Yesterday, there were several spots on "talk radio" about the Federal Reserve's earnings. None of the pundits I heard mentioned that the numbers were the result of outside calculations based on public documents. The Fed’s official annual report has yet to be released.
Now, I admit I listen to talk radio. I sometimes need a laugh, and it's one of the best indicators of the need for economic education - and that goes for both sides of the political spectrum. But, I was amused and appalled by what I heard: amused by the overblown hysteria, appalled by the total lack of understanding and factual knowledge of how the Fed works.
Anyway, here is a story from The Washington Post that puts things in a better perspective. Although, I suspect it was the story that kicked off the whole kerfuffle. It points out that the money the Fed earns, after expenses, goes to the U.S. Treasury
Anyway, just one more example of why we need economic education. I welcome your comments.