On the 11th of November, Barney Frank (D-MA), gave the country the assurance that he was just fine and dandy with the Fed not disclosing who was receiving trillions of dollars in the government aid package – no need for transparency. Placing Frank in charge is akin to having the Fox guard the henhouse. (See Freddie and Fannie.) John Boehner (R-OH) is now demanding that the Fed disclose the recipients of the funds, as well as a list of trouble assets that the Fed is taking as collateral. On the 12th of November, “Boehner, in a prepared statement, also asked the Federal Reserve to comply with a Freedom of Information Act request seeking details about the loans.
The Fed ``should comply with this Freedom of Information Act request, and in the interest of full and fair disclosure, they must begin providing lawmakers and taxpayers all information about how they are using federal tax dollars,'' Boehner said. “
Bloomberg News, reporting on this story, has also requested details from the Fed, under the Freedom of Information Act – a lawsuit was filed on Nov. 7th. Meanwhile, other than the House Republicans and this news outlet, no one else seems bothered by the fact that there is no oversight in the disbursement of trillions of dollars in taxpayer’s money. Boehner recalls that there was bi-partisan agreement during the bail-out negotiations that oversight was part of the deal. However, with past experience, the members of our Legislature should have been suspect due to the dubious involvement of Frank and Company to begin with. Something needs to be done, Pelosi, Frank and Reid are about to bail out the auto industry, and the financial giant AMEX is next in line. Where does it stop - Apparently when the state, guided by the Trio of Incompetence, owns a piece of every failing business in this nation – expecting an increasingly shrinking tax base to pay for it all. This is, of course, unless those who stand up for “we the people”, like Boehner are successful in getting the information from the Fed and then to the people.
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4 comments:
There's a couple of reasons why Frank's is trying to keep this quite. His past history wth Fannie Mae, also, there is word that the whole notion that ACORN is not getting a piece of the pie may not be entirely true. I think they're getting paid for the elction with our tax dollars.
I cannot believe that Barney Frank got re-elected,what a shame. Barney Frank cannot be trusted, he is in this financial mess so deeply that everything he does is basically to keep himself out of trouble.
Well, after reading the article... there is a lot more nuance in what Frank said than you convey. Having said that, I generally agree with your point (and Boehner) on the issue of transparency. Surely they can release information that won't lead to complications with pricing.
There will always be a "divide" between us, Merge - but that is ideological, it does not mean, however, that those of opposing viewpoints cannot find common ground on certain issues and work together to solve them. Gentlemen: Barney is a Massachusetts Democrat - Interesting reading on the Canada Free Press - re: Barney Frank - you will become fans, trust me.
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