Posted on 03/22/2011 7:08:49 PM PDT by seamus
The Federal Reserve does not want the world to know details of "emergency loans" it made to banks in the financial panic of 2008, but the Supreme Court this week effectively said the Fed must tell us. It did this by today rejecting an appeal of a lower court ruling to force the Fed to reveal the information. This leaves intact a court order that gives the Fed five days to release the records.
(Excerpt) Read more at blog.heartland.org ...
"At some point long before the credit markets seized up in 2007, financial markets collapsed and the economy plunged into the worst recession since the 1930s, the Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny. As only Congress has the constitutional power to coin money, Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people's money."
Check the Bushies bank accounts.
I’m guessing that the Fed response will simply be a quote from Bartleby the Scrivener: “I would prefer not to.”
Excellent.
Let’s hope there is some real data on the books and they aren’t completely cooked.
We’ll know there is if we find evidence of them swapping USD on the Forex to prop up other currencies and investing directly in the equities to prop up the stock markets, which we know they do indirectly, anyway.
We need stop playing games with our socialist banking and financial system and simply put an end to the Fed.
Don’t worry, the aplogists will be along shortly to tell us that all the money has been paid back, with interest! and boy was it a great deal! for us.
Don’t ask any questions.
Just follow the money trail...
bttt
It’s in Obama’s reelection “war chest”
This is a huge story. I can’t believe it hasn’t gotten more play in the media.
I can’t believe it, either.
The boys at the Fed had better be careful. A case like this could easily have resulted in a finding by the court that the Fed is a government agency - something they have always pretended it isn’t.
thats “UNEXPECTED”!!!!
Wow. 102 seconds to the first “Bush’s fault.” Props!
Very interesting take, SeeSharp. Would be a revolutionary ruling, if it happened.
Journalists have sat in jail for a long time for withholding lesser information.
Good point, sefarkas
Send in the FBI and seize every computer and every disk/tape of data.
Offer to those who collaborate immunity...and those who resist Federal Prison.
They’ll just ignore the court ruling. After all, who’s going to enforce it?
Since when has the media reported anything that wasn't in their interest (i.e. the interest of the megacorporations that own them) to report?
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