Facebook & the fed

October 23, 2016 11:00 AM
In August the Federal Reserve created a Facebook page to promote its operations and teach Americans about how the central bank works.

In August the Federal Reserve created a Facebook page to promote its operations and teach Americans about how the central bank works. 

The central bank used the Facebook page to release a series of public statements. They included pictures of the central bank and some of the members. They announced and promoted the speeches of members of the Federal Open Market Committee.

But the bank’s popularity with opponents was quickly on display. 

According to Gallup, just 38% of Americans said that the Federal Reserve has done a good or excellent job during a 2014 poll. Meanwhile, 14% of Americans said that the central bank was doing a poor job. The Fed had a net-positive rating of 24 percentage points. This level was roughly half below its 2003 approval level. 

It didn’t take very long before the critics and trolls hammered the central bank. 

“Can you guys please help me get some of that QE? I’m trying to buy 16 cars, four houses, two jets and a yacht,” one Facebook user wrote. “I swear it will stimulate the economy. I’ll spend it all and cycle it back. I know velocity needs to pick up so I’ll make sure to pay lots of models to live in my houses and travel with me. Thanks Fed! You are such a moral and upstanding institution!”

And when the Fed posted a statement titled “Who owns the Federal Reserve system?”

This was one of the top responses: “Tell me more about the private meeting on Jekyll Island and the plans for public prosperity that some of the world’s richest and most powerful bankers made in secret, please.” 

Here’s a snapshot of other Fed posts and the vitriol thrown at the Federal Reserve:

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