the shareholders within the Fed system. An the regional directors are all chosen from within, outside of politics.
Let me ask this... What is more dangerous, a top down monetary policy controlled by a cartel or monopoly of private banking institutions, or a monetary policy that is transparent and accountable and reflects the will of the people?
Well no one see's ANY conduct because the Fed isnt transparent or regulated in any shape or form! It's ironic that people want to regulate Wall St and banks, but not the Fed.... that is made up of banks. The Fed conducts policy completely outside of any oversight.
This is supposed to be our nation's currency, not the bank's currency, that is used for their gain, at our expense. John, I think you give these institutions far too much clout and trust. Even IF they are innocent, trust worthy principled little bankers, they still need to be transparent and held to certain laws to protect our economy.
But c'mon, you gotta get peeved when Goldman Sachs CEO Blankfien said "he's just a banker, doing God's work".  My question is which God?
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Man, I agree with everything you wrote.
The House just passed a bill to audit the Feds, but as usually, Harry Reid will not bring it up for a vote, and he will put it on his desk with the other 33 Bills that he won't vote on..