Monday, December 23, 2013

Federal Reserve

On 100 year anniversary of the Fed, a reminder of why it was created.
"It was considered standard-operating procedure for Whig representatives to receive monetary compensation for their support of the [2nd Bank of the US] when leaving Congress. The Whig Daniel Webster even expected annual payments while in Congress. Once he complained to the Bank of the United States President Nicholas Biddle, “I believe my retainer has not been renewed or refreshed as usual. If it be wished that my relation to the Bank should be continued, it may be well to send me my usual retainer.” "
At least they were honest.

Critics on the anniversary: End the Fed.

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