Let That Cat Out Of The Bag
For some reason that Congress and the President (and those before them also) cannot explain, the Federal Reserve gets to operate with your tax money but noone can look at their books. Currently, Rep. Ron Paul (R-TX) has a bill (H.R. 1207) going through the House that would force the Federal Reserve to be audited every year to see where the money's going. The Federal Reserve Sunshine Act 2009, S. 604, is moving through the Senate sponsored by Sen. Bernard Sanders (I-VT).
Now a US District Court judge has ordered the Federal Reserve to open their books. The lawsuit was filed under the Freedom of Information Act and under the premise that the taxpayer is an "involuntary investor" in the bailed out banks. The government has tried to fight this release because they claim that it will cause a run on the banks. Possible, but probably grasping at straws.
The real reason, in my humble opinion, is that the Federal Reserve, Rep. Barney Frank, Sen. Christopher Dodd, and President Obama do not want the tax payer and the media (like they'd do any real investigation anyway) to know that our tax money went overseas to foreign banks. The Federal Reserve has 5 days to turn over the records. Should be interesting Monday reading once that information gets released.
Here's another problem. Fed Chief Ben Bernanke has just been re-nominated for his position. The markets weren't exactly excited about this with the market finishing only up 30 points. Not exactly a vote of confidence. Even Treasury Sec. Tim Geithner at least got a 494 point rise out of the market when he was appointed back in November 2008.
The biggest problem with Ben Bernanke's re-nomination is that President Obama can no longer claim the economy is all George W. Bush's fault. Bernanke was there when the economy tanked, now he's going to be there while it languishes in the doldrums. President Obama just punched a hole in his own argument. It's either Bush's fault or not, and if it was, why keep someone that was appointed by him? Between Bernanke and Geithner, the two men share a responsibility in the risk of increasing inflation, and the massive debt and deficit that we see now. China owns our debt, and our great grandchildren will have to pay it off - somehow. Paging Jimmie Carter...
Now a US District Court judge has ordered the Federal Reserve to open their books. The lawsuit was filed under the Freedom of Information Act and under the premise that the taxpayer is an "involuntary investor" in the bailed out banks. The government has tried to fight this release because they claim that it will cause a run on the banks. Possible, but probably grasping at straws.
The real reason, in my humble opinion, is that the Federal Reserve, Rep. Barney Frank, Sen. Christopher Dodd, and President Obama do not want the tax payer and the media (like they'd do any real investigation anyway) to know that our tax money went overseas to foreign banks. The Federal Reserve has 5 days to turn over the records. Should be interesting Monday reading once that information gets released.
Here's another problem. Fed Chief Ben Bernanke has just been re-nominated for his position. The markets weren't exactly excited about this with the market finishing only up 30 points. Not exactly a vote of confidence. Even Treasury Sec. Tim Geithner at least got a 494 point rise out of the market when he was appointed back in November 2008.
The biggest problem with Ben Bernanke's re-nomination is that President Obama can no longer claim the economy is all George W. Bush's fault. Bernanke was there when the economy tanked, now he's going to be there while it languishes in the doldrums. President Obama just punched a hole in his own argument. It's either Bush's fault or not, and if it was, why keep someone that was appointed by him? Between Bernanke and Geithner, the two men share a responsibility in the risk of increasing inflation, and the massive debt and deficit that we see now. China owns our debt, and our great grandchildren will have to pay it off - somehow. Paging Jimmie Carter...
Comments