These are the people 'in charge' of your money

[Lazyfaire]

The Federal Reserve is a nebulous entity to most people. They track the money supply and decide interest rates up or down. Most are people who went to college and then moved into the Federal Reserve system. Like econ teachers who've never held a job, these haven't either. If you haven't noticed lately the monetary system truly sucks.

If you think they are on your side, they are not. They haven't a clue.
_______________________________________________

"ALL [Fed governors] are part of the same inbred, arrogant, frequently wrong but never in doubt, Soviet nomenklatura-esque priesthood of central economic planning and control."

Helpful detail:

• John Williams, head of the NY Fed, has never held a job outside of the Federal Reserve system.
• Jim Bullard, head of the St. Louis Fed, has never held a job outside of the Federal Reserve system.
• Esther George, head of the Kansas City Fed, has never held a job outside of the Federal Reserve system.
• Mary Daly, head of the San Francisco Fed, has never held a job outside of the Federal Reserve system.
• Charles Evans, head of the Chicago Fed, has never held a job outside of the Federal Reserve system and academia.
• Raphael Bostic, head of the Atlanta Fed, has never held a job outside of the Federal Reserve system and academia.
• Kenneth Montgomery, interim head of the Boston Fed since Eric Rosengren resigned in disgrace, has never held a job outside of the Federal Reserve system.
• Meredith Black, interim head of the Dallas Fed since Rob Kaplan resigned in disgrace, has never held a job outside of the Federal Reserve system.
• Patrick Harker, head of the Philadelphia Fed, is not a Fed lifer. No, he's an academia and government lifer.
• Thomas Barkin, head of the Richmond Fed, is also not a Fed lifer. No, he's a former senior partner and CFO at McKinsey. LOL.
• Oh and fun fact … while she's no longer a regional Fed president (but is on the Fed board of governors), Lael Brainard had a stint at McKinsey as her only job outside of government…

Do these people – with so little contact with a real economy – have any idea how it works? Should you expect 'pilot error'?

Read More

 

[gryghin]

I'm sure by now it's really all done by some super computer and these are only the meat puppets that Skynet uses.

 

[Flopsweat]

I'm sure by now it's really all done by some super computer and these are only the meat puppets that Skynet uses.

More likely they have some automated reports along with manually produced reports and analyses. Humans probably still make the final decisions.