April 21, 2025 • 53 mins
In this episode, Dennis Greene dives deep into the origins and evolution of one of America’s most powerful institutions—the Federal Reserve. From its turbulent birth in the wake of early American banking failures to its critical role in today’s global economy, we unpack how the Fed shapes everything from inflation and interest rates to crisis management and government policy. We explore the founding goals behind the Federal Reserve Act of 1913, reveal the historical tensions between central banking and political power, and spotlight quotes from key figures like Alexander Hamilton, Woodrow Wilson, and Jerome Powell that tell the story of the Fed’s independence and influence. Plus, how does the Fed work with—and sometimes push back against—the Executive, Legislative, and Judicial branches? Whether you’re a political junkie or just trying to understand why interest rates are rising, this episode gives you a clearer picture of the Fed’s purpose, its limits, and its undeniable impact on American life
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:32):
Hello, my fellow Americans, and good day to our friends
around the world. This is a political talk show here
on WRMN. Appreciate you being here. All of the people
that live in the area, all the people that are
citizens in the traditional sense of those that are involved
(00:58):
in their community, of all different types of cultures, flavors, ideals,
We welcome you in here. There's too many places out
there in the world that ideas are not welcome. Not here,
(01:19):
not on a political talk show. You may go on
one radio show because you would like to have a discussion,
and all they want to do is continue to beerate
the other team, and the other teams, the teams in general,
(01:42):
are the reason that we're in this situation. To begin with,
Cheering on Chicago Bears versus cheering on Green Bay does
(02:03):
not affect regular, everyday people's lives who aren't involved in football.
You can forget about football. You could never speak about
it ever again, and it would not affect people that
do not have it around. Politics is different politics putting
(02:28):
on a jersey and saying I'm going to support this
team regardless of what they're doing. It's not always the case,
which is why we need to understand what people are doing,
how they are doing, and what are they supposed to
be doing? In this monetary Monday, we've been talking about
(02:51):
the Federal Reserve, and so I texted my new chat
group with the Founding Five, George Washington, Alexander Hamilton, James Madison,
Thomas Jefferson, an Old, Benny Franklin, and I asked them
(03:16):
about the FED before we get into the relationship with
the FED. The whole first hour was what the FED is,
what are they supposed to be doing, the history of it?
And now we're going to get into the relationship of
the FED with US and the government. And so when
I asked the Founding five, would you approve of the
(03:40):
FED today? Because of his position, Alexander Hamilton jumped in first.
They said, I would regard the Federal Reserve system with
cautious approval, though not without critique. It's a central purpose
to manage the currency, stabilize credit, and safe guard the
(04:01):
financial order. Is consistent with the very aims I pursued
when establishing the Bank of the United States in nineteen
seventy one. Thanks for doing that, mister Hamilton, one of
only two of the Founding Five that wasn't born in Virginia.
(04:28):
And so we have the counterpart because Alexander Hamilton, I
believe it was Adams as well. We're all part of
the Federalist They decided that the larger scale of most
things should all be put at the larger scale of
the federal government to simplify it. And so it was
(04:54):
the Democratic Republicans Madison and Thomas Jefferson who decided to say, no, no, no,
we want the farmers of the world. We want the locals.
We want the people of the earth, the literal earth,
(05:14):
not like the globe. We want them to have most
of the power. And the federal government just does whatever
the people say. And Benjamin Franklin kind of fell on
either side of those things. He's always the wild card.
(05:35):
That's why I'm glad he's in the founding five here,
because he also feared tyranny of the mob, the mob rule,
but he also knew that we needed systems. So while
Alexander Hamilton turns around and applauds all of the fingers
(06:00):
in different pies, because those fingers are there to test temperature,
I guess the other side of things, of unregulated side,
the side of anarchy. To some others, that one step
(06:20):
above anarchy. At the republic side decided that it isn't
so good. That's why Senator Ran Paul jumps into everything
so often. That's why people are always talking about the chairperson.
(06:41):
So on, Federalists number thirty, Alexander Hamilton continued to write me.
He says, I argued, a government ought to contain in
itself every power requisite to the full accomplishment of the
objects committed to its care. Now that's a lot of
(07:03):
words saying that it should regulate the things it's supposed
to be in charge of, but that's essentially what it is,
Alexander Hamilton argued, And most of the federalists argued that
it was the federal government's job to set all regulations.
(07:28):
And then maybe a couple of minor tweaks here, or
they're based off of the state or local side. They
wanted a top down government now, and we live in
this world of binary choices. Of course, there was the
other side of it, where Thomas Jefferson decided we should
(07:54):
all be agrarian farmers, and little towns of farming would
spring up all over the United States, and that local
rule would then feed the state and feed the federal government.
(08:16):
But as we discovered in the first hour, it was
the lack of currency regulation that really started to muck
up the works the War of eighteen twelve. Having that
same side, so Alexander Hamilton talks about a few different
(08:46):
components of the federal government, and this is again the
text conversation I had with him. The monetary authority, the
power to issue a stable currency, and the control inflation
is a natural evolution of the powers I contended for
(09:07):
in the treasury, A well regulated national currency not subject
to the varieties and vagaries. He really says, of individual states,
(09:27):
it's vital to commerce and public trust. Talk about bonds,
we talk about the dollar. There's a lot of times
we accept dictators, or dictators fly in under the radar
(09:49):
all up until they decide they don't want to use
the dollar anymore. Once they decide they want their own currency.
That is one of the foots in the grave, the
feats in the grave grave feet. The other part of
(10:10):
the components of the federal government, or at least the
federal reserve that Alexander Hamilton really put out there was
the lender of last resort in times of crisis such
as the pandemic or the panic rather of the two
thousand and eight the FED acted to prevent the system
(10:35):
from collapsing. Alexander Hamilton once wrote, a national debt, if
it is not excessive, will be to us a national blessing.
The same applies to liquidity and moderation and discernment. Intervention
(11:00):
may preserve the republic. And this is where I want
to bring up Dave Ramsey. You've probably heard of Dave
Ramsey before, and what he does is he is a
lot of the same side that maybe Jefferson or Madison
(11:21):
might have been in on this where it was about
not having any debt. Dave Ramsey's solutions for a lot
of things is pay off all debt and pay for
everything in cash. If you want a new car, save
up for two years, pay the whole thing in cash.
(11:43):
If you do have any debt, make sure it's big
debt that you can't avoid. And even then, if you
have that debt, run it down get it to zero
as quickly as possible. When you me financial economy, billionaires
(12:12):
millionaires all know that that is sound logic. It is
a very conservative way as in conserving your resource of money.
But there are those of you out there in the
world that have run businesses, have jumped into debt and
(12:38):
have used that working debt to make real capital. And
so I understand where Alexander Hamilton comes in with a
national debt, if not excessive, will be to us a
national blessing. You know how we got that if not
excessive in there. Sometimes you need to slide one of those.
(13:04):
He talks about the independence here, I would urge vigilance.
While I believe in the energetic federal government, I also
knew the dangers of undue influence. The independence from translucent
popular will is proper, yet its accountability must be to
(13:31):
the people and their elected representatives, else it may become
a creature of financial oligarchy. We all know the rules
can be bent who lets them. Thomas Jefferson was definitely
(13:58):
one of those that did not lie that centralized side.
In fact, when he writes back because I roped him
into this, I said, no, no, no, I get it.
