Relay-Version: version B 2.10 5/3/83; site utzoo.UUCP Posting-Version: version B 2.10.2 9/18/84; site bmcg.UUCP Path: utzoo!watmath!clyde!bonnie!akgua!whuxlm!harpo!decvax!ittvax!dcdwest!sdcsvax!bmcg!bobn 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 Article-I.D.: bmcg.1728 Posted: Wed Jul 3 13:54:06 1985 Date-Received: Fri, 5-Jul-85 05:41:15 EDT References: <11154@brl-tgr.ARPA> <2287@sun.uucp> <161@idsvax.UUCP> <173@idsvax.UUCP> <491@leadsv.UUCP> <182@idsvax.UUCP> Distribution: net Organization: Burroughs Corp. ASG, San Diego, CA. Lines: 27 Xref: watmath net.invest:703 net.misc:8190 > > > > 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.