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Reich: Secretive Fed Has No Place In A Democracy

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April 13, 2010 – Comments (3)

[I'm surprised that Robert Reich agree on anything, but here we are.]

Economist Robert Reich claims that the secretiveness of the Federal Reserve means it has no place in a democracy.

"The Fed is not part of the legislative branch," Reich recently wrote in his blog. "Its secret deals … violate the democratic process, if not the Constitution itself."

Reich, who served in three national administrations and was a secretary of labor under President Bill Clinton, says that “Thomas Jefferson put a stop to Alexander Hamilton’s idea of a powerful central bank out of fear it would be unaccountable to the public. The Fed has just proven Jefferson’s point.”

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3 Comments – Post Your Own

#1) On April 13, 2010 at 12:38 PM, binve (< 20) wrote:

I agree on two things:

1) I also don't normally agree with Robert Reich on very much

2) I do agree with him on this

>> “Thomas Jefferson put a stop to Alexander Hamilton’s idea of a powerful central bank out of fear it would be unaccountable to the public. The Fed has just proven Jefferson’s point.”

Amen!! Good post man, thanks! 

P.S. How's the wife and new baby girl and the rest of the family?

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#2) On April 13, 2010 at 12:46 PM, kdakota630 (29.56) wrote:

LOL!  I just realized I screwed up my first line.  It was supposed to say, "I'm surprised that Robert Reich and I agree on anything..."

Also, I think I'm going to have to do more reading on Thomas Jefferson.

And thanks for asking, binve.  Surprisingly they were both cleared yesterday morning and I had them home by noon.  Baby girl is doing very well.  She's been as trouble-free as a newborn can be, much like my oldest son.  Hoping that trend continues, even though it's only been 4 days so far.

Wife is doing reasonably well too, although still in a lot of pain from the C-Section.  She had some bleeding at the incision on Sunday that they were concerned about, but since she didn't burst a stitch (like they thought) they figured she was good to go.  She's basically on bed-rest for at least a couple more days.

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#3) On April 13, 2010 at 1:05 PM, binve (< 20) wrote:

>>LOL!  I just realized I screwed up my first line.  It was supposed to say, "I'm surprised that Robert Reich and I agree on anything..."

LOL! I knew what you meant :)

Glad to hear everyone is doing well!!

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