Bernanke, Donald Kohn, general counsel Scott Alvarez and ancillary legal minions at the Federal Reserve continue their fight to prevent you from finding out exactly what they're doing with that $2 trillion balance sheet and trillions more in shady and secret commitments. It's safe to assume that the only thing they fear more than Ron Paul and Alan Grayson is collateral shock and an immediate destruction of the dollar. They have a timetable for slow devaluation, lest the people actually notice and start complaining.
Bloomberg along with Fox News, (separate suit) are the only media organizations fighting for you and your kids. Judge Preska ruled courageously a few weeks ago in favor of sunshine and the Fed promptly appealed, with the same arguments that lost the case to begin with. No matter, the legal wheel spins and Bloomberg has responded to the Fed's appeal with the following:
The Board’s interests in secrecy are, in fact, aligned with the banks’ interests and are contrary to the public interest. The Board wishes to continue to lend trillions of dollars of public money without oversight or accountability, and the banks wish to continue to reap the benefits of their access to public money without their depositors or shareholders – or the public at large – knowing anything about it.
The Board contends that it is serving the public’s interest by keeping all of this information secret from it, claiming that disclosure might harm the borrowers and, therefore, the entire U.S. economy. But the Board has offered no evidence – relying instead on hyperbolic speculation – from which this Court could conclude that such harm was likely to result from disclosure.
By contrast, the public has a manifest interest in understanding and evaluating the government’s response to the recent economic crisis, in safeguarding its money, and in knowing whether its government is doling out its money to private entities imprudently. To make matters worse, the public is being denied this basic information even as the Board continues to act on its behalf in providing public assistance to private financial institutions. In order to allow the public to participate in the ongoing debate on the appropriate role of the federal government in alleviating the economic crisis, it should be provided with details of last year’s loans.
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