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Fed Defies Transparency Aim in Refusal to Disclose

mammasanmammasan Posts: 5,656
edited November 2008 in A Moving Train
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide
"When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
Post edited by Unknown User on

Comments

  • Pacomc79Pacomc79 Posts: 9,404
    It is IMPERATIVE that congress, the president whomever and all of us DEMAND transparency.

    These guys should be run out on a rail if they fail to comply. Everyone of the books should be open and nailed to the wall. Then they need to start hauling a few accountants off to jail.
    My Girlfriend said to me..."How many guitars do you need?" and I replied...."How many pairs of shoes do you need?" She got really quiet.
  • VINNY GOOMBAVINNY GOOMBA Posts: 1,818
    End the Fed, November 22nd. I will be there in New York. How about you mammasan?
  • El_KabongEl_Kabong Posts: 4,141
    wow

    Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

    Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.


    thanks, mammasan
    standin above the crowd
    he had a voice that was strong and loud and
    i swallowed his facade cos i'm so
    eager to identify with
    someone above the crowd
    someone who seemed to feel the same
    someone prepared to lead the way
  • mammasanmammasan Posts: 5,656
    VINNY GOOMBA wrote:
    End the Fed, November 22nd. I will be there in New York. How about you mammasan?

    Would love to but it's my son Ethan's birthday that day.
    "When one gets in bed with government, one must expect the diseases it spreads." - Ron Paul
  • DriftingByTheStormDriftingByTheStorm Posts: 8,684
    El_Kabong wrote:
    wow

    Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

    Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.


    thanks, mammasan

    This stuff IS a bit disturbing, however i don't think it is necessarily unexpected.

    I mean, if you let the government literally run your markets and operate as the other "invisible hand" pulling all the strings ...

    ... you are going to HAVE TO EXPECT MAJOR CONFLICTS OF INTEREST.
    In particular, i am not even refering to the conflict between the public trust and the private ambitions of men misusing teh governmetn ...

    i am saying that there is a conflict WITHIN the system itself, due to the mixing of government with private enterprise.

    People like governments to be open and transparent.

    But business likes to keep its business private (at least until year end statements) ....

    IF YOU DISCLOSE THE NAMES OF RECIPIENTS OF EMERGENCY FUNDS, YOU DAMAGE THEIR CREDIT STANDING FURTHER, AND PUT THE SYSTEM AT FURTHER RISK OF FAILURE.

    I think that is one of the legitimate concerns the Fed has regarding disclosure. I'm sure there are a bunch of dishonest reasons they don't want to disclose either.

    So,
    the public may have to suck it up and face the fact that they allowed a corrupt system of credit to run in their country for 100 years, despite the strongest warnings of their founding and forefathers, and now they will have to deal with the governments "honest" attempt at dealing with the repercussions of that ongoing corruption. And they may not get the "transparency" they want, because it may actually be detrimental to the recovery of the economy.

    :sad realizations everywhere:
    If I was to smile and I held out my hand
    If I opened it now would you not understand?
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