Some food for thought following the Federal Reserve’s handling of events leading up to the 2008-09 Financial Crisis and its aftermath: Why  have American lawmakers and policymakers never taken Louis McFadden’s rebuke of the Fed in 1932 to heart? The corrupt Fed of 2008-09 is indistinguishable from the 1932 Fed that Louis McFadden describes below:

“Mr. Chairman, we have in this Country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the Fed. The Fed has cheated the Government of these United States and the people of the United States out of enough money to pay the Nation’s debt. The depredations and iniquities of the Fed has cost enough money to pay the National debt several times over… This evil institution has impoverished and ruined the people of these United States, has bankrupted itself, and has practically bankrupted our Government. It has done this through the defects of the law under which it operates, through the maladministration of that law by the Fed and through the corrupt practices of the moneyed vultures who control it.”

Rep. Louis T. McFadden (D-PA)
Chairman
Committee on Banking & Currency
US House of Representatives
Congressional Record/Page 12595
1932