Thursday, August 27, 2009

Hope or fearmongering?

Mark Pittman of Bloomberg News continues reporting on The Beast The Federal Reserve and their secretive ways:

Aug. 27 (Bloomberg) -- The Federal Reserve argued yesterday that identifying the financial institutions that benefited from its emergency loans would harm the companies and render the central bank’s planned appeal of a court ruling moot.

The Fed’s board of governors asked Manhattan Chief U.S. District Judge Loretta Preska to delay enforcement of her Aug. 24 decision that the identities of borrowers in 11 lending programs must be made public by Aug. 31...

The Fed’s “ability to effectively manage the current, and any future, financial crisis” would be impaired, according to the motion. It said “significant harms” could befall the U.S. economy as well.

Definitely not a "mushroom cloud" moment, but Ben Bernanke is fearmongering. I thought this was supposed to be a time of Hope and Change!

Obviously not when it comes to monetary policy.

Tim White

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