I was shocked to see Wilson sign the Federal Reserve Banking Act. It is strange to see that most people know nothing about the Federal Reserve. It the movie it made the Act look like something positive because it showed Wilson signing it. Now people are finding out that the Federal Reserve is a negative not a positive.
sharewonder what alexander hamilton would think about it.
Veneration of Mark Twain is one of the roots of our current intellectual stalemate
Anyone who believes the Federal Reserve was a bad idea is obviously clueless about the state of American banking prior to its enactment -- and that goes for those today who "think" it's a "bad thing". Unless recurrent and uncontrolled economic chaos, routine bank failures, and mismanagement of the nation's financial infrastructure are one's idea of components of a sound economy.
sharenot a bad idea, but i don't think the fed chairman, one lone man or now woman, was ever supposed to have so much influence over policy.
Veneration of Mark Twain is one of the roots of our current intellectual stalemate
Maybe. Everything evolves over time to meet expanding needs. My only point is that if there are problems with the Fed, the key is to fix it, not scrap it. The people who long for "the good old days" never lived through those good old days.
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