(oh i cannot wait until january 20th. no, i don't think obama is perfect. yes, i do know sometimes an administration must keep secrets. no, i don't believe it should be a secret where our money is being tossed. yes, i DO believe they ALL should be made accountable)
this really is scary to me. i don't have millions locked up in banks mind you but i DO have a 401k and i made the mistake of looking at it the other day (literally it WAS a mistake. i was attempting to look at my benefits but i clicked the wrong button. i let out a howl. i specifically was NOT going to look. i'm still not over it. now dhl is laying off 9500 people in america. goddess only knows how many are going to lose their jobs in the auto industry. who knows what's happening with circut city. banks are laying off. insurance companies like the hartford are laying off. we keep shoveling money into afghanistan and iraq. i do mean shoveling. and for WHAT? we didn't get payback for 9-11. we didn't get osama. we got 4,193 dead americans is what we got. now we're shoving money down the throats of big corporations AGAIN and the american public can't know WHO is getting it and how much? nope. that ain't right)
Fed Defies Transparency Aim in Refusal to Disclose (Update2)
By Mark Pittman, Bob Ivry and Alison Fitzgerald
Nov. 10 (Bloomberg) -- 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.
Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the banking system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.
``The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.''
Bloomberg News has requested details of the Fed lending under the U.S. Freedom of Information Act and filed a federal lawsuit Nov. 7 seeking to force disclosure.............
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