02-06-2011, 06:06 AM
This Saxon interview is pretty interesting.
First of all, he was Kennedy's appointee in 1961.
Second, Saxon was trying to encourage banks to lend more, and different types of loans, like farm loans. Good quote: "Banks ought to be out working with all sorts of businesses, with industry with farmers, finding ways to be helpful. Many haven't been doing it."
"..it comes down to who is going to allocate the credit of the country."
"I just say that is the past, this office has been excessive in its regulation of banking. So has the Federal Reserve Board."
"I think there's a basic difference in the philosophy of government here. The Federal Reserve Board is more control minded than we are. I think their controls are far too tight."
Here is a real interesting exchange:
Q: Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for releasing some of the rules on banking?
A: No I wasn't. I'll tell you why. THe Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. THese include some of the country's big State banks, like the Chas Manhattan of New York, which are plainly apprehensive of the growth in competetive capacity of the national bankign system.
Q: Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?
A: Yes, that is exactly what I think. Membership in the System ought to be voluntary for national banks. as it is for state banks.
Towards the end, he is asked about the support he is getting from the White Hose in his reform efforts. He says he is satisfied with the support he has gotten.
All in all, this gives us one of the best views we have had as to JFK and the Federal Reserve. Not only did Kennedy issue the edict to print money from the Treasury directly, but in Saxon he was trying to loosen the grip the Fed had over individual banks, and a guy who actually wanted to make membership in the Fed voluntary instead of mandatory. Which would further weaken the power of the Fed System.
Really glad someone found this. Now we have to find the writings of Nossiter on this subject.
First of all, he was Kennedy's appointee in 1961.
Second, Saxon was trying to encourage banks to lend more, and different types of loans, like farm loans. Good quote: "Banks ought to be out working with all sorts of businesses, with industry with farmers, finding ways to be helpful. Many haven't been doing it."
"..it comes down to who is going to allocate the credit of the country."
"I just say that is the past, this office has been excessive in its regulation of banking. So has the Federal Reserve Board."
"I think there's a basic difference in the philosophy of government here. The Federal Reserve Board is more control minded than we are. I think their controls are far too tight."
Here is a real interesting exchange:
Q: Were you surprised when the Federal Reserve Board came out vigorously in opposition to the bills you proposed to Congress for releasing some of the rules on banking?
A: No I wasn't. I'll tell you why. THe Federal Reserve Board is the principal regulatory spokesman and champion of the State banks. THese include some of the country's big State banks, like the Chas Manhattan of New York, which are plainly apprehensive of the growth in competetive capacity of the national bankign system.
Q: Do you think the Federal Reserve System as it now exists ought to be updated, or overhauled?
A: Yes, that is exactly what I think. Membership in the System ought to be voluntary for national banks. as it is for state banks.
Towards the end, he is asked about the support he is getting from the White Hose in his reform efforts. He says he is satisfied with the support he has gotten.
All in all, this gives us one of the best views we have had as to JFK and the Federal Reserve. Not only did Kennedy issue the edict to print money from the Treasury directly, but in Saxon he was trying to loosen the grip the Fed had over individual banks, and a guy who actually wanted to make membership in the Fed voluntary instead of mandatory. Which would further weaken the power of the Fed System.
Really glad someone found this. Now we have to find the writings of Nossiter on this subject.