

The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers - chaostheory
http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide

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dpatru
``You have to balance the need for transparency with protecting the public
interest,'' Talbott said. ``Taxpayers have a right to know where their tax
dollars are going, but one piece of information standing alone could undermine
public confidence in the system.''

Translation: Shut up and trust us.

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biohacker42
The whole point of the bailouts is to prevent runs on the banks, if the fed
starts announcing who they are helping that is not going to improve
confidence.

This is one example where secrecy _probably_ saves money.

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anthonyrubin
This all seems a bit confusing and the article didn't help clear things up.
Did we actually give the Fed $2 trillion to loan or did they just create the
money?

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gills
As clear as I can make it: "Taxation Without Representation."

The Fed creates money when they make loans. Taxpayers are liable (in the event
of default) to cover the gap between collateral value and principal. As
guarantors of this debt, taxpayers should know what the collateral is.

