Letter: Federal Reserve not a watchdog

It was bound to happen sooner than later. The Federal Reserve has for six years been pumping money into the U.S. economy and keeping interest rates at or near zero, allowing big business, big stock speculators and the richest of the rich to profit by using cheap interest rate money to invest in the market. The over-bought stock market may have finally come to the realization that the cheap money supply is over and the reality of the stock market bubble has finally burst. Yes, there are some people who want to blame China, but without the Federal Reserve's manipulation of the U.S. economy, this downturn might have been just a bump in the road.

The Federal Reserve is neither federal nor is it a government entity. It is a private bank owned by private bankers whose sole purpose is to support and defend big business. It was never meant to be the watchdog or tool of the middle class. In fact, it has little influence on what banks and credit card companies actually charge we the people.

So if you really want your freedom back, if you really want to see what a free market economy looks like, we must be willing to demand the elimination of the Federal Reserve.

William N. Ressegue