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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: thames_sider who wrote (32087)	2/28/2001 12:32:24 PM
From: edamo	Read Replies (1) \| Respond to of 65232

ts...the fed was created by an act of congress in 1913....its ownership is in its member banks....so ultimate decisions are made by polling these "for profit" entities...the fed itself is a "for profit" entity, allowed to pay expenses and keep 6% dividend from its member bank investments, prior to returning the balance to the us treasury....in essence it is independent, but can only act beyond its charter if allowed to by the administration. a strong secretary or treasury is required to maintain balance...pre greenspan, most do not recall the name of the fed chairman(s).....greenspan has been elevated to deity status, too much power for any human being...