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To: Earlie who wrote (76723)	11/23/1999 12:07:00 AM
From: Ken98	Read Replies (1) \| Respond to of 86076

Earlie, this Fed ownership topic has always interested me. The only information I have ever found (other than all the trilateral/goldman stuff without any backup) states that "member" banks nominally "own" the Fed. This is the best explanation I've found so far. If you find a better one let me know: <<Other criticisms stem from the fact that the Federal Reserve System, as our central bank, is institutionally related to banking - especially member banks. Member banks elect six of the nine directors of each regional Federal Reserve Bank. And each member bank owns nominal stock in its district Federal Reserve Bank. Boards of regional Federal Reserve Banks have been, de facto, largely representative of banking, financial and business interests - more or less by deliberate policy. Understandably, the boards of regional Reserve Banks must include knowledgeable banking and business leaders, since one of the regional Bank's major functions is to work jointly with and through member commercial banks in providing financial services to business, government, agriculture and the district economy.>> woodrow.mpls.frb.fed.us Regards, Ken.

To: Earlie who wrote (76723)	11/23/1999 4:54:00 AM
From: accountclosed	Respond to of 86076

Message 12058982 was the one the post that made the most sense to me. i knew that profits were returned to the treasury. it seems to me that while the mania we are in seems to be the ultimate and incredibly long lasting, its duration is not that large in proportion to the entire tenure of the federal reserve system. so an assertion that the "corrupt" fed is lining the pockets of a group of insiders would have to be examined against a backdrop of what is different now. i think they are doing what they see as best. inflation is low and productivity up. if, as some assert, the inflation numbers also are cooked, someone should prove it. i think they are not cooked. the measurements may in fact measure the wrong things, and the core/overall distinction is obscure and gives rise to spin management. but basically the numbers are correct. given that, i think the fed believes in the work they have done and are not acting to line the pockets of bankers that "own" them.