Sie sind auf Seite 1von 1

MichaeI Patterson <sciengeer@gmaiI.

com>
Response to your e-maiI concerning: Board Members
1 message
FRB.MaiI@frb.gov <FRB.MaiI@frb.gov> Mon, Oct 18, 2010 at 9:50 AM
To: Michael Patterson <sciengeer@gmail.com>
Dear Mr. Patterson:
Thank you for your recent correspondence to the Federal Reserve Board. We appreciate your willingness to share
your views.
Sincerely,
JPD
Board Staff
Original Email Content:
Following is the original e-mail received:
First Name: Michael
Last Name: Patterson
E-Mail: sciengeer@gmail.com
Profession: Consulting Engineer ( BSChe)
Organization: Pine Creek Environmental Engineering
StreetAddress1: 6115 Fairlane Drive
StreetAddress2:
City: Clarence Center
State: NY
Country: US
Postal Code: 14032
Referring URL: http://www.federalreserve.gov/careers/addnfo.htm.
E-mail Content:
Federal Reserve Board Members, have the advantage of not being an Economist. This gives a me better
perspective on why our economy is like a defective freight train that is starting to jump the tracks. The Federal
Reserve Monetary Act Policy Objectives require the Federal Reserve to promote maximum employment, i.e create
jobs. This premise in inherently absurd -- Banks do not create jobs nor do they create savings -- Banks create Debt.
Human beings are the only species that can create Debt, and Banks are supposed to be preferable to loan sharks.
Banks are worse than loan sharks when they use Hidden Debt. Politicians are evil when they use Hidden Debt to
create jobs in order to sustain their Political careers. Economists are incompetent when they fail to account for
Hidden Debt when evaluating GDP. For example, the OMB evaluates " Federal Debt owned by the Public" but
apparently believes that our substantial "Trust Fund Federal Debt" is not important. Politicians create Hidden Debt
by appointing Fed Chairman who are willing to use Hidden Debt, a.k.a.our Federal Debt. Politicians create Hidden
Debt by creating Freddie Mae and Freddie Mac to act as insurers of Toxic Loans. Politicians create Hidden Debt by
deregulating Debt Default Swaps ( refuse to call these Credit Default Swaps). Politicians create Hidden Debt by
allowing Wall Street Banks to give toxic Loans an AAA rating. Politicians create Hidden Debt by allowing unregulated
businesses to write mortgage loans. Politicians create Hidden Debt when they convert Trust Fund cash into Federal
Debt. am hopeful that before this year is out Ben Bernanke develops enough courage to tell the evil Politicians on
the Senate Banking Committee to grab their Precious Little Political Careers and stuff them where " the sun don''t
shine". Mike Patterson 6115 Fairlane Drive Clarence Center, NY 14032
Gmail - Response to your e-mail concerning: Board Members https://mail.google.com/mail/?ui2&ik01298ddea1&viewpt&searcha...
1 oI 2 12/29/2010 11:12 AM

Das könnte Ihnen auch gefallen