Federal Reserve System - A system failing in it's fuducary responsibilities.

http://www.federalreserve.gov/pf/pf.htm

Check out this link and just read the first couple of pages in the "Monetary Policy and Economy" section. It reads like:

"The Federal Reserve sets the nation’s monetary policy to promote the objectives of maximum employment, stable prices, and moderate long-term interest rates. The challenge for policy makers is that tensions among the goals can arise in the short run and that information about the economy becomes available only with a lag and may be imperfect."

Now the FEDS can blame all our problems on a "lagging information system". The smartest guy in the room just left. I think you will agree that "failure" would be an understatement.