Money Gods Demystifying the Fed

Will the U.S. economy withstand the shock of the Black Monday stock-market crash, or will it slide into a prolonged recession? The answer will depend on the actions of consumers, companies, the President and Congress -- but perhaps most of all on the policies of the Federal Reserve Board. By controlling the nation's money supply, the Fed can willfully -- or often inadvertently -- speed up the economy or slow it down. Though the chairman and the six other Federal Reserve governors are appointed by the President, they become all- powerful financial gods once they get on the board, and their...

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