US Federal Reserve System Doesn't Work
Poster: Aron Schatz
Posted on January 22, 2008 at 5:18:06 PM
Since 1919, Americans have had to pay federal incoming tax. 1919 was also the year that the banks took over the money in America. And lately, you see the problem. The Federal Reserve System does not work. They are reactive instead of proactive and our currency has fallen to an all-time low. Time to kick the the feds out and go back to the gold standard. Also, AMERICANS SHOULDN'T PAY FEDERAL INCOME TAX. By the way, if you didn't know... The DJIA dropped over 400 points and in response, the feds cut .75 points off interests rates. Reactive, yes.
These market forces were still the same on the last fed meeting and why wasn't anything done then? I guess the banks are stupid in situations like this.
Quote
Despite the Fed's bold move, Wall Street plunged at the opening. The Dow Jones industrial average was down 311.99 points in the first hour of trading. In a brief statement explaining its move, the Fed said that "appreciable downside risks to growth remain" and officials pledged to "act in a timely manner" to deal with the risks facing the economy. The action was approved on an 8-1 vote.
These market forces were still the same on the last fed meeting and why wasn't anything done then? I guess the banks are stupid in situations like this.