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You forgot to add:
.................(5) crush short-sellers & naked option sellers when duly
warranted.
> -----Original Message-----
> From: scheier [mailto:scheier@xxxxxxxxx]
> Sent: Wednesday, January 03, 2001 5:18 PM
> To: 'Lucky Bastard'
> Cc: omega-list@xxxxxxxxxx
> Subject: Fed's Charter: was/Re: the Fed
>
>
> 'Lucky Bastard' wrote:
>
> > The Federal Reserve's duties fall into four general areas: .........(1)
>
> > ........stable prices; (2)
>
> Surprise moves like today tend to destablize, and almost seem
> to be an intent by the Fed to use the positions of professioal
> market participants to its advantage. Try making the case to
> specialists and hedge funds, all of whom provide key market
> liquidity, the case that sudden action intent on surprise is an
> act of stablization.
>
> >
> > .................(3) maintaining the stability of the financial
> > system
>
> Both sides of market postions by professionals--short and long--
> deserve consideration by the Fed. And in no instance should
> the Fed ever use the position of any key market players to
> to its own disruptive advantage.
>
> > ....... and (4) providing certain financial services to the U.S.
> > government, the public, financial institutions, and foreign official
> > institutions, including playing a major role in operating the nation's
> > payment systems.
>
> All this suggests that the Fed is a public servant, and therefore
> responsible to the private sector which lends it's authority to
> government and not vice versa. I believe the Constitution
> aptly begins "We the people...". And if the concurrent language
> of the Fed Reserve does not in fact reflect this, I would humbly
> submit that it is long overdue. An added section to such charter
> might begin "First, do no harm..."
>
> Thanks for the url and your contribution, I'll take a look. Maybe
> they have a complaint box....
>
> Scheier~
>
> >
> >
> > http://www.federalreserve.gov/pf/pdf/frspf1.pdf
>
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