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Taco John
03-21-2011, 03:00 PM
BREAKING: Supreme Court Rules Fed Must Release All Bailout Data

March 21 (Bloomberg) -- The Federal Reserve must disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view. The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg.

A huge win for transparency.

Statement from Matthew Winkler, editor in chief of Bloomberg News:

As a financial crisis developed in 2007, "The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny. The Fed must be accountable to Congress, especially in disclosing what it does with the people’s money."

“The board will fully comply with the court’s decision and is preparing to make the information available,” said David Skidmore, a spokesman for the Fed.

The order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed’s unprecedented $3.5 trillion effort to stem the 2008 financial panic.

“I can’t recall that the Fed was ever sued and forced to release information” in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh.


Read entire story at Bloomberg:
http://www.bloomberg.com/news/2011-03-21/fed-must-release-bank-loan-data-as-high-court-rejects-appeal.html

mlyonsd
03-21-2011, 03:02 PM
This could get fun.

Direckshun
03-21-2011, 03:04 PM
I will almost guarantee it still won't happen, sadly.

alnorth
03-21-2011, 03:09 PM
I will almost guarantee it still won't happen, sadly.

who are they going to appeal to? Intergalactic Court?

Jaric
03-21-2011, 03:13 PM
who are they going to appeal to? Intergalactic Court?

The politicians they own?

I'll believe this happens when I see it happen. That said, this is good news.

Taco John
03-21-2011, 03:18 PM
I wonder if they'll get cute and try to redact things.

mlyonsd
03-21-2011, 03:18 PM
who are they going to appeal to? Intergalactic Court?UN.

Taco John
03-21-2011, 03:20 PM
UN.

I'd love to see them try.

HonestChieffan
03-21-2011, 03:23 PM
And as a result....

The kookies who see evil in the Fed will find evil to point to and say Look!!!!Evil.


The rest of the people will see Banks borrow from the fed like they have for 98 years and they will se names they recognize...it is supposed to work that way....Kookies will go Look Banks Borrowed!!!OMG

Talk about a non event with totally predicatble results.

mlyonsd
03-21-2011, 03:25 PM
I'd love to see them try.(Cross thread humor)

I know, I admit it was weak.

The Mad Crapper
03-21-2011, 03:27 PM
http://en.wikipedia.org/wiki/Karl_Rasche

healthpellets
03-21-2011, 03:29 PM
And as a result....

The kookies who see evil in the Fed will find evil to point to and say Look!!!!Evil.


The rest of the people will see Banks borrow from the fed like they have for 98 years and they will se names they recognize...it is supposed to work that way....Kookies will go Look Banks Borrowed!!!OMG

Talk about a non event with totally predicatble results.

you have to be a kookie to think that the Fed is a bad idea and is "evil"?

then i guess i'm kookie.

The Mad Crapper
03-21-2011, 03:31 PM
http://en.wikipedia.org/wiki/Walther_Funk

Taco John
03-21-2011, 03:50 PM
And as a result....

The kookies who see evil in the Fed will find evil to point to and say Look!!!!Evil.


The rest of the people will see Banks borrow from the fed like they have for 98 years and they will se names they recognize...it is supposed to work that way....Kookies will go Look Banks Borrowed!!!OMG

Talk about a non event with totally predicatble results.



One of the dopier responses this news is sure to attract. I think that you'd be wise to wait for the release of the information before making any judgements.

Direckshun
03-21-2011, 03:50 PM
who are they going to appeal to? Intergalactic Court?

There have been numerous decisions where the executive branch has gone on to provide only half-measures to satisfy a judicial order.

George W. Bush and indefinite detention, for example.

Taco John
03-21-2011, 03:56 PM
Those crazy Kooky fringe guys at Yahoo Finance... I tell ya...

<div><object width="576" height="324"><param name="movie" value="http://d.yimg.com/nl/techticker/breakout/player.swf"></param><param name="flashVars" value="vid=24600466&repeat=true&browseCarouselUI=hide&"></param><param name="allowfullscreen" value="true"></param><param name="wmode" value="transparent"></param><embed width="576" height="324" allowFullScreen="true" src="http://d.yimg.com/nl/techticker/breakout/player.swf" type="application/x-shockwave-flash" flashvars="vid=24600466&repeat=true&browseCarouselUI=hide&"></embed></object></div>

Stewie
03-21-2011, 04:47 PM
This is meaningless because the need is information on loans to hedge funds, partnerships and individuals as was permitted by Fed initiatives.

BucEyedPea
03-21-2011, 05:47 PM
And as a result....

The kookies who see evil in the Fed will find evil to point to and say Look!!!!Evil.


The rest of the people will see Banks borrow from the fed like they have for 98 years and they will se names they recognize...it is supposed to work that way....Kookies will go Look Banks Borrowed!!!OMG

Talk about a non event with totally predicatble results.

Bigots are kooks too.:LOL:

Bwana
03-21-2011, 05:51 PM
Fantastic, this should be a good read. :)

Chocolate Hog
03-21-2011, 05:52 PM
Where are those idiots who say we can't do this because it'll mess up the economy?

BucEyedPea
03-21-2011, 05:58 PM
Where are those idiots who say we can't do this because it'll mess up the economy?

HCF ( Hamiltonian Centralist Fan) more or less intimated this.

teedubya
03-21-2011, 06:11 PM
I'm curious about where the $9+ trillion digital digits went. This should be interesting to watch.

Simplex3
03-21-2011, 06:54 PM
And as a result....

The kookies who see evil in the Fed will find evil to point to and say Look!!!!Evil.


The rest of the people will see Banks borrow from the fed like they have for 98 years and they will se names they recognize...it is supposed to work that way....Kookies will go Look Banks Borrowed!!!OMG

Talk about a non event with totally predicatble results.

Whatever would we do without a secret slush fund for people who create money out of thin air anyway?

The Mad Crapper
03-21-2011, 07:11 PM
I'm curious about where the $9+ trillion digital digits went.

You'll find out when a loaf a bread costs $1,000,000 Obamabucks.