RE: Federal Reserve Board Abolition Act

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RE: Federal Reserve Board Abolition Act - 10/17/2008 9:25:15 PM

Musicmystery

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You win. It's all a vast conspiracy. They're all in on it. You'll be dead before morning.

Whatever.

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RE: Federal Reserve Board Abolition Act - 10/17/2008 11:27:04 PM

Lorr47

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quote:

ORIGINAL: DomKen

Abolishing the fed would cause the entire financial system of the US to collapse. All rhetoric, paranoia and conspiracy ravings aside does anybody happen to know how your paychecks funds go from your employer's bank to your bank? How about how teh check you wrote for the cable bill gets from the cable company's bank to your bank? Anybody think it would be a real good idea to throw that infrastructure away?

Unless Domken's concern can be addressed, how can we even discuss abolishing the Fed? Among other functions, the Fed is the reason we can write checks to pay bills.

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RE: Federal Reserve Board Abolition Act - 10/18/2008 5:40:32 AM

NeedToUseYou

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quote:

ORIGINAL: Lorr47

quote:

ORIGINAL: DomKen

Abolishing the fed would cause the entire financial system of the US to collapse. All rhetoric, paranoia and conspiracy ravings aside does anybody happen to know how your paychecks funds go from your employer's bank to your bank? How about how teh check you wrote for the cable bill gets from the cable company's bank to your bank? Anybody think it would be a real good idea to throw that infrastructure away?

Unless Domken's concern can be addressed, how can we even discuss abolishing the Fed? Among other functions, the Fed is the reason we can write checks to pay bills.

Why do you have to eliminate all the functions. You simply strip or reduce the other powers.

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RE: Federal Reserve Board Abolition Act - 10/18/2008 8:34:45 AM

Musicmystery

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What's the problem?

They control the money supply---which they do very well. They regulate commercial banks---which they do very well (the failed institutions were unregulated investment banks). They set credit rates at the interbank level---which they do very well (credit is cheap---it's the fallout of the investment banks that has people reluctant to lend). And now, the Fed is even fixing that my loaning directly to large institutions.

And if they don't, the Treasury won't be able to sell the bonds that finance the huge debt the government has run up.

In short, the Fed is one of the few areas of the federal government that runs well!

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RE: Federal Reserve Board Abolition Act - 10/18/2008 10:21:39 AM

Lorr47

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quote:

Why do you have to eliminate all the functions. You simply strip or reduce the other powers.

Maybe. But, you may be trying to take the yoke out of an egg and then trying to put the egg back together. The operation may turn into a mess.

< Message edited by Lorr47 -- 10/18/2008 10:23:17 AM >

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RE: Federal Reserve Board Abolition Act - 10/18/2008 10:25:24 AM

Lorr47

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repeated

< Message edited by Lorr47 -- 10/18/2008 10:27:42 AM >

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RE: Federal Reserve Board Abolition Act - 10/18/2008 10:55:54 AM

Termyn8or

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Mus, don't give up so easily (LOL).

Lorr, I agree, a mess.

I never said the fed was incompetent, and I don't remember alleging any malfeasance. What I read from the crackpots was slewed to make their point, that burns me up because IMO it just caused me a bit of embarassment. So they find the exclusions in the law for audits of the fed and conclude that it means there has never been a FULL audit. Then they say there has never been an audit. That still irks me.

However, the importance of the institution to our finacial status is so crucial, that I think all the inner workings of that institution should be carefully scrutinized, continually. They need to be watched. Hell if they hear a kid screaming in your house for over ten minutes someone will call the police. If we who give need to be watched, don't you think that those who take need to be watched ?

To completely abolish the fed would be devastating of course. Like I said if it had been done ten years ago we would just about be on our feet again. The way it's going it's just going to go on.

Clipping the fed's wings is an option. Congress could take back the power to issue money, and even assume the power to set the prime rate. Looking from one side, that makes them responsible to the people because they can be voted out. In the other view though is a bleak picture because we know how they are. In other words, can we trust them more than the board of governors of the fed ?

No matter what, these problems, I mean the bigger ones, started about seventy years ago. They are not going to be solved in a day.

Or will it get to the pont where we truly are one missed meal from a revolution ?

T

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RE: Federal Reserve Board Abolition Act - 10/18/2008 1:40:29 PM

Lorr47

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quote:

Or will it get to the pont where we truly are one missed meal from a revolution ?

In my opinion we might have already missed that meal and are awaiting an awakening event of some sort.

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RE: Federal Reserve Board Abolition Act - 10/18/2008 4:07:57 PM

Musicmystery

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quote:

Clipping the fed's wings is an option. Congress could take back the power to issue money, and even assume the power to set the prime rate. Looking from one side, that makes them responsible to the people because they can be voted out. In the other view though is a bleak picture because we know how they are. In other words, can we trust them more than the board of governors of the fed ?

Congress would, understandably, act politically. The Fed is set up to prevent such political influence, with governors serving 14 year staggered terms.

Thus, the Fed acts independently of the administration's and Congress' wishes. As it's supposed to.

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RE: Federal Reserve Board Abolition Act - 10/18/2008 5:02:12 PM

Termyn8or

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Are you saying that the fed is inculpable for the mess we are in ? While I might find that hard to believe I don't find it impossible to believe. They may have simply been doing their job. It is all a question of who they are working for.

Sorry I can't go into alot of detail right now, but I submit this. None of these rich people know each other, none of them has ever seen another until we send them up the hill. They are completely seperate. None of them are related or anything. No member of congress or senate went to the same school as another. They are complete strangers. They have never in their lives been left to talk alone, so there is no conspiracy possible.

Yup, just a bunch of people like you and me. Same goals and aspirations as you and I, just got lucky. Not born into a rich family or circle of people, just chosen at random. Nobody knows each other, they are all strangers. Yup.

If y'all swaller that, got this oceanfront property in Belin, NM. Got sand and rocks and dirt and things, going cheap (especially since we haven't paid the taxes in 26 years).

T

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RE: Federal Reserve Board Abolition Act - 10/18/2008 5:09:01 PM

Musicmystery

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Yes.

The current mess was entirely outside of the Fed's jurisdiction. They can set rates, require reserves, monitor the money supply---but they keep banks from doing illegal things, not stupid things.

They HAVE been ensuring credit is in good supply, keeping interest rates quite low, giving the economy room to grow. Still, they can't do much about stupid investments.

It's a MONETARY institution, separate from fiscal policy and investment regulations.

In fact, without the Fed, we'd now be in a far worse mess.

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RE: Federal Reserve Board Abolition Act - 10/18/2008 6:28:08 PM

DomKen

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quote:

ORIGINAL: Termyn8or

Are you saying that the fed is inculpable for the mess we are in ?

What did the Federal Reserve ahve to do with this crisis?

They don't make mortgage loans.
They don't rate bonds.
They don't buy or sell mortage bonds or derivatives of said bonds.
They don't insure mortgage bonds.

The subprime lenders, SEC, bond rating agencies and investment banks are primarily at fault in this and none of them are even involved with what the Federal Reserve does.

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Post #: 32