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The New DU. Reply #8: The concept of the FOMC has functioned relatively well.
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pa28
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Tue Nov-29-11 02:43 AM
Response to Reply #5 |
| 8. The concept of the FOMC has functioned relatively well. |
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Unfortunately it's not the same as the "federal reserve system" which is anything but independent.
The regional fed boards are, by rule, governed by a majority of bankers. As in the case of the NY fed they have tremendous power to bail themselves out with, or simply gift themselves money backed with public equity as we saw in the case of the Maiden Lane. Unfortunately that's reality and not just some conspiracy theory.
The fed is long overdue for scrutiny and reform at the regional level.
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