wall street welfare

Diuretic said:
That popping sound you can hear isn't your ears, it's the bubble economy bursting. The US in in recession. The rest of us will wear it as well. Can you please put someone competent in the White House oh and get that private corporation called the Federal Reserve under government control when you do.

On the other hand this is an object lesson in why unrestrained capitalism is a bad thing, so there's a silver lining there.
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The Federal Reserve is under government control but it's generally a bad policy to have politicians with narrow and short political interests policing every long-term decision the fed makes.
 
Watermark said:
The Federal Reserve is under government control but it's generally a bad policy to have politicians with narrow and short political interests policing every long-term decision the fed makes.
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I'd agree with that. Our Reserve Bank used to be in a similar position until it was freed of political control by a Labor (think Democratic Party) government. The conservative government that succeeded the Labor government would have LOVED to have put the Reserve Bank under control again but dare not (gutless bastards, but that's another story). So our Reserve acts under a parliamentary authority and has to obey the dictates of its Act of Parliament. That does indeed keep the interfering bastards in government from stuffing up the economy for short-term political gain.
 
Actually it's generally a bad policy to make money out of thin air and also have a bunch of fascists in control of making it for the causes they see fit: war, and bailing out their friends.
 
AssHatZombie said:
Actually it's generally a bad policy to make money out of thin air and also have a bunch of fascists in control of making it for the causes they see fit: war, and bailing out their friends.
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Yes but if you buy a couple of elections you want a return.

That's just bidness.
 
AssHatZombie said:
The Federal Reserve is PRivately owned.
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It's not privately owned in any real sense of the idea privately owned. You can not sale shares in the Fed. All participating banks must buy them. Dividends paid are set and small. And virtually all of it's "profits" are returned to the general fund.

Water is right, that it is likely better to have some autonomy from political influence. The problem is the Fed is not truly autonomous and what autonomy they do enjoy does not prevent short term policies. We could just as easily abolish the fed and have a set 5% expansion of money every year.

We'd better off with completely private competing moneys with full prosecution of the fraud that is fractional reserves, but that aint going to happen either.
 
Diuretic said:
Stringy - do the banks own the Fed? Or does the gummint own the Fed?
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It is quasi private. Member banks buy "shares" in order to participate. But they don't own anything in any real sense of the word ownership. The government has far more power in electing the Feds officers, more shares does not mean more votes as in most businesses, shares cannot be traded and virtually all profits are returned to the government.

For all intents and purposes the government controls it, but they do share some control with private banks. To me ownership implies control. So...

http://www.usagold.com/federalreserve.html

The conspiracy nuts do a real disservice by making all criticism of the Fed sound like a bunch of crackpot nonsense.
 
uscitizen said:
Ohh yeah BS has proven that private corps would run the money system just fine.
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Maybe I should put you on ignore since you fail to ever make a point.

Private money would have problems, but we would be able to prosecute the crooks. Instead we just give them titles, treat them as celebrities and hang on their every word.
 
RStringfield said:
Maybe I should put you on ignore since you fail to ever make a point.

Private money would have problems, but we would be able to prosecute the crooks. Instead we just give them titles, treat them as celebrities and hang on their every word.
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we almost never put anyone in jail for corp fraud and such.
They just make a settlement and no one goes to jail. Like the CVS settlement just made about ripping of medicare/medicaid ?
 
for all the grief some people give USC, he's one dude who has consistently been right about most major events involving war and the economy. Years before others recognized that bush was driving us towards the cliff.

Sometimes, a lifetime of real world life experience, compounded by wisdom and judgment that results from it, trumps a few introductory classes some college kid took.
 
Cypress said:
for all the grief some people give USC, he's one dude who has consistently been right about most major events involving war and the economy. Years before others recognized that bush was driving us towards the cliff.

Sometimes, a lifetime of real world life experience, compounded by wisdom and judgment that results from it, trumps a few introductory classes some college kid took.
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thanks Cypress. A lifetime of experience cannot be taught in a book.
Not that I am against education at all though.
However education can limit your view a bit in some cases. Some wind up limited to the view inside the box of what they were taught. Education is a great start, but we must keep our minds open to grow beyond what we have been taught.
 
the blind leading the blind, neither of you have ever been in a business class and are essentially clueless on economics.
 
Open the flaps on the box and peek outside sometime spinner.
There is a whole big world out there.
crate raised puppies are never too bright.
 
Cypress said:
for all the grief some people give USC, he's one dude who has consistently been right about most major events involving war and the economy. Years before others recognized that bush was driving us towards the cliff.

Sometimes, a lifetime of real world life experience, compounded by wisdom and judgment that results from it, trumps a few introductory classes some college kid took.
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Sometimes, you're a smug idiot.
 
Diuretic said:
I'd agree with that. Our Reserve Bank used to be in a similar position until it was freed of political control by a Labor (think Democratic Party) government. The conservative government that succeeded the Labor government would have LOVED to have put the Reserve Bank under control again but dare not (gutless bastards, but that's another story). So our Reserve acts under a parliamentary authority and has to obey the dictates of its Act of Parliament. That does indeed keep the interfering bastards in government from stuffing up the economy for short-term political gain.
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Hah, it's odd that your conservative would want to put it under control government control.

But imagine if, one day, the president called up the reserve officers and said "Hey, I'm a bit down in the polls, print some money". That's how the reserve system of nations without independent reserves work. There's actually quite a correlation between economic stability/growth and the independence of the central bank in a nation.
 
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