Posted on 11/13/2008 8:47:18 AM PST by uncommonsense
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.
The Fed's lending is significant because the central bank has stepped into a rescue role that was also the purpose of the $700 billion Troubled Asset Relief Program, or TARP, bailout plan - without safeguards put into the TARP legislation by Congress.
Total Fed lending topped $2 trillion for the first time last week and has risen by 140 percent, or $1.172 trillion, in the seven weeks since Fed governors relaxed the collateral standards on Sept. 14.
Paulson called for transparency in the purchase of distressed assets under the TARP program. "We need oversight," Paulson told lawmakers. "We need protection. We need transparency." Bernanke also stressed the importance of openness in the program. "Transparency is a big issue," he said.
In an interview Nov. 6, House Financial Services Committee Chairman Barney Frank said the Fed's disclosure is sufficient and that the risk the central bank is taking on is appropriate in the current economic climate.
"I talked to Geithner and he was pretty sure that they're OK," said Frank. "If the risk is that the Fed takes a little bit of a haircut, well that's regrettable."
Frank said the Fed shouldn't reveal the assets it holds or how it values them because of "delicacy with respect to pricing." He said such disclosure would "give people clues to what your pricing is and what they might be able to sell us and what your estimates are." He wouldn't say why he thought that information would be problematic.
"I'd love to hear the methodology, how the Fed priced the assets," D'Vari said. "That would unclog the market very quickly."
(Excerpt) Read more at forums.military.com ...
Barney Frank’s screwing of the United States and her citizens is perverse, sick, and just plain wrong.
HOW can we STOP this??? Do we have ANY rights left? Will NO ONE speak for us?
Can’t. Very few, not for long. Nope
A breakdown by RACE would be highly illustrative, but also highly politically incorrect, and thus, will never se the light of day.
Fox Business News and Bloomberg are sueing for this information under the Freedom of Information Act.
Shut up, you intolerant peons! It is not for the likes of us to know what our Ruler is doing.
Why the window dressing? Just start dropping off pallets of greenbacks around the country.
But, But, the king has no clothes on, or teeth..
The money is going to publicly traded companies that are wrth crap.
GM, GE, AMEX, GS, MER, AIG are all swirling around the drain, and the only reason that have not gone down the drain is because Paulson has plugged the drain with $700 BILLION in taxpayers money. When that money gives way major corporations will flow freely down the drain. Companies that have been mis-managed need to be purged from the system. If they can regroup, retool, down size they will survive and if they do not survive ... they did not deserve to.
Bill Hemmer of FOX news, said on his show (BYA) that FOX has filed a Freedom of Information Act, and that the government has 18 days left to respond. If they fail to respond, (lawsuit pending) it will get interesting, quickly.
Maybe someone needs to inform these guys that the FOIA only applies to government institutions.
The Fed is not a government institution. It is a private company.
Also, the bailout bill gave very specific dictatorial powers to Treasury Secretary Paulson. So even if they went after the records from the U.S. Treasury they would still be out of luck. The bailout bill specifically protects Paulson from having to disclose ANYTHING that he decides to do.
Don't these Congress-critters read what they pass?
And yet, we still vote the same clowns into office. Shame on us.
They’re scared and they’re letting them flail around in desperation hoping that somehow it’s going to be fixed if they throw enough money at it.
It’s not going to get fixed, but at least their savior Obama gets to be the one to sort this out.
Maybe he’ll sign us up for the Kyoto treaty, that’ll fix it!
IT was THE FLEECING OF THE AMERICAN PUBLIC
It looks as though Fox has, at least for the moment, removed their head from their @$$. We’ll see where it get’s them.
Crap.
Move to an isolated place, cut all ties to the outside world. Grow food and cut firewood for entertainment.
“It’s The Most Wonderful Time Of The Year”....ding, dong, ding, dong.....
NBFD, nothing to see here....please move along....
Watch TV and buy stuff gentle sheep. The 4th quarter debt-repayment plans need a strong Christmas retail season! The steward's of the financial system are keeping careful watch, and will surely, in their infinite wisdom (which we should infer from a near-century of flawless operation), keep us safe from danger. Sleep soundly, fear not, and question not!
(sad thing is...I've read pretty much the same stuff on FR)
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