By Emily Flitter, USA TODAYThe Federal Reserve is known for making the world go ’round, but that is no longer the case.
The central bank is getting blamed for the economic collapse that led to the U.S. defaulting on its debt in 2010.
But that’s not what the Federal Deposit Insurance Corp. (FDIC) says.FDIC chief Ben S. Bernanke says the Fed “acted with due care and thoughtfulness” to help prevent the Great Recession.
He also said the FDIC will continue to be a watchdog and “not be viewed as an advocate for the private sector or the Fed.”
But what happens when the Fed is no more?
Why are Americans so unhappy with the Fed?
The Federal Reserve was created in 1913 and has been operating for nearly half a century.
But how does the Federal Open Market Committee, the central bank, function?
And how does it work to prevent an economic collapse?
Read more at thetopnews.com.