Fed Defies Transparency Aim in Refusal to Identify Bank Loans
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.
Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.
Monday, November 10, 2008
The US is run by the M-O-B
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2 comments:
To my knowledge:
1. The FED is not a government but a private entity "owned" by big banks.
2. One of it's purposes was to "regulate" the banking industry. Another important purpose was to regulate monetary policy in a way it would strengthen the currency.
When they took 700 billion of the taxpayers money, THEY are accountable for that money so we should know how they spend that money.
This is not "normal" FED policy, these are extra ordinary times. The FED usually doesn't get a 700 billion dollar blank check every so often. So "we the people" have a right to know where that money went and where it is going.
Even if it is not "the law" it is their moral duty to report this information, but morals are very hard to find in the banking industry these days...
jmho
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