Tuesday, August 25, 2009

Transparency, despite the Political Class' opposition

From Bloomberg's Mark Pittman:

Aug. 25 (Bloomberg) -- The Federal Reserve must for the first time identify the companies in its emergency lending programs after losing a Freedom of Information Act lawsuit...

“The Federal Reserve has to be accountable for the decisions that it makes,” said U.S. Representative Alan Grayson, a Florida Democrat on the House Financial Services Committee, after Preska’s ruling. “It’s one thing to say that the Federal Reserve is an independent institution. It’s another thing to say that it can keep us all in the dark.”

Good. Finally. It's about time.

Now... let's see who got the $2 trillion in Fed bailouts and the $8 trillion in the Fed's so-called "guarantees."

This'll be interesting... though I still have my doubts about Bernanke complying. After all, who is going to enforce it? President Transparency? Ha. He could've made this happen seven months ago, if he wanted it to happen.

Tim White

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