Your Bad Credit is Not the Fed's Fault, Lady

I would like to point out here that the Fed is guilty of a multitude of sins. You blowing your credit score by a few points because you didn't read the fine print is not one of them.

Vitriol? More like venom. So when you read too far into those consumer confidence numbers, just remember this is your consumer. Bah.

The backstory for this charming early 2000s tale is that this person is pissed off at Capital One for messing with her credit score by not informing her about "credit limits." Richmond is then pulled into the melee because somehow it's the regulators' fault that she maxed out and "these people should burn in hell." Outrage, when inappropriately applied, cannot possibly lead to anything good.

Somehow it's appropriate to threaten suicide to get things accomplished:

If [ex Richmond Fed Counsel] Mr. McAfee doesn't at least take some action to get Capital One to report the limits now, he can just wait for some attorney to hold him personally liable for a suicide due to financial and credit problems. He's definitely not going to be able to claim that he didn't know.

Classy move.

My favorite line, naturally, is "I'm still not clear on the status of the FRB, are they a federal agency?" To the author of the post: if you need help on fixing your credit, I am not your girl. But if you'd like a quick explanation of federal agencies (or specifically, which ones are not), I'd be happy to enlighten you.

Apparently the official FRB line goes like this:

While together the Board and the FRBs comprise the Federal Reserve System, they have independent mandates and responsibilities. The Board is a federal agency tasked with, inter alia, supervising or regulating the operations of the FRBs, reviewing and approving changes to interests rates charged by the FRBs and overseeing loans among and by the FRBs. Id. At 4; see also 12 U.S.C. § 248. An additional component of the Federal Reserve System is the Federal Open Market Committee (“FOMC”), a separate governmental agency that shares offices with the Board. See 12 U.S.C. § 263. … The FRBs , on the other hand, are semi-autonomous institutions with private funding and independent corporate structures. [some anon who may be familiar with the matter gave me that gem and I hereby recycle it for your reading pleasure]

So one needs to define "FRB" and ironically the ones with the FRB emails are *not* of the same breed as the FRB and I'm guessing the author unintentionally misspoke when referring to Richmond. It's all in the definitions! Which quasi-governmental agency are you referring to? Pfft. It's all a sham.

For an update on what may be Richmond's fault, I direct your attention to the Richmond Times-Dispatch. The comments, that is. Sure, someone's got a bone to pick but we here at Jr Deputy Accountant wholeheartedly support picking bones, legal or otherwise.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.


David said...

Chinese wall, anyone?