Who's minding the store at The Federal Reserve

This is a discussion on Who's minding the store at The Federal Reserve within the Off Topic & Humor Discussion forums, part of the The Back Porch category; This isn't meant to be a political thread. I am not pointing at any particular administration or party. I am merely posting this so everyone ...

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Thread: Who's minding the store at The Federal Reserve

  1. #1
    VIP Member Array TN_Mike's Avatar
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    Who's minding the store at The Federal Reserve

    This isn't meant to be a political thread. I am not pointing at any particular administration or party. I am merely posting this so everyone knows that it would seem that no one is really keeping track of what is being done with all of OUR money.

    http://dailybail.com/home/there-are-...g-part-ii.html

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    As gut-wrenching as that video is, it just doesn't surprise me.

    Back in the 90's, I managed a sales team for a large Business Intelligence software company (think query and reporting). I was over the Fed group, and the Federal Reserve was one of our clients. Not only did they not have a clue of what their data looked like, they covered their tracks by constantly swapping out their reporting systems (at several million dollars a whack) and blaming the 'transition' as to why they could not access their own data. Software vendors make a lot of money selling to these groups. I doubt it is much different today.
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    The things the Federal Gubment has done over the years before the tech age when we could not find out so easy, in the shadows and out would moritfy the general public.
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    Duh.......... could you repeat the question. Sad, very very sad.
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    Senior Member Array Barbary's Avatar
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    Our government are becoming masters of denial. Wish we had more statesmen and fewer politicians.

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    Correction to above statement: government officials(politicians)

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    Another political thread with junk taken from some yahoo of a blog. Here's how you can tell there is an agenda, " Until the day Bernanke is indicted for crimes against humanity, "

    That tells you a lot about the blogger.

    The Fed has been the only institution keeping our economy from going over the edge--- and it has done so for decades. It broke the back of inflation in the late 70s and during the 80s, and it has kept us from deep depression twice in the last 10 years.

    Here's another way you can tell it is a propaganda piece and not a serious article; "Alan Grayson questions Elizabeth Coleman, Inspector General of the Federal Reserve about $9 TRILLION in secret Fed bailouts, and exactly who is accounting for all that cash." There is an implication that 9 trillion has somehow gone missing, and that that 9 million is tax payer dollars. Both assertions are factually wrong.

    http://en.wikipedia.org/wiki/Federal_Reserve_System

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    I must point out that the Federal Reserve Bank is a private entity under the Federal umbrella, not a branch of the Federal government. It says a lot when they need a new Chairman to be appointed by the President and the best he can do is pick from a short list supplied to him by their Board.
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    Quote Originally Posted by Hopyard View Post
    Another political thread with junk taken from some yahoo of a blog. Here's how you can tell there is an agenda, " Until the day Bernanke is indicted for crimes against humanity, "

    That tells you a lot about the blogger.

    The Fed has been the only institution keeping our economy from going over the edge--- and it has done so for decades. It broke the back of inflation in the late 70s and during the 80s, and it has kept us from deep depression twice in the last 10 years.

    Here's another way you can tell it is a propaganda piece and not a serious article; "Alan Grayson questions Elizabeth Coleman, Inspector General of the Federal Reserve about $9 TRILLION in secret Fed bailouts, and exactly who is accounting for all that cash." There is an implication that 9 trillion has somehow gone missing, and that that 9 million is tax payer dollars. Both assertions are factually wrong.

    http://en.wikipedia.org/wiki/Federal_Reserve_System

    Well said, Sir, and spot on.

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    VIP Member Array Hiram25's Avatar
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    Yep, our tax dollars at work! Why couldn't I have found one of those government jobs where you didn't have to know or do anything?
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    Quote Originally Posted by paramedic70002 View Post
    I must point out that the Federal Reserve Bank is a private entity under the Federal umbrella, not a branch of the Federal government. It says a lot when they need a new Chairman to be appointed by the President and the best he can do is pick from a short list supplied to him by their Board.
    Where do you think they should look for their leadership, DC?

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    [QUOTE=Hiram25;1871618]Yep, our tax dollars at work! Why couldn't I have found one of those government jobs where you didn't have to know or do anything?[/QUOTE

    Really? Do you think FBI Agents don't need to know something? How about prosecutors and their staff? What about the physicians and scientists at CDC? How about the technical staff at the forest service? What about the folks who process social security claims--- those laws and regulations are complex as heck? How about IRS agents?

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    VIP Member Array Hiram25's Avatar
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    [QUOTE=Hopyard;1871644]
    Quote Originally Posted by Hiram25 View Post
    Yep, our tax dollars at work! Why couldn't I have found one of those government jobs where you didn't have to know or do anything?[/QUOTE

    Really? Do you think FBI Agents don't need to know something? How about prosecutors and their staff? What about the physicians and scientists at CDC? How about the technical staff at the forest service? What about the folks who process social security claims--- those laws and regulations are complex as heck? How about IRS agents?
    That was my point, most government employees have to know a great deal, why does that not apply to those who watch over our money?
    Hiram25
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    Quote Originally Posted by Hiram25 View Post
    That was my point, most government employees have to know a great deal, why does that not apply to those who watch over our money?
    What makes you think it doesn't. Look up the educational backgrounds of Alan Greenspan, Timothy Geithner, Hank Paulson, and Ben Bernake. Also, look up who The Fed Board members are and check their educational credentials, and of course these organizations have huge staffs full of mathematicians, economists, statisticians, folks with degrees in banking and finance.

    I once (40 + years back) had a girlfriend who worked for the St. Louis Fed and was just finishing up her PhD in finance or economics, I don't recall which.

    There are very smart people running these organizations.

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    Ummm...no disrespect but isn't is actually China's money?

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