Monday, November 10, 2008

Fed: Shut up, we're in charge!

If you're wondering why the Republican Party was trounced in November, don't look at Palin's wardrobe or McCain's debate performances or the GOP website. Look at this kind of idiocy coming from our appointed leaders. Can we really countenance this kind of resistance to oversight, and ignoring of checks and balances?

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.
Refusing to honor a direct requirement of a law passed by Congress is willful violation of said law. It should be a fireable offense. Mr. Bush, fire Ben Bernanke today, unless this report can be shown to be false. Or else doom your party to decades in the minority.

1 comment:

CRCHAIR said...

I agree. I hope the first thing Obama does is fire Paulson and Bernake. Neither one has proven themselves to be overly competent.