Think about what they blamed regarding the banks:
- cryptocurrency
- social media
- short sellers
They keep adding to the list yet we still have failures and now we got Yellen telling us mergers will take place.
Think about what they blamed regarding the banks:
They keep adding to the list yet we still have failures and now we got Yellen telling us mergers will take place.
I blame The Fed, just because no one else will.
Cosmic rays are a good fallback for placing blame, too.
Well if not really in their power to stop it, then hard to fully put all on them. They dont have as much power as people think and they are truly clueless about how things work.
The skyrocketing of interest rates was foolish though.
Fed economists have the same kind of education, & they follow the same paradigm: Keynesianism. He was so focused on numbers as tools of control that he forgot that all people can do is observe & learn. He wanted to control what couldn't be.
He is running the Phillip's curve which was debunked in the 1970s. That was the main problem.
The #fed didnt cause the inflation. Supply chain issues did. Hence the Fed wasnt going to fix it...just break shit.
Supply chain issues existed in 2020, but there weren't as exacerbated or as protracted as they've been since the middle of 2021.
Supply chain issues aggravated inflation, they couldn't cause inflation. Excess $$ came from The Fed.
The culprit is looking for scapegoats. 🤣😂
Well they are throwing darts at a board because they honestly have no idea what is wrong. That is where central banks dont do money comes from. They really do not understand how it works. The chair gets a lot of input from economists.
And yet they are in charge. Frightening to think that those who are tasked to solve economic problems are clueless about them and yet they are paid from the public coffers. In the private sector, they should be fired.
The Fed is not a public entity. It is owned by the commercial banks.
This shows how little people understand about the Fed and how it operates.
So the Fed officials are not paid by taxes.
Someone says it is a hybrid. It has the appearance of a government entity, hence the reason for the name "federal" and yet owned by private entities.
1/ It is a hybrid. The profits are paid to the govt, after expenses and a 6% dividend to the share holders (which is the member banks). The chair and vice chair are nominated by the President and approved by the Senate.
2/ The fed presidents of each bank are voted upon by the shareholders in each. The thing is the Fed board is like a housing committee, it is just a group of people. The ownership is actually in the 12 federal reserve banks.
3/ Think of it as a homeownes association version home ownership. The Fed is the association and the 12 regional banks are the home ownership.
How about your thoughts on the idea that the Fed is more powerful than the White House when it comes to economics and monetary policy?