do you know what the federal reserve is?

[Arraya]

Self destruction is a function of the system. It may be comforting to think somebody has a plan. Don’t count on it. This Mo’Fo is a runaway train that just past a bridge out sign.

Though, I’m sure, a constant state of conspiring goes on a daily basis. No question. Just no over riding one, except to maximize profits at all costs.

http://www.counterpunch.org/bageant12052006.html

Is the consumerist totalization of this country and the world really a conscious plot by a handful of powerful corporate and financial masters? If we answer “yes” we find ourselves trundled off toward the babbling ranks of the paranoid. Still though, it’s easy enough to name those who would piss themselves with joy over the prospect of a One World corporate state, with billions of people begging to work for their 1,500 calories a day and an xBox chip in their necks. It’s too bad our news media quit hunting with live ammo decades ago, leaving us with no one to track the activities and progress of what sure as hell seem to be global elites, judging from the financial spoor we find along every pathway of modern life.

In our saner moments we can also see that it does not take dark super-centralized plotting to pull off what appears to have been accomplished. Even without working in overt concert, a few thousands of dedicated individual corporate and financial interests can constitute a unified pathogenic whole, much the same as individual cells create a viable dominant colony of malignant organisms — malignant simply by their anti-human, anti-societal nature. We don’t see GM, Halliburton, Burger King and CitiBank lobbying the state for universal health or clean rivers, do we? But mention unions or living wages, and the financial colony within our national Petri dish shape shifts into a Gila monster and squirts venom on the idea and shits money all over Capitol Hill. I looked at all this as coincidence for years until the proposition finally strained credulity so much that I threw in the towel and said, “Fuck it. There is only so much coincidence to go around in this world.”

Put another way, the global decision makers, international planners, financial institutions, political parties, media conglomerates, corporations, banks, a hegemonic, accumulative bloc working in concert to coordinate the extraction of wealth from first and third world alike. A series of privately held international institutions to which and from which money can be moved to leverage nations and populations according to their needs is probably gonna do just that because they can. National territory doesn’t mean shit to such people, and those who govern said territory mean even less, except to the extent they can obstruct or incite resistance.

[Anonymous]

[quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system is a separate corporation from the 12 regional banks, but in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded and own the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.

[Anonymous]

[quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system is a separate corporation from the 12 regional banks, but in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded and own the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.

[Anonymous]

[quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system is a separate corporation from the 12 regional banks, but in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded and own the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.

[Anonymous]

[quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system is a separate corporation from the 12 regional banks, but in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded and own the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.

[Anonymous]

[quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system is a separate corporation from the 12 regional banks, but in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded and own the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.

[davelj]

[quote=BillS78][quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…, which you would know if you spent any time educating yourself.

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.[/quote]

“You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below. The stock of the New York Fed, specifically (since you brought it up), is owned almost entirely by the largest handful of banks in the country. There is a limit to how much New York Fed stock a non-bank can own – I believe it’s $25,000 (di minimis). So, when you say that the NY Fed Bank is “still owned by its founders JP Morgan, etc.” that’s somewhat misleading. A large chunk of the NY Fed’s stock is owned by JP Morgan Chase by virtue of JPM Chase’s size – thus the SHAREHOLDERS of JPM Chase indirectly own a big chunk of the NY Fed’s stock. Likewise, when you say, “It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system,” all you’re saying is that the largest banks in the country (owned by disperse shareholders) own the largest amount of stock in the NY Fed… which doesn’t contradict anything from my previous posts.

“Wow, you really are an ignorant fool.” Most folks wait a few posts to throw out the ad hominems. I’ll assume you’re just impatient.

Alright, Oh Great Mind of Banking and Finance, please wow us with more of your Pedantic Wisdom. [Hey, wait a minute… aren’t you one of those Geniuses of Investing and Finance that bought a house near the top? Yes, I believe you are… one more reason to pay very very close attention to your proclamations.]

************************************************

From the link provided above:

How is the Federal Reserve System structured?

The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency–the Board of Governors–in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.

A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.

Who owns the Federal Reserve?

The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

[davelj]

[quote=BillS78][quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…, which you would know if you spent any time educating yourself.

