Fed Must Release Reports
The Federal Reserve must release reports on emergency bank loans to Bloomburg under FOIA.
Manhattan Chief U.S. District Judge Loretta Preska rejected the central bank’s argument that the records aren’t covered by the law because their disclosure would harm borrowers’ competitive positions. The collateral lists “are central to understanding and assessing the government’s response to the most cataclysmic financial crisis in America since the Great Depression,” according to the lawsuit that led to yesterday’s ruling.
Didn’t Obama run on the vow to bring transparency to Government?
“When an unprecedented amount of taxpayer dollars were lent to financial institutions in unprecedented ways and the Federal Reserve refused to make public any of the details of its extraordinary lending, Bloomberg News asked the court why U.S. citizens don’t have the right to know,” said Mathew Winkler , the editor-in-chief of Bloomberg News. “We’re gratified the court is defending the public’s right to know what is being done in the public interest.”
Bloomberg said in the suit U.S. taxpayers need to know the risks behind the central bank’s $2 trillion in lending because the public is an “involuntary investor” in the nation’s banks.
I love that word “Involuntary Investor.” It’s a nice euphemism for what Socialist and Fascist Governments do with the peoples money.
We are also involuntary investors to:
4. Goldman Sachs
The list could go on and on. All we need to do is look at the TARP to see who we are involuntary investing in.
Oh and don’t forget to mention that we are paying interest to banks holding Fed reserve notes. What will this do? Well I’m not an expert but from my readings it would suggest that; given that banks are holding the reserves, and the whole point of issuing the massive amount of reserves was to avoid Great Depression low levels of liquidity, that paying interest is counterproductive. Why would a bank want to make risky loans, when they can just sit on the money and collect directly from the Fed?
I think it’s because someone at the Fed realizes the among of liquidity out there right now. They know that once confidence comes that amount of money will lead to high rates on inflation. Then again I might be giving the Fed to much credit.
Somewhere along 2008, we stopped being a capitalistic country and moved to corporate welfare state aka Fascism.
All those Liberals were right, Bush was a fascist all along. Then again so is Obama. Thor help us.