Alan Greenspan MUST GO: Message Board

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Pastimes : Alan Greenspan MUST GO:

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To: Anthony Yeung (Hijacked) who wrote (458)	3/17/2002 2:24:18 PM
From: FR1	of 494

Here is the thing I don't understand and maybe somebody can explain it: In the Declaration of Independence and the Constitution we made it perfectly clear that the vital functions of our country were to be run by our elected representatives. We did not want to be ruled by a dictatorship. In other words, the Joint Chiefs of Staff at the Pentagon cannot go out and start a war whenever they want. They have to get congress to approve their actions. The economy is every bit as important as the military. So how have we been able to wind up in the position that the FED can crush the economy anytime they feel like without any approval from congress at all? In other words, if the FED felt like raising rates 5 points tonight they could do it with no approval. They only drop by congress for hearings to explain why they have taken the actions they have - not for permission. I understand why congress likes it – because nobody wants to sit on a committee that raises interest rates and has no spending budget so they can pork barrel out $ to their voters. But my question is under what laws can this arrangement be legal? How did we wind up here?

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