By Dennis Miller
The Federal Reserve is, of course, a bank. So after it has a meeting, it issues a statement outlining the discussion – a "bank statement." Hmm... Now that I think about it, that must be where the acronym "BS" comes from.
Notwithstanding what we read and hear, when Congress established the Federal Reserve as a central bank 100 years ago, its primary purpose was to protect the banking system. The Federal Reverse shifted risk from the private sector to the public, and through the slow devaluation of the dollar, the cost of this shift fell on the average Joe rather than on banking tycoons. Today, an entire generation is paying for this system with a good portion of their life's savings.
I pride myself on explaining complex financial situations in everyday language. However, when it comes to the Federal Reserve, I readily admit that I am sometimes befuddled. I used to watch Alan Greenspan testify before Congress when he was Chairman of the Fed, and I often ended up asking myself, "What did he just say?" The Fed's code and doublespeak is Greek to me, as it is to most folks. Continue reading "Does the Fed Think Old People Are Really that Stupid?"