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.[/quote]

“You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below. The stock of the New York Fed, specifically (since you brought it up), is owned almost entirely by the largest handful of banks in the country. There is a limit to how much New York Fed stock a non-bank can own – I believe it’s $25,000 (di minimis). So, when you say that the NY Fed Bank is “still owned by its founders JP Morgan, etc.” that’s somewhat misleading. A large chunk of the NY Fed’s stock is owned by JP Morgan Chase by virtue of JPM Chase’s size – thus the SHAREHOLDERS of JPM Chase indirectly own a big chunk of the NY Fed’s stock. Likewise, when you say, “It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system,” all you’re saying is that the largest banks in the country (owned by disperse shareholders) own the largest amount of stock in the NY Fed… which doesn’t contradict anything from my previous posts.

“Wow, you really are an ignorant fool.” Most folks wait a few posts to throw out the ad hominems. I’ll assume you’re just impatient.

Alright, Oh Great Mind of Banking and Finance, please wow us with more of your Pedantic Wisdom. [Hey, wait a minute… aren’t you one of those Geniuses of Investing and Finance that bought a house near the top? Yes, I believe you are… one more reason to pay very very close attention to your proclamations.]

************************************************

From the link provided above:

How is the Federal Reserve System structured?

The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency–the Board of Governors–in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.

A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.

Who owns the Federal Reserve?

The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

[davelj]

[quote=BillS78][quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…, which you would know if you spent any time educating yourself.

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.[/quote]

“You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below. The stock of the New York Fed, specifically (since you brought it up), is owned almost entirely by the largest handful of banks in the country. There is a limit to how much New York Fed stock a non-bank can own – I believe it’s $25,000 (di minimis). So, when you say that the NY Fed Bank is “still owned by its founders JP Morgan, etc.” that’s somewhat misleading. A large chunk of the NY Fed’s stock is owned by JP Morgan Chase by virtue of JPM Chase’s size – thus the SHAREHOLDERS of JPM Chase indirectly own a big chunk of the NY Fed’s stock. Likewise, when you say, “It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system,” all you’re saying is that the largest banks in the country (owned by disperse shareholders) own the largest amount of stock in the NY Fed… which doesn’t contradict anything from my previous posts.

“Wow, you really are an ignorant fool.” Most folks wait a few posts to throw out the ad hominems. I’ll assume you’re just impatient.

Alright, Oh Great Mind of Banking and Finance, please wow us with more of your Pedantic Wisdom. [Hey, wait a minute… aren’t you one of those Geniuses of Investing and Finance that bought a house near the top? Yes, I believe you are… one more reason to pay very very close attention to your proclamations.]

************************************************

From the link provided above:

How is the Federal Reserve System structured?

The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency–the Board of Governors–in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.

A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.

Who owns the Federal Reserve?

The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

[davelj]

[quote=BillS78][quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…, which you would know if you spent any time educating yourself.

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.[/quote]

“You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below. The stock of the New York Fed, specifically (since you brought it up), is owned almost entirely by the largest handful of banks in the country. There is a limit to how much New York Fed stock a non-bank can own – I believe it’s $25,000 (di minimis). So, when you say that the NY Fed Bank is “still owned by its founders JP Morgan, etc.” that’s somewhat misleading. A large chunk of the NY Fed’s stock is owned by JP Morgan Chase by virtue of JPM Chase’s size – thus the SHAREHOLDERS of JPM Chase indirectly own a big chunk of the NY Fed’s stock. Likewise, when you say, “It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system,” all you’re saying is that the largest banks in the country (owned by disperse shareholders) own the largest amount of stock in the NY Fed… which doesn’t contradict anything from my previous posts.

“Wow, you really are an ignorant fool.” Most folks wait a few posts to throw out the ad hominems. I’ll assume you’re just impatient.

Alright, Oh Great Mind of Banking and Finance, please wow us with more of your Pedantic Wisdom. [Hey, wait a minute… aren’t you one of those Geniuses of Investing and Finance that bought a house near the top? Yes, I believe you are… one more reason to pay very very close attention to your proclamations.]

************************************************

From the link provided above:

How is the Federal Reserve System structured?

The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency–the Board of Governors–in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.

A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.

Who owns the Federal Reserve?

The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

[davelj]

[quote=BillS78][quote=davelj][quote=investor]The federal reserve is a private company, whose ownership is mostly unknown but I suspect are the wealthiest 2 people on earth[/quote]

Really? I direct you to the the question titled: “Who Owns the Federal Reserve?” in the link below. It’s not that mysterious. The 12 regional Federal Reserve Banks that comprise the Federal Reserve System are “owned” by their respective member banks – that is, a bank has to own stock in its regional Federal Reserve Bank to be a “member bank.” And the System is an independent, non-profit entity operating within the government.[/quote]Wow, you really are an ignorant fool. The link that you’ve posted does not state what you’ve implied.

