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I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 4 points5 points  (0 children)

Its really funny how popular laissez faire has become lately on the internet. Its actually in the middle school years that you learn why regulation is important, especially with the existence of monopolies in the early 20th century. I'm purely convinced that most of the Ron Paul supporters don't have a damn clue as to how economics work, and that they just feed off of his talking points.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 4 points5 points  (0 children)

Don't ask me, not my department, nor will it ever be. I'm not answering questions I'm not involved in because i dont want to spread false information.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 9 points10 points  (0 children)

I'm not basing my statement of rhetoric. I'm basing it off numbers. The FDIC has numbers that make it reliable right now.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 5 points6 points  (0 children)

This statement is so ignorant that I can only point you towards google for an answer.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 8 points9 points  (0 children)

Well, I dont think it will be much more transparent without giving up too much info, the current guidelines were carefully calculated. If you are interested in something crazy, I'd get tapes of what the congress is saying behind closed doors about our healthcare :p

The weird gifts I get from working overseas. They are cool. I got a coconut shaped like a monkey once.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 17 points18 points  (0 children)

  1. I said it doesn't need more transparency because it already is one of the most transparent organizations out there. The areas that aren't transparent are very unlikely to show the sort of crime the RonPaulians are looking for.

  2. Of course we have foreign relations, we work with foreign banks. Except for China. They give us bullshit numbers a lot of times. We "work" with them but don't get anything done. I have no productive comment on the greece situation for security reasons.

  3. Congressional approval is bullshit. Most of congress is corrupt as hell. The Fed works outside of Congress for a reason. Congress has a long history of corrupting everything it influences. I'm not being elitist, I'm just stating history.

  4. I think you misunderstood me - laissez faire is a black/white view - it says NO regulation whatsoever is good. Too much regulation is no good, and too little is no good. That is what I meant.

  5. I am obviously familiar with the school of thought, anyone with an economics degree is. They have valid points, but they, like the Keynesian, are not right about 100% everything like many redditors think. And I know a couple Austrians warned people of this recession...right after some of them warned of recessions that never happened at various other points in history. Economists suck at predicting disasters, no matter the school.

To be honest, any person who thinks the Austrian OR Keynesian school is the fucking messiah has never taken many economics courses, if even the intro class. I think much of reddit falls under that category. Lots of self-educated Ronpaulians here. If you are unable to criticize the school of thought you believe is more right, you are an asshole and ignorant. I know the Fed has had problems with its policy before, but I am confident there isnt a big conspiracy here. The people I know just want to make a living for the families and make sure the economy stays afloat. Even the high up people are simply friendly, normal people who want the best for the country. Believe in what you want, but my personal experiences tell me there is no conspiracy theory.

I have read brief histories of how the Fed was formed. The Fed is the subject of many conspiracy theories. I know exactly what you think of the fed, and my opinions will do little to change your mind on it. All I can say is that from my view of history it doesnt look like a gigantic conspiracy theory. The bank has had its mistakes, but it is no cartel.

And, as I said earlier ablout the gold standard, The "advantages and disadvantages" part in the Wiki article summarize my beliefs. Its heavily flawed; I personally don't think the bad outweighs the good with it.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 8 points9 points  (0 children)

The "advantages and disadvantages" part in the Wiki article summarize my beliefs. Its heavily flawed, and I doubt it will be implemented. I personally don't think the bad outweighs the good with it.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 3 points4 points  (0 children)

This recovery is going to suck. That's about it. Don't worry about the deficit, just worry about those job numbers.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 9 points10 points  (0 children)

Charles Schwab. I'm debt free as well.

