"Disinterested government official" Is there such a thing? Let's ask all the special interests groups and lobbyists roaming Washington with their pockets full of money and their mouths full of lies on the prowl for disinterested government officials. Wilson was approached and assisted into office by special interest groups just so he could indeed could pass the Federal Reserve Bill. In his later years, Wilson expressed regret at his folly. Too late for most American's. The special interests groups that bankrolled his winning campaign also made the margin calls that brought about financial panic and collapsed the banks that did not join the Federal Reserve. Throughout our history, from banks charging of interest, the gold standard, then off the gold standard, to credit card companies writing their own rules and regulating themselves, all brought about by special interest groups using political puppets. Using money to control a government or a people is standard practise. Read the NY Times The Ripples of Punishing One Bank. July 3, 2007. Never forget, the Bush's and Cheney's. They and their ilk will never lose money. They will grow it, off our blood, sweat, and tears. There are no "disinterested government officials".

To Mr. Sowell,
Read your column frequently and enjoy them muchly.
One thing few Americans are aware of and this includes members of Congress, the fact that the Federal Reserve is a misnomer. This title was given to the Private Banks in this country in 1913 when Congress violating the Constitution, created the Federal Reserve Act. The Federal Reserve is neither Federal nor does it have any money in "Reserve" vaults as people might think. The "Reserve" has to do with the amount of available moneys required to be held back when a loan is made. Greenspan and Bernake are paid by the taxpayers (Greenspan's retirement..) but they do not take orders from either Congress or the President. They get their orders from the Private Banking System, which is tightly tied to the International Banking System. Congress should at least, sit in or be members of the Federal Open Market Committee as responsible and honest brokers.
Why should the private banking system in this country control productivity and who should get loans and who shouldn't?
The recent "Bail-out" of Bear Stearns had to do with the "Federal Reserve" sureptitiously taking over the Loan Industry, which they resent having been allowed in the first place. There are fewer regulations with these Loan Agencies and the hewn cry against the likes of Walmart wanting to get into the loan business.
The Federal Reserve has no qualms to ask the government for guarantees (Subsidy) as you will note, to support its so called "Rescue" of these loan industries. They are buying them up with OPM (Other People's Money---The Tax payer's..) Handing out Pork to those who don't qualify for loans (Perhaps this is legitimate and should be but the pressure came from extortionist demanding this from Congress..and was done with abandon without proper over-site!) and now the so-called "Federal Reserve," wants taxpayer's Pork to help straighten the mess out. Most of Congress members do not have a clue about the banking system so they will simply hand it out!!
The Sub-mortgages came from pressure to force these agencies to make precarious loans to people who would not normally qualify for loans. Without proper over-sight the loan sharks took big advantage and realty speculation buying on margin.
The Banking System did not hand out these loans because they have their own regulations to prevent this abuse, albeit they abuse in other ways i.e. Credit Cards and being more than what normal banks should be. They are involved in many more tricks other than Checking and Savings e.g. by selling mutual funds, insurance , financial advice and who knows what all...
The responsibility of Congress to control money in this country was put in the Constitution: Article I, Sec. 8, Part 5 reads: "Congress shall have the power to coin money and regulate the value therof; and of foreign coin." States are prohibited from exercising this power as well: Article I, Sec. 10, Cl. 1. Congress sold out!
The war between Congress and the Banking System has a long history going back to the Revolution and Congress (Illegally) gave up its responsibility with the National Bank Act (NBA)of 1863 and the Federal Reserve Act of 1913. They put the Fox in the hen-house.
Prior to the NBA, Lincoln encouraged Congress to print its own money (out-side of the banking system) to help pay for the Civil War. Congress did this and the "Debt Free" money saved this country $ billions and this money remained in the system as legal tender into the next century (1940' snd 50's..). Lincoln's "medling" was delt with of course, as was JFK's messing with the Banking System.
Perhaps Oliver Stone should revisit these assasinations, don't you think?