The 12 regional banks are not the owners of the federal reserve system. The twelve regional banks are each independent non profits that provide regional data for economic decisions but do not control the federal reserve system. The federal reserve system in all practical purposes is the NY fed bank, still owned by it’s founders, JP Morgan etc…, which you would know if you spent any time educating yourself.

Independent and operating within the government is really no different than Haliburtin in Iraq. Sure congress could strip the fed of its powers but the feds assets would still be owned by the corporations(banks) that own the fed.

You really need to educate yourself. Even well respected pro fed publications like the economist and the Harvard business review limit their discussion of the regional banks’ impact on the fed system to the NY fed bank. It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system.

I wouldn’t call the fed a conspiracy it’s just good business by the big NY banks. It’s the ignorance of people like you who allowed the fed and it’s owners to appropriate much of the countries’ wealth.[/quote]

“You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below. The stock of the New York Fed, specifically (since you brought it up), is owned almost entirely by the largest handful of banks in the country. There is a limit to how much New York Fed stock a non-bank can own – I believe it’s $25,000 (di minimis). So, when you say that the NY Fed Bank is “still owned by its founders JP Morgan, etc.” that’s somewhat misleading. A large chunk of the NY Fed’s stock is owned by JP Morgan Chase by virtue of JPM Chase’s size – thus the SHAREHOLDERS of JPM Chase indirectly own a big chunk of the NY Fed’s stock. Likewise, when you say, “It’s no coincidence, that corporation is owned and operated by the same group (JP Morgan, Goldman, Citi…) who founded the fed res system,” all you’re saying is that the largest banks in the country (owned by disperse shareholders) own the largest amount of stock in the NY Fed… which doesn’t contradict anything from my previous posts.

“Wow, you really are an ignorant fool.” Most folks wait a few posts to throw out the ad hominems. I’ll assume you’re just impatient.

Alright, Oh Great Mind of Banking and Finance, please wow us with more of your Pedantic Wisdom. [Hey, wait a minute… aren’t you one of those Geniuses of Investing and Finance that bought a house near the top? Yes, I believe you are… one more reason to pay very very close attention to your proclamations.]

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From the link provided above:

How is the Federal Reserve System structured?

The Federal Reserve System has a structure designed by Congress to give it a broad perspective on the economy and on economic activity in all parts of the nation. It is a federal system, composed of a central, governmental agency–the Board of Governors–in Washington, D.C., and twelve regional Federal Reserve Banks, located in major cities throughout the nation. These components share responsibility for supervising and regulating certain financial institutions and activities; for providing banking services to depository institutions and to the federal government; and for ensuring that consumers receive adequate information and fair treatment in their business with the banking system.

A major component of the System is the Federal Open Market Committee (FOMC), which is made up of the members of the Board of Governors, the president of the Federal Reserve Bank of New York, and presidents of four other Federal Reserve Banks, who serve on a rotating basis. The FOMC oversees open market operations, which is the main tool used by the Federal Reserve to influence money market conditions and the growth of money and credit.

Who owns the Federal Reserve?

The Federal Reserve System is not “owned” by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation’s central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as “independent within the government.”

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation’s central banking system, are organized much like private corporations–possibly leading to some confusion about “ownership.” For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

[Anonymous]

[quote=davelj]”You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below.[/quote]Dave, seriously, stop posting and go educate yourself because you still don’t get it and your ignorance is frightening.

Anyone with a brain knows the NY fed runs the show. The idea that the 11 other regional fed banks have any real impact is just stupid. I understand why the FRB’s website would stress all 12 regional banks(propaganda) but why do you continue to bring them up?

Do you know which organization ran the $1.25 trillion MBS purchase program, or who took on the $30 billion worth of toxic assets in the Bear Sterns – JP Morgan deal? I’ll give you a hint: It wasn’t the regional fed banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, or San Francisco.

The federal reserve system was formed 100 years ago by JP Morgan, the Goldman & Sachs family, and others. These family banks have morphed into massive corporations but they’re are still the few entities who own the Fed. Look at who’s controlled all the action, the history of who’s on the NY feds board of directors, or the background of almost all of our treasury secretaries. The silly thing is that this isn’t some great hidden conspiracy, it’s basic business that’s out in the open for all to see but too many like you are too ignorant to bother educating yourselves.

