Fed has too much power

Is it just me, or does something seem wrong about this? The Federal Reserve is a private corporation owned by the largest banks in the country, like J.P. Morgan. They are in no way a part of the federal government, but they print money at their own discretion and loan it out at any interest rate they see fit. Sen. Bernie Sanders (I-Vt.) says the chairman of the Federal Reserve told him they gave $2 trillion to the banks, aside from the TARP money from the Treasury. The senator asked where all that money went to, but the chairman couldn’t say, because it could be bad for the banks if that information was released.

In short, the banks who own the Federal Reserve were loaned $2 trillion at near-zero interest by the Federal Reserve, and even a U.S. senator has no right to know where the money went. Dare I even mention the banks charging up to 29 percent interest on credit card loans that cost them less than 1 percent? That’s over 28 percent interest on money effectively printed up in the basement.

What’s wrong with this picture?

Stanley J. Waltz Jr.

Spokane