Doesn't the major financial firms on Wall Street hold the stock to the Federal Reserve System? They do, and isn't this a conflict of interest? Wall Street controls Washington, and this is the problem.
Banks have historically created boom and busts cycles before the creation of the Fed. This was true in the Panic of 1857, 1893, and 1907. The Fed has continued the boom and bust cycles, but on a much grander scale. Deposit banking should be for the purpose of storing and protecting a person's wealth. A depositor should be paying the bank to protect his/her wealth; not the other way around. A depositor bank should not be loaning out other people's money. If a person wants to put their money into a "bank" that speculates with their deposits, then they should be willing to suffer the consequences of the banks bad actions. Keep depositor banks out of speculation.
"I support the Declaration of Independence and I interpret the Constitution."
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