US gutted for private profit

"Bush proposes financial regulation overhaul: the proposal would designate the Fed as the primary regulator of market stability, greatly expanding the central bank's ability to examine not just commercial banks but all segments of the financial services industry."


Hey, I'm no financial wizard but this makes me wonder. The Federal Reserve Bank is a private company. As they say, it's about as "federal" as Federal Express.

I get it that everybody wants to avoid Great Depression II (the sequel). But I don't understand how siphoning off US wealth into the hands of a private, for-profit corporation is going to do that.