The Federal Reserve: love it or hate it

[DcifrThs]

I'm going to ask a simple question in a poll and then ask those who voted to elaborate on their views.

i'm going to purposefully make this pole extreme in its responses to get a sense for the polarized viewpoints

if you love the fed (and think we are way better off with it), please say why and cite evidence to prove your point.

if you hate the fed (and think we are going to hell in a handbasket thanks to the fed's horrible existance, please say why and cite evidence to prove your point)

this poll will be posted in the politics forum as well.

Thanks,
Barron

[maxtower]

I would expect to see more haters here than lovers. I'm not sure anyone really loves the Fed. When they are doing their job the whole operation should be relatively transparent to us. However they are one mistake away from fueling the conspiracy theorists and developing a lot of hate from whoever gets screwed over.

[gonebroke2]

I voted Barron. You should too to offset each other.

[scott1]

[ QUOTE ]
I'm not sure anyone really loves the Fed.

[/ QUOTE ]

William McChesney Martin Jr (Fed Chairman from 1951-1970) - "The job of the Federal Reserve is to take away the punch bowl just when the party starts getting interesting."

The notion of someone loving the Fed makes me think if this guy -

[DcifrThs]

[ QUOTE ]
I would expect to see more haters here than lovers. I'm not sure anyone really loves the Fed. When they are doing their job the whole operation should be relatively transparent to us. However they are one mistake away from fueling the conspiracy theorists and developing a lot of hate from whoever gets screwed over.

[/ QUOTE ]

this is a really good point that i've overlooked. it is similar to single issue voters. those who have an opinion and care enough to vote are more likely to vote on that issue. given that anything that is wrong is more readily blameable than when everything is fine, i'm way off in thinking more people think like me or think the fed is great vs. those that don't.

i do truly hope though that i don't sound as retarded as gonebroke.

Barron

[Jcrew]

Good idea but not executed too swell.

[edtost]

love it

imagine how [censored] we'd be if elected official's had the fed's power

[Brainwalter]

[ QUOTE ]
love it

imagine how [censored] we'd be if elected official's had the fed's power

[/ QUOTE ]

Yeah that would suck. But that's not the only alternative. BTW do I have you confused for someone else or aren't you the Illuminati buff? I thought a conspiracy nut would hate the Fed.

[edtost]

[ QUOTE ]
[ QUOTE ]
love it

imagine how [censored] we'd be if elected official's had the fed's power

[/ QUOTE ]

Yeah that would suck. But that's not the only alternative. BTW do I have you confused for someone else or aren't you the Illuminati buff? I thought a conspiracy nut would hate the Fed.

[/ QUOTE ]

i think you have me confused with someone.

as good as it might be in theory, the us govt will never give up their power over monetary policy in the real world, so i can't really think of another alternative , and i'm much more comfortable with the fed than elected officials or a more standard govt agency, just because i feel like they're less likely to completely [censored] things up by being shortsighted.

[flight2q]

The Fed's ability to adjust money supply in response to economic conditions is much better than following some arbitrary rule (such as maintaining the dollar's exchange rate against major currencies we trade with, or heaven forbid against a basket of commodities).

The Fed seems to have done a competent job in managing interest rates post-Volcker, and a very good job of regulating banks after the initial blowout of the Reagan deregulation. They are also collecting and disseminating a lot of excellent economic information.