Fed Reserve bank to "continuously monitor conversations" about it on social networks & "reach out"

[Liberal_in_LA]

New York Fed to monitor Facebook and Twitter
The Federal Reserve Bank of New York wants to see what's being said about it on social networks. But critics say it wants to keep tabs on them.


In a move that illustrates its sensitivity to public perception, the Fed bank is seeking bids from companies to help monitor what's being said about it on social media such as Facebook and Twitter.

The bank said in its bid request that it wants to "continuously monitor conversations" and "identify and reach out to key bloggers and influencers."

"The New York Fed is committed to improving its communications and engagement with the public in order to enhance and improve the public's understanding of its activities and the role it plays in supporting the U.S. economy," a Fed spokesman said in a statement. "To do that effectively, the New York Fed is interested in getting a better sense of the relevant concerns and discussions that are taking place in the public domain."

Word of the move has exploded in the blogosphere — and if the Fed were monitoring social media currently it would find, not surprisingly, that the commentary has been less than flattering. Much of it, in fact, is of the Big Brother variety.

"What they really want to do is to gather information on everyone that views the Federal Reserve negatively," wrote the Economic Collapse blog. "It is unclear how they plan to use this information once they have it, but considering how many alternative media sources have been shut down lately, this is obviously a very troubling sign."

http://www.latimes.com/business/la-fi-fed-facebook-20110929,0,6886936.story

[banned from Kos]

1. They need to with all the whackjob anti-Fed libertarian gun nut Ron Paul

Jared Loughner "sound money" types out there.

[leveymg]

2. We're waiting for you, Ben. You pull up a chair, too, Tim. We have a few things to talk about.

And, by the way, don't renew those office furniture contracts next year . . .

[JDPriestly]

3. The Fed should be monitoring Wall Street and the banks.

Their problem is not with the bloggers or with public perception. Their problem is the dishonesty and greed of the banks and "investors" and gamblers on Wall Street.

Why would the Fed spend money on "reaching out" to bloggers? It should simply clean up its act -- and everyone would let it go about its business and ignore it just like we always used to.

If you had asked me five years ago what the Fed was, I could not have told you much at all. But since the Fed made such a mess of the economy, I have learned so much about the Fed -- and none of it good.