Alexander Hamilton. You're going to like it. You're federalist. You
put the central Bank together, or at least the first
(14:21):
bank of the United States. And I said, what about you, Thomas,
And he says, ah, friend, I feared, you might ask,
Let me speak plainly, as is my custom, would regard
the Federal Reserve with deep suspicion and likely disapproval, not
(14:43):
from a dislike of order, but from a principled abhorrence
of consecrated I'm sorry, concentrated financial power, especially when removed
from the reach of the people. You will recall my
(15:04):
oft quoted warning. I believe that banking institutions are more
dangerous to our liberties than standing armies. I said this
not in jest, but from a sober reflection upon the
entwining of moneyed interests and political corruption, a pattern I
(15:27):
observed both in Europe and within our own young republic.
The Federal Reserve in its present form violates several of
the Republican tenants, to which I held no. I don't
believe necessarily what Thomas Jefferson does with a lot of this,
(15:50):
but he has a point about centralized power, which is
where a lot of the younger Republicans, the Democratic Republicans
before they turned to the Democrats, and then the Republicans
and the Republicans and the Democrats switched in the whole. Yeah,
(16:13):
it centralizes monetary authority. He went on to write to me,
and a body neither directly elected by the people nor
fully accountable to them to play such vast powers the
control of interest, inflation, credit, and even the lifeblood of
(16:34):
enterprise in the hands of unelected governors is to set
a dangerous precedent. He reminded us of his quote. To
compel a man to furnish funds for the propagation of
ideas he disbelieves and abhors is sinful and tyrannical. So
(16:57):
too is compelling a union to trust blindly in obscure
financial mechanisms. Now, is this too purest? A lot of
the libertarians do not think so. When we talked about taxes,
this came up as well. To compel a man to
(17:17):
furnish funds for the propagation of ideas he disbelieves and abhors,
his sinful and tyrannical. Do you like paying for bombs?
I don't necessarily, Maybe the ones we use them for practice,
(17:43):
but not the other ones we use in real life.
Maybe there is a government program that you don't like,
or something that falls on the medical side that you
(18:06):
don't want to pay for. To compel a man to
furnish funds for somebody to pay for something for the
propagation of ideas he disbelieves and abhors is sinful and tyrannical.
So to make somebody pay for something they do not
(18:30):
believe in and thinks is sinful. It's tyrannical, which I understand.
I see it. I see it from that side absolutely,
which is why a lot of people are cheering on
(18:52):
the full only tariffs. And so when you pull this
back into our economic system of why would you let
a single organization control so much? And I think, honestly, yes,
(19:16):
it's a fun game to think about not having a
monetary system. But at the end of the day, every
single trade I guess colony or civilization eventually came to
some sort of monetary system, whether that was seashells, two
(19:38):
ton rocks, hard currency, paper currency, etc. So eventually we
would evolve into that side, as Hamilton has pointed out.
But this next point is what I was getting at
(20:01):
in the last side of perpetual debt. When writing back
to me, Thomas Jefferson said it fosters a system of
perpetual debt. I held debt to be tolerable only when
temporary and confined to emergencies. Yet the modern order seems
(20:28):
to operate under the assumption that debt without end is sustainable.
I cautioned in eighteen sixteen, I being Thomas Jefferson in
this letter to me, Well, not letter. I don't think
they used quinnin but I don't know. I'll have to
ask him next time. How they text me, I cautioned
(20:53):
in eighteen sixteen. To preserve our independence, we must not
let our rulers load us with perpetual debt. The principle
of spending money to be paid by posterity under the
name of funding is but swindling the future. And so
(21:21):
we come in with that same side of the debt.
The Federal Reserve perpetuates that debt again. If I have
a million dollars and I borrow it from the Fed
at five percent, the bank then turns around and marks
it up again, and I finally get it. Yes, there's
(21:42):
a million dollars in the system, But that entire million
dollars has to be paid back to the Federal Reserve
with interest. And if the Federal Reserve controls the entire
fire system and puts the money out and expects interest back,
(22:08):
where does that interest come from when we built recirculating
aquaculture systems. When I went to aquaculture farming school to
learn how to grow fish. You think about a fish
(22:31):
tank and you put the water in the fish tank.
It's a closed, looped system. There's only so much water
in that system. You borrow the water and you put
the water back. You only have that water. I have
to go to the sink, or I have to go
(22:53):
to the special place, or have to to get water,
or I have to treat this water. But it wants
me to add an extra percentage into the system. The
Federal Reserve perpetuates that and says, I know that there's
(23:15):
only X amount of money in the system, but for
me to give you any of that money, you have
to guarantee that there is a debt of a percentage back.
When we come back, we're going to talk a little
(23:35):
bit about the relationship between the Federal Reserve. Now that
we know what the founding fathers kind of thought about it,
Let's see some actual government relationships between the Federal Reserve
and the three branches throughout history, taking all the way
back to nineteen thirteen.
Speaker 2 (24:03):
I'm Trey Westerberg WRMN News. This update brought to you
by Sentas. VNA Healthcare has opened another facility in Aurora,
this time at the new Bloomhaven Campus in the former
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three Weston Avenue on Aurora's east side, was welcome to
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(24:23):
the VNA's fifth clinic in Aurora. VNA invested eight million
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kitchen and a laboratory. Ah Winfield tax preparer faces federal
charges after he was accused of filing more than fifty
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fraudulent tax returns over a five year period. At forty
year old Cedric Taylor was charged with filing false tax
returns for himself and wilfully preparing false tax returns for
others per and indictment. Taylor filed forty five returns for
others with tax credits that were a misrepresentator overstated. He
is also accused of filing six of his own tax
returns that underreported his income or falsely reported tax credits.
(25:03):
The incidents took place between twenty eighteen and twenty twenty three,
per a news release from the US Attorney's Office, the
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For more information, visit Batavia Plan Dirt Gardeners dot org.
(25:44):
I'm Trey Westerberg on fourteen ten wrimn Elgin, proudly serving
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Speaker 6 (27:53):
This is Sarah Silver with your Fox Valley forecast. Tonight
mostly clear with a low around forty wind gusts up
to thirty miles per hour. Tomorrow scattered showers and thunderstorms
after ten am, mostly sunny with a high near sixty nine,
temperatures falling to around sixty seven in the afternoon. Currently
it is fifty two and overcast. I'm Sarah Silver on
(28:16):
the Talk of the Town WRMN.
Speaker 3 (28:23):
I had the worst dream last night. You were in
a car crash and the kids and I were on
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Hunh.
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Speaker 1 (29:26):
Welcome back to a political talk show on WRMN. WRMN
fourteen ten and WRMN fourteen ten dot Com fourteen ten
on the AUM dial. You can find us on YouTube
WRMN radio slash live if you want to check out.
(29:46):
The live stream starts at six in the morning for
the WRMN Morning Show hosted by Marky B and Susie C.
Matt McNeil takes over at ten for Out to Lunch.
Live local programming broadcasted out of Studio fourteen begins most
(30:10):
days at six am, Saturdays at eight with On the
Rise part of our sports lineup and Marcus mack hopping
in with the Truth about Chicago Sports. We're going to
be having that live stream on Thursday about the NFL Draft.
(30:36):
They'll be here live streaming out of Studio fourteen. I
hope you can be there. Somebody who's here now, David
T's welcome aboard, mister teas. How are you, sir? How
are you doing?
Speaker 7 (30:52):
An happy day after Easter? Eight salad sandwich day.
Speaker 1 (30:55):
Oh yeah, I hope you had a good one.
Speaker 7 (30:57):
Yes, it was really good Easter. He's a lot of food.
Speaker 1 (31:00):
How did you do it? Oh? Definitely too many eggs.
Felt like a king for how many jumbo eggs I
had all around.
Speaker 7 (31:09):
You sound tired today.
Speaker 1 (31:10):
I'm always tired, sir. I'm like the hulk of tired.
Speaker 7 (31:16):
One of the things is with the NFL, I'm outside
of her when the NFL Draft with Marcus and I'm
excited to listen to it on WR Man what every year?
