Greenspan- Admits The Fed Cannot Be Overruled by ANY Government Agency

[tomm2thumbs]

Run time: 09:19 https://www.youtube.com/watch?v=ol3mEe8TH7w   Posted on YouTube: January 30, 2008 By YouTube Member: Views on YouTube: 0   Posted on DU: March 23, 2009 By DU Member: tomm2thumbs Views on DU: 1048

 
Jim Lehrer News Hour interview excerpt - 7:37 is where he says the comment.

He also describes how the Fed failed in other attempts of doing what they were designed to do AND that 'there is no way of diffusing financial bubbles' until they break-fever on their own. WTF?? So what he is saying is that all these attempts by the Fed today are likely to prove 100% useless as well if you agree with what he says about the attempts by the Fed in the past.

My question is, why do we have The Fed when their job was to prevent these kind of cataclysmic financial meltdowns, and they have failed to do so since their inception under Woodrow Wilson - they failed to stop the crash of 1929, they didn't stop the banking panic of 1933 and they haven't prevented the free fall of the AIG-induced market collapse that has stolen trillions of dollars from people's investments. We need to be able to control the monetary policy on behalf of the AMERICAN people, NOT the banks and wall street.

According to Greenspan... "The Federal Reserve is an independent agency... and that means basically that there is NO OTHER agency of government which can overrule actions that we take."

These are HIS words, not mine. Is this entirely going against the American Constitution? What do you think?

[soothsayer]

1. time to abolish the fed

at the very least, kick them out of their imperious digs and into something more humbling.

[Delphinus]

2. What a way to start a Monday morning.

I think, for my health's sake, I'll wait and watch it tonight.

[Davis_X_Machina]

3. But its actions *can* be limited by legislation.

It was created by an act of Congress, not spontaneous generation.

Don't see where the Constitutional beef comes in.

[dixiegrrrrl]

4. It is damn well about time people started realizing this !!!

God, the endless arguments I have read on this board because people do not understand the Fed/Central banks were created in the dead of night when Congress was on Christmas holiday on Dec. 23 in 1913. That's right...most of Congress was not even in DC when this bill was passed by a chosen few legislators. They passed a law skiting the Constitution,giving PRIVATE BANKS the power over our money.
And the only reason the Fed is seen as "quasi-private" is bacause the President can pick the Board of Governors. Then Fed/bank pick everyone else, a very private fucntion indeed.


Furthermore, as Wiki sums it:
The Fed consists of :
the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional privately-owned Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous other private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils.
Those 12 regional privately owned banks are the Central banks.
Greenspan points to the whole problem.
The private banks used OUR Treasury to print money that THEY loan back to us.
We PAY private banks for our own money, in the form of interest, also known as debt.
Which is why we are in the mess we are in.

[burythehatchet]

5. ain't nothin like an Ayn Rand groupie.

[Karenina]

7. Indeed!

[acmavm]

6. This fucking buffoon is admitting that our own government is

POWERLESS in the face of corrupt bankers and Wall Street.

Well then, fuck 'em all.

TIME FOR A NEW PARTY. ONE THAT IS WILLING TO OBEY THE LAWS AND MAKE DAMN SURE EVERYBODY ELSE DOES TOO.