| Posted by | Message |
LSURussian 
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 5:20 pm to boxcarbarney)
quote:
mograyback reminds me of ottothewise, but I actually enjoy reading his posts.
Same here.
I actually LOL at most of his posts.
For example, look at these two posts he made in this thread:
quote:
The Federal Reserve is an independent entity of our federal government.
quote:
The Federal Reserve is not an official entity of our federal government.
In this thread he has changed sides on the Federal Reserve so he can argue both ways....and he does! 
This post was edited on 12/4 at 5:28 pm
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 5:30 pm to TheHiddenFlask)
quote:
You're a worthless troll who should find some other cave to hide in.
That's harsh, Flask.
Don't scare him off. He is one of the most entertaining posters on this board. Maybe the most entertaining since Rivers got banned. 
|
| Back to top | |
mograyback 
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 5:36 pm to LSURussian)
quote:
LSURussian
Russian, as old as you are I can't believe how immature you are..
Are you ever going to answer the core of this debate, which isn't even a debate because I'm stating a fact and you're arguing it.
The Federal Reserve is independent from our government, it's an independent central bank that is not an official entity of our federal government.
Concede to that fact, that is the core of our entire discussion on this topic.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:07 pm to mograyback)
How old do you think I am?
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:12 pm to LSURussian)
quote:
How old do you think I am?
Over 50, and either way you're old enough to be more mature than you act.
You going to answer the question?
Is the Federal Reserve an independent central bank that is officially independent from our federal government? Yes or No
This post was edited on 12/4 at 6:13 pm
|
| Back to top | |
LSU0358
LSU Fan
Member since Jan 2005
4615 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:18 pm to mograyback)
quote:
Federal Reserve an independent central bank that is officially independent from our federal government?
No. I don't see how you can call an institution whose Chairman is nominated by the President and approved by the Senate independent.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:19 pm to mograyback)
quote:
The Federal Reserve is independent from our government, it's an independent central bank that is not an official entity of our federal government.
Is the Federal Reserve a creation of the congress and can it be altered or abolished by a congressional act? Yes or no?
The "independence" you keep trying to assert is a shield protecting the Federal Reserve from political interference regarding the monetary decisions by its board. No other federal agency, by law, can countermand the Fed's monetary decisions, including the Treasury Department or the Office of the Comptroller of the Currency, which are, of course, in the Executive branch of government.
But even then, if the FR consistently goes against what congress wants it to do, in theory, congress could mandate monetary policy by passing a bill into law and having it signed by the president.
The Humphrey-Hawkins Act passed by congress in 1978 required the chairman of the Federal Reserve to appear before House and Senate committees semi-annually to deliver a report on the Fed's actions, economic forecasts and to answer questions by representatives and senators.
While the H-H Act has expired, the chairman continues to appear semi-annually voluntarily to deliver the Fed's statement to congress.
Name one other head of any institution which has been required to do that type of regular testifying before congress or who continues to do so.
You have a LOT to learn but no brain to learn it with......
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:20 pm to LSU0358)
quote:
No. I don't see how you can call an institution whose Chairman is nominated by the President and approved by the Senate independent.
The Federal Reserve even recognizes itself as independent from our government. It is a central bank, its not a US government agency. This isn't really a debate.. I'm just trying to get Russian to concede.
Haha, so Russian spends a day refusing to concede that the Fed is independent.. Now he tries to explain WHY it's independent. Love it.
This post was edited on 12/4 at 6:23 pm
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:23 pm to mograyback)
quote:
Is the Federal Reserve an independent central bank that is officially independent from our federal government? Yes or No
No. See my answer above for the full explanation what the "independence" of the Federal Reserve means. It does NOT mean it is completely independent of congress actions, as I explained.
If you disagree, state your reasons, and don't link another frickin' video. Explain the reasons yourself.
Now answer my question: Is the Federal Reserve a creation of congress and can it be altered or abolished by congressional act? Yes or no.
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:24 pm to LSURussian)
quote:
No. See my answer above for the full explanation what the "independence" of the Federal Reserve means. It does NOT mean it is completely independent of congress actions, as I explained.
Pal, the Federal Reserve is officially independent from our government, it's not an official government agency. Your post above is explaining why it's independent.
This post was edited on 12/4 at 6:28 pm
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:24 pm to mograyback)
quote:
its not a US government agency.
That is NOT the same as saying it is totally independent from the federal government. If you don't comprehend the distinction, you're dumber than I thought.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:26 pm to mograyback)
quote:
it's not an government agency.
Straw man argument, once again.
You lose.
ETA: Answer my question. You skeered??
This post was edited on 12/4 at 6:27 pm
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:26 pm to LSURussian)
quote:
That is NOT the same as saying it is totally independent from the federal government. If you don't comprehend the distinction, you're dumber than I thought.
It is independent from our federal government. That is the language used on the fricking Federal Reserve website you arrogant old man. It is not a US government agency. It is a central bank.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:27 pm to mograyback)
Answer my question.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:28 pm to mograyback)
quote:
It is not a US government agency. It is a central bank.
Do you believe central banks are not part of government?
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:29 pm to LSURussian)
This has been hilarious.
The Federal Reserve website even says it's independent from our government, and that it is a central bank. And you won't concede.
Then you try to play big daddy and make me answer a question when you've finagled your way through the questions I've asked.
To say no, which is what you said when I asked if the Federal Reserve is independent is a joke... their very own website calls them independent.
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:30 pm to LSURussian)
quote:
Do you believe central banks are not part of government?
The Federal Reserve aka our central bank, is not a federal agency within our government. It's not an official entity of our government. That isn't an opinion its a fact.
This post was edited on 12/4 at 6:32 pm
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:31 pm to mograyback)
quote:
The Federal Reserve aka our central bank
Who decided that the Federal Reserve is the central bank of the United States?
|
| Back to top | |
mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5554 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:32 pm to LSURussian)
quote:
Who decided that the Federal Reserve is the central bank of the United States?
Dude, get your daddy complex rocks off somewhere else.
The Federal Reserve is independent from our federal government. That is just a fact... that is what this entire 2 day conversation has been about. I'm moving on. Have a good one.
|
| Back to top | |
LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63859 posts
| re: What was the point of the federal reserve? (Posted on 12/4/12 at 6:33 pm to mograyback)
quote:
and make me answer a question
Which you refuse to do. Why is that? It's a simple question which you can answer by Googling.
Was the Federal Reserve created by a congressional act and can it be altered or abolished by congressional act? Yes or no.
|
| Back to top | |
