Monday, November 10, 2008

When do we get to kick some asses?

I'm sorry, but when the Fed is paying trillions into private hands as a dole for mismanaged funds, the taxpayers have a right to know where it's going.
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
Is there nobody sane at any point in the pay-out chain? I.e., doesn't somebody have to sign and send the checks, and couldn't Congress (or me! let me go kick some butts!) just cut them off until they play by the rules? What kind of crazy banana republic do we live in these days?!?

Good on Bloomberg for filing a Sunshine lawsuit, but by the time that works its way through the courts, the money will be long gone (and probably the lame-duck crooks too)... grrrr.

(via Talking Points Memo)


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.

ACM said...

I don't honestly know whether twice per year is fast enough, given that this is an "emergency plan" intended to help staunch the bleeding very quickly. There has been discussion that the Fed is more interested in promoting bank consolidation than in creating financial liquidity/loans, so I think we have reason to be suspicious...