Walmart's New Health Food Push: Is It Too Hard to Swallow?
Bonds Are a 'Safe' Investment: A Big Lie Gets Even BiggerBloomberg and other media organizations filed suit under the Freedom of Information Act to force the government to disclose how it's spending money under the biggest intervention in the economy since the Great Depression. On December 8, the Fed rejected the request, saying it's allowed to withhold information about trade secrets and commercial information, according to an article in Bloomberg.
"If they told us what they held, we would know the potential losses that the government may take and that's what they don't want us to know," Carlos Mendez, who oversees about $14 billion at New York-based ICP Capital, told Bloomberg.
Good point. But the government wants taxpayers to take its word for how it's spending an ungodly amount of money. How gullible does the Fed think the American people are? How do we know that the Brooklyn Bridge is not part of the collateral being offered? Maybe there are strip clubs. Don't laugh. The government has wound up in the gentleman's club business before.
Chances are that asset-back securities and other paper tied to leveraged buyouts, consumer debt and lord knows what other kinds of garbage lies on the banks balance sheets. Yet the Fed still wants to protect the the identities of the banks who are essentially living on the government dole. That's outrageous.
"Notwithstanding calls for enhanced transparency, the Board must protect against the substantial, multiple harms that might result from disclosure," Jennifer J. Johnson, the secretary for the Fed's Board of Governors, told Bloomberg.
I guess protecting the taxpayer runs a distant second.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
Reader Comments (Page 1 of 1)
12-12-2008 @ 12:52PM
beachpaul said...
Take its word? We may as well take the word of a crackhead! We are grownups. Why can't the government give us information and let us process it objectively instead of making us react to rumors, guesses, innuendo,and misinformation. How good or bad is the economy, for real?
12-12-2008 @ 5:37PM
henry said...
they are probally lending to compaines in other countries that are not are freinds and do not want this information out.Or lending to other countries.
12-12-2008 @ 1:17PM
David Huston said...
I have been wondering who the lucky recipients of all of the FED loans are, and whether they've paid anything back, or are just adding on to the total amounts due and payable. Since we've become so finicky about payback by the Big 3, how about pay back of Trillions by the incredibly inept banking system? Where was Senator Shelby (and the other Republican know nothings) when we needed him?
12-12-2008 @ 7:12PM
CARLLOVELACE said...
I know who is getting the money. Princeton, Harvard, Brown, Yale and Dartmouth graduates. "Bailout" is the new term for trickle down economics...
12-13-2008 @ 7:50AM
VINCENT BENFANTE said...
THIS GOVERNMENT OF OURS IS NOT GOING TO REVEAL WHERE THE TAX PAYERS MONEY IS BEING USED FOR, IT IS A GAME THEY PLAY ///////////
WHICH IS CALLED KEEPING THE AMERICAN CITIZENS IN THE DARK. ////////// IS THIS THE AMERICAN WAY /////////// WHAT IN THE WORLD HAPPENED TO THIS ONCE NUMBER ONE///// POWERFUL ///
COUNTRY OF OURS. I WILL TELL YOU WHAT HAPPENED ///// THEY SOLD US DOWN THE RIVER WITH OUR EYES CLOSED. //// case closed ///////
12-15-2008 @ 4:48AM
JohnQ said...
"Permit me to issue and control the money of a nation, and I care not who makes its laws." -- Mayer Amschel Rothschild, International Banker --------------------------------- The Republicans AND The Democrats have handed our Country's money over to the International Bankers (through the Federal Reserve) and handed our Constitution and our Military over to the United Nations. The Democrats AND The Republicans ARE the greatest threat to our Constitution. No one who wants to see our Constitutional Republic restored should ever vote for any Democrat or any Republican for any office ever again!
12-18-2008 @ 1:07PM
David said...
I appreciate, that we're all in this now but remember when W was the guy we mostly likely would want to have beer with, now he is moving to a exclusive sub-division. Call a rat a rat, we bury our heads in the sands, white collar theft is the only way to go, you make insane profits, get caught spend a fraction of time in the country club prison, without no bubba. Your heirs are set, you got a stash, you teach fiance and get out for community service. The debt is passed on keep the illusion going, borrow from people that the military complex wants to fight any ways. One big circus, yet as soon as a spade is called a spade, good two shoe's want to understand and prevent from future replays, forget the repeat, just like a bad kid use to get, take them to the back of the room an whip that butt. AmericanParty, ran for the Constitution and only guarantees the Bill of Rights.
2-11-2009 @ 4:15PM
Dr. Gordon Chiu said...
This is a very tough and fine line. If too much is leaked out to the consumer markets, they feel, the consumer may lose confidence.
Is this right? Not really. The USA represents freedom and investors which now equals taxpayers is a great way to rephrase things.
Investors also have the right to agree/disagree. This right has been removed since we are in a state of dire emergency.
Americans can only hope that this will be met with honest leaders and not additional Madoffs.