Monday, March 21, 2011

HOT: Supreme Court to Fed: Show America Who You Made 'Emergency' Loans To During the Financial Crisis

The Federal Reserve must disclose details of emergency loans it made to banks in 2008. The disclosures are being forced upon the Fed as a result of the Supreme Court rejection of an appeal that would have kept the records sealed.

The justices rejection of the appeal leaves intact a court order that gives the Fed five days to release the records.

The following statement was issued by Bloomberg News Editor in Chief Matthew Winkler (Bloomberg was the news organization which initially sought the data):
At some point long before the credit markets seized up in 2007, financial markets collapsed and the economy plunged into the worst recession since the 1930s, 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. As only Congress has the constitutional power to coin money, Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people's money.


  1. Somewhere (I hope), Mark Pittman is smiling.

    Maybe the NY Fed will live blog the release:

  2. So when is the release? 5 days from now?

    Anything bad for the Fed is good for the people.

  3. Hmmm...seems like a perfect time to buy a round of precious metals before the big announcement. It might not be too long before the sheeple trample their way out of dollars...

  4. Fed: "Oops, those records were accidentally lost in an freak bowling accident involving parrots, chalk, and catnip."

    I'd be very surprised if they give up the records. And if they do, I'd be even more surprised if they aren't redacted in some way.

  5. "Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people's money."

    The congress didn't delegate, it abdicated.

    That money isn't the people's money. It's tokenized debt obligations.

  6. It's time to bring back the non-delegation doctrine. For the unitiatated, that's the doctrine which prevents one branch of the federal government from redelgating a power delegated to it in the Constitution to another branch. For example, Congress cannot create administrative agencies in the executive branch with legislative or judicial powers. Additionally, the Congress cannot delegate to the President the power to declare war (more relevant for recent developments). Thus, the War Powers Act should be considered unconstitutional as an improper redelgation of the power to declare war from the Congress (as set forth in Article I) to the President, etc, etc.

  7. Memo to Winkler: Nice try to cover for the FED. This isn't some one time event concerning FED secrecy which is their basic MO.

    The FED is the tool to extract wealth from millions who are not privy to the scam.

  8. Hmmm. But creating bank notes is NOT the same legally as 'coining money'.

  9. @TokyoTom

    Thanks for surfing EPJ, but if you really are in Tokyo, I would be trying to find a way to get out of radiation Dodge, rather than contemplating the subtleties between coin and paper.