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> Blame the Fed for creating asset price inflation including stocks, housing, collectibles, etc.

Isn’t the FED just following government orders and isn’t the government elected by the people?

No. The FED is "supposed" to be independent from the government and do what it thinks is best. But over the past 20 years it feels like they have been increasingly politicized. I'm not sure to what extent it has modified their decision making though.

In theory, no. The Federal Reserve has a mandate from congress to achieve full employment and stable prices, but can do so how they see fit. Their actions need not be ratified by the executive branch. The board of governors are also appointed for 14 year terms.

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