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Posted by clueless [201.202.22.114] on Saturday, October 27, 2012 at 00:07:18 :
In Reply to: proper posted by clueless [201.198.209.62] on Friday, October 26, 2012 at 13:42:44 :
The Federal Reserve System is NOT an agency of the Federal Government. It has shareholders, and these shareholders are the large banks who wrote and lobbied for passage the Federal Reserve Act of 1913, As one wag put it, the Federal Reserve is no more a part of the Federal Government than is Federal Express. The Chairman of the Fed is not bound to obey the President, but rather is duty bound to act in the best interest of the shareholders(goldman sachs etc.) of the Federal Reserve Bank.