raghu wrote: > One last criticism can be made that the Fed is very far from being a > representative government agency. Fed governors are not elected and they are > almost invariably wealthy white men and they are accountable to no one.
worse, the FOMC includes a bunch of Reserve Bank Presidents, and those Banks are in effect owned by private banks. Despite some circulation through the committee, New York Fed -- the center of finance capital -- is _always_ represented in the FOMC. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante.
