If the FOMC is effectively printing money to buy government bonds. What could be the reasoning behind not opening up the Federal Reserves books?
From its creation, the Federal Reserve has operated in the shadows without true oversight of its operations. Accepting that it’s a powerful part of the United States economy, and its decisions impact every working American. Why don't working taxpayers deserve to know how their money is being used and, in many cases, abused? Who is continuing this government institution that is in some ways more secretive than the CIA and more powerful than the President or Congress?
I suggest that the all powerful DNC answers all the questions above.
There are now at least two individuals who are complacent behind the refusal to open up the Federal Reserve books. Chuck Schumer (NY-D) and dunrunnin2 the Yahoo message board user ID.
The Federal Reserve must be forced to publish information on financial assistance provided to various entities during the 2008 bailout.
A listing of all banks that have borrowed from the Fed since March 24, 2008 must be provided to the American public.
The fed was started by demo.s,read the history. Markets crash to get rid of Hoover market crash to keep McCain from winning. Market;s up to stop Romney. Market going higher to help midterm demo;s.imo
While your supposition is little more than display your naïveté. Evidence points to a larger number of progressives than conservatives for maintaining an illusion of transparency in the central bank,
The MSM should be asking specifically whom is complacent with the lack of transparency in the central bank.
The day has arrived for Federal Reserve Chair Janet Yellen to explain to the Senate Banking Committee when more more transparency in the central bank will be enumerated.
Questions must be answered.
What date will the Fed's bond buying program end?
What time frame does the Fed have to raise interest rates to calm inflationary fears?
When will more stringent regulatory policies be enacted on the financial industry?
Shall we revisit this question?
Portugal's central bank has assured investors today that their country's financial system is sound.
A #$%$78 billion rescue program by the EU and the IMF in 2011 for nearly bankrupt Portugal was formally concluded in May.
In June the European Union reported that Portugal will remain under fiscal surveillance until 2045.
Unfortunately it isn't humorous to me because I don't know whom you are referring to.
Informatively, there is at least one person who is not behind the lack of better accountability and transparency at the Federal Reserve. It is the Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, introduced H.R. 3928, the Federal Reserve Accountability and Transparency Act. The acronym is called FRAT.
The reason is indeed simple. The question posed was, who is behind it. There are numerous reasons that much better accountability and transparency at the Federal Reserve need to be adopted by our representatives in Congress.
Allan Meltzer, Ph.D., Professor, Carnegie Mellon Tepper Graduate School of Business, Senior Fellow at Hoover Institution, and author of a three volume history of the Federal Reserve.
Meltzer describes how the Federal Reserve as the “banker’s bank,” has evolved into a social instrument trying to control inflation and unemployment. He charges that two terrible mistakes have been made, and maintains that rules need to be established and that the Federal Reserve must be held to account.
While the reason behind the refusal to open up the Federal Reserve books may be simple. The question is whom is behind it. Who is benefiting from the continuation of secrecy to the extent that it no longer is tweeted about as a talking point?
This is what happened. Bank of America (BAC), Citigroup (C), JP Morgan (JPM), and Germany’s Deutsche Bank (DB) have all availed of short-term financing through the Fed’s discount window at the height of the financial crisis. These details were made public only after courts ruled in favor of news agencies that had filed lawsuits challenging the Fed’s right to keep the details of borrowings from its discount window confidential.
I am most certain a majority of investors are aware of the Federal Reserve Systems lack of transparency in the past. Including the August 24, 2009 ruling made in the Southern District court of New York that you mention here. As well as the perception that more FOIA based lawsuits against the Federal Reserve would by this time have taken place. Regrettably to date little is known about the Fed LSAPs of the securities in the private market. However we do know that the Treasury Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote what is now referred to as ~financial market stability~ with regard to instruments that are based on or related to mortgages, that that were originated or issued on or before March 14, 2008 under the originally authorized expenditures of the TARP program.
The questions posed. Don't working taxpayers deserve to know how their money is being used and, in many cases, abused? With the continuation of the Fed's purchases through LSAPs to reduce the available supply of securities in the market, leading to an increase in the prices of those securities. What are the business entity names who are offering to sell these instruments, and more importantly who benefits from this ~financial market stability~?