Professor Elam

Two outsiders are winning converts to audit the FED, their bill passed the committee despite opposition from the FED itself and Barney Frank, no surprises there. The US has had three central Banks. Andrew Jackson helped kill the first one. Congress did not renew the Charter for the second. This one the FED was created in 1913 after the Panic of 1907. It has failed to prevent the Panics of 1929, 1937, 1957, 1972, 1987, 2002, 2007-8, quite a record eh?