Friday, September 19, 2008

in NEWSWEEK, Rokakis gets pithy about FRB

Callahan’s Cleveland Diary » Blog Archive » Newsweek: Rokakis saw what Greenspan didn’t -- One thing I noticed about the commentary spewing from some of the less accountable media this week was a muddling of the distinction between the Federal government and the Federal Reserve Bank (FRB). On his blog, Bill Callahan points to Newsweek and a pithy, trenchant quote about the FRB from Jim Rokakis:

“Here’s what I learned about the Fed: They do wonderful lunches. Their cafeteria is really good,” says Rokakis. “But the Federal Reserve Bank is not there to protect us. It’s there to protect the banks.”

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