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Scheier wrote:
> Nothing in your comments override this point: the Fed Reserve
> is a public servant. The "overall economy" as you refer to it
> is nothing more than the sum total of all market and consumer
> participants. Today, in a surprise move, the Fed exercised its
> power over the very participants who bestow that power to
> the Fed in the first place, and to their ultimate detriment,
> suffered the use of their positions as leverage for the Fed's
> purposes at their extreme expense.
>
> Some stops in the Nasdaq were executed a full 300 points higher
> today. And there are speculators who won't be around to
> "get over it" tomorrow. That any charted institution that acts
> as a public servant not take into consideration the very
> participants who make market liquidity possible
> and more--even leverage its duties against the losses of
> those participants' positions--is not serving the economy's
> good.
>
> I understand from another post that there is little if anything
> in the Fed's charter that directly reflects that such an public
> servant role even exists, but that should be viewed as a failing
> of the charter, IMHO, and deserves to be levied back upon
> the Fed as swift and dramatic a remedy as was perpetrated
> by the Fed itself on fair market players all over the country
> today.
>
> And personally (since I'm not long :-) I hope you choke
> on your positions.
>
> Scheier
IMHO Nothing could be farther from the truth! The last thing the FED cares
about is being a "Public Servant"!
Click on the following link @ Gold-Eagle
http://www.gold-eagle.com/editorials_01/tlaga010401.html
if anyone wants a very brief synopsis of WHY & HOW the FED came to exist.
Do your homework before talking about the FED's altruistic mission!
Recommended reading: "The Creature From Jeckyl Island".
Regards,
HT Putney
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