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  1. CUH
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       #1  
    Is it true?
  2. RPFTW's Avatar
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    #2  
    Last edited by RPFTW; 11/21/2009 at 02:50 AM.
  3. CUH
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       #3  
    Do people care that our central bank is privately own?
  4. #4  
    Better than the government!
    Please hit the thanks button if I helped you

    If you've enjoyed my patches please feel free to donate towards further development.

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  5. #5  
    A sad truth. The Federal Reserve has more power than our executive, judicial, and congressional branches all together. F*** Geithner.
  6. #6  
    There were a few founding fathers that thought the Federal Reserve was bad.
  7. RPFTW's Avatar
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    #7  
    Quote Originally Posted by bclinger View Post
    There were a few founding fathers that thought the Federal Reserve was bad.
    lol...

    the federal reserve has only been around for about 100 years...
  8. #8  
    Quote Originally Posted by guerillatwang View Post
    A sad truth. The Federal Reserve has more power than our executive, judicial, and congressional branches all together. F*** Geithner.
    Geitner doesn't run the Fed. What are you blathering about?
    Bob Meyer
    I'm out of my mind. But feel free to leave a message.
  9. RPFTW's Avatar
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    #9  
    Quote Originally Posted by meyerweb View Post
    Geitner doesn't run the Fed. What are you blathering about?
    he was the president of the NY fed...

    you guys all seriously need to read this book...

    http://www.amazon.com/End-Fed-Ron-Pa...bosnation0e-20
  10. Queueyou's Avatar
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    #10  
    If you like that, check up on the law that says you have to pay the IRS... There's not one.
  11. CUH
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       #11  
    Quote Originally Posted by RPFTW View Post
    lol...

    the federal reserve has only been around for about 100 years...
    I think he meant having a Central bank is bad.
  12. #12  
    I used to work at the Fed. It's not privately owned. The full name of "The Fed" is The Board of Governors of the Federal Reserve System. It's a completely governmental agency, just like the FDIC. The Federal Reserve SYSTEM is made up of twelve member banks which are technically private but are really quasi-governmental. Basically, banks which are organized a certain way have to buy stock in their local Federal Reserve bank. They are "member banks." A new bank chooses how it wants to be organized, it might be a credit union, which is regulated by the NCUA. The Fed is just one regulatory agency along with the FDIC, OCC (Office of the Comptroller of the Currency), the NCUA, etc. I think there are seven of them.

    The Fed is by far the biggest and most powerful. They basically set the rules as far as how banking is conducted in this country.

    The people at the Fed try hard to do right by the country but in my opinion they really are "in bed" with the big banks. They rely too much on the opinions of bank presidents and officers when they need to make big decisions. This is akin to the old saying, "letting the inmates run the asylum."
  13. RPFTW's Avatar
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    #13  
    Quote Originally Posted by OfficeLinebacker View Post
    I used to work at the Fed. It's not privately owned. The full name of "The Fed" is The Board of Governors of the Federal Reserve System. It's a completely governmental agency, just like the FDIC. The Federal Reserve SYSTEM is made up of twelve member banks which are technically private but are really quasi-governmental. Basically, banks which are organized a certain way have to buy stock in their local Federal Reserve bank. They are "member banks." A new bank chooses how it wants to be organized, it might be a credit union, which is regulated by the NCUA. The Fed is just one regulatory agency along with the FDIC, OCC (Office of the Comptroller of the Currency), the NCUA, etc. I think there are seven of them.

    The Fed is by far the biggest and most powerful. They basically set the rules as far as how banking is conducted in this country.

    The people at the Fed try hard to do right by the country but in my opinion they really are "in bed" with the big banks. They rely too much on the opinions of bank presidents and officers when they need to make big decisions. This is akin to the old saying, "letting the inmates run the asylum."
    Thank you for posting your fist hand experience!

    I am curious, have you read this book?

    Amazon.com: End the Fed (9780446549196): Ron Paul: Books
  14. #14  
    Oh so my main point is that the Federal Reserve SYSTEM is privately owned and the stockholders are banks. But the whole shebang is really RUN by the Board of Governors, or Board for short. They are independent and the control is very centralized and the power is exercised quite strongly. The Reserve Banks can hardly do anything on their own, the Board runs the show, and the Board is 100% pure government.

    As I said the catch is that part of the decision-making process of the Board is to ask the officers of the big banks what they think.
  15. #15  
    Quote Originally Posted by RPFTW View Post
    Thank you for posting your fist hand experience!

    I am curious, have you read this book?
    No. I've read Maestro, Greenspan: The Man Behind the Money, and Secrets of the Temple. Not interested in reading any more Fed books. I'm over it.

    I had to delete the link in your post because I'm still under ten posts.
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    #16  
    Quote Originally Posted by OfficeLinebacker View Post
    No. I've read Maestro, Greenspan: The Man Behind the Money, and Secrets of the Temple. Not interested in reading any more Fed books. I'm over it.

    I had to delete the link in your post because I'm still under ten posts.
    Are you aware of the current drama happening right now in congress with HR 1207?

    HR 1207 Now has a majority of the entire US congressional house reps co-sponsoring it.

    Any thoughts on that?
  17. #17  
    Oh but I live in Montgomery County, MD and I do see these "END THE FED" posters and also "END THE FED" graffiti around sometimes and it tickles me. My split with the Fed was not under the best of circumstances so I do experience a bit of schadenfreude.

    The way the Fed works is really hard to get your head around. I highly suggest the "For Dummies" book about the Fed. It's not written with any agenda in mind, it just explains it. I read that one, too. I consider myself fairly bright and it wasn't simple at all.
  18. #18  
    Quote Originally Posted by RPFTW View Post
    Are you aware of the current drama happening right now in congress with HR 1207?

    HR 1207 Now has a majority of the entire US congressional house reps co-sponsoring it.

    Any thoughts on that?
    Nope. I'm apolitical. I try to focus on the things I can control and accept the things I can't control. I can't control the Fed or Congress.
  19. RPFTW's Avatar
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    #19  
    Quote Originally Posted by OfficeLinebacker View Post
    Nope. I'm apolitical. I try to focus on the things I can control and accept the things I can't control. I can't control the Fed or Congress.
    apathy is the enemy!
  20. #20  
    Quote Originally Posted by RPFTW View Post
    apathy is the enemy!
    I'm not apathetic. I just choose my battles differently than some people.
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