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> How the fuck is the primary method of judging student admission to University not a government run service? Wow. Probably the same reason that the Federal Re

> How the fuck is the primary method of judging student admission to University not a government run service? Wow. Probably the same reason that the Federal Reserve Bank is not a government entity (they only have a meaningless government "oversight board") even though it loans all money to the US Government with interest and has never been audited.

d110af5ccf 5y ago
I really hate this meme. The federal reserve is very much under the purview of the legislature. If the legislature isn't choosing to act in the way you would like, well, then that's a completely separate complaint. Implying that the federal reserve is somehow independent from the government is dishonest.
achandlerwhite 5y ago
You think the Board of Governors is meaningless? Do you realize the Fed turns over interest it earns to the US Treasury? What an odd thing to bring up in this context.
mikestew 5y ago
Now that we know that you have a dislike of the Federal Reserve system, you didn't actually answer the question by stating a reason. What would "the same reason" be?
colinmhayes 5y ago
How can you seriously believe the Fed isn't a government entity? I'm legitimately struggling to understand how you came to such a misguided conclusion.
- tonguez 5y ago
  How can you believe it is? I'm legitimately struggling to understand how you came to such a misguided conclusion.
  - Hasu 5y ago
    Because it: - was created by the US government - is ran by US government appointees, who are nominated by the President and confirmed by the Senate - has to make annual reports to Congress - returns all its profits to the US government - describes itself as a government agency. [0] Does the Fed have more independence than, say, the Department of Agriculture? Yes, but an independent government agency is still a government entity. [0] "The Federal Reserve, like many other central banks, is an independent government agency..." https://www.federalreserve.gov/faqs/about_12799.htm https://www.federalreserve.gov/faqs/about_12799.htm
  - avs733 5y ago
    Because beliefs tend to emerge from ideology as opposed to the other way around. Then those beliefs become the api for interacting with information
- mypalmike 5y ago
  The ownership structure of the Federal Reserve's 12 constituent reserve banks makes the Fed a mix of private and public banking. Commercial banks hold shares in each of the reserve banks. As shareholders, they elect 6 of the 9 regional directors. So while it's largely a governmental organization, ownership and influence from private banking is certainly present.

d110af5ccf 5y ago

I really hate this meme. The federal reserve is very much under the purview of the legislature. If the legislature isn't choosing to act in the way you would like, well, then that's a completely separate complaint. Implying that the federal reserve is somehow independent from the government is dishonest.

achandlerwhite 5y ago

You think the Board of Governors is meaningless? Do you realize the Fed turns over interest it earns to the US Treasury? What an odd thing to bring up in this context.

mikestew 5y ago

Now that we know that you have a dislike of the Federal Reserve system, you didn't actually answer the question by stating a reason. What would "the same reason" be?

colinmhayes 5y ago

How can you seriously believe the Fed isn't a government entity? I'm legitimately struggling to understand how you came to such a misguided conclusion.

tonguez 5y ago
How can you believe it is? I'm legitimately struggling to understand how you came to such a misguided conclusion.
- Hasu 5y ago
  Because it: - was created by the US government - is ran by US government appointees, who are nominated by the President and confirmed by the Senate - has to make annual reports to Congress - returns all its profits to the US government - describes itself as a government agency. [0] Does the Fed have more independence than, say, the Department of Agriculture? Yes, but an independent government agency is still a government entity. [0] "The Federal Reserve, like many other central banks, is an independent government agency..." https://www.federalreserve.gov/faqs/about_12799.htm https://www.federalreserve.gov/faqs/about_12799.htm
- avs733 5y ago
  Because beliefs tend to emerge from ideology as opposed to the other way around. Then those beliefs become the api for interacting with information
mypalmike 5y ago
The ownership structure of the Federal Reserve's 12 constituent reserve banks makes the Fed a mix of private and public banking. Commercial banks hold shares in each of the reserve banks. As shareholders, they elect 6 of the 9 regional directors. So while it's largely a governmental organization, ownership and influence from private banking is certainly present.