Discussion in 'Soap Box' started by Mikeintx, Nov 28, 2009.
fox news.......... are you joking? I cannot read that.
oh and btw of course the fed should be audited
and yes we need WAY more financial regulation and oversight, and that applies to the Fed too , not just to commercial banks
I would like to read the article MIke but I refuse to read fox news
it makes me feel dirty
The problem is that if the Fed comes under any political influence it will cease to lose it's independence and will risk becoming politicized. The idea was always to keep it from beig a partisan tool. If it were to be audited, it'd have to be from another independent, non-partisan organization.
But how is it not politicized now? Doesn't the president choose the chairman? I believe Ron Paul wants it audited due to his stance that we need to get away from a central banking system, how do you feel about that Zurk?
He nominates the Chairman who in turn needs to be approved by the Senate, much like our Supreme Court System (which also operates independently). But beyond that, it operates without any sort of political mandate or direction (at least in theory; obviously, these men, like our court judges, are political individuals. It's just not systemic).
As for your second question it's a good one but I'm out of time before work. I'll get to it later tonight
and I think each member of the board of governers serves for twelve year terms
sorry not 12 but 14
Board of Governors
7 members serving staggered 14-year terms
Appointed by the U.S. President and confirmed by the Senate
Oversees System operations, makes regulatory decisions, and sets reserve requirements
I too must confess...I enjoy...the darker side of things...