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Old 06-10-2009, 12:46 PM
 
Location: West, Southwest, East & Northeast
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Fed Would Be Shut Down If It Were Audited, Expert Says
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Old 06-10-2009, 01:52 PM
 
28,393 posts, read 68,183,914 times
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Expert: If my butt had two eyes and nose it would be my face.

I mean good grief the Federal Reserve is NOT a depository institution, it is not an bourse, it is not an investment bank. It is THE central bank of the United States. It is about regulatory functions and monetary policy and efficient payment / transfer systems. Federal Reserve System - Wikipedia, the free encyclopedia

I really hope that every penny that Mr Grant might get from his site's additional traffic burns holes in his mattress when he goes looking for his savings...
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Old 06-10-2009, 02:03 PM
 
12,870 posts, read 12,794,784 times
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right now the fed is about losing money and failing to disclose:
Mary Altaffer/ AP

The Federal Reserve lost $5.25 billion in the first quarter on the securities it acquired with last year's bailouts of Bear Stearns and insurer American International Group, according to a report issued Wednesday.


The loss on the holdings, which include mortgage-backed securities, reflected a decline in their value as the recession carried over into the first three months of this year. The cumulative loss on the Bear and AIG holdings come to $16.46 billion since they were taken over last year.

However, the Fed did not budge on lawmakers' requests that it identify borrowers for emergency and other loans.
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Old 06-10-2009, 02:14 PM
 
28,393 posts, read 68,183,914 times
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They are under no obligation to be particularly transparent!

Do I want to see what the gasoline in the underground tanks at the local station looks like? Is a good idea for them to have a big ol' meter so that passing motorists can say "Wow, their tanks are almost empty, I better top off before they run dry? NO -- that would trigger a rush to fill up and that station would then run out of gas and make no money from people stopping in for a gallon or two and buying a soda or pack of cigarettes.

If the Fed listed the details of every transaction it took part in with the large banks it would almost CERTAINLY bring undue scrutiny upon those banks. That scrutiny would likely stir unease among the plain old depositors who are highly likely to then take their nickles and dimes to some other bank or shove 'em in the mattress and WHAM you have a full blown financial panic on your hands.

There are LOTS OF MORONIC TALKING HEADS blathering on about things that do not matter, with their paranoid delusions some of 'em would probably have people believing that every "filling station" in the country was hiding alien go-juice for Mars in their underground tanks.

Appropriate levels of confidentiality add stability to the banking system and any one who can't understand that ought to start asking if they can check the level of gasoline in their local filling station with a lighted match!
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Old 06-10-2009, 02:23 PM
 
22,770 posts, read 25,264,441 times
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Audited by who?
Shut down by who?

Congress?
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Old 06-10-2009, 05:26 PM
 
12,870 posts, read 12,794,784 times
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Quote:
Originally Posted by chet everett View Post
They are under no obligation to be particularly transparent!

Do I want to see what the gasoline in the underground tanks at the local station looks like? Is a good idea for them to have a big ol' meter so that passing motorists can say "Wow, their tanks are almost empty, I better top off before they run dry? NO -- that would trigger a rush to fill up and that station would then run out of gas and make no money from people stopping in for a gallon or two and buying a soda or pack of cigarettes.

If the Fed listed the details of every transaction it took part in with the large banks it would almost CERTAINLY bring undue scrutiny upon those banks. That scrutiny would likely stir unease among the plain old depositors who are highly likely to then take their nickles and dimes to some other bank or shove 'em in the mattress and WHAM you have a full blown financial panic on your hands.

There are LOTS OF MORONIC TALKING HEADS blathering on about things that do not matter, with their paranoid delusions some of 'em would probably have people believing that every "filling station" in the country was hiding alien go-juice for Mars in their underground tanks.

Appropriate levels of confidentiality add stability to the banking system and any one who can't understand that ought to start asking if they can check the level of gasoline in their local filling station with a lighted match!
i am curious as to why you think scrutiny would cause a full blown panic for depositers.
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Old 06-10-2009, 05:57 PM
 
28,393 posts, read 68,183,914 times
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People are sheep and not very capable of understanding the any money "missing" from the balance sheet due to mark-to-market accounting is heckuva lot different than an empty vault.

You start casually tossing around the kinds of "losses" that banks have suffered and you will see those sheep move their money into the hands of anybody with a megaphone that says "I have not lost anything like THOSE guys."

Meanwhile in the pandemonium you get the big guys running full-court-press advertising saying "You love us. We're the big guys with put-your-picture-on-the-charge-card, and the ATMs all up and down your street, and the check books with free copies and your favorite team's logo and and and... "

In the mean time the sheep are confused and start stuffing actual green money into ammo boxes and foot lockers and mattresses.

Not good at all.
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Old 06-10-2009, 06:21 PM
 
Location: Texas
4,934 posts, read 6,597,761 times
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It's a counterfitting fraudulant organization. They have no real money. What they have is the ability to create it from nothing and collect interest on it.
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Old 06-10-2009, 06:25 PM
 
28,393 posts, read 68,183,914 times
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Yep, gimme some of them old tyme silver certificates. Boy howdy them was the days.
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Old 06-10-2009, 06:27 PM
 
Location: Texas
4,934 posts, read 6,597,761 times
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Quote:
Originally Posted by chet everett View Post
Yep, gimme some of them old tyme silver certificates. Boy howdy them was the days.
Beats the government taxing it's citizens through money creation.
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