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Blowing in the Wind

The Federal Reserve was set up originally as an independent body to so that it would be free of being influenced by the winds of political opinion. Robert Reich made the point recently in his blog that the Federal Reserve has committed 2.5 trillion dollars thus far to rescue our financial system from its credit seize up and from the black hole in the housing market. Most of the Fed's actions are being done behind closed doors. This is all in the name of the "monetary ease" to which Fed Chairman Bernanke referred in a speech on February 18, 2009.

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