Tuesday, July 15, 2008

Here is the first two results from searching Google News for BEN BERNANKE.

Bernanke Is Pessimistic, but Bush Urges a ‘Deep Breath’
New York Times, United States - 2 hours ago
Ben S. Bernanke, chairman of the Federal Reserve, testified before the Senate Banking Committee in Washington on Tuesday. By STEVEN R. WEISMAN WASHINGTON ...
Bernanke: Markets under stress, outlook uncertain Reuters
Fed uneasy about inflation, growth, Bernanke says MarketWatch
Bernanke paints gloomy picture ABC Online
Bloomberg - Los Angeles Times
all 1,708 news articles »

Bernanke gloomy on housing, economy
CNNMoney.com - 6 hours ago
... on the US economy for the rest of the year, Federal Reserve Chairman Ben Bernanke told lawmakers in a gloomy presentation about the economic outlook. ...
Video: Fed, Treasury Offer Help to Fannie and Freddie AssociatedPress
Secondary Sources: Frozen Economy, Bargain Bailout, Bernanke Wall Street Journal Blogs
US markets anxious, awaiting Bernanke statement AFP
Bloomberg - Wall Street Journal Blogs
all 3,104 news articles » FNM - FRE

I just want to pose a question: why does the dialogue tend to be about one man's "feelings." Ben Bernanke is the head of the Federal Reserve. Let's learn more about what "the Fed" acutally IS, shall we? My favorite quote about the fed is "it's about as Federal as Federal Express."
What wikipedia.com says is:

>The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components - ed. note: could it not just as accurately be flipped to read: private components with a government entity) banking system[1] composed of (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) 12 regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. As of 2008, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System.

And to clarify further...

FOMC Membership

The Federal Open Market Committee was created by statute currently codified at 12 U.S.C. § 263, and consists of twelve voting members: the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents. The Federal Reserve Bank of New York president always sits on the Committee, and the other presidents serve one-year terms on a rotating basis. The rotating seats are filled from the following four groups of Banks, one Bank president from each group: Boston, Philadelphia, and Richmond; Cleveland and Chicago; Atlanta, St. Louis, and Dallas; and Minneapolis, Kansas City, and San Francisco.
All of the Reserve Bank presidents, even those who are not currently voting members of the FOMC, attend Committee meetings, participate in discussions, and contribute to the Committee's assessment of the economy and policy options. The Committee meets eight times a year, roughly once every six weeks.

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