Monday, November 10, 2008

Bloomberg.com: Worldwide

Bloomberg.com: Worldwide: "Nov. 10 (Bloomberg) -- 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."
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I wonder what would have happened in the election if McCain had come out in opposition to the bailout. It would have passed anyway, but I have yet to meet anybody who thinks it was a great idea.

2 comments:

Jason said...
This comment has been removed by the author.
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.

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