I am not a Ron Paul fan but I like him on this. The Federal Reserve is merely the largest bankster operation that does the bidding of the banksters and Wall Streeters such as Goldman, JPM, Citi, etc etc
Major banks own stock in the Fed and get a yearly 6% dividend on it. The Fed is a private bank at the beck and call of its member banks. The “public” nature of the Fed is this:
1- They do rebate most profits (50 billion yearly) to the US Treasury after retaining ~4 billion to fund operations and pay super lavish salaries to employees
2- The President appoints the head of the Federal Reserve in DC
3- The NY Fed is extremely important and almost equal to the Central Fed in DC. The people who run the NY Fed are all hand picked by the NY Fed’s member banks. No public input here! Just us NY banksters
4— more on the NY Fed. Please note that Timothy Guithner was head of the NY Fed. http://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_York
Actually, the president appoints all of the member of the Federal Reserve Board of Governors. They serve a 14 year term and their terms are staggered so any one president is only appointing 3 or 4 per term.
"3- The NY Fed is extremely important and almost equal to the Central Fed in DC. The people who run the NY Fed are all hand picked by the NY Fed’s member banks. No public input here! Just us NY banksters"
Not true. 1/3 of the directors are picked by the Federal Reserve Board of Governors. 1/3 is picked by the member banks from the banking industry to represent them. And 1/3 are picked by the member banks from the business community.
Also each member bank gets one vote. Regardless of how big they are, or how much stock in the Federal Reserve Bank they have. That means the Smallest bank in NY has equal footing with Bank of America.