Posted on 02/17/2017 12:25:25 PM PST by Lorianne
Unlike elected officials, who take heat from opposing-party voters, the Federal Reserve serves as a bipartisan punching bag. Conservatives accuse the Fed of debasing the currency and fanning inflation. Liberal animus is directed at the central bank’s perceived efforts to rescue Wall Street at the expense of Main Street during the financial crisis.
Such criticism is generally limited to what the Fed does, or doesn’t do, in terms of policy. Not so with Danielle DiMartino Booth, author of “Fed Up: An Insider’s Take on Why the Federal Reserve is Bad for America,” who attacks the culture of the Fed, starting from the bottom up.
She takes on the research staffs of elite, Ph.D. economists — “the MIT mafia” — who are married to their mathematical models and focused on publishing in peer-reviewed journals. She exposes the institutional groupthink — “groupstink,” she calls it — and disdain for dissenting views. And she reserves her most strident criticism for those at the very top.
The author arrived at the Dallas Fed in 2006 after a tour on Wall Street and a stint as a financial columnist for the Dallas Morning News, where she had attracted the attention of Richard Fisher, then president of the Dallas District Bank.
(Excerpt) Read more at marketwatch.com ...
What happened to the notion of auditing the FED?
Is Eric Braverman hiding in a closet at the FED?
Are the Awan Brothers running the computers at the FED?
Did Brian Pagliano install the computers at the FED?
The US treasury department sells every coin and bill we make to the Fed at it’s face value.
We make far fewer $1 bills than we do $20 bills now, and $100s are also on the rise.
The federal reserve goes hand in hand with the US Government. The particular branch of US government that was headed by Ron Paul.
The fed is only one side of a terrible cube of economic elitism. It’s only one part of why we have no money yet work harder than before.
The Federal Reserve is one of 2 entities that make this happen, and it’s a private organization that is designed to make money. The other part is the stock market (In all of it’s privatized forms). You may notice that the Government does everything they can to make these private institutions draw the heat and ire of the citizens. But the government is the other 4 sides of the cube.
FWIW I remember sitting at a luncheon with a couple of economists from the Boston Fed in the summer of 2003—and they were already alarmed about the housing bubble and prices having risen too far above the ability of many people to pay for them, especially as their teaser rates rose and without any equity cushion to speak of.
That is ironic since the Boston Fed published a well publicized paper claiming there is systematic discrimination against minorities in the housing market. That helped set off the craze for lowering underwriting standards in an effort to boost home ownership rates.
Right, but that was quite a bit earlier. Probably not even the same economists.
That paper came out around a decade before your 2003 meeting.
Yes.
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