I'm actually looking for some help in understanding where all the resistance to disclosure comes from in the Bloomberg case versus the Fed. Ever since an appeals court ordered the Federal Reserve to disclose where $2 trillion in bailout money went, the banking lobby has screamed bloody murder and is now threatening to take the case to the Supreme Court.
What, exactly, are they afraid of? I've heard all the arguments that disclosure will expose the weak sisters and could cause a run on the banks, yada, yada, yada, but I don't see any evidence to support that and I'm starting to think that I must be missing it. The only conceivable reason I can see for the banks engaging in this kind of obstruction is that the disclosure will expose all the filthy shit the banks are into. Am I wrong about that?
The Fed Board of Governors’ “refusal to disclose the names of borrowers renders public oversight of its actions impossible -- it prevents any assessment of the effectiveness of the Board’s actions and conceals any collusion, corruption, fraud or abuse that might have occurred,” the news organizations said in a letter to the appeals panel.
Seriously guys. What's the worst that could happen? The truth will set you free...
Yea my vote is for transparency.
The illuminati will never allow this gents.
It's clear that banks do not like transparency. I also think many banks fear this will set a precedent that might turn out costly and dangerous in the future. Personally, I don't have a problem with it and I think it's a step in the right direction.
This is the banks living out, in technicolor, the common sense assumption that bailouts tend to encourage future bad acts. They're saying "What do you mean reform?!?! We want to do this again! We made a lot of money before we started pawning off our losses onto the American taxpayer! We want more bubbles! We want more bailouts!" They can all go fuck themselves in the asshole with a garden rake.
Those are all phony excuses. What they really don't want is to be exposed as the secret banking cartel that's caused and profited from all the recessions/depressions since its establishment in 1913. They also supposedly hold huge gold reserves- none of which have been audited ever.
Check out some books on the history of the Fed, as well as some Youtube videos. Just type in Fed conspiracy.
And in the meantime, take a reputable class on central banking.
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