Quote Originally Posted by 5thHorseMan
However huge amounts of wealth and capital are held by much bigger banks, like Citi, US, BOA and others. ANd these are the ones that force a the neccesity of an entity like the Fed. If only to keep them in check, and manage the flow of money through them. Problem is the Fed's current problems are the result of massive degrees of cronyism at all levels of both banking and government regulation. But I don't think the failure of four consecutive administrations to properly manage the Fed, is an indictment of the entire Federal Reserve System. Merely a reflection of the dwindling qualities of our current and past crops of leadership.
The FED is not, and has never been a neccesity in this country. If these "bigger Banks" do not operate right, then they will collapse just like you see now, but instead of letting them die like they should, we prop them up and give a false image of being sound. If they're in the process of failing that means they're doing something wrong and need to change the way the banks are managed. If they do not change, then they will just die off, and another bank will take it's spot.