Worst "Recovery" Ever

[planosteve]

Even the name is a fruad. The FEDERAL Reserve System is not a part of the US government. It is privately owned and we are not allowed to even know who owns it.

[GFB]

Even the name is a fruad. The FEDERAL Reserve System is not a part of the US government. It is privately owned and we are not allowed to even know who owns it.

Not sure what that means.."who owns it?"

[planosteve]

Even the name is a fruad. The FEDERAL Reserve System is not a part of the US government. It is privately owned and we are not allowed to even know who owns it.

Not sure what that means.."who owns it?"

You didn't know the FED is privately owned?

[GFB]

Even the name is a fruad. The FEDERAL Reserve System is not a part of the US government. It is privately owned and we are not allowed to even know who owns it.

Not sure what that means.."who owns it?"

You didn't know the FED is privately owned?

It was created by an act of Congress.

There's nothing to own.

[planosteve]

It was created by an act of Congress.

There's nothing to own.

The Federal Reserve is not a private corporation. It is part private and part public, with its Board of
Governors an agency of the United States government.The regional Federal Reserve Banks are pr ivate
corporations acting as agents of the government that are owned by their member banks.

[GFB]

It was created by an act of Congress.

There's nothing to own.

The Federal Reserve is not a private corporation. It is part private and part public, with its Board of
Governors an agency of the United States government.The regional Federal Reserve Banks are pr ivate
corporations acting as agents of the government that are owned by their member banks.

I thought you said there's no way to know who "owns" them?

[planosteve]

It was created by an act of Congress.

There's nothing to own.

The Federal Reserve is not a private corporation. It is part private and part public, with its Board of
Governors an agency of the United States government.The regional Federal Reserve Banks are pr ivate
corporations acting as agents of the government that are owned by their member banks.

I thought you said there's no way to know who "owns" them?

I thought you said there was nothing to own.

[GFB]

There isn't. If there was, you could buy it from someone.

[GFB]

... the "ownership" of the Reserve Banks by the commercial banks is symbolic; they do not exercise the proprietary control associated with the concept of ownership nor share, beyond the statutory dividend, in Reserve Bank "profits." ... Bank ownership and election at the base are therefore devoid of substantive significance, despite the superficial appearance of private bank control that the formal arrangement creates.

[GFB]

I'm about to get on another plane, but once again..I'd like to point out that I don't necessarily believe government statistics, nor do I necessarily believe that the Fed will surely get this next round of action by them..just right.

My point continues to be..it doesn't matter.

What the Fed says and does..right or wrong..DOES matter..even if you want the Fed to go away.
Not sure why some people take that personally, or why they think that it is a comment about their personal financial situation.

[GFB]

Look at it this way..I could spend my life arguing with people about why a 12 note scale is bad, and that I have a better plan.

..and that it was a bad plan from the beginning. And I know a better way, and I'm going to spend the rest of my days trying to explain to people, even the ones that make millions every year simply using those 12 notes in different order..why they are kidding themselves. It's all going to fall apart someday.

..or I could shut up and make music.

[planosteve]

There is no authority in the constitution for a federal central bank. The majority of the founding fathers were dead set against it because they had seen what happens once the govt. controls the banking system. The FED wasn't established until 1913 in secret on Jeckle Island S. Carolina by Morganthau, the 2nd in command of J.P. Morgan. Congress was duped into voting it into law.

[GFB]

There is no authority in the constitution for a federal central bank. The majority of the founding fathers were dead set against it because they had seen what happens once the govt. controls the banking system. The FED wasn't established until 1913 in secret on Jeckle Island S. Carolina by Morganthau, the 2nd in command of J.P. Morgan. Congress was duped into voting it into law.

Neato.

There is no authority in the Constitution for a central education system as part of the Prresident's cabinet either..but we're pretty much stuck with one.

[planosteve]

There is no authority in the constitution for a federal central bank. The majority of the founding fathers were dead set against it because they had seen what happens once the govt. controls the banking system. The FED wasn't established until 1913 in secret on Jeckle Island S. Carolina by Morganthau, the 2nd in command of J.P. Morgan. Congress was duped into voting it into law.

Neato.

There is no authority in the Constitution for a central education system as part of the Prresident's cabinet either..but we're pretty much stuck with one.

A central education system???

[GFB]

There is no authority in the constitution for a federal central bank. The majority of the founding fathers were dead set against it because they had seen what happens once the govt. controls the banking system. The FED wasn't established until 1913 in secret on Jeckle Island S. Carolina by Morganthau, the 2nd in command of J.P. Morgan. Congress was duped into voting it into law.

Neato.

There is no authority in the Constitution for a central education system as part of the Prresident's cabinet either..but we're pretty much stuck with one.

A central education system???

Yes, it's called the Dept. of Education.

We also have a centralized and unauthorized Energy Dept and Commerce Dept and and we even have a centralized health care system now.

[GFB]

But the Federal Reserve is the only one that keeps you up at night.

The others are a bit more worth worrying about.

[planosteve]

A cabinet level department is a whole different animal than the FED.

[GFB]

A cabinet level department is a whole different animal than the FED.

..and thanks for that.