Federal Reserve in Washington, DC. By Dan SmithRdsmith4 (Own workOwn work) [CC-BY-SA-2.5 (http://creativecommons.org/licenses/by-sa/2.5)], via Wikimedia Commons
December marks the 100th anniversary of the adoption of the Federal Reserve Act, creating the United States’ central banking system. The Federal Reserve System is the most recent and longest lasting “bank” established by the federal government; the debate over the validity and wisdom of such an institution predates the Constitution. The Supreme Court unanimously affirmed the Constitutionality of federal banking in McCulloch v. Maryland (1819) invoking the doctrine of implied powers and reasoning that to be ‘necessary and proper’ the Second Bank of the US needed only to be useful in helping the government meet its responsibilities in maintaining the public credit and regulating the money supply.
As Washington continues to grapple with the federal deficit, budget and other issues, the role of the Federal Reserve will continue to be discussed—which might not be so healthy for a centenarian.
Brief Thoughts:
RT @brian_mansfield How big was Charley Pride in his day?
Through 1975, Pride had more gold albums than Johnny Cash. And Haggard. And Dolly. And Loretta. And Buck . And Conway. And Jones.
Actually, Charley Pride had more gold albums than all of those artists COMBINED.
#RIPCharleyPride
RT @ClayTravis Watch this video of an LA bar owner that perfectly crystallizes the absurdity of California’s absurd and ridiculous shutdown rules. pic.twitter.com/EHPw…
