You asked what the job of the fed is. No one answered you, so I went and cribbed off of them:
They haven't done such a great job in certain areas, and I think that our last chairman admitted that to congress.Today, the Federal Reserve’s duties fall into four general areas:
•conducting the nation’s monetary policy by influencing the monetary and credit conditions in the economy in pursuit of maximum employment, stable prices, and moderate long-term interest rates
•supervising and regulating banking institutions to ensure the safety and soundness of the nation’s banking and financial system and to protect the credit rights of consumers
•maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
•providing financial services to depository institutions, the U.S. government, and foreign official institutions, including playing a major role in operating the nation’s payments system
For the fools that think that the risk right now is inflation, I wonder what they think of this curve? It's a trace of Japan's fall into deflation with the US situation superimposed over it. Glenn Beck and Sara Palin are dangerous. Sambo, your title says thank God our system protects us from idiots. I'm not as sure about that as you seem to be. How much you wanna bet that Sara Palin will be our next president? How about a nice dinner? I'll be happy to buy if I'm wrong.