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NeedToUseYou -> RE: "Obama Can't Win"; Hillary Clinton (4/3/2008 3:07:03 PM)
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quote:
ORIGINAL: farglebargle
quote:
The way out of the mortgage crisis is for banks to fall and for people to lose their homes.
Actually, since the banks would fail, the loans would just be sold to another bank during the fire sale.
I wonder why the Government spent 30 billion bailing out Bear/Sterns and only 10 billion rebuilding NOLA...
Each member bank is a private bank (e.g., a privately owned corporation) that holds stock in one of the twelve regional Federal Reserve banks. All nationally chartered banks hold stock in one of the Federal Reserve banks. State-chartered banks may choose to be members (and hold stock in a regional Federal Reserve bank), upon meeting certain standards. Holding stock in a Federal Reserve bank is not, however, like owning publicly traded stock. The stock cannot be sold or traded. Member banks receive a fixed, 6 percent dividend annually on their stock, and they do not directly control the applicable Federal Reserve bank as a result of owning this stock. They do, however, elect six of the nine members of Reserve banks’ boards of directors.[16] Federal statute provides (in part):
There is what needs to be changed ASAP, the banks control the Federal Reserve, so looking to the Federal Reserve to look out for anybody other than the banks is crazy talk, it is impossible for the Federal Reserve which is entirely an instrument of private banks to act in a way that is anything but advantageous to its owners.
REPEAT PLEASE: The federal reserve is owned and controlled by banks. It's a fact. Now, why would the banks use something they own and control to do anything other than help themselves? Answer: They won't.
Solution: Remove the federal reserve. It's the only solution, as the banks own it and control it.
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