appeals court rejects fed secrecy claim (Congress, speech, dollars, ammunition)

[floridasandy]

Appeals court rejects Fed's bailout secrecy claim | Gold Anti-Trust Action Committee

The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.

maybe the courts will finally achieve what our incompetent congress could or would not.

[floridasandy]

i would like to add that this couldn't come at a better time, with the head of the federal reserve, ben bernanke, making statements like this:

The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the ELIMINATION OF MINIMUM RESERVE REQUIREMENTS, which impose costs and distortions on the banking system. (Are you for real Ben?)

this is a nightmare waiting to happen to america, which would positively eclipse the nightmare that we are currently going through.

[KevK]

Originally Posted by floridasandy

i would like to add that this couldn't come at a better time, with the head of the federal reserve, ben bernanke, making statements like this:

The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the ELIMINATION OF MINIMUM RESERVE REQUIREMENTS, which impose costs and distortions on the banking system. (Are you for real Ben?)

this is a nightmare waiting to happen to america, which would positively eclipse the nightmare that we are currently going through.

I agree. The Constitution gave the budget and legislation process to the Congress for a reason- they wanted it done in the "light of day". When we start allowing the Federal Reserve to circumvent that process and shovel trillions of dollars out the back door with no accountability, we will have bigger problems than we have now. The Fed needs to be held accountable.

[pghquest]

You have to wonder why they are fighting so hard to keep the sealed...

[floridasandy]

it looks like the federal reserve may be running out of ammunition to fight with the appeal LOSS.

denninger goes after bernanke again today:
http://market-ticker.denninger.net/a...gue-Again.html
Why does this assclown continue to hold his office? Why do we, the people, and Congress (via the people) tolerate this crap?

Specifically:

“It is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms,” Bernanke said today in a speech in Orlando, Florida. “If we achieve nothing else in the wake of the crisis, we must ensure that we never again face such a situation.”

If it is "unconscionable" then you had NO BUSINESS DOING IT, irrespective of the consequences.

[newonecoming]

Originally Posted by floridasandy

i would like to add that this couldn't come at a better time, with the head of the federal reserve, ben bernanke, making statements like this:

The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the ELIMINATION OF MINIMUM RESERVE REQUIREMENTS, which impose costs and distortions on the banking system. (Are you for real Ben?)

this is a nightmare waiting to happen to america, which would positively eclipse the nightmare that we are currently going through.

If we have all debt then we have no cash and who needs reserves? We need more savings in America then we will need reserves.

[lifelongMOgal]

Originally Posted by pghquest

You have to wonder why they are fighting so hard to keep the sealed...

Because what they have to reveal would make the riots in Greece look like Chicago streets following a Bulls NBA title win. The results of an investigation of the Fed made public would result in the upheaval of society and market/currency crashes worldwide.

This is truly one of those "You cannot handle the truth" scenarios.