Economics Supreme Court: Fed must release all bailout data within 5 days

Taco John · 03-21-2011, 02:00 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/2011-0...ts-appeal.html

**mlyonsd** · 03-21-2011, 02:02 PM

This could get fun.

Direckshun · 03-21-2011, 02:04 PM

I will almost guarantee it still won't happen, sadly.

alnorth · 03-21-2011, 02:09 PM

Quote:

Originally Posted by Direckshun

I will almost guarantee it still won't happen, sadly.

who are they going to appeal to? Intergalactic Court?

Jaric · 03-21-2011, 02:13 PM

Quote:

Originally Posted by alnorth

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, 02:18 PM

I wonder if they'll get cute and try to redact things.

**mlyonsd** · 03-21-2011, 02:18 PM

Quote:

Originally Posted by alnorth

who are they going to appeal to? Intergalactic Court?

UN.

Taco John · 03-21-2011, 02:20 PM

Quote:

Originally Posted by mlyonsd

UN.

I'd love to see them try.

HonestChieffan · 03-21-2011, 02:23 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, 02:25 PM

Quote:

Originally Posted by Taco John

I'd love to see them try.

(Cross thread humor)

I know, I admit it was weak.

The Mad Crapper · 03-21-2011, 02:27 PM

http://en.wikipedia.org/wiki/Karl_Rasche

healthpellets · 03-21-2011, 02:29 PM

Quote:

Originally Posted by HonestChieffan

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, 02:31 PM

http://en.wikipedia.org/wiki/Walther_Funk

Taco John · 03-21-2011, 02:50 PM

Quote:

Originally Posted by HonestChieffan

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, 02:50 PM

Quote:

Originally Posted by alnorth

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.

03-21-2011, 02:00 PM
Taco John 12on Paul Join Date: Jun 2001 Casino cash: $10084527	Supreme Court: Fed must release all bailout data within 5 days 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/2011-0...ts-appeal.html
Posts: 49,361

03-21-2011, 02:02 PM	#2
mlyonsd Supporter Join Date: Aug 2000 Location: Spink, SD Casino cash: $29039	This could get fun.
Posts: 22,250

03-21-2011, 02:04 PM	#3
Direckshun Black for Palestine Join Date: Oct 2006 Location: Springpatch Casino cash: $1166670	I will almost guarantee it still won't happen, sadly. __________________
Posts: 37,510

03-21-2011, 02:18 PM	#6
Taco John 12on Paul Join Date: Jun 2001 Casino cash: $10084527	I wonder if they'll get cute and try to redact things. __________________ Ehyeh asher ehyeh.
Posts: 49,361

03-21-2011, 02:23 PM	#9
HonestChieffan Hoffa called me an SOB Join Date: Jan 2006 Location: In the Country in MO Casino cash: $1220504	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. __________________ "The best time to sell peanuts is when the circus is in town."
Posts: 21,906

03-21-2011, 02:27 PM	#11
The Mad Crapper Banned Join Date: Dec 2009 Location: Sea of Green 23.4° Casino cash: $45794	http://en.wikipedia.org/wiki/Karl_Rasche
Posts: 8,657

03-21-2011, 02:31 PM	#13
The Mad Crapper Banned Join Date: Dec 2009 Location: Sea of Green 23.4° Casino cash: $45794	http://en.wikipedia.org/wiki/Walther_Funk
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