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I would say that I find it amazing that you make a post chatizing others for not reading your weblinks that you google up....
Please pay attention to what is being said. LeavingMA claimed that there are no checks and balances on the fed and that is simply not true. There are a number of checks and balances. No where did I suggest that the fed is a complete open book, rather I've noted the importance of some things being done in "secrete" and only made public years later.
Please pay attention to what is being said. LeavingMA claimed that there are no checks and balances on the fed and that is simply not true. There are a number of checks and balances. No where did I suggest that the fed is a complete open book, rather I've noted the importance of some things being done in "secrete" and only made public years later.
In the context of this discussion then this means you were either being disingenuous, or more likely, you simply didn't read it and/or didn't understand it. Your choice. The law you cited very infamously removed the government's ability to audit the Fed and you presented here in terms of providing checks and balances on that organization by audits. LeavingMA is quite correct.
In the context of this discussion then this means you were either being disingenuous...
Your response is based on a false dilemma. There is a lot of gray area between having "no checks and balances" and being "fully audited". The Fed is neither fully audited nor are there no checks and balances. The situation is somewhere in the middle. That is, suggesting that there are "no checks and balances" is just as inaccurate as suggesting that the fed is fully audited. I have numerous times in this thread stated that the fed is audited on some levels, but not completely.
......Nuance is completely lost on you guys though.
Except that you cited a law that removed the government's ability to audit the Fed as a law that provides checks and balances on The Fed. There is nothing nuanced about this, you were just plain wrong. Nuanced isn't harping for a 1/3 of a post to someone about not reading something when you didn't do it yourself.
Oh yeah? How does the central bank take the risk out of lending money? So when someone defaults on a loan the central bank forks out money to the bank? Of course not...this suggestion is silly.
I'm sorry but that is indeed exactly what happens. Have you read a newspaper in the last 24 months??
The FED is not in the business of protecting banks, that is something you stated and its inaccurate.
Okay, User, that is so wrong it's not funny, just admit it. I don't even need to bother to prove this point.
Quote:
Originally Posted by user_id
These massive bank need to be better regulated or even taken apart. But its congress that has to do this, its not something the FED can do.
BTW, I'm really not too concerned with the distinctions between Congress vs. FED vs. Treasury vs. FDIC et al. It's nice that you point these things out, and you are correct, but you seem to miss the more basic comprehensive trend that most of these institutions are corrupt, totally dishonest with the American (and worldwide public), and exist to serve their super-rich shadow-government goon overlords rather than the good citizens of the 'ole USA.
Due to the psychological nature of markets, its not a good thing for the public to know (in real time) everything the FED is doing.
BALDERDASH! It should be as transparent as possible, that is the American way, or supposed to be. Laissez faire and full disclosure, let the markets decide. No sneakin' around like a creepy Geithner-garden-slug, hiding under the bushes and lying to us!
SAVE THAT CRAP FOR COMMUNIST SYSTEMS AND NAZI RATS LIKE BUSH/CHENEY! This is the USA, pal!
The FED can, but it has no interest in creating massive inflation. After its current programs wind down the FED will continue its 2~3% inflation target.
CORRECTION: After its current programs wind down the FED will continue its boil the brainwashed frogs in the pot real slow-like and watch 'em squirm and wiggle program.
Except that you cited a law that removed the government's ability to audit the Fed as a law that provides checks and balances on The Fed.
This is a blatant lie. The federal banking agency audit act did not remove the governments ability to audit the fed, rather the opposite. It increased the government's ability to audit the fed. It returned audit authority back to the GAO, where as between 50's and 78 the fed was essentially self audited.
I'm sorry but that is indeed exactly what happens. Have you read a newspaper in the last 24 months??
Nope, the "bail out" of the banks has been executed by the government not the fed. The fed has increased liquidity, nothing more nothing less.
Quote:
Originally Posted by POhdNcrzy
BTW, I'm really not too concerned with the distinctions between Congress vs. FED vs. Treasury vs. FDIC et al. It's nice that you point these things out, and you are correct, but you seem to miss the more basic comprehensive trend that most of these institutions are corrupt...
Whether they are corrupt or not does not change the fact that they are independent of each other. Mixing them all in one bag makes no sense and it results in muddy thinking about these matters. Of course, you seem more interested in your ideology than actually thinking these issues...
Quote:
Originally Posted by POhdNcrzy
BALDERDASH! It should be as transparent as possible
Yes, it should be transparent as possible. A fully transparent fed would diminish its ability to do its job. Some things need to be secret (at least in real time) and others don't.
Most of the (educated) people that want the fed to be fully audited know very well that it will greatly hurt the fed's ability to execute its mandate. So, it is more of an indirect way of destroying the fed than anything else.
I would still like you to tell me what incentive the fed has to inflate beyond its modest inflation target (around ~2%).
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