Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search
 

GummyBearz

(2,931 posts)
17. Who does the federal reserve bank answer to?
Mon Aug 24, 2015, 09:08 PM
Aug 2015

They can change their mandate at will, they wont open their books to congress, they don't care about who is president (R or D). They are out for themselves.. that's a private entity


edit: a little more info for you (wikipedia copy/paste, feel free to cite a source if it is incorrect):

In Lewis v. United States,[8] the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA [the Federal Tort Claims Act], but are independent, privately owned and locally controlled corporations." The opinion went on to say, however, that: "The Reserve Banks have properly been held to be federal instrumentalities for some purposes."

I expect crickets from here on out, but feel free to surprise me. I look forward to learning something new.

That ain't gonna happen. A HERETIC I AM Aug 2015 #1
+1 Dawson Leery Aug 2015 #5
Well Munificence Aug 2015 #8
"Why do you think oil is so low?" A HERETIC I AM Aug 2015 #13
A 10% correction has come and gone GummyBearz Aug 2015 #14
Sorry, but you just lost all credibility with me. A HERETIC I AM Aug 2015 #15
Who does the federal reserve bank answer to? GummyBearz Aug 2015 #17
LOL A HERETIC I AM Aug 2015 #18
ROFL GummyBearz Aug 2015 #19
Aren't you the clever little one! A HERETIC I AM Aug 2015 #20
No need for a special google search GummyBearz Aug 2015 #23
I don't know who will be blamed but president most likely yeoman6987 Aug 2015 #26
Chinese have screwed themselves, too many 20 something males with almost nothing to do snooper2 Aug 2015 #34
Democrats never cause the financial problems and ALWAYS get blamed for them, period. randys1 Aug 2015 #2
It depends on how the crisis is framed, and who is running DJ13 Aug 2015 #3
But don't you know everything bad that happens in the world is Obama's fault? kimbutgar Aug 2015 #4
Kind of hard to duck responsibilty Kelvin Mace Aug 2015 #6
Nonsense. The front runner has nothing to do with the Chinese economy, pnwmom Aug 2015 #10
One more time... Kelvin Mace Aug 2015 #24
If there is a worldwide recession beginning in China, it won't much matter pnwmom Aug 2015 #25
China might be the trigger, Kelvin Mace Aug 2015 #33
The economy won't collapse. Codeine Aug 2015 #7
It'll benefit a non-Democrat. Chan790 Aug 2015 #9
Dream on. He's running as a Dem and he's voted with the Dems pnwmom Aug 2015 #11
Neither will the mainstream base of the GOP. Chan790 Aug 2015 #12
No, it wouldn't be a wash. The President in power is always blamed, not Congress. pnwmom Aug 2015 #16
As I posted on the OP I started nadinbrzezinski Aug 2015 #21
anyone who thinks they know what the stock market will do short term is a fool. TheFarseer Aug 2015 #22
If things crash hard, The Dem Leadership rightly owns it Hydra Aug 2015 #27
If the world's economy is crashing, the US couldn't single-handedly stop it. pnwmom Aug 2015 #28
Why would we need to save the world? Hydra Aug 2015 #29
We can't. But our economic system is intricately connected to the rest of the world's. pnwmom Aug 2015 #30
Oh, so we shouldn't have even tried? Hydra Aug 2015 #31
Of course we should try. But it's not our economy that appears to be leading a crash pnwmom Aug 2015 #32
Latest Discussions»General Discussion»If the economy tanks now ...»Reply #17