Comment Re:Note to self (Score 1) 104
It's probably good that the executive and legislative branches do not have direct control of monetary policy as it reduces the chances of fads from disrupting the economy. As for problems with the banks that plug-in to the Federal Reserve System, those have jumped the shark because conventional commercial banks are allowed to commingle too many of their risky business ventures and are allowed to overleverage against their deposits, so of course they end up begging for more money when they inevitably screw up. Laws that have changed over the last 30-40 years have given the banks too much freedom, that's not a function of the Fed but of Congress and of the Presidency. Restrict banks into having be banks first and foremost again and my guess is that a lot of these problems would be reduced.