Originally posted by DOOMBOT
pkcRAISTLIN, if you really want to know what the Fed does, all you have to do is go to their web site. They explain everything for you!
no, i just enjoy watching you dance around what is a very simple question. despite all this animosity towards central banks you can't even string a few basic sentences together and explain what the fed does.
you have an ideological opposition to everything government that you'll oppose it even when you don't understand it. your refusal to answer the question proves you don't understand what the fed does.
culorut
KFC, where is the 2 Trillion dollars in "operational costs" which the FED owes the USA?
Just answer the question already.
DOOMBOT
quote:
Originally posted by pkcRAISTLIN
no, i just enjoy watching you dance around what is a very simple question. despite all this animosity towards central banks you can't even string a few basic sentences together and explain what the fed does.
you have an ideological opposition to everything government that you'll oppose it even when you don't understand it. your refusal to answer the question proves you don't understand what the fed does.
I DO know what they do. I read their web site and it explained everything!
PS: Our economic philosophies seem to be working pretty good over in California!
culorut
quote:
Originally posted by pkcRAISTLIN
no, i just enjoy watching you dance around what is a very simple question. despite all this animosity towards central banks you can't even string a few basic sentences together and explain what the fed does.
you have an ideological opposition to everything government that you'll oppose it even when you don't understand it. your refusal to answer the question proves you don't understand what the fed does.
wimping out. Where is the 2 Trillion dollars which was not accounted for as of 2008?
So far you have done nothing but post a few links to what the federal reserve says they have paid and how they operate from their own website. Not good enough, you do not understand a ing thing.
Just plain ing naive. Where is the money?
pkcRAISTLIN
quote:
Originally posted by DOOMBOT
I DO know what they do. I read their web site and it explained everything!
PS: Our economic philosophies seem to be working pretty good over in California!
quote:
it was simply a challenge. tell me what the fed does. if you're happy to admit you dont really know, then by all means do so.
DOOMBOT
quote:
Responsibilities
The primary responsibility of the Board members is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee (FOMC), the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The other five members of the FOMC are Reserve Bank presidents, one of whom is the president of the Federal Reserve Bank of New York. The other Bank presidents serve one-year terms on a rotating basis. By statute the FOMC determines its own organization, and by tradition it elects the Chairman of the Board of Governors as its Chairman and the President of the New York Bank as its Vice Chairman.
The Board sets reserve requirements and shares the responsibility with the Reserve Banks for discount rate policy. These two functions plus open market operations constitute the monetary policy tools of the Federal Reserve System.
In addition to monetary policy responsibilities, the Federal Reserve Board has regulatory and supervisory responsibilities over banks that are members of the System, bank holding companies, international banking facilities in the United States, Edge Act and agreement corporations, foreign activities of member banks, and the U.S. activities of foreign-owned banks. The Board also sets margin requirements, which limit the use of credit for purchasing or carrying securities.
In addition, the Board plays a key role in assuring the smooth functioning and continued development of the nation's vast payments system [see Fedwire and Payment System Risk Policy].
Another area of Board responsibility is the development and administration of regulations that implement major federal laws governing consumer credit such as the Truth in Lending Act, the Equal Credit Opportunity Act, the Home Mortgage Disclosure Act and the Truth in Savings Act [see Consumer Information and Community Development].
This is pretty much it. They explain it so well that I don't see the need to give my own spin on it. But if you would like to know more, just go to http://www.federalreserve.gov/
Seriously though, thank god for the fed. Without them, we would be lost. It's amazing that humans have even lasted this long without the federal reserve!!!!
pkcRAISTLIN
so, explain to us all how the stabilising force of a central bank (which all meaningful economies have) is the worst thing since the creation of government?
DOOMBOT
quote:
Originally posted by pkcRAISTLIN
so, explain to us all how the stabilising force of a central bank (which all meaningful economies have) is the worst thing since the creation of government?
It's not the worst thing. It is actually a great idea! This recession that we are in is actually a fantasy. A dream really. Same goes for the "economic crashes" that hit other countries. All made up by people who hate government for no other reason but the fact that they are stupid meanies.
pkcRAISTLIN
quote:
Originally posted by DOOMBOT
It's not the worst thing. It is actually a great idea! This recession that we are in is actually a fantasy. A dream really. Same goes for the "economic crashes" that hit other countries. All made up by people who hate government for no other reason but the fact that they are stupid meanies.
MORON. the current economic crisis would be far worse without the actions taken by the various central banks around the world. you dont understand economics and are beneath my time. good day.
DOOMBOT
quote:
Originally posted by pkcRAISTLIN
MORON. the current economic crisis would be far worse without the actions taken by the various central banks around the world. you dont understand economics and are beneath my time. good day.
I agree. More regulation is absolutely necessary to fix these fantasy problems. If it weren't for these people who doubt government always getting in the way, we would have already had trillions more in these bailouts, which obviously would have fixed these issues. But anyway, there really isn't a recession right now so I don't even know why we are debating this.
DOOMBOT
None of what he has said is true though. All made up. Right?
US Economics are awesome!!!!! :stongue:
pkcRAISTLIN
quote:
Originally posted by DOOMBOT
None of what he has said is true though. All made up. Right?
US Economics are awesome!!!!! :stongue:
ok, im gonna take you seriously just this once. id like a proper response.
what do these problems have to do with the fed or monetary policy?
what do decisions of the congress/senate/president have to do with the current discussion re central banks?
everyone knows about the debt and the baby boomer issue to do with money and infrastructure. many of the western world are in the same boat.
