While testing stations, I bumped into Ed Wallace who does a program on KLIF-AM in Dallas/Fort Worth Texas about cars. I’m pretty sure he used to do a show on WLS-AM in Chicago.
One of the regular testers had mentioned a couple years ago that the show is very interesting and informative, unlike most of what is on weekend radio. Part of why I wasn’t highly motivated to listen is that I’m not a “car nut” who believes “you are what you drive”. To me, a car is what gets you from place to place, hopefully safely without breaking down at a reasonable cost.
Ed was talking about the oil business this morning – about events in drilling off the shore of Cuba, how South Korea is increasing its imports of oil from Iran, how Iraq has made the terms so unacceptable for oil exploration that every oil company refused to make any bid at all on most of their recent leases. All interesting stuff, at least to me – and not likely to be on Fox News.
Then he got into the connections between Wall Street, the government and the Federal Reserve. He started discussing the father of Charles Lindbergh who was in Congress and supported a committee in 1912 to investigate what was going on with the banking system, The central concern was that the private banking system was very unstable and JP Morgan held an incredible amount of power over the other banks and the increasingly important New York Stock Exchange. It’s not a coincidence that JP Morgan’s building was right across Wall Street from the NYSE.
The Pujo Commission’s report laid the justification for taking action to dissipate this power over banking and finance and place it into the Federal Reserve System.
It turns out the Saint Louis Federal Reserve bank has all 2200+ pages online
http://fraser.stlouisfed.org/publication/?pid=80
As Glenn Beck likes to point out, there is nothing as reliable as going to actual source documents, what someone else wrote about the source documents. It’s dry reading and likely will just lead you down paths to find out other things you didn’t know about American History, but if you want to understand why the Federal Reserve was created and by whom, this is the place to start, not a Ron Paul web site.
If you want only the 250 page summary, that’s here:
http://fraser.stlouisfed.org/docs/historical/house/money_trust/montru_report.pdf
Expect that Mitt Romney and Bain Capital will continue to be tossed back and forth between now and the election, with every party having their own definition of that “Capitalism” is, whether Bain Capital was actually involved in Capitalism, and whether Capitalism is actually a good thing for America.