Many think that the Federal Reserve, is a Federal Bank, which it is not. It is considered a quasi enterprise. I would like to take a moment and address the ownership of The Federal Reserve, and speak about how members of this bank often move into: The World Bank, the IMF, and the US Treasury Department. Further, I will explore how these ties influence banking policy.
The Federal Reserve Bank has ties to many banks to include: The London Bank (Rothschilds), JP Morgan, Lehman Brothers, Chase Bank among others. See a complete list provide by the link below.
Paul Volkner is on President Obama's economic team as the "Economic Advisor" and his former ties to both The Federal Reserve and Chase. http://www.ny.frb.org/aboutthefed/PVolckerbio.html
" became president on August 1, 1975, at the age of 47. As president, he also served as vice chairman of the FOMC. Previously he served in a variety of positions with the Treasury, Chase Manhattan Bank, and the New York Fed."
Also on Obamas team we have Larry Summers, who was tapped as the "Head of the Economic Council" and worked for The World Bank. It is important to note that among his bragging rights, in accordance to his bio are that his: "work with the International Monetary Fund contributed to a more effective surveillance of financial vulnerabilities, greater transparency in the international financial system, the introduction of new lending facilities to deal with capital account crises, and improvements in IMB lending practices". http://www.ustreas.gov/education/history/secretaries/lhsummers.shtml
We also have the now famed, Timothy Geithner, who was tapped as the "Treasury Sectary". He also served as the President of The Federal Reserve Bank, and also worked closely with Mr. Summers prior to his appointment in the Treasury department.
As a point of interest, he also has ties with the IMF (from his bio) "He was director of the Policy Development and Review Department at the International Monetary Fund from 2001 until 2003. Before joining the Treasury, Mr. Geithner worked for Kissinger Associates, Inc". http://www.ny.frb.org/aboutthefed/orgchart/geithner.html
If you are starting to see a "boys club" emerge from these ties, than you may want to consider that this has been the norm in the US for generations, and that this is not an policy tied exclusively to President Obama. The clearly defined fundamental pattern that is emerging, is one of "musical chairs". We have the rise of a few powerful men, within banking, that maintain key powerful positions on a national and international front. These men are able to forge policy through these key positions. An important final note, one should watch where the men from the last administration land...I bet, like cats, it will be on their feet.