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View Diary: “Thank God I had a buddy at Burger King who could help me out” (274 comments)

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  •  The Fed bailed out the 1% (7+ / 0-)

    and also completely failed at their job of regulating the banking system.
      Not to mention failing to see the obvious housing bubble.

     The Fed has a LOT to be blamed for.

    Callate o despertaras la izquirda! - protest sign in Spain

    by gjohnsit on Thu Jun 07, 2012 at 09:35:46 AM PDT

    [ Parent ]

    •  The Fed's mandate is not to regulate (1+ / 0-)
      Recommended by:
      enemy of the people

      the banking system:
      It's this:

      The Board of Governors of the Federal Reserve System and the Federal Open Market Committee shall maintain long run growth of the monetary and credit aggregates commensurate with the economy's long run potential to increase production, so as to promote effectively the goals of maximum employment, stable prices and moderate long-term interest rates."
      •  Wrong (8+ / 0-)

        It's amazing that we are even debating this.

         Within the Federal Reserve Board are 12 districts centered around 12 regional Federal Reserve Banks, each of which carries out the Federal Reserve Board's regulatory responsibilities in its respective district.
         So who exactly qualifies to be regulated by the Federal Reserve?
         The Board of Governors of the Federal Reserve oversees state-chartered banks and trust companies that belong to the Federal Reserve System.
         That's pretty much ever bank in the country.

        Callate o despertaras la izquirda! - protest sign in Spain

        by gjohnsit on Thu Jun 07, 2012 at 09:53:36 AM PDT

        [ Parent ]

      •  So they've failed (0+ / 0-)

        because last I checked we're not even close to what any rational person would call maximum employment

        Credit aggregates were WAY TOO HIGH - hence the banks gambling at their casino

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