Check out this piece by Thomas Sowell
The irony is that it was almost exactly a hundred years ago — 1907, to be exact — that the original J.P. Morgan arranged a bailout of a troubled financial institution for the same purpose of preventing a panic that could end up with the whole economy declining. The difference is that J.P. Morgan and his fellow bankers used their own money, while the Federal Reserve System used their power to create money.
If J.P. Morgan was considered a robber baron, what do we make of J.P. Morgan/Chase and our Federal Reserve?
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2 responses so far ↓
1 Wade Young // Apr 1, 2008 at 8:46 pm
The Federal Reserve has needed to be abolished since its inception. With their latest move, they are simply taking things to a new level. I do not understand why the people put up with it. JFK issued money directly from the US Treasury, completely bypassing the Federal Reserve. I cannot imagine why Congress does not just revoke the powers of the Fed and give the power to print money to the Treasury, which means it would be issued from the people themselves. I can’t figure it out. The Fed is the ultimate robber baron.
2 VA Refinance // Apr 2, 2008 at 6:35 pm
Wade you are right, as well as you Todd. I think that evey large bank is in bed with each other. they all know what they are doing and how they are doing. they bail out and for some od reason they are able to bail out before anyone knows what has happend which only means that they are always sceaming something and that is were the CEOs and CFOs and VPs continue to make millions while the institution is being bought out for pennies on the dollor. the Fed is an absolute mess!!!
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