From Bloomberg:
The Federal Reserve will disclose details of emergency loans it made to banks in 2008, after the U.S. Supreme Court rejected an industry appeal that aimed to shield the records from public view.
The justices today left intact a court order that gives the Fed five days to release the records, sought by Bloomberg News’s parent company, Bloomberg LP. The Clearing House Association LLC, a group of the nation’s largest commercial banks, had asked the Supreme Court to intervene.
“The board will fully comply with the court’s decision and is preparing to make the information available,” said David Skidmore, a spokesman for the Fed…
About time we started to bring the Federal Reserve under control – the pity of it is that they still managed to delay releasing this information. The Fed’s claims that confidentiality were necessary were absurd from the get-go – it is the people’s money that the Federal Reserve was passing around and the people have a right to know where every cent of it wound up. The Federal Reserve does not have the right to keep anything secret from the American people.
In the end, of course, it is better if we just abolish the Federal Reserve. It has been the incubus of our economy since it’s creation in 1913 and I can’t think of a better way to celebrate the Fed’s upcoming centennial than by getting rid of it.
HAT TIP: Mish’s
