posted on Jul, 15 2012 @ 12:16 PM
It has to be run by someone who is representative of the people, who elected those in the FED? You talk about why should we all be worried about
manipulation of the LIBOR rate.....why should we be worried about low rates? Low rates promote poor financial decisions, low rates allow those banks
to make crappy derivative bets then cover them up.
Technically, Congress does have oversight of the Fed, and could repeal the Federal Reserve Act at any time.
Again, if I have my choice between world-renowned Harvard economist Ben Bernanke running our monetary policy, versus Nancy Pelosi and Harry Reid
running our monetary policy, I will choose Bernanke every day of the week.
The people elect the President, and the President chooses the Fed Chairman. This is no different than the President nominating Supreme Court
In the current climate, low rates make sense. We are, after all, in a deep global recession. Jacking up rates -- whether Prime or LIBOR -- would be
disastrous to the global economy.
Yes, they have done so well, haven't they.
Better than the politicians. You can blame them squarely for the state of the economy right now. They've made a disaster of our current economic
situation with their reckless spending.
edit on 15-7-2012 by CookieMonster09 because: (no reason given)