I watch it on Fantasy Footballer. I've been at it
for thirty five years and I'm.
Speaker 8 (31:33):
A little bit excited.
Speaker 7 (31:34):
But the question I have about them doing this, are
they going to have the draft picks on the YouTube
flying by underneath those?
Speaker 1 (31:40):
Sorry?
Speaker 7 (31:40):
Yes, so we can see how.
Speaker 1 (31:41):
Okay, Yeah, So what I'm doing is I'm working on
a scroll that will have it over there on the
side for them. I don't know. I might do it
over across the scroll at the bottom. Those of you
who are on YouTube right now can see that scroll
that we have. So it either will be across the
bottom where it'll have one through what have you, or
it'll be an ongoing list, but it will be just
(32:03):
a constant scroll. So if you want to just check
out periodically here and there. They've got a couple of
different guests. I'm lining up a couple of my NFL
player friends. We're trying to get a couple of coaches
for a couple of colleges around. So we're we are
trying to pack it full of as many voices as
(32:25):
we possibly can, like always, But I believe they're going
to start broadcasting right at six, right after I'm done.
Speaker 7 (32:33):
Mmmm, there you go. You guys have some fantasy footballers
are there, because there are men and women in fantasy
football asters out of the United States, which you know.
This draft to me is like important because we can
see who the first picks are. If you're in a
dynasty league, you get to actually, you know, look at
who your where your draft picks are at our leagues,
(32:53):
you know where where you might want to build up
your future and build up your dynasty of your team.
But I think you have it to scrolling now. The
question is who's going to keep up with the updates
of this girl?
Speaker 1 (33:04):
Oh the guys when they're when they're here, I'm probably
gonna play producer for them. But the way I have
it set up is all they've got to do is
type in the name and hit save and it should
automatically update on them. So we're gonna have a couple
of things here there. Yeah, it's not it's not too
crazy to do it with the system we have here.
(33:27):
It's just once you start adding more things for the
host to do. But luckily it will be a team effort.
Speaker 7 (33:37):
This is exciting actually, to be honest with you, they'll
cover the draft w r BAN. I think it's very exciting.
And uh, it's the first time that I actually don't
have to watch it on TV. I actually am going
to listen to it on the radio. Yeah, and YouTube.
I'm gonna watch Marcus on the YouTube exactly.
Speaker 1 (33:52):
Come find us on the YouTube side of things. What
I'm thinking about doing too is getting them set up
and then maybe go with someplace down here and then
just maybe checking in with them through the live stream side.
Speaker 7 (34:07):
So, oh, you're going to Danny's to get one of
those one of those I thinks you talked about calzon.
Speaker 1 (34:12):
Oh my gosh, that calzone. I've been dreaming about that
things two weeks. Two weeks for that calzone that's there.
It's a perfect time to get another one. Hey Brendon,
it's good to see you there, Jeff. Happy Easter to
you as well, and thank you mister T's for being here.
Appreciate it.
Speaker 8 (34:29):
No problem.
Speaker 7 (34:30):
One little quick question, ye with the forefathers texting you
in your in your portal, What are what are the
plans that they want us to do for our two
hundred and fiftieth celebration for our independa state.
Speaker 1 (34:45):
Well, I'm gonna have to ask him, Yeah, I.
Speaker 7 (34:48):
Mean, what do you think we should do? Because I'm
not going to be here probably for the three odds.
Speaker 1 (34:55):
For the next two fifty Yeah, because I'll.
Speaker 7 (34:58):
Probably be like one hundred and thirty n years old,
that's true, and it probably still collected sole security hopefully
by that.
Speaker 1 (35:06):
Well, I hope, I hope you and America are here
for the three hundredth anniversaries there.
Speaker 7 (35:13):
Well, yeah, I'll be here.
Speaker 1 (35:17):
That's okay. Today's technology we can we can build them,
make them stronger, faster, more powerful.
Speaker 2 (35:23):
You never do, I.
Speaker 7 (35:25):
Mean that that's my kids playing this PlayStation with his buddies.
Sorry for you, hear of yellick uh. Yeah, So that's a
good question to ask her. What do they think we
should do about our two hundred and fifty h celebration
of our independence? Because I'm excited about it.
Speaker 1 (35:41):
It's going to be great. Thanks for calling in, David,
No problems.
Speaker 7 (35:45):
Do you take care of a good show.
Speaker 1 (35:46):
Thank you sticking around. We are talking about the Federal
Reserve as well, and that does David does bring up
a good question. What would the federal founding father want
to do for celebration. We always look at them as
(36:06):
those stuck up type of idealists. They're flawed humans. Trust me,
travel back in time enough, you'll find it. But as
flawed humans in general, we have to rely on an
idealistic system. We have to put forward our best and
(36:32):
as a manual count put it the universal law. Remember
back in that age of enlightenment. Reason keep up. Rest
of us are on page fourteen. So constitutional legislative foundations
(36:53):
in the relationship of the Federal Reserve system. It was
created by Congress. The Federal Reserve was established by the
Federal Reserve Act of nineteen thirteen, passed by Congress and
signed into law by Wilson. Wilson emphasized the need for
(37:15):
independence in balance. The control must be public not private,
must be vested in the government itself, so that the
banks may be instruments not masters of business. Kind of
a little bit of Hamilton and Jefferson on that one.
(37:36):
And of course congressional oversight. Though independent, the Federal Reserve
is accountable to Congress. It reports semi annually through the
Monetary Policy Report and regular testimonies by the FED Chair
(37:57):
to the Senate Banking and House Financial Services Committees. Senator
Chris Dodd remarked during his twenty ten Dodd Frank hearings, quote,
transparency does not mean interference. But Congress must know what
(38:18):
the FED is doing with the public trust. And of
course we have judicial review. The judiciary, particularly the Supreme Court,
has limited involvement, but plays a role when legal disputes
involve the FED. The course of generally upheld the Fed's independence,
(38:44):
even on as far back as nineteen twenty three in
Melon versus Richmond County Board of Education, the Court upheld
the authority of Congress to delegate powers to entities like
the Federal Reserve so long as a quote as a
quote intelligible principle unquote guides them. And it's always been
(39:14):
a sticky situation between the FED and the executive branch because,
like most things the federal side of things, the executive
(39:35):
appoints and then Congress puts them in. Intended for the independence,
the Federal Reserve was designated to operate independently of the
executive to prevent short term political pressures from influencing long
(39:57):
term monetary policy. Ben Bernank noted, a central bank should
be free to pursue its objectives without political interfearance. Sounds
a lot like what Greenspan said. And so when we
(40:27):
talk about the independence of all of these different systems,
we also take in former chair Paul Fullicker. Sure I'm
(40:47):
mispronouncing that independence does not mean lack of accountability. Seems
like these guys all read the same book, Alan Greenspan.
Independence from political pressure is critical for effectiveness of monetary policy.
(41:16):
Presidential appointments the president appoints the seven members of the
Board of Governors, including the chair and Vice Chair, subject
to the Senate confirmation. Terms are staggered by fourteen years
to reduce political influence. I know, I don't like to
(41:40):
do math on the air, but think about it. Four
year terms times two, that's eight fourteen years is supposed
to go through at least a minimum of two presidencies.
(42:04):
A central bank should be free to pursue its objectives
without political interfearance. Independence from political pressure is critical to
the effectiveness of monetary policy. I didn't say that that's
BURNANKI in green span. Despite this, the president cannot remove
(42:30):
a governor based on policy disagreements. Like most of the
things in which the federal government fires people for cannot
be through political things. It has to be incompetence. It
has to be I don't know, not understanding your job
(42:55):
enough to send multiple messages breaking secure already clearances. The
interaction with the Treasury and the administration. While separate, the
FED coordinates with the US Treasury, especially in times of crisis.
