[shachar]

Fed doesn't have authority to regulate jack. Fed is a private organization, set up by banks in the '30s to self-regulate themselves, presumably to stave off the government descending on this industry and regulating it to the ground. I still don't understand why they weren't disbanded in 2008.

[Cless]

The Fed was set up a couple of decades before the '30s.

[logfromblammo]

1913, I believe. Jekyll Island. Look it up if it interests you.

[maxerickson]

http://en.wikipedia.org/wiki/Federal_Reserve_Act

Will you read it?