IF EVEN HALF OF THIS IS TRUE

"So the Fed, rather than putting the purchasing and debt-paying power in the domestic economy loop where it would reach householders with mortgages they limited their purchasing power creation to their own elite circle attached to the Federal Reserve Bank of New York, the only Federal Reserve bank in the country which conducts these open-market purchases and sales. "

http://www.rense.com/general83/expose.htm

ALSO http://www.econbrowser.com/archives/2008/10/the_federal_res.html Professor James Hamilton's blog, above " Balance sheet of FED "