(43:19):
During the two thousand and eight financial crisis, FED Chair
Bernanke and Treasury Secretary Henry Paulson worked closely. Paulson had
later wrote, we knew that without the Fed's tools, our
ability to respond would be severely constrained. Let's talk about
(43:49):
the one hundred years plus we have of the federal
government and the relation of the Federal Reserve. After we
take this call, Hello caller, welcome aboard eight four seven
nine three fourteen ten. Somebody else wants to hop in.
Who is this? Hello?
Speaker 8 (44:06):
This is the Dutchman.
Speaker 1 (44:07):
Hey, Dutchman, how are you, buddy?
Speaker 8 (44:09):
Okay? I hope you had a good Easter there.
Speaker 1 (44:11):
I hope you did too, Man.
Speaker 8 (44:13):
I was Okay, it was a low key so it
seems like a.
Speaker 1 (44:17):
Lot of people are doing that.
Speaker 8 (44:19):
Yeah, well, most of my parents are my my both
my wife's and my parents are dead, but they got
my two brothers, but they're out west and and I
just spent the day with my neighbors and I had
a good time and playing with the kids they have,
and stuff was sold anyway, Yeah, I was kind of
you know, it's you know, when you're talking about all
(44:42):
this stuff, it's kind of depressing and sorry, and I'll
tell you, well, no, it's.
Speaker 1 (44:47):
Your job, but my job to depress you. I understand that. No.
Speaker 8 (44:52):
You you bring up a lot of good points. Here's
the problem though, and I don't know if you see
it this way or not like I do, but modern
time times, it's hard to fit in the Constitution and
all that, you know, with modern times, and you're talking
about the federal government and they don't keep track of
(45:13):
what they're spending. You know this, and most people, I
think understand the way the financial situation is. Anyway, they
have so many things that they spend money on. And
I've done research on this in the past. There's things
on top of things in one division just in one
department that they spend money on that they don't need.
(45:34):
It's repetitive, you know. So when you bring up the fact,
you know, they need to answer us on what you
can and you can't do. Unfortunately, because it's a nation thing,
nationwide and it's not local, I don't think many people
(45:57):
really understand the gmmification to some of this stuff. I mean,
I'm on solid security and Medicare and all that, you know,
and there's other people that are on Medicaid and so
forth and so on, and then you've got your steps
and your iras and stuff. You know. The way that
the stock market's going down, we're all gonna lose. We're
(46:20):
all losing a big bundle if you have any kind
of stocks or anything that has that's tied to a
stock market. And to me, how you gonna how you're
gonna regulate the regulators because you talk about this all
the time, but they're the ones that make the laws,
and you know darn well that they're not gonna. They're
(46:42):
not gonna agree with you know, most of the nation.
They're gonna Why would you cut the hand that feed you.
It's like ye, but I mean you you I've said
this before, but and I'll say it again. The problem
is we have to regulate, into my opinion, the politicians.
(47:02):
You can only make so much a year, you can
only do so many things that campaign finance, term limits,
and to me, that's the two biggest issues. And I
think if we had those in place, maybe some of
this stuff would not happen. I don't know, maybe it
would tell me if I'm wrong or not.
Speaker 1 (47:22):
No, I don't think you're No, I don't think you're
wrong at all. By the way, Brendan says high as well.
Speaker 8 (47:29):
Hi, Brendan, you're loyal listener to Brendan, he listens all
the time.
Speaker 1 (47:33):
I appreciate that we want to make sure that we
give them the shout out when they when they have
so I think, and this isn't a this isn't a
slight against anybody who came before me. But I think
for at least the past forty years, if not longer,
(47:54):
and I'm part of that, I've been part of that
voting block for at least two decades now. I think
for the past forty years, we've all decided that CIVICS
was for nerds, and we decided that Yep, that's the
way Pappy has always voted, and the family votes this way,
(48:16):
and it's just been passed down and passed down, I
mean almost stronger than some religions have been passed down.
And I think we've all kind of said, oh, okay, Well,
as long as they say they're from this team, I
think we're okay with it. And we've never held we've
never held the politicians to account. Now we can eventually say, okay,
(48:39):
the system should help hold the politicians to account, et cetera,
et cetera. But the first check on all of the
politicians is us. And if we don't do the research
and we don't understand what the system does, then there's
no way we can regulate any of the politicians.
Speaker 8 (49:01):
Yeah, you know, like you're talking about earlier Ran Paul,
And at first years ago, I used to think him
and his dad were a little off kilter, but they
are Now I understand more what he's talking about and
why he does what he does, and I think we
need I think both parties need to have people like
(49:22):
that where you know, I mean Barty. To me, voting
along party lines stinks. It needs to be it needs
to be fair and balanced and more common sense and
not deal with party issues.
Speaker 1 (49:38):
What's part of that state and forget it culture. If
I look, if I set it, turned the dial to
Republican or turned the dial to Democrat, that's all I
have to do. Done, came over, set it and forget it.
Government works. And I think we have taken kind of
a step back over the last take forty or fifty years,
(50:00):
where we just decided, yeah, you know what, that's what
we'll do. We'll just set it there. I won't have
to understand how the monetary system works. I won't have
to understand why we even have an EPA. I won't
understand how to do anything. And the government leaned into that.
They said, well, okay, my bosses don't understand what I'm doing,
and I won't even teach them. I won't. I won't
(50:23):
even let the Department of Education even be successful in
teaching them what this does. And so what ended up
happening is we all just started to default our policies
to whatever whoever made us feel warm and fuzzy, and
we're reaping the benefits of that now.
Speaker 8 (50:44):
Dot you I know, I know, and it's it's ridiculous.
It's ridiculous, and I feel sorry for you guys more
than I do me because I figure I got like ten,
maybe maybe fifteen years more of my life. But I
you know, I'm very earned about the younger generation too.
They I don't think they understand. See, you're the first
(51:05):
person I've talked to in your age group that actually
understands the way things work. It's like some of the
people that I've talked to that in your age group
don't care.
Speaker 1 (51:15):
You know.
Speaker 8 (51:15):
They they're they're busy playing video games or something.
Speaker 1 (51:18):
Why care? Changes? Why care?
Speaker 8 (51:22):
But here's the thing though, if you if you listen
to the talking hands on the news, they're always talking.
If you know when the protest half those people don't
even know what they're talking to protest about. They just
put So this.
Speaker 1 (51:35):
Is my point for the day. As as we're leaving here, Dot,
you've brought it up perfectly.
Speaker 8 (51:40):
I'm gonna I'm gonna get off so you can finish.
Speaker 1 (51:42):
I appreciate it.
Speaker 8 (51:42):
You're always doing a good job, buddy, hanging in and there.
On one of these days, I'll show up over there
and I'll give you a copy. Now that I can walk.
Speaker 1 (51:49):
Oh yeah, now that you're back. I appreciate that. Thanks Dutchman.
Speaker 8 (51:52):
Have a great day you too, See you later, buddy.
Speaker 1 (51:56):
And that's my point. There is the protest walking in
the streets, but not a hat, but not a mask,
waving a sign. That's all great protests that are out there,
great visibility. You want to disrupt the system. Understand the
banking system, and understand that if you take your five
(52:19):
hundred dollars, if we all take our five hundred dollars
out of the banking system, it hits every single facet.
A political talk show will be back tomorrow. Stick around
more WRMN.
