annoytheleft

Managing Editor Fail

In Uncategorized on December 18, 2009 at 1:13 am

Oh, this is too funny…

Time magazine has just named Federal Reserve Chairman, Ben Bernanke “Person of the Year” for his efforts in “forestalling the coming depression.”

According to the L.A. Times,  Time Magazine Managing Editor, Richard Stengel said Bernanke leads the…:

…most-powerful, least-understood government force shaping our lives. (emphasis mine)

Stengel proves in that statement just how little understood the Federal Reserve really is. The “Fed” is not a government agency. For all the power that the Fed has over the U.S. economy, the Federal Reserve is nothing more than a coterie of private banks led by the Federal Reserve Board of Governors. Of this board only the chairman, Bernanke in this case, is selected in a relatively public manner (by appointment and Senate confirmation).

The minutes of these board meetings are not open to public review nor is the board subject to congressional oversight. And yet… this organization wields the power to make or break this nation’s economy.

Hopefully I’ve done my part to help the Federal Reserve be a little more  understood.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: