Fed pumps another 600 billion into economy

[Soonerdawg]

Yes, and kept for a time by Reagan. But Carter's man for sure.

List of Chairmen of the Federal Reserve

Charles S. Hamlin (August 10, 1914 — August 10, 1916) -- Chairman of the Board of Directors of the Federal Reserve System
William P. G. Harding (August 10, 1916 – August 9, 1922)
Daniel R. Crissinger (May 1, 1923 – September 15, 1927)
Roy A. Young (October 4, 1927 – August 31, 1930)
Eugene I. Meyer (September 16, 1930 – May 10, 1933)
Eugene R. Black (May 19, 1933 – August 15, 1934)
Marriner S. Eccles¹ (November 15, 1934 – February 3, 1948) -- first Chair of the Board of Governors of the Federal Reserve System[2]
Thomas B. McCabe (April 15, 1948 – April 2, 1951)
William McChesney Martin, Jr. (April 2, 1951 – February 1, 1970)
Arthur F. Burns (February 1, 1970 – January 31, 1978)
G. William Miller (March 8, 1978 – August 6, 1979)
Paul A. Volcker (August 6, 1979 – August 11, 1987)
Alan Greenspan² (August 11, 1987 – January 31, 2006)
Ben S. Bernanke (February 1, 2006 – )

[dhussdawg]

List of Chairmen of the Federal Reserve

Charles S. Hamlin (August 10, 1914 — August 10, 1916) -- Chairman of the Board of Directors of the Federal Reserve System
William P. G. Harding (August 10, 1916 – August 9, 1922)
Daniel R. Crissinger (May 1, 1923 – September 15, 1927)
Roy A. Young (October 4, 1927 – August 31, 1930)
Eugene I. Meyer (September 16, 1930 – May 10, 1933)
Eugene R. Black (May 19, 1933 – August 15, 1934)
Marriner S. Eccles¹ (November 15, 1934 – February 3, 1948) -- first Chair of the Board of Governors of the Federal Reserve System[2]
Thomas B. McCabe (April 15, 1948 – April 2, 1951)
William McChesney Martin, Jr. (April 2, 1951 – February 1, 1970)
Arthur F. Burns (February 1, 1970 – January 31, 1978)
G. William Miller (March 8, 1978 – August 6, 1979)
Paul A. Volcker (August 6, 1979 – August 11, 1987)
Alan Greenspan² (August 11, 1987 – January 31, 2006)
Ben S. Bernanke (February 1, 2006 – )

A list of some of the most powerful people on Earth that most people hardly know anything about. These people answer to no one, they do what they see best fit without having to jockey with others to get votes, like Congress. The Fed Chairman meets with the Pres usually once a week to discuss monetary policy, but the President has no veto power to my knowledge of anything that the Fed wants to do. In short, they answer to no one and they control the speed of the American economy. Soon, they will be surpassed in importance by whoever runs the Chinese economy.

Also, I remember distinctly in my economics class talking about Quantitative Easing and that is how the Fed really controls the economy. Dr Darrat said that the Fed Funds Rate is a political thing, without much bearing on actual activity. I think we have seen that this time around. They dropped rates to historical lows and that really didnt do a whole lot because many lenders and institutions are still hoarding cash. Now, the Fed feels like they need to throw some more cash out there to get the ball rolling.

[Soonerdawg]

Well, the government is created a panel to probe the stimulus waste -- at the Ritz Carlton.

Talk about your oxymorons. You can't make this stuff up.

[DogtorEvil]

a few minutes of your time:

Quantitative Easing Explained

http://www.youtube.com/watch?v=PTUY16CkS-k

[dawg80]

"The Ben Bernank"

"...you are shitting me."

It's funny....it's true....it's sad.

[BRDawg81]

just a little something to add:

Thomas Jefferson said in 1802:
'I believe that
banking institutions are more dangerous to
our liberties than standing armies.
If the American people ever allow
private banks to control the issue of their
currency, first by inflation, then by
deflation, the banks and corporations that will
grow up around the banks will deprive the people
of all property - until their children
wake-up homeless on the continent their fathers
conquered.'