A “Fedster” (or “fedster”) is someone who works for or supports the Federal Reserve System (nicknamed “the Fed”). The term “Fedster” is often used disparagingly, like the terms “bankster” (bank + gangster) and “shyster.”
“Fedster” can also mean someone in the federal government (and not necessarily the Federal Reserve System). “Uncle Fedster” (an Uncle Sam figure) has been cited in print since at least 1998. “Fedster” (with the Federal Reserve meaning) has been cited in print since at least 2002.
Wikipedia: Federal Reserve System
The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system. Its duties today, according to official Federal Reserve documentation, are to conduct the nation’s monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The Federal Reserve System’s structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils. The FOMC is the committee responsible for setting monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time. The responsibilities of the central bank are divided into several separate and independent parts, some private and some public. The result is a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.
Google Groups: alt.fan.dan-quayle
Newsgroups: alt.fan.dan-quayle, alt.society.liberalism, talk.politics.misc
Date: 6 Apr 2002 11:15:11 -0800
Local: Sat, Apr 6 2002 3:15 pm
Subject: This is a “recovery”?
Yet Fed cheeses William Poole and Alfred Broaddus, in separate appearances, both affirmed the recovery is right on track. “When unemployment gets down below 5.0%,” says fellow Fedster, Fred McTeer, “then…I might be more willing to go with a preemptive policy [of rate hikes].”
With a pfffffffft or a fizzle
The air is coming out of America’s property-price bubble. Will it pop or go quietly?
Nov 8th 2005
So it all comes back to interest rates, and to how determined the central bank is to keep raising them until house prices retreat. Alan Greenspan clearly has housing “froth” in his sights, but his designated successor, Ben Bernanke, may be made of different stuff. In any event, the housing market reacts to monetary tightening after a lag of one to two years, it seems, so the temptation will be to overshoot. In which case the Fedsters will bring down house prices and the economy itself not with a whimper but a bang.
Doug Henwood Talks
Fedster warns on risky housing loans
Fed’s Bies warns on mortgage, real estate lending Thu Feb 2 (2006), 10:16 AM ET
WASHINGTON (Reuters) - Regulators are concerned about heavy commercial real estate exposures and risky mortgage lending practices at U.S. banks, Federal Reserve Board Governor Susan Bies said on Thursday.
Bond Watch: Another Fedster Resigns
Fri Feb 9, 2007 5:05am EST
Fed Gov Bies will resign as of Mar 30. Govs are perpetual FOMC voters, & has not dissented since her appointment in late 01.
Saturday, December 20, 2008
The Fedsters Belong in Jail
Wall Street Journal
March 29, 2011, 5:10 PM ET
Dollar Showing a Little Juice as Some Fedsters Get Hawkish
By Erin McCarthy
The dollar advanced against some rivals, though it slipped against the euro Tuesday, after a drumbeat of Federal Reserve members threw their support behind an end to quantitative easing.
Ron Paul Grills the Fedsters
Posted by Lew Rockwell on June 1, 2011 10:22 PM
New York City • Banking/Finance/Insurance • Saturday, June 25, 2011 • Permalink