Geitner: Auditing the Fed is a “line that we don’t want to cross”

[krazykarl]

Quote from ByLoSellHi:

I'm really hoping Bloomberg ultimately prevails in its current FOIA lawsuit.

Releasing the Federal Reserve data that Bloomberg is requesting will be a true wake-up call for some Americans who are now apathetic to the Fed and their role in average Americans' lives.

How could they? The Fed is a private bank.

 

[krazykarl]

Quote from achilles28:

Surprise, surprise.

Lackey-Boy Geitner comes out swinging for his Banker Masters. Apparently, Taxpayers have no business asking questions about their money!! Just leave that to Geitner and his Wallstreet buddies. They'll take care of everything...

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They don't have any business auditing the Fed because no taxpayer money has gone to the Fed from the US govt.

 

[krazykarl]

Quote from Landis82:

I think that he and Bernanke are worried that making this info PUBLIC will allow people to see just WHO the weakest banks are in the financial system and cause a run on them.

Your common sense has no business on this board.

 

[mgabriel01]

Why collect taxes if you can print the shit at will?
Basic law of supply and demand --- too much of any particular widget and the price of the widget drops

the dollar is a widget
simple simple simple

Quote from krazykarl:

They don't have any business auditing the Fed because no taxpayer money has gone to the Fed from the US govt.

 

[monty21]

How is transparency bad?

Audit the Fed! They have already destroyed the US Dollar by continually increasing the money supply. Look up any 10 year chart with the US $ to any other major currency.

 

[Angrycat]

No, the line that shouldn't have been crossed was crossed when the Fed engineered the sale of Bear Stearns.

Come to think of it, the line that shouldn't have been crossed was the establishment of the Fed in the first place.

Now that our money and interest rates are centrally planned, I think it's only fair that we get a look into the process.

Why should industry have to make everything transparent to the public but government institutions remain cloaked in secrecy?

 

[Angrycat]

BTW, I can't possibly be the only one who thinks Tiny Tim Geithner looks fishy. The guy looks about as trustworthy as a common street crook.

 

[dcvtss]

Quote from mgabriel01:

Why collect taxes if you can print the shit at will?

Now you're getting somewhere - social engineering, central planning, kickbacks to favored businesses and friends, punishing those who don't 'play ball', you know, real statesmanship.

 

[tmarket]

Quote from Angrycat:

BTW, I can't possibly be the only one who thinks Tiny Tim Geithner looks fishy. The guy looks about as trustworthy as a common street crook.

Perhaps the bald guys from Goldman are more reassuring? No?

 

[peilthetraveler]

Quote from krazykarl:

They don't have any business auditing the Fed because no taxpayer money has gone to the Fed from the US govt.

If you own shares in a company, dont you have the right to look at the books? If a company is issuing trillions of shares the way the fed is issuing trillions of dollars, dont you think your shares are getting diluted? I know I want to know if my dollars are being diluted, dont you?

And actually they do get taxpayer money. When the government wants say 50 billion dollars, they sell 50 billion in bonds to the fed. Then they have to pay the fed money (from TAXPAYER revenue) to pay the interest on the bonds.