Only an ignorant fool like yourself thinks that the fed is controlled by some widespread group made up from the 12 regional banks.

Please tell me that you at least understand that Bernanke in only a figurehead PR guy.

[Anonymous]

[quote=davelj]”You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below.[/quote]Dave, seriously, stop posting and go educate yourself because you still don’t get it and your ignorance is frightening.

Anyone with a brain knows the NY fed runs the show. The idea that the 11 other regional fed banks have any real impact is just stupid. I understand why the FRB’s website would stress all 12 regional banks(propaganda) but why do you continue to bring them up?

Do you know which organization ran the $1.25 trillion MBS purchase program, or who took on the $30 billion worth of toxic assets in the Bear Sterns – JP Morgan deal? I’ll give you a hint: It wasn’t the regional fed banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, or San Francisco.

The federal reserve system was formed 100 years ago by JP Morgan, the Goldman & Sachs family, and others. These family banks have morphed into massive corporations but they’re are still the few entities who own the Fed. Look at who’s controlled all the action, the history of who’s on the NY feds board of directors, or the background of almost all of our treasury secretaries. The silly thing is that this isn’t some great hidden conspiracy, it’s basic business that’s out in the open for all to see but too many like you are too ignorant to bother educating yourselves.

Only an ignorant fool like yourself thinks that the fed is controlled by some widespread group made up from the 12 regional banks.

Please tell me that you at least understand that Bernanke in only a figurehead PR guy.

[Anonymous]

[quote=davelj]”You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below.[/quote]Dave, seriously, stop posting and go educate yourself because you still don’t get it and your ignorance is frightening.

Anyone with a brain knows the NY fed runs the show. The idea that the 11 other regional fed banks have any real impact is just stupid. I understand why the FRB’s website would stress all 12 regional banks(propaganda) but why do you continue to bring them up?

Do you know which organization ran the $1.25 trillion MBS purchase program, or who took on the $30 billion worth of toxic assets in the Bear Sterns – JP Morgan deal? I’ll give you a hint: It wasn’t the regional fed banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, or San Francisco.

The federal reserve system was formed 100 years ago by JP Morgan, the Goldman & Sachs family, and others. These family banks have morphed into massive corporations but they’re are still the few entities who own the Fed. Look at who’s controlled all the action, the history of who’s on the NY feds board of directors, or the background of almost all of our treasury secretaries. The silly thing is that this isn’t some great hidden conspiracy, it’s basic business that’s out in the open for all to see but too many like you are too ignorant to bother educating yourselves.

Only an ignorant fool like yourself thinks that the fed is controlled by some widespread group made up from the 12 regional banks.

Please tell me that you at least understand that Bernanke in only a figurehead PR guy.

[Anonymous]

[quote=davelj]”You really need to educate yourself.” OK, Professor. Will do! Before I get to that however…

Right, the 12 regional Fed Banks don’t comprise the entire system – and thus don’t “own” the system. You have to add in the Board of Governors which, via the FOMC, sets monetary policy. The ownership of the 12 regional Fed Banks is explained below.[/quote]Dave, seriously, stop posting and go educate yourself because you still don’t get it and your ignorance is frightening.

Anyone with a brain knows the NY fed runs the show. The idea that the 11 other regional fed banks have any real impact is just stupid. I understand why the FRB’s website would stress all 12 regional banks(propaganda) but why do you continue to bring them up?

Do you know which organization ran the $1.25 trillion MBS purchase program, or who took on the $30 billion worth of toxic assets in the Bear Sterns – JP Morgan deal? I’ll give you a hint: It wasn’t the regional fed banks of Boston, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, or San Francisco.

The federal reserve system was formed 100 years ago by JP Morgan, the Goldman & Sachs family, and others. These family banks have morphed into massive corporations but they’re are still the few entities who own the Fed. Look at who’s controlled all the action, the history of who’s on the NY feds board of directors, or the background of almost all of our treasury secretaries. The silly thing is that this isn’t some great hidden conspiracy, it’s basic business that’s out in the open for all to see but too many like you are too ignorant to bother educating yourselves.

Only an ignorant fool like yourself thinks that the fed is controlled by some widespread group made up from the 12 regional banks.

Please tell me that you at least understand that Bernanke in only a figurehead PR guy.

[Author]

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