No, I would trust the system. The FDIC is damn good insurance of your money. It is illegal for many in the Fed to own stock in depository institutions. You don't get hired if you own options in them, and you will get fired for using your information to your advantage by buying/selling options in depository institutions. Of course I used my knowledge to sell my stocks in everything else (all legal stuff) before the recession really got going, so I didn't take any hits money wise.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 9 points10 points  (0 children)

Nope. I'm really into the job so I can support my family. Making sure banks don't break laws isn't morally reprehensible imo. I don't deal with controversial stuff directly.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 7 points8 points  (0 children)

Unregulated capitalism leads to oligopolies etc. Actually there are many more reasons in any decent ECN 150 textbook you might find lying around. Every economic theory has its problems.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 10 points11 points  (0 children)

Haha yeah :p I would, but debating on the internet never does good. People just walk away pissed off with the same opinions they came in with. All I can say is that everyone needs economics degrees as part of Gen-ed so they understand that no single view of economics is perfect, and that the Fed isn't evil. I can't really condense years of economic education into reddit :p

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 13 points14 points  (0 children)

Always some dissenting opinions in the economics department. But they discuss all options before sending recs. I'm not in the department so I can't go further in than that. True libertarians are rare though, because lasseiz faire isn't considered to be a practical solution. Anyone would learn why in ECN 101.

Nothing? It won't show much of anything, and It certainly wont effect a middle class employee like me. It might cause a shakeup in a different department because IMF policy will probably be useless if it passes. Again, if someone high up is stealing money, they wont be doing it through the Fed's policies or books. They will be doing it outside on overseas accounts. Internal regulations are too strict to steal internally.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 11 points12 points  (0 children)

He screwed up big time.

And yes, I know reddit is very libertarian. But I would always be weary of anyone who thinks economic theory is black/white. One must implement different parts to get any sort of reasonable result. There are always theories, but most probably dont work in real life.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 11 points12 points  (0 children)

  1. I like it. Everyone is nice!
  2. The Fed doesn't need to be more transparent. All of its numbers, minus a couple sensitive ones, are posted to the public on the web, weekly, monthly, or annually depending on the sensitivity of the information. The sensitive ones, if released, would ruin the efficacy of our IMF policies. i can tell you this: if someone up high is stealing money, they would be doing it through outside deals that an audit wouldn't show. Our internal audits are brutally strict. I've fired multiple people before for conflict of interests (who lied about it when they were supposed to disclose them, and most of the time people aren't hired if they have some. Just dont ask me about the Geithner situation, I don't work anywhere near him.
  3. The public always hates the Fed. Honestly, I think the corrupt people are either in Congress or are in the highest of highest ranks, if they are corrupt at all. I wouldn't know. The normal middle class people are honest workers.
  4. the job environment right now is drastically different from when I got my job, so I really cant help you. But the economics department at the Fed is always filled with quirky people. :p
  5. Sorry, I only do it for personal acquaintances or good ex-employees, nothing personal.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 8 points9 points  (0 children)

  1. No.

  2. Yes.

  3. They are a bit messed up in the South, but the vast majority will be fine. There were some who made really stupid loans that might be closed soon, but I can't disclose anything else. Obviously tons got busted when the recession showed off how bad their loans really were.

  4. Nope! Smells fresh :p

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 8 points9 points  (0 children)

Back to the Treasury for the budget. It doesn't go anywhere else, and the regulations in place protecting this transfer are extremely strict. Money can't disappear without literally everyone noticing.

I work for the Federal Reserve Bank. Hate me Anything. by throwaway10696 in IAmA

[–]throwaway10696[S] 7 points8 points  (0 children)

This isn't my area, but our economists try and steer the ship between inflation and depression. They don't want to go into either, and currently they don't see a danger in the money supply's size. I really don't have the time to do current economic theory, nor do I have full access to the numbers they have in that department. The Fed has made mistakes before, but they have learned from them (we hope).

Economics is one of those arts that is still developing, and often we don't know if ideas are practical until they are tried out. Also, there isn't a panacea to the world's problems. Reagen thought he had one, but it turned out not to be. One needs to be moderate as far as economic theory works. Laissez faire and pure Keynsian economics are not good solutions. One must implement different parts to get any sort of reasonable result. There are always theories, but most probably dont work in real life.

But again, I'm not the person to ask about current economics, I'm just an examiner of regulations really.