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mograyback 
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5486 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:41 pm to Diamondawg)
quote:
Diamondawg
Haha.
LSURUSSIAN also said "then why is it called federal", and he said this after the page 2 comment. Why would he say "why is it called federal" if he wasn't implying that he thought it was federal? He has been fighting this tooth and nail. And there are also other posters who have fought this notion.
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Diamondawg 
Mississippi St. Fan
Mississippi
Member since Oct 2006
8268 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:47 pm to mograyback)
quote:
then why is it called federal"
Yeah - so?
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NC_Tigah 
LSU Fan
Member since Sep 2003
40175 posts
 Online
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:47 pm to mograyback)
quote:
I'm trying to prove the Federal Reserve is independent
Congress structured the Fed so as to allow focus on achieving economic objectives while minimizing political pressures.
Therein lies your presumption of Fed independence.
The Federal Reserve is a government agency and is accountable to the public and the Congress.
In that sense it is not independent.
Congress establishes economic objectives for the Fed.
In that sense it is not independent.
The Fed is obligated to follow economic objectives as established by Congress.
In that sense it is not independent.
The Federal Reserve returns any earnings to the U.S. Treasury.
In that sense it is not independent.
This post was edited on 12/6 at 1:49 pm
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ChoupiqueSacalait
LSU Fan
Member since May 2007
3767 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:48 pm to mograyback)
quote:
Maybe you missed the part where I said "I don't like everything each of these people did or believed"...
Yes, your disgust with the mass executions of political prisoners (men, women, children), many of whom were guilty of nothing more than wanting to own their own property, comes through loud and clear with that statement.
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mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5486 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:50 pm to Diamondawg)
Really? Why would someone ask "then why is it called federal" if they didn't think it was federal. Is this real life right now?
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mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5486 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:52 pm to ChoupiqueSacalait)
quote:
Yes, your disgust with the mass executions of political prisoners (men, women, children), many of whom were guilty of nothing more than wanting to own their own property, comes through loud and clear with that statement.
I don't really care that you disapprove that I've found influence in parts of Che's life.
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mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5486 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 1:56 pm to NC_Tigah)
quote:
NC_Tigah
Pal, did you miss the part where the former chairmen of the Fed said "no other agency has authority over the Fed"..
The Fed wasn't audited for nearly 100 years, and the one time it was audited they found they had just given away 16 trillion dollars to banks and corporations (some foreign). But yeah, it returns all of its earning to the Treasury.. I mean are you serious with that? Obviously they have no oversight and have not been returning all earnings.
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Gmorgan4982
LSU Fan
Hattiesburg, Miss.
Member since May 2005
89922 posts
Online
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:04 pm to NC_Tigah)
It's accountable to the public? What does that mean? Is that in the same way that the President is supposedly accountable to the public? You know, kill a bunch of people but get away with it because the public doesn't care?
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:06 pm to mograyback)
quote:
I'm not providing substance.
I agree.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:08 pm to mograyback)
quote:
Why would he say "why is it called federal"?
Because I wanted to see if you knew why it's called "Federal."
How is that so difficult for you to understand?
And you still have not answered the question. Is that because you don't know the answer?
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:09 pm to mograyback)
quote:
Why would someone ask "then why is it called federal" if they didn't think it was federal. Is this real life right now?
Stop being silly. I answered that question last night. I want to know if YOU know why it's called 'federal." Simple as that.
Apparently you don't.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:21 pm to mograyback)
quote:
The Fed wasn't audited for nearly 100 years
Wrong again. The Federal Reserve's books are audited EVERY year by an outside, independent accountant. The results of that audit are available online.
quote:
the one time it was audited they found they had just given away 16 trillion dollars to banks and corporations (some foreign).
Wrong again. Or should I say, you're LYING AGAIN. Loans which are repaid are NOT 'given away.' And that audit counted loan renewals (where a loan was paid off and then renewed) as two outstanding loans.
