Tuesday, November 11, 2008


YOU'D THINK IT WAS THEIR MONEY...


But then they'd never give their money away without a trace like this...

"The Federal Reserve [a corporation privately owned by unidentified parties; questionably founded in the same year as the federal income tax] 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

There's a big reason the Fed and economics are not part of the basic public education curriculum, as is now becoming clear... Public Servants these guys are not.



2 comments:

Jason said...

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://nomedals.blogspot.com

Bob Brady said...

Oversight of Congress? You mean there might be something irregular going on? No way, everything's cool. (Here's another 700 billion.) There's even greater fiscal irony in having the chronic overspenders "oversee" their enabler.