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View Diary: Wall Street might not be growing tulips, but it's still spreading manure (153 comments)

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  •  1 point I'm trying to sort out here: end the Fed? (6+ / 0-)

    On the one hand, there is a kind of knee-jerk reaction among some progressives that questioning the necessity or advisability of having a Federal Reserve Bank or a fractional reserve banking system means the questioner must be a "Paultard" (pejorative for Ron Paul supporter).

    On the other hand, if Wall Street is rotten, doesn't that mean that the Federal Reserve Bank of New York and its Washington parent must be equally rotten? Aren't they the "house" that in various ways have been keeping the entire casino operation afloat, and pressuring Congress to leave matters as opaque and shrouded in secrecy as they are?

    48forEastAfrica - Donate to Oxfam The Dutch kids' chorus Kinderen voor Kinderen wishes all the world's children freedom from hunger, ignorance, and war.

    by lotlizard on Sun Oct 02, 2011 at 06:31:50 AM PDT

    •  There Were Dissenters on FOMC (0+ / 0-)

      People who vociferously disagreed with Greenspan's policies, but they were ignored the same as the members of the House and Senate were.  Doing away with the Fed is (like a lot of Paul's proposals) a simple knee jerk reaction.

      •  I remember when President Kennedy had the Treasury (0+ / 0-)

        … issue silver certificates (blue seal) and United States notes (red seal), bypassing the Fed and its notes (green seal). I still have a $5 U.S. note in a drawer somewhere as a kind of souvenir.

        I keep hearing that if money were again created that way rather than through the Federal Reserve, that would avoid the burden of debt and interest that Fed-created money incurs.

        48forEastAfrica - Donate to Oxfam The Dutch kids' chorus Kinderen voor Kinderen wishes all the world's children freedom from hunger, ignorance, and war.

        by lotlizard on Sun Oct 02, 2011 at 11:14:55 AM PDT

        [ Parent ]

      •  The Fed as currently set up seems to be beyond the (0+ / 0-)

        … reach of any kind of actual accountability. Why is that good?

        Do private banks actually jointly "own" the Federal Reserve Bank of New York, as I've occasionally seen mentioned?

        Can "regulatory capture" by those same banks be avoided? How? Otherwise a closed clique of elite bankers are basically regulating themselves in secret, which as we now know is tantamount to having no regulation at all.

        48forEastAfrica - Donate to Oxfam The Dutch kids' chorus Kinderen voor Kinderen wishes all the world's children freedom from hunger, ignorance, and war.

        by lotlizard on Sun Oct 02, 2011 at 11:20:32 AM PDT

        [ Parent ]

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