The progressive lie

That the Federal System was created by a bunch of far-sighted and enlightened bureaucrats and academics. This led to an onslaught of academic rationalizing while mainstream economic positivists called you a kook.

However, nothing could be further from the truth. The federal reserve system was advocated by the nationalistic bankers. Unfortunately, progressives wish to tell another story. They wish to tell you that the creation of the Federal Reserve was in the best interest of the people.

Yet, modern day lw kooks refuse to audit the Fed, all while praising transparency.

 

What story would that be?

 

The story of progressive liberal statists who advocate policies for the people while enriching their masters at the expense of the people. In fact, this is going on right now. The rich (which are typically the longarm of the government) are getting richer while the rest of America hurts. However, progressive liberal statists tell you a different story.

 

Again, what story is that?

 

Ok....the whole federal reserve thing seems a little contrived.

Are you in favor of a Congressional bank? Or no "national" bank?

 

I prefer free banking. It is quite obvious that the nationalistic bankers have screwed us over, yet progressive liberals, like Riva, will hide this fact.

 

Where am I hiding that bankers screwed us over? The lack of regulation and the mortgage swap defaults are what crashed the economy.

I am failing to see what point you are trying to make about progressives.

 

The Federal Reserve was created in 1913 but it’s role and power changed radically during the Great Depression. It’s role today is to conduct the nation's monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions. This is a pretty tall order. Some functions of the Fed are without question in the best interest of the people but there other functions which in my mind or questionable.

I think few would argue that functions such as issuance of legal tender, providing a reserve for commercial banks to handle emergencies, creations and enforcement of banking regulations, setting reserve requirements for banks, and providing depositors insurance are vital to the banking system and the economy.

Control of the money supply is where the Fed is criticized. I believe there is need to control the money supply, however I don’t see the need for the constant fine tuning which causes about as many problems as it solves.

 

I consider myself a progressive, and consider the role played by Greenspan and Bernake in the mortgage meltdown to be criminal and and a gross misuse of the powers of the Fed. They and several 1,000s of corporate types should be investigated and when found guilty of fraud sent to federal prisons.

As a progressive, I feel the role of the federal gov't and state gov'ts is to protect the interests of the mass of citizens from the criminals who will steal from them either with a gun in the street or a financial contract in an office.

Gov't should serve all the people not just those who can buy politicians and regulators.

 

I am a conservative, it is Barney Frank and Chris Dodd in cahoots with fanny and freddie with backing from clinton that was started by carter that is to blame. Throw them all in prison. Progressives are the problem with this country, they are nothing but want to be commies, commie!