Fed Refuses to Disclose Recipients of $2 Trillion in Lending

[Arraya]

http://www.chrismartenson.com/blog/fed-refuses-disclose-recipients-2-trillion-lending/10144

Today the Federal Reserve effectively freaked out in the foxhole and declared the spirit of democracy, if not the rule of law, to be disposable conveniences of better times.

In response to a freedom of information act request by Bloomberg News for the names of the institutions receiving public money, the Fed invoked an obscure rule to block the release of this information.

Dec. 12 (Bloomberg) — The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.

Bloomberg filed suit Nov. 7 under the U.S. Freedom of Information Act requesting details about the terms of 11 Fed lending programs, most created during the deepest financial crisis since the Great Depression.

The Fed responded Dec. 8, saying it’s allowed to withhold internal memos as well as information about trade secrets and commercial information.

Trade secrets? A trade secret is something like the formula for Coke. A trade secret is a patented business process the release of which would harm the competitive position of the holder. I am really at a complete loss to understand what sort of “trade secrets” might apply to the acquisition of bad debt from poorly managed financial institutions.

If anybody can supply one that might make sense in this situation I am all ears.

The important principle here is that democracy cannot operate under the cover of darkness. If every emergency, no matter how slight, results in the immediate suspension of our right to know, then one might reasonably question whether it is a right at all and whether this is a democracy.

[The OC Scam]

Well I think we are screwed by our Federal Reserve Act passed by Congress in 1913. “As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.[27] The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations”

You see they don’t have to say anything …they are private. Lend 2 trillion anyway they see fit in the best interest of our country! Right!

[The OC Scam]

Well I think we are screwed by our Federal Reserve Act passed by Congress in 1913. “As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.[27] The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations”

You see they don’t have to say anything …they are private. Lend 2 trillion anyway they see fit in the best interest of our country! Right!

[The OC Scam]

Well I think we are screwed by our Federal Reserve Act passed by Congress in 1913. “As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.[27] The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations”

You see they don’t have to say anything …they are private. Lend 2 trillion anyway they see fit in the best interest of our country! Right!

[The OC Scam]

Well I think we are screwed by our Federal Reserve Act passed by Congress in 1913. “As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.[27] The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations”

You see they don’t have to say anything …they are private. Lend 2 trillion anyway they see fit in the best interest of our country! Right!

[The OC Scam]

Well I think we are screwed by our Federal Reserve Act passed by Congress in 1913. “As an independent institution, the Federal Reserve System has the authority to act on its own without prior approval from Congress or the President.[27] The members of its Board of Governors are appointed for long, staggered terms, limiting the influence of day-to-day political considerations”

You see they don’t have to say anything …they are private. Lend 2 trillion anyway they see fit in the best interest of our country! Right!

[peterb]

The Fed is a cartel of the highest order. This recent near collapse of our system is making it all too obvious. Look how it’s saving it’s buddies and letting everyone else twist in the wind! If you’re friends with the ex-Golden Slacks crew, you’re really are golden. They will take every cent from the tax payers to keep you in good shape. And we’re letting them do it. The Fed must be disolved. It’s theft!!!From the people!!!

[peterb]

The Fed is a cartel of the highest order. This recent near collapse of our system is making it all too obvious. Look how it’s saving it’s buddies and letting everyone else twist in the wind! If you’re friends with the ex-Golden Slacks crew, you’re really are golden. They will take every cent from the tax payers to keep you in good shape. And we’re letting them do it. The Fed must be disolved. It’s theft!!!From the people!!!

[peterb]

The Fed is a cartel of the highest order. This recent near collapse of our system is making it all too obvious. Look how it’s saving it’s buddies and letting everyone else twist in the wind! If you’re friends with the ex-Golden Slacks crew, you’re really are golden. They will take every cent from the tax payers to keep you in good shape. And we’re letting them do it. The Fed must be disolved. It’s theft!!!From the people!!!

[peterb]

The Fed is a cartel of the highest order. This recent near collapse of our system is making it all too obvious. Look how it’s saving it’s buddies and letting everyone else twist in the wind! If you’re friends with the ex-Golden Slacks crew, you’re really are golden. They will take every cent from the tax payers to keep you in good shape. And we’re letting them do it. The Fed must be disolved. It’s theft!!!From the people!!!

[peterb]

The Fed is a cartel of the highest order. This recent near collapse of our system is making it all too obvious. Look how it’s saving it’s buddies and letting everyone else twist in the wind! If you’re friends with the ex-Golden Slacks crew, you’re really are golden. They will take every cent from the tax payers to keep you in good shape. And we’re letting them do it. The Fed must be disolved. It’s theft!!!From the people!!!

[CA renter]

Guess Ron Paul doesn’t seem like such a nut after all…

(though Piggs already knew that)

[CA renter]

Guess Ron Paul doesn’t seem like such a nut after all…

(though Piggs already knew that)

[CA renter]

Guess Ron Paul doesn’t seem like such a nut after all…

(though Piggs already knew that)

[CA renter]

Guess Ron Paul doesn’t seem like such a nut after all…

(though Piggs already knew that)

[Author]

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