The Astonishing Story of the Federal Reserve on 9-11

The Daily Kos has the post The Astonishing Story of the Federal Reserve on 9-11.

Still, while our President was posing for photo ops and our Vice President was hiding under a mountain, colleagues of Roger Ferguson speak of him as having been “cool under fire without being overbearing” and they praise him saying he “nailed it” when it truly mattered. Kenneth A. Gunther, President and CEO of the Independent Community Bankers of America, said, “The Federal Reserve’s response on September 11th ensured a fully functioning payments system when the private sector could not…. The Fed’s dual roles [as provider of services and regulator of the payments system] are an essential element of the ongoing homeland security of the United States.”

For all those politicians and the public who think they know all about what the FED does and think it should be abolished, this is the article that would disabuse them of their notions if it weren’t for the small factor of human nature. Once your gut has told you that we don’t need no stinkin fed, no facts are going to dissuade you. We all can come up with rationalizations for why we are right despite all the evidence that says we are wrong.

In my list of favorite quotes, I have an eloquent explanation.

Mark Twain
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”

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