For example, if the FR made a $10 billion loan to another central bank under a line of credit arrangement and that central bank borrowed the $10 billion, paid it off and borrowed it again a month later, it is a maximum risk exposure of $10 billion to the FR. That audit counted that LOC loan as $20 billion, which was double counting and not reflective of what the actual risk exposure was to the FR. All loans were fully collateralized and all were repaid on time with interest.
Many of those loans were currency swaps where other central banks needed dollars to provide to their domestic commercial banks in order for those commercial banks to loan those dollars to their customers who needed the dollars to buy American made equipment and products. Without those currency swaps (which were also fully collateralized) many American manufacturers and suppliers would not have gotten paid for their products. Is that what you want?
Currency swaps are a standard operating transaction between central banks all the time. But it involves money and big numbers so you wouldn't be able to comprehend it. It's WAY above your level of comprehension, although it's so simple a cave man could understand it.
quote:
Obviously they have no oversight and have not been returning all earnings.
Wrong again. The earnings returned to the Treasury Department are determined as a result of the ANNUAL independent audit.
You're an amateur who does not know anything about banking and the Federal Reserve, but you're good for a few  .
This post was edited on 12/6 at 2:32 pm
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NC_Tigah
LSU Fan
Member since Sep 2003
40175 posts
Online
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:25 pm to mograyback)
quote:
Pal, did you miss the part where the former chairmen of the Fed said "no other agency has authority over the Fed"..
Was he the guy who owed his "Chairman of the Fed" job to the POTUS and Congress? Or did I miss that part too?quote:
But yeah, it returns all of its earning to the Treasury. I mean are you serious with that?
Now see, I'm going to have to be unpleasant and ask you to back up your silliness with a link.
=========
Just to be crystal clear, the Fed returns earnings after expenses, not all gross earnings, to the Treasury.
Were that not to happen, the Fed would be operating illegally. Then your assertion would have to do with legality, not independence.
This post was edited on 12/6 at 2:28 pm
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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
12694 posts
Online
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:33 pm to mograyback)
quote:
The Federal Reserve is an independent agency, it's not federal.
Who makes the determination? Under our Constitution, it is the Judiciary that determines whether, or not, something like the Federal Reserve System is a federal agency or not. And what have the courts had to say? Scott v. Federal Reserve Bank of Kansas City
Do you deny that the Board of Governors is a federal agency, despite such a determination by the courts?
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:34 pm to NC_Tigah)
NC_, this guy's knowledge level is so low that it's like explaining to an 8 year old about banking. He says he has a degree. I sure hope it's not from LSU and certainly not in business.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:36 pm to Poodlebrain)
Poodle, since he refuses to answer any of my simple questions, ask him who sets the salaries of the Fed's chairman, vice-chairman and the entire Federal Reserve Board of Governors.
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mograyback
Missouri Fan
Red Patoka Sea
Member since Jul 2011
5486 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:42 pm to Poodlebrain)
quote:
Poodlebrain
This court case seems to prove it isn't Federal...
LINK
LINK
This post was edited on 12/6 at 2:43 pm
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:48 pm to mograyback)
Even a cave man knows the difference between the Federal Reserve district banks (which your link is referring to) and the Federal Reserve Board of Governors in Washington, DC.
This post was edited on 12/6 at 2:49 pm
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cwill 
New Orleans Saints Fan
Member since Jan 2005
18885 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:50 pm to LSURussian)
You should just stop arguing with this fricktard...it's like arguing with a child, he has no idea about what he's talking about and he improperly seizes on an extraneous bit of language and tries to make the argument about a point that is pointless...he did the same regarding Keystone XL.
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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
63209 posts
| re: The Federal Reserve is not a federal agency. (Posted on 12/6/12 at 2:51 pm to cwill)
You're right, of course. But frankly I enjoy bitch slapping him. 
quote:
he did the same regarding Keystone XL.
I missed that. I'll search for it now.
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