The Federal Reserve has deceived the American people yet again. From Bloomberg News:
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.
Bloomberg News has filed a lawsuit against the Fed to force disclosure of the recipients of the loans. I remember opponents of the bailout predicting that the failure to mandate full disclosure would lead to all sorts of corruptions.
It turns out that the Treasury never intended to fully disclose how much private firms will be paid for their services in receiving the bailout money. Back in October, Paulson blacked out key sections of the first update on the bailout the government provided to the public. You can find the copy of the bailout report on Bailoutsleuth.com.
$2 Trillion!!! Of taxpayer money!!!
I'll leave you with the wise words of Ron Paul and Glenn Beck:
It turns out that the Treasury never intended to fully disclose how much private firms will be paid for their services in receiving the bailout money. Back in October, Paulson blacked out key sections of the first update on the bailout the government provided to the public. You can find the copy of the bailout report on Bailoutsleuth.com.
$2 Trillion!!! Of taxpayer money!!!
I'll leave you with the wise words of Ron Paul and Glenn Beck:
2 comments:
The Fed is transparent in that it is subject to the oversight of
Congress. Is twice a year not fast enough? The intent of Congress in
shaping the Federal Reserve Act was to keep politics out of monetary
policy. Legislation requires that the Federal Reserve reports annually
on its activities to the Speaker of the House of Representatives.
http://nomdeals.blogspot.com
Then how do you explain the blacked out report? That doesn't fit the definition of transparency.
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