SECOND Film Review - Abraham Dweck Prof Holland BE/BF 304 2...

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Abraham Dweck 11/28/08 Prof. Holland BE/BF 304 2 ND Film Review The Federal Reserve has many responsibilities in today’s world. However, these responsibilities were not always so clear to them or to the government. Each Federal chairman had his own theories on what was the best way to attack a problem in the economy; unfortunately they weren’t always right which led to recessions/economic downturns. The Federal Reserve in some ways can be seen like Dr. Bremmer says as a creature of Congress, due to the fact that any decisions they would like to make Congress must approve. Also, they are held to what monetary policies Congress seems fit, such as, how much money they can use and what tax breaks are available and to whom. There are many grumblings over how presidents criticized the Fed’s policies, like Alan Greenspan in his autobiography “The Age of Turbulence”. In it he says that when President H.W. Bush publicly criticized the Fed, it shows a lack of creditability in their policies which ultimately led to people not believing in them which led to hard economic times. On the other
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