be private, or in the hands of essentially one unelected, but appointed by another single man (the president), person? Lets take it out of the political process and give it to one man? A thoroughly undemocratic, unconstitutional idea for such an important role.
I think we need to remember that being "private" does not necessarily mean subject to the free market...in this case, its incredible power in fewer unaccountable hands. The current financial disaster is a direct result of noone sensibly regulating the financial markets and giving Wall Street a blank check...on your account.
The Fed is unaccountable as currently setup, but abolishing it simply isnt gonna happen in one fell swoop. So, an ally is an ally. Perhaps its now the Evolution!
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