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Speaker 1 (53:38):
Your hometown radio station. Since nineteen forty nine, we are
WRMN AM fourteen ten, Elgin Time
Hello, my fellow Americans, and good day to our friends
around the world. This is a political talk show here
on WRMN. Appreciate you being here. All of the people
that live in the area, all the people that are
citizens in the traditional sense of those that are involved
(00:58):
in their community, of all different types of cultures, flavors, ideals,
We welcome you in here. There's too many places out
there in the world that ideas are not welcome. Not here,
(01:19):
not on a political talk show. You may go on
one radio show because you would like to have a discussion,
and all they want to do is continue to beerate
the other team, and the other teams, the teams in general,
(01:42):
are the reason that we're in this situation. To begin with,
Cheering on Chicago Bears versus cheering on Green Bay does
(02:03):
not affect regular, everyday people's lives who aren't involved in football.
You can forget about football. You could never speak about
it ever again, and it would not affect people that
do not have it around. Politics is different politics putting
(02:28):
on a jersey and saying I'm going to support this
team regardless of what they're doing. It's not always the case,
which is why we need to understand what people are doing,
how they are doing, and what are they supposed to
be doing? In this monetary Monday, we've been talking about
(02:51):
the Federal Reserve, and so I texted my new chat
group with the Founding Five, George Washington, Alexander Hamilton, James Madison,
Thomas Jefferson, an Old, Benny Franklin, and I asked them
(03:16):
about the FED before we get into the relationship with
the FED. The whole first hour was what the FED is,
what are they supposed to be doing, the history of it?
And now we're going to get into the relationship of
the FED with US and the government. And so when
I asked the Founding five, would you approve of the
(03:40):
FED today? Because of his position, Alexander Hamilton jumped in first.
They said, I would regard the Federal Reserve system with
cautious approval, though not without critique. It's a central purpose
to manage the currency, stabilize credit, and safe guard the
(04:01):
financial order. Is consistent with the very aims I pursued
when establishing the Bank of the United States in nineteen
seventy one. Thanks for doing that, mister Hamilton, one of
only two of the Founding Five that wasn't born in Virginia.
(04:28):
And so we have the counterpart because Alexander Hamilton, I
believe it was Adams as well. We're all part of
the Federalist They decided that the larger scale of most
things should all be put at the larger scale of
the federal government to simplify it. And so it was
(04:54):
the Democratic Republicans Madison and Thomas Jefferson who decided to say, no, no, no,
we want the farmers of the world. We want the locals.
We want the people of the earth, the literal earth,
(05:14):
not like the globe. We want them to have most
of the power. And the federal government just does whatever
the people say. And Benjamin Franklin kind of fell on
either side of those things. He's always the wild card.
(05:35):
That's why I'm glad he's in the founding five here,
because he also feared tyranny of the mob, the mob rule,
but he also knew that we needed systems. So while
Alexander Hamilton turns around and applauds all of the fingers
(06:00):
in different pies, because those fingers are there to test temperature,
I guess the other side of things, of unregulated side,
the side of anarchy. To some others, that one step
(06:20):
above anarchy. At the republic side decided that it isn't
so good. That's why Senator Ran Paul jumps into everything
so often. That's why people are always talking about the chairperson.
(06:41):
So on, Federalists number thirty, Alexander Hamilton continued to write me.
He says, I argued, a government ought to contain in
itself every power requisite to the full accomplishment of the
objects committed to its care. Now that's a lot of
(07:03):
words saying that it should regulate the things it's supposed
to be in charge of, but that's essentially what it is,
Alexander Hamilton argued, And most of the federalists argued that
it was the federal government's job to set all regulations.
(07:28):
And then maybe a couple of minor tweaks here, or
they're based off of the state or local side. They
wanted a top down government now, and we live in
this world of binary choices. Of course, there was the
other side of it, where Thomas Jefferson decided we should
(07:54):
all be agrarian farmers, and little towns of farming would
spring up all over the United States, and that local
rule would then feed the state and feed the federal government.
(08:16):
But as we discovered in the first hour, it was
the lack of currency regulation that really started to muck
up the works the War of eighteen twelve. Having that
same side, so Alexander Hamilton talks about a few different
(08:46):
components of the federal government, and this is again the
text conversation I had with him. The monetary authority, the
power to issue a stable currency, and the control inflation
is a natural evolution of the powers I contended for
(09:07):
in the treasury, A well regulated national currency not subject
to the varieties and vagaries. He really says, of individual states,
(09:27):
it's vital to commerce and public trust. Talk about bonds,
we talk about the dollar. There's a lot of times
we accept dictators, or dictators fly in under the radar
(09:49):
all up until they decide they don't want to use
the dollar anymore. Once they decide they want their own currency.
That is one of the foots in the grave, the
feats in the grave grave feet. The other part of
(10:10):
the components of the federal government, or at least the
federal reserve that Alexander Hamilton really put out there was
the lender of last resort in times of crisis such
as the pandemic or the panic rather of the two
thousand and eight the FED acted to prevent the system
(10:35):
from collapsing. Alexander Hamilton once wrote, a national debt, if
it is not excessive, will be to us a national blessing.
The same applies to liquidity and moderation and discernment. Intervention
(11:00):
may preserve the republic. And this is where I want
to bring up Dave Ramsey. You've probably heard of Dave
Ramsey before, and what he does is he is a
lot of the same side that maybe Jefferson or Madison
(11:21):
might have been in on this where it was about
not having any debt. Dave Ramsey's solutions for a lot
of things is pay off all debt and pay for
everything in cash. If you want a new car, save
up for two years, pay the whole thing in cash.
(11:43):
If you do have any debt, make sure it's big
debt that you can't avoid. And even then, if you
have that debt, run it down get it to zero
as quickly as possible. When you me financial economy, billionaires
(12:12):
millionaires all know that that is sound logic. It is
a very conservative way as in conserving your resource of money.
But there are those of you out there in the
world that have run businesses, have jumped into debt and
(12:38):
have used that working debt to make real capital. And
so I understand where Alexander Hamilton comes in with a
national debt, if not excessive, will be to us a
national blessing. You know how we got that if not
excessive in there. Sometimes you need to slide one of those.
(13:04):
He talks about the independence here, I would urge vigilance.
While I believe in the energetic federal government, I also
knew the dangers of undue influence. The independence from translucent
popular will is proper, yet its accountability must be to
(13:31):
the people and their elected representatives, else it may become
a creature of financial oligarchy. We all know the rules
can be bent who lets them. Thomas Jefferson was definitely
(13:58):
one of those that did not lie that centralized side.
In fact, when he writes back because I roped him
into this, I said, no, no, no, I get it.
Alexander Hamilton. You're going to like it. You're federalist. You
put the central Bank together, or at least the first
(14:21):
bank of the United States. And I said, what about you, Thomas,
And he says, ah, friend, I feared, you might ask,
Let me speak plainly, as is my custom, would regard
the Federal Reserve with deep suspicion and likely disapproval, not
(14:43):
from a dislike of order, but from a principled abhorrence
of consecrated I'm sorry, concentrated financial power, especially when removed
from the reach of the people. You will recall my
(15:04):
oft quoted warning. I believe that banking institutions are more
dangerous to our liberties than standing armies. I said this
not in jest, but from a sober reflection upon the
entwining of moneyed interests and political corruption, a pattern I
(15:27):
observed both in Europe and within our own young republic.
