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You're really underselling it. They're replying to the Fed as if their cease-and-desist letter were no more than some sort of internet argument on Reddit or som

You're really underselling it. They're replying to the Fed as if their cease-and-desist letter were no more than some sort of internet argument on Reddit or something. Here's a sample, to encourage folks to read the article and have a good hearty chuckle themselves: > > “The Federal Reserve has extensively used and promoted the FEDNOW mark and has built up substantial goodwill in this invaluable asset. Financial institutions and consumers associate the FEDNOW mark with the Federal Reserve and its services.” > An interesting point. For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? Perhaps you have already forgotten how Fed policy directly led to mismanaged bond portfolios in regional banks across the country, such as Silicon Valley Bank, Signature, Silvergate or First Republic? Perhaps you have already forgotten about the historic inflation rates seen throughout the U.S. since government-imposed lockdowns all but forced the Treasury’s hand to stimulate the economy to the tune of trillions of dollars? > There is no goodwill, Mr. Murphy. And certainly not substantial goodwill either. Edit to add: there is an actual legal reply by an actual lawyer, to which you can assign your own value.

gs17 3y ago
Exactly, I don't understand how >Have you seen the state of the working class today? is a better response in their minds than pointing out that FedNow has only really been around since the end of July, relatively few people are aware of it (AFAIK), and financial institutions are not going to confuse the Federal Reserve and a magazine. It's not about the Fed's goodwill, it's about the goodwill associated with the FedNow trademark, but they seem to think inflation is a counterargument. Personally, I would have gone with "FED NO" on the shirts or included the "The digital panopticon is here" tagline on them.
Aunche 3y ago
> For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Thanks to this, Americans have the highest average disposable incomes in the world and the highest median income in the world behind a tiny tax haven. If Americans aren't able to benefit from this, they have no one to blame but themselves or the other parts of government. [1] https://en.wikipedia.org/wiki/Disposable_household_and_per_capita_income https://en.wikipedia.org/wiki/Disposable_household_and_per_c...
- DANmode 3y ago
  > The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Next year, and every year forward, arguably in part because of the Fed, America will be able to receive less dollars in goods and services for the same agreement, due to US' objectively-falling creditworthiness, as rated by the large institutions and nations who are willing to lend to us.
  - HappyTortoise 3y ago
    That's the treasury's fault not the fed
    - Matticus_Rex 3y ago
      He's not talking about literal printing of pieces of paper.
- imsurgio 3y ago
  The Fed isn't "another" part of government. It's owned privately. That is really the main issue. It functions to make its members rich, anything positive is kinda less benefit than if it were truly part of the government. You might be thinking of the treasury.
  - Aunche 3y ago
    You're wrong at just about every point. The Fed is autonomous but still part of the government. Congress can revoke this if they really wanted to, but they won't because even they know that they'll just use it for their political scheming like they do with anything else they can get their grubby hands on. Jerome Powell made most of his money in private equity, and he could have stayed there he wanted more. Now, his compensation is less than that of a first year associate at Goldman Sachs. Before you bring it up, no, a few million dollars in speaker fees doesn't make up for this opportunity cost for a banker at that caliber.
    - 3y ago

gs17 3y ago

Exactly, I don't understand how >Have you seen the state of the working class today? is a better response in their minds than pointing out that FedNow has only really been around since the end of July, relatively few people are aware of it (AFAIK), and financial institutions are not going to confuse the Federal Reserve and a magazine. It's not about the Fed's goodwill, it's about the goodwill associated with the FedNow trademark, but they seem to think inflation is a counterargument. Personally, I would have gone with "FED NO" on the shirts or included the "The digital panopticon is here" tagline on them.

Aunche 3y ago

> For starters, what goodwill has the Federal Reserve built up? Have you seen the state of the working class today? The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Thanks to this, Americans have the highest average disposable incomes in the world and the highest median income in the world behind a tiny tax haven. If Americans aren't able to benefit from this, they have no one to blame but themselves or the other parts of government. [1] https://en.wikipedia.org/wiki/Disposable_household_and_per_capita_income https://en.wikipedia.org/wiki/Disposable_household_and_per_c...

DANmode 3y ago
> The Fed is why America can send pieces of papers and bits and receive trillions of dollars worth of goods and services. Next year, and every year forward, arguably in part because of the Fed, America will be able to receive less dollars in goods and services for the same agreement, due to US' objectively-falling creditworthiness, as rated by the large institutions and nations who are willing to lend to us.
- HappyTortoise 3y ago
  That's the treasury's fault not the fed
  - Matticus_Rex 3y ago
    He's not talking about literal printing of pieces of paper.
imsurgio 3y ago
The Fed isn't "another" part of government. It's owned privately. That is really the main issue. It functions to make its members rich, anything positive is kinda less benefit than if it were truly part of the government. You might be thinking of the treasury.
- Aunche 3y ago
  You're wrong at just about every point. The Fed is autonomous but still part of the government. Congress can revoke this if they really wanted to, but they won't because even they know that they'll just use it for their political scheming like they do with anything else they can get their grubby hands on. Jerome Powell made most of his money in private equity, and he could have stayed there he wanted more. Now, his compensation is less than that of a first year associate at Goldman Sachs. Before you bring it up, no, a few million dollars in speaker fees doesn't make up for this opportunity cost for a banker at that caliber.
  - 3y ago