8:43 am ET Jul 16, 2013   For the Fed, Europe Represents the
Road Not Taken      • Why are there still 12 Federal Reserve
banks? Why does each have at least a couple of branches? What do
they do, now that the bulk of payments are processed privately?
Does their "search for meaning" have anything to do with the Fed
lobbying Congress to become financial regulator-in-chief? Why
has the Fed created $2 trillion in excess reserves, many of
which are held by branches of European banks that along with
U.S. banks earn interest from sitting on them instead of lending
them to anyone? Why is Fed using those reserves to "play
banker"? Why don't WSJ reporters seek answers to such questions,
inquiring (and paying) subscribers would like to know...      •
Its easy to look good when comparing with Europe. Compare with
other downturns and the Fed and Congress look horrible.  Add a
Comment   The MoneyBeat Team   Erik Holm Erik Holm Deputy Editor
David Benoit Maureen Farrell New York Paul Vigna Paul Vigna New
York David Cottle D