The Federal Reserve in its present form violates several of
the Republican tenants, to which I held no. I don't
believe necessarily what Thomas Jefferson does with a lot of this,
(15:50):
but he has a point about centralized power, which is
where a lot of the younger Republicans, the Democratic Republicans
before they turned to the Democrats, and then the Republicans
and the Republicans and the Democrats switched in the whole. Yeah,
(16:13):
it centralizes monetary authority. He went on to write to me,
and a body neither directly elected by the people nor
fully accountable to them to play such vast powers the
control of interest, inflation, credit, and even the lifeblood of
(16:34):
enterprise in the hands of unelected governors is to set
a dangerous precedent. He reminded us of his quote. To
compel a man to furnish funds for the propagation of
ideas he disbelieves and abhors is sinful and tyrannical. So
(16:57):
too is compelling a union to trust blindly in obscure
financial mechanisms. Now, is this too purest? A lot of
the libertarians do not think so. When we talked about taxes,
this came up as well. To compel a man to
(17:17):
furnish funds for the propagation of ideas he disbelieves and abhors,
his sinful and tyrannical. Do you like paying for bombs?
I don't necessarily, Maybe the ones we use them for practice,
(17:43):
but not the other ones we use in real life.
Maybe there is a government program that you don't like,
or something that falls on the medical side that you
(18:06):
don't want to pay for. To compel a man to
furnish funds for somebody to pay for something for the
propagation of ideas he disbelieves and abhors is sinful and tyrannical.
So to make somebody pay for something they do not
(18:30):
believe in and thinks is sinful. It's tyrannical, which I understand.
I see it. I see it from that side absolutely,
which is why a lot of people are cheering on
(18:52):
the full only tariffs. And so when you pull this
back into our economic system of why would you let
a single organization control so much? And I think, honestly, yes,
(19:16):
it's a fun game to think about not having a
monetary system. But at the end of the day, every
single trade I guess colony or civilization eventually came to
some sort of monetary system, whether that was seashells, two
(19:38):
ton rocks, hard currency, paper currency, etc. So eventually we
would evolve into that side, as Hamilton has pointed out.
But this next point is what I was getting at
(20:01):
in the last side of perpetual debt. When writing back
to me, Thomas Jefferson said it fosters a system of
perpetual debt. I held debt to be tolerable only when
temporary and confined to emergencies. Yet the modern order seems
(20:28):
to operate under the assumption that debt without end is sustainable.
I cautioned in eighteen sixteen, I being Thomas Jefferson in
this letter to me, Well, not letter. I don't think
they used quinnin but I don't know. I'll have to
ask him next time. How they text me, I cautioned
(20:53):
in eighteen sixteen. To preserve our independence, we must not
let our rulers load us with perpetual debt. The principle
of spending money to be paid by posterity under the
name of funding is but swindling the future. And so
(21:21):
we come in with that same side of the debt.
The Federal Reserve perpetuates that debt again. If I have
a million dollars and I borrow it from the Fed
at five percent, the bank then turns around and marks
it up again, and I finally get it. Yes, there's
(21:42):
a million dollars in the system, But that entire million
dollars has to be paid back to the Federal Reserve
with interest. And if the Federal Reserve controls the entire
fire system and puts the money out and expects interest back,
(22:08):
where does that interest come from when we built recirculating
aquaculture systems. When I went to aquaculture farming school to
learn how to grow fish. You think about a fish
(22:31):
tank and you put the water in the fish tank.
It's a closed, looped system. There's only so much water
in that system. You borrow the water and you put
the water back. You only have that water. I have
to go to the sink, or I have to go
(22:53):
to the special place, or have to to get water,
or I have to treat this water. But it wants
me to add an extra percentage into the system. The
Federal Reserve perpetuates that and says, I know that there's
(23:15):
only X amount of money in the system, but for
me to give you any of that money, you have
to guarantee that there is a debt of a percentage back.
When we come back, we're going to talk a little
(23:35):
bit about the relationship between the Federal Reserve. Now that
we know what the founding fathers kind of thought about it,
Let's see some actual government relationships between the Federal Reserve
and the three branches throughout history, taking all the way
back to nineteen thirteen.
Speaker 2 (24:03):
I'm Trey Westerberg WRMN News. This update brought to you
by Sentas. VNA Healthcare has opened another facility in Aurora,
this time at the new Bloomhaven Campus in the former
Copley Hospital building. The new center, located at three twenty
three Weston Avenue on Aurora's east side, was welcome to
the city with a grand opening ceremony Thursday morning, marking
(24:23):
the VNA's fifth clinic in Aurora. VNA invested eight million
dollars into the buildout of the medical center, spanning twenty
six thousand square feet and housing more than thirty exam
in procedure rooms, mental health counseling and therapy centers, a
wellness classroom, and a pharmacy. The site also features a
kitchen and a laboratory. Ah Winfield tax preparer faces federal
charges after he was accused of filing more than fifty
(24:43):
fraudulent tax returns over a five year period. At forty
year old Cedric Taylor was charged with filing false tax
returns for himself and wilfully preparing false tax returns for
others per and indictment. Taylor filed forty five returns for
others with tax credits that were a misrepresentator overstated. He
is also accused of filing six of his own tax
returns that underreported his income or falsely reported tax credits.
(25:03):
The incidents took place between twenty eighteen and twenty twenty three,
per a news release from the US Attorney's Office, the
Batavia Plane Dirt Gardeners have established a scholarship for a
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requiring an associate or bachelor's degree in horticultural science fields
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(25:24):
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For more information, visit Batavia Plan Dirt Gardeners dot org.
(25:44):
I'm Trey Westerberg on fourteen ten wrimn Elgin, proudly serving
the Fox River Valley.
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Speaker 6 (27:53):
This is Sarah Silver with your Fox Valley forecast. Tonight
mostly clear with a low around forty wind gusts up
to thirty miles per hour. Tomorrow scattered showers and thunderstorms
after ten am, mostly sunny with a high near sixty nine,
temperatures falling to around sixty seven in the afternoon. Currently
it is fifty two and overcast. I'm Sarah Silver on
(28:16):
the Talk of the Town WRMN.
Speaker 3 (28:23):
I had the worst dream last night. You were in
a car crash and the kids and I were on
our own. We had to move out of the house
because I couldn't afford it anymore. That's awful.
Speaker 1 (28:31):
Hunh.
Speaker 3 (28:32):
My brother was saying he got life insurance from Ethos.
With Ethos, it only took ten minutes and he got
two million dollars in coverage for around two dollars a day.
It's all online, no medical exam. He just answered a
few health questions right from his house. Ethos.
Speaker 2 (28:45):
Here we go visit get Ethos dot com. That's get
Ethos dot com.
Speaker 6 (28:50):
Santuary is a ten year term life policy for three
five year old healthy, non smoking mail Field Monthly.
Speaker 1 (29:26):
Welcome back to a political talk show on WRMN. WRMN
fourteen ten and WRMN fourteen ten dot Com fourteen ten
on the AUM dial. You can find us on YouTube
WRMN radio slash live if you want to check out.
(29:46):
The live stream starts at six in the morning for
the WRMN Morning Show hosted by Marky B and Susie C.
Matt McNeil takes over at ten for Out to Lunch.
Live local programming broadcasted out of Studio fourteen begins most
(30:10):
days at six am, Saturdays at eight with On the
Rise part of our sports lineup and Marcus mack hopping
in with the Truth about Chicago Sports. We're going to
be having that live stream on Thursday about the NFL Draft.
(30:36):
They'll be here live streaming out of Studio fourteen. I
hope you can be there. Somebody who's here now, David
T's welcome aboard, mister teas. How are you, sir? How
are you doing?
Speaker 7 (30:52):
An happy day after Easter? Eight salad sandwich day.
Speaker 1 (30:55):
Oh yeah, I hope you had a good one.
Speaker 7 (30:57):
Yes, it was really good Easter. He's a lot of food.
Speaker 1 (31:00):
How did you do it? Oh? Definitely too many eggs.
Felt like a king for how many jumbo eggs I
had all around.
Speaker 7 (31:09):
You sound tired today.
Speaker 1 (31:10):
I'm always tired, sir. I'm like the hulk of tired.
