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From: bobn@bmcg.UUCP (Bob Nebert)
Newsgroups: net.invest,net.misc
Subject: Re: Re: Re: Re: "World Banking Crisis" -- what is it?
Message-ID: <1728@bmcg.UUCP>
Date: Wed, 3-Jul-85 13:54:06 EDT
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Posted: Wed Jul  3 13:54:06 1985
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> >
> > Isn't the Federal Reserve seperate from any branch of the Federal
> > Government. I thought Congress and the President may apoint members,
> > but after that, they had little control of the policies. The 
> > administration (as mentioned above) I take to mean the Executive Branch
> > or Reagan. I thought I remember him criticizing Volker and the Federal
> > reserve for keeping interest rates higher than neccesary and thus keeping
> > interst rates and unemployment up as well.
> > 					Scott A. Stewart
> > 					LMSC
> 
> 	This is correct.  There was a tense period a few years back
> when Volker came up for reappointment.  Reagan reappointed him.
> I have read editorials that say that though there have been
> some disagreements, generally the Fed (as it is called)
> is in line with the exective branch's policies.
> 
> 	It is an incredible thing, though, that the Federal 
> Reserve is an independent branch of the government.  In 
> civics in grade school we were taught that there are the
> exective, legislative, and judicial branches of the government.
> Oh well, they also taught us that if we were children in
> "Red China," they would put us in cages (which would have
> been a great relief to my teachers).
>
>> I have always been taught that the Federal Reserve System was
>> a privately owned corporation.