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Old 01-24-2013, 06:17 PM   #39
evolved
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Join Date: Dec 2007
Location: Saint Louis, MO
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Quote:
Originally Posted by cowmoo32 View Post
I'm with Griff, read a lot, make your own opinions. Even someone within the industry can and will have slanted views. Case and point: The recent trillion dollar coin idea. Paul Krugman was all for it, but he's a lifetime academic and hardcore Keynesian, two things that don't hold as much water when it comes to decisions that will affect the working world. So while the media says things "nobel prize winning economists supports....", I still don't take their opinion to heart until I've done my own research.
I totally agree with getting multiple sources, trust me. With that said, my initial knee jerk reaction isn't disbelief to everything.

Quote:
Originally Posted by GRIFFIN View Post
The Federal Reserve system was designed to be independent to limit political influence on monetary policy

Controlling the system and monetary policy in the U.S. is the responsibility of the Board of Governors of the Federal Reserve. Each member of the Board of Governors is selected by a President and confirmed by the Senate to serve 14 year terms. Twice a year, the Chairman of the Board of Governors must report to Congress and one of those times he presents an annual report that includes independently audited financial statements of the entire system. The Board of Governors is a 100% government agency.

The President also chooses who will be the Chairman and Vice Chairman of the Board of Governors. Members of the Board of Governors are not allowed to hold any office, position, or employment in any member bank. It is the primary responsibility of the Board of Governors to set monetary policy.

snipped
It's still a private institution regardless of what part of the government appoints people. They are extremely closely related, but it's still a private institution.
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