Speaker 7 (31:16):
One of the things is with the NFL, I'm outside
of her when the NFL Draft with Marcus and I'm
excited to listen to it on WR Man what every year?
I watch it on Fantasy Footballer. I've been at it
for thirty five years and I'm.
Speaker 8 (31:33):
A little bit excited.
Speaker 7 (31:34):
But the question I have about them doing this, are
they going to have the draft picks on the YouTube
flying by underneath those?
Speaker 1 (31:40):
Sorry?
Speaker 7 (31:40):
Yes, so we can see how.
Speaker 1 (31:41):
Okay, Yeah, So what I'm doing is I'm working on
a scroll that will have it over there on the
side for them. I don't know. I might do it
over across the scroll at the bottom. Those of you
who are on YouTube right now can see that scroll
that we have. So it either will be across the
bottom where it'll have one through what have you, or
it'll be an ongoing list, but it will be just
(32:03):
a constant scroll. So if you want to just check
out periodically here and there. They've got a couple of
different guests. I'm lining up a couple of my NFL
player friends. We're trying to get a couple of coaches
for a couple of colleges around. So we're we are
trying to pack it full of as many voices as
(32:25):
we possibly can, like always, But I believe they're going
to start broadcasting right at six, right after I'm done.
Speaker 7 (32:33):
Mmmm, there you go. You guys have some fantasy footballers
are there, because there are men and women in fantasy
football asters out of the United States, which you know.
This draft to me is like important because we can
see who the first picks are. If you're in a
dynasty league, you get to actually, you know, look at
who your where your draft picks are at our leagues,
(32:53):
you know where where you might want to build up
your future and build up your dynasty of your team.
But I think you have it to scrolling now. The
question is who's going to keep up with the updates
of this girl?
Speaker 1 (33:04):
Oh the guys when they're when they're here, I'm probably
gonna play producer for them. But the way I have
it set up is all they've got to do is
type in the name and hit save and it should
automatically update on them. So we're gonna have a couple
of things here there. Yeah, it's not it's not too
crazy to do it with the system we have here.
(33:27):
It's just once you start adding more things for the
host to do. But luckily it will be a team effort.
Speaker 7 (33:37):
This is exciting actually, to be honest with you, they'll
cover the draft w r BAN. I think it's very exciting.
And uh, it's the first time that I actually don't
have to watch it on TV. I actually am going
to listen to it on the radio. Yeah, and YouTube.
I'm gonna watch Marcus on the YouTube exactly.
Speaker 1 (33:52):
Come find us on the YouTube side of things. What
I'm thinking about doing too is getting them set up
and then maybe go with someplace down here and then
just maybe checking in with them through the live stream side.
Speaker 7 (34:07):
So, oh, you're going to Danny's to get one of
those one of those I thinks you talked about calzon.
Speaker 1 (34:12):
Oh my gosh, that calzone. I've been dreaming about that
things two weeks. Two weeks for that calzone that's there.
It's a perfect time to get another one. Hey Brendon,
it's good to see you there, Jeff. Happy Easter to
you as well, and thank you mister T's for being here.
Appreciate it.
Speaker 8 (34:29):
No problem.
Speaker 7 (34:30):
One little quick question, ye with the forefathers texting you
in your in your portal, What are what are the
plans that they want us to do for our two
hundred and fiftieth celebration for our independa state.
Speaker 1 (34:45):
Well, I'm gonna have to ask him, Yeah, I.
Speaker 7 (34:48):
Mean, what do you think we should do? Because I'm
not going to be here probably for the three odds.
Speaker 1 (34:55):
For the next two fifty Yeah, because I'll.
Speaker 7 (34:58):
Probably be like one hundred and thirty n years old,
that's true, and it probably still collected sole security hopefully
by that.
Speaker 1 (35:06):
Well, I hope, I hope you and America are here
for the three hundredth anniversaries there.
Speaker 7 (35:13):
Well, yeah, I'll be here.
Speaker 1 (35:17):
That's okay. Today's technology we can we can build them,
make them stronger, faster, more powerful.
Speaker 2 (35:23):
You never do, I.
Speaker 7 (35:25):
Mean that that's my kids playing this PlayStation with his buddies.
Sorry for you, hear of yellick uh. Yeah, So that's a
good question to ask her. What do they think we
should do about our two hundred and fifty h celebration
of our independence? Because I'm excited about it.
Speaker 1 (35:41):
It's going to be great. Thanks for calling in, David,
No problems.
Speaker 7 (35:45):
Do you take care of a good show.
Speaker 1 (35:46):
Thank you sticking around. We are talking about the Federal
Reserve as well, and that does David does bring up
a good question. What would the federal founding father want
to do for celebration. We always look at them as
(36:06):
those stuck up type of idealists. They're flawed humans. Trust me,
travel back in time enough, you'll find it. But as
flawed humans in general, we have to rely on an
idealistic system. We have to put forward our best and
(36:32):
as a manual count put it the universal law. Remember
back in that age of enlightenment. Reason keep up. Rest
of us are on page fourteen. So constitutional legislative foundations
(36:53):
in the relationship of the Federal Reserve system. It was
created by Congress. The Federal Reserve was established by the
Federal Reserve Act of nineteen thirteen, passed by Congress and
signed into law by Wilson. Wilson emphasized the need for
(37:15):
independence in balance. The control must be public not private,
must be vested in the government itself, so that the
banks may be instruments not masters of business. Kind of
a little bit of Hamilton and Jefferson on that one.
(37:36):
And of course congressional oversight. Though independent, the Federal Reserve
is accountable to Congress. It reports semi annually through the
Monetary Policy Report and regular testimonies by the FED Chair
(37:57):
to the Senate Banking and House Financial Services Committees. Senator
Chris Dodd remarked during his twenty ten Dodd Frank hearings, quote,
transparency does not mean interference. But Congress must know what
(38:18):
the FED is doing with the public trust. And of
course we have judicial review. The judiciary, particularly the Supreme Court,
has limited involvement, but plays a role when legal disputes
involve the FED. The course of generally upheld the Fed's independence,
(38:44):
even on as far back as nineteen twenty three in
Melon versus Richmond County Board of Education, the Court upheld
the authority of Congress to delegate powers to entities like
the Federal Reserve so long as a quote as a
quote intelligible principle unquote guides them. And it's always been
(39:14):
a sticky situation between the FED and the executive branch because,
like most things the federal side of things, the executive
(39:35):
appoints and then Congress puts them in. Intended for the independence,
the Federal Reserve was designated to operate independently of the
executive to prevent short term political pressures from influencing long
(39:57):
term monetary policy. Ben Bernank noted, a central bank should
be free to pursue its objectives without political interfearance. Sounds
a lot like what Greenspan said. And so when we
(40:27):
talk about the independence of all of these different systems,
we also take in former chair Paul Fullicker. Sure I'm
(40:47):
mispronouncing that independence does not mean lack of accountability. Seems
like these guys all read the same book, Alan Greenspan.
Independence from political pressure is critical for effectiveness of monetary policy.
(41:16):
Presidential appointments the president appoints the seven members of the
Board of Governors, including the chair and Vice Chair, subject
to the Senate confirmation. Terms are staggered by fourteen years
to reduce political influence. I know, I don't like to
(41:40):
do math on the air, but think about it. Four
year terms times two, that's eight fourteen years is supposed
to go through at least a minimum of two presidencies.
(42:04):
A central bank should be free to pursue its objectives
without political interfearance. Independence from political pressure is critical to
the effectiveness of monetary policy. I didn't say that that's
BURNANKI in green span. Despite this, the president cannot remove
(42:30):
a governor based on policy disagreements. Like most of the
things in which the federal government fires people for cannot
be through political things. It has to be incompetence. It
has to be I don't know, not understanding your job
(42:55):
enough to send multiple messages breaking secure already clearances. The
interaction with the Treasury and the administration. While separate, the
FED coordinates with the US Treasury, especially in times of crisis.
