Jeremy(@jeremyct):My boomer dad thinks the Federal Reserve is just a government bank that helps regular people. I told him the Fed is a private institution owned by member banks. That its primary mandate is price stability not full employment. That every rate hike that made his savings account look better made someone else’s mortgage impossible. He said that sounds like a conspiracy theory. I showed him the Fed’s own website. He said he’d have to look into it. Then turned on the news. Which is owned by the same people who own the banks.

2026.07.03 19:32

My boomer dad thinks the Federal Reserve is just a government bank that helps regular people. I told him the Fed is a private institution owned by member banks. That its primary mandate is price stability not full employment. That every rate hike that made his savings account look better made someone else’s mortgage impossible. He said that sounds like a conspiracy theory. I showed him the Fed’s own website. He said he’d have to look into it. Then turned on the news. Which is owned by the same people who own the banks.