Monday, November 10, 2008

2 trillion dollars and 0 transparency

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.
While the Federal Reserve might think that it is super cool in creating a rescue plan that did not need the approval of Congress (I really need to research the details of that one), it is super un-cool to spend 2 trillion dollars in tax-payer money and not disclose any information to the tax-payers.

1 comment:

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.