(43:19):
During the two thousand and eight financial crisis, FED Chair
Bernanke and Treasury Secretary Henry Paulson worked closely. Paulson had
later wrote, we knew that without the Fed's tools, our
ability to respond would be severely constrained. Let's talk about
(43:49):
the one hundred years plus we have of the federal
government and the relation of the Federal Reserve. After we
take this call, Hello caller, welcome aboard eight four seven
nine three fourteen ten. Somebody else wants to hop in.
Who is this? Hello?
Speaker 8 (44:06):
This is the Dutchman.
Speaker 1 (44:07):
Hey, Dutchman, how are you, buddy?
Speaker 8 (44:09):
Okay? I hope you had a good Easter there.
Speaker 1 (44:11):
I hope you did too, Man.
Speaker 8 (44:13):
I was Okay, it was a low key so it
seems like a.
Speaker 1 (44:17):
Lot of people are doing that.
Speaker 8 (44:19):
Yeah, well, most of my parents are my my both
my wife's and my parents are dead, but they got
my two brothers, but they're out west and and I
just spent the day with my neighbors and I had
a good time and playing with the kids they have,
and stuff was sold anyway, Yeah, I was kind of
you know, it's you know, when you're talking about all
(44:42):
this stuff, it's kind of depressing and sorry, and I'll
tell you, well, no, it's.
Speaker 1 (44:47):
Your job, but my job to depress you. I understand that. No.
Speaker 8 (44:52):
You you bring up a lot of good points. Here's
the problem though, and I don't know if you see
it this way or not like I do, but modern
time times, it's hard to fit in the Constitution and
all that, you know, with modern times, and you're talking
about the federal government and they don't keep track of
(45:13):
what they're spending. You know this, and most people, I
think understand the way the financial situation is. Anyway, they
have so many things that they spend money on. And
I've done research on this in the past. There's things
on top of things in one division just in one
department that they spend money on that they don't need.
(45:34):
It's repetitive, you know. So when you bring up the fact,
you know, they need to answer us on what you
can and you can't do. Unfortunately, because it's a nation thing,
nationwide and it's not local, I don't think many people
(45:57):
really understand the gmmification to some of this stuff. I mean,
I'm on solid security and Medicare and all that, you know,
and there's other people that are on Medicaid and so
forth and so on, and then you've got your steps
and your iras and stuff. You know. The way that
the stock market's going down, we're all gonna lose. We're
(46:20):
all losing a big bundle if you have any kind
of stocks or anything that has that's tied to a
stock market. And to me, how you gonna how you're
gonna regulate the regulators because you talk about this all
the time, but they're the ones that make the laws,
and you know darn well that they're not gonna. They're
(46:42):
not gonna agree with you know, most of the nation.
They're gonna Why would you cut the hand that feed you.
It's like ye, but I mean you you I've said
this before, but and I'll say it again. The problem
is we have to regulate, into my opinion, the politicians.
(47:02):
You can only make so much a year, you can
only do so many things that campaign finance, term limits,
and to me, that's the two biggest issues. And I
think if we had those in place, maybe some of
this stuff would not happen. I don't know, maybe it
would tell me if I'm wrong or not.
Speaker 1 (47:22):
No, I don't think you're No, I don't think you're
wrong at all. By the way, Brendan says high as well.
Speaker 8 (47:29):
Hi, Brendan, you're loyal listener to Brendan, he listens all
the time.
Speaker 1 (47:33):
I appreciate that we want to make sure that we
give them the shout out when they when they have
so I think, and this isn't a this isn't a
slight against anybody who came before me. But I think
for at least the past forty years, if not longer,
(47:54):
and I'm part of that, I've been part of that
voting block for at least two decades now. I think
for the past forty years, we've all decided that CIVICS
was for nerds, and we decided that Yep, that's the
way Pappy has always voted, and the family votes this way,
(48:16):
and it's just been passed down and passed down, I
mean almost stronger than some religions have been passed down.
And I think we've all kind of said, oh, okay, Well,
as long as they say they're from this team, I
think we're okay with it. And we've never held we've
never held the politicians to account. Now we can eventually say, okay,
(48:39):
the system should help hold the politicians to account, et cetera,
et cetera. But the first check on all of the
politicians is us. And if we don't do the research
and we don't understand what the system does, then there's
no way we can regulate any of the politicians.
Speaker 8 (49:01):
Yeah, you know, like you're talking about earlier Ran Paul,
And at first years ago, I used to think him
and his dad were a little off kilter, but they
are Now I understand more what he's talking about and
why he does what he does, and I think we
need I think both parties need to have people like
(49:22):
that where you know, I mean Barty. To me, voting
along party lines stinks. It needs to be it needs
to be fair and balanced and more common sense and
not deal with party issues.
Speaker 1 (49:38):
What's part of that state and forget it culture. If
I look, if I set it, turned the dial to
Republican or turned the dial to Democrat, that's all I
have to do. Done, came over, set it and forget it.
Government works. And I think we have taken kind of
a step back over the last take forty or fifty years,
(50:00):
where we just decided, yeah, you know what, that's what
we'll do. We'll just set it there. I won't have
to understand how the monetary system works. I won't have
to understand why we even have an EPA. I won't
understand how to do anything. And the government leaned into that.
They said, well, okay, my bosses don't understand what I'm doing,
and I won't even teach them. I won't. I won't
(50:23):
even let the Department of Education even be successful in
teaching them what this does. And so what ended up
happening is we all just started to default our policies
to whatever whoever made us feel warm and fuzzy, and
we're reaping the benefits of that now.
Speaker 8 (50:44):
Dot you I know, I know, and it's it's ridiculous.
It's ridiculous, and I feel sorry for you guys more
than I do me because I figure I got like ten,
maybe maybe fifteen years more of my life. But I
you know, I'm very earned about the younger generation too.
They I don't think they understand. See, you're the first
(51:05):
person I've talked to in your age group that actually
understands the way things work. It's like some of the
people that I've talked to that in your age group
don't care.
Speaker 1 (51:15):
You know.
Speaker 8 (51:15):
They they're they're busy playing video games or something.
Speaker 1 (51:18):
Why care? Changes? Why care?
Speaker 8 (51:22):
But here's the thing though, if you if you listen
to the talking hands on the news, they're always talking.
If you know when the protest half those people don't
even know what they're talking to protest about. They just
put So this.
Speaker 1 (51:35):
Is my point for the day. As as we're leaving here, Dot,
you've brought it up perfectly.
Speaker 8 (51:40):
I'm gonna I'm gonna get off so you can finish.
Speaker 1 (51:42):
I appreciate it.
Speaker 8 (51:42):
You're always doing a good job, buddy, hanging in and there.
On one of these days, I'll show up over there
and I'll give you a copy. Now that I can walk.
Speaker 1 (51:49):
Oh yeah, now that you're back. I appreciate that. Thanks Dutchman.
Speaker 8 (51:52):
Have a great day you too, See you later, buddy.
Speaker 1 (51:56):
And that's my point. There is the protest walking in
the streets, but not a hat, but not a mask,
waving a sign. That's all great protests that are out there,
great visibility. You want to disrupt the system. Understand the
banking system, and understand that if you take your five
(52:19):
hundred dollars, if we all take our five hundred dollars
out of the banking system, it hits every single facet.
A political talk show will be back tomorrow. Stick around
more WRMN.
Speaker 9 (52:39):
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Your hometown radio station. Since nineteen forty nine, we are
WRMN AM fourteen ten, Elgin Time
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