Fed Oversight: Intentionally Absent?

The Market Ticker ^ | May 11, 2009 | Karl Denninger

[Attention Surplus Disorder]

Can anyone tell us where The Fed has put their couple of trillion in "Help" for the economy, who they're lending to, whether or not the collateral is performing reasonably well, or....

[Attention Surplus Disorder]

Watch this so-called Inspector General of the Federal Reserve display complete and total cluelessness as to how this (TARP, TALF, etc;) money is being spent, to whom it is being directed, whether it's being accounted for in any way. They don't have the slightest idea. None. Either she is complete and total moron, or she's been deliberately appointed to a position far above her competence so as to obscure any scrutiny or oversight. When will this stop?

[allmost]

Bump. If anybody ever finds the slightest verifiable clue please ping me.

[whitedog57]

Again, nobody gets it.

They plan on destroying the US Economy and picking up the pieces as a repressive Communist state.

Comrade.

[Shermy]

It’s like cap and trade. The more clearly explained, the more obvious the faultiness of the philosophy. It is best to be vague.

Not only are they buying out overpriced mortgage backed derivatives, at least backed by something that retains some value, they are buying out insane auto and other consumer loan derivatives to clear “credit markets.” Everything Obama, Paulson, and Geithner has done is to save this area of finance from real prices and real scrutiny. Obambam the other day came out and talked fairly directly about the derivative markets, a clarity n doubt criticized later by another derivative huckster, Rahm Emanuel.

They rationalize is as a Greenspanian “market failure” or once in a lifetime catastrophe of converging events that should not stop business as usual. There is opposition because if the Republicans articulate a regulatory response, their tenuous fund-raising philosphy of “deregulation” will crack.

[Shermy]

“There is opposition because if the Republicans articulate a regulatory response, their tenuous fund-raising philosphy of “deregulation” will crack.”

There is NO opposition I meant.

I wish the opposite were true.

[hosepipe]

This money goes down the same black hole that the IRS budget does..
No one knows where the budget of the IRS goes.. NOBODY..

[Oatka]

Watch this so-called Inspector General of the Federal Reserve display complete and total cluelessness . . .

I second the motion. Being familir with the semantic tap-dancing done at these hearings, I was nevertheless slack-jawed over the non-answers this woman gave.

As an aside, who was the guy grilling her. He kept on track and skewered her.

[FromLori]

The money went to overseas bank get away accounts I believe