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From: steiny@idsvax.UUCP (Don Steiny)
Newsgroups: net.invest,net.misc
Subject: Re: Re: Re: Re: "World Banking Crisis" -- what is it?
Message-ID: <182@idsvax.UUCP>
Date: Fri, 28-Jun-85 12:49:01 EDT
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Posted: Fri Jun 28 12:49:01 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).

pesnta!idsvax!steiny
Don Steiny - Computational Linguistics
109 Torrey Pine Terr.  Santa Cruz, Calif. 95060
(408) 425-0832