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Showing posts from October 15, 2009

Federal Reserve in Capitol Hill crosshairs

Business Times - 16 Oct 2009


Federal Reserve in Capitol Hill crosshairs

But it's hoping that signs of rebound would ease political momentum of 'audit the Fed'

By LEON HADAR
WASHINGTON CORRESPONDENT

IT'S not surprising perhaps that the US Federal Reserve system has traditionally been the target for bashing by America's populist movements on the political left and right. It has also become an obsession for many conspiracy theorists everywhere, who depict it as the central headquarters of a mighty yet shady cabal of financiers who control the global economy and promote the interests of the Ruling Class.

After all, the Fed - a set of 12 regional banks under the direction of a seven-member board of governors appointed by the president and approved by the Senate - is one of the most powerful public institutions in Washington if not in the world; its decisions could determine whether national economies, private business or your average consumer would be poor(er) or rich(e…