Bloomberg Says Enough Mr Secretary !

[Trojan]

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aKr.oY2YKc2g

Snippet:

Nov. 7 (Bloomberg) -- Bloomberg News asked a U.S. court today to force the Federal Reserve to disclose securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks.

The lawsuit is based on the U.S. Freedom of Information Act, which requires federal agencies to make government documents available to the press and the public, according to the complaint. The suit, filed in New York, doesn't seek money damages.

``The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,'' said Matthew Winkler, the editor-in-chief of Bloomberg News, a unit of New York-based Bloomberg LP, in an e-mail.

The Fed has lent $1.5 trillion to banks, including Citigroup Inc. and Goldman Sachs Group Inc., through programs such as its discount window, the Primary Dealer Credit Facility and the Term Securities Lending Facility. Collateral is an asset pledged to a lender in the event that a loan payment isn't made.

The Fed made the loans under 11 programs in response to the biggest financial crisis since the Great Depression. The total doesn't include an additional $700 billion approved by Congress in a bailout package.

Fed's Position

Bloomberg News on May 21 asked the Fed to provide data on the collateral posted between April 4 and May 20. The central bank said on June 19 that it needed until July 3 to search out the documents and determine whether it would make them public. Bloomberg never received a formal response that would enable it to file an appeal. On Oct. 25, Bloomberg filed another request and has yet to receive a reply.

The Fed staff planned to recommend that Bloomberg's request be denied under an exemption protecting ``confidential commercial information,'' according to Alison Thro, the Fed's FOIA Service Center senior counsel. The Fed in Washington has about 30 pages pertaining to the request, Thro said today before the filing of the suit. The bulk of the documents Bloomberg sought are at the Federal Reserve Bank of New York, which she said isn't subject to the freedom of information law.

[acmavm]

1. Someone needs you pull in Paulson's leash. He's fricking stealing us

blind and thumbing his nose at us. All with the blessing of our 'representatives'.

We need help against this guy and these thieves and we need it now:

<snip>

The Fed has lent $1.5 trillion to banks, including Citigroup Inc. and Goldman Sachs Group Inc., through programs such as its discount window, the Primary Dealer Credit Facility and the Term Securities Lending Facility. Collateral is an asset pledged to a lender in the event that a loan payment isn't made.

The Fed made the loans under 11 programs in response to the biggest financial crisis since the Great Depression. The total doesn't include an additional $700 billion approved by Congress in a bailout package.

[Trojan]

2. Here Is The Rest Of The Article !!!

Uncle Ben Is In The House - Hide Your Wallets !
Advertisements http://www.321gold.com/editorials/hoy/hoy110708.html

Wake Up Americans !

Snippet:

Welcome to Uncle Ben's Traveling Helicopter Relief Show!
Mike Hoy
Nov 7, 2008

I do not have to tell anyone reading this article how tough it has been to get a good nights sleep over the last year. It truly saddens me when events which could have been avoided blow up in our faces changing our lives forever for the worse. Knowing that the mistakes of the past must be financially borne by our children and our grandchildren is a legacy that is as embarrassing as it is criminal. The disgusting shame associated with this crisis is the fact that the people most responsible for destroying a way of life, that was pretty good for the vast majority of those striving to better themselves, walk away with fortunes never to be punished for their greed and manipulation.

I don't know whether to laugh or beat my head up against the wall when I hear people like Greenspan, Paulson, Bernanke, Barney Frank and the heads of all these major financial institutions pass the blame or admit that no one could have forecast the fiscal disaster that is our fate as a result of gross negligence while on their watch. In my opinion, looking the other way and ignorance are absolutely no excuses for those who were and are in a position of safeguarding the assets and best interests of those they have been privileged to serve.

The irony to this whole mess is the fact that many of those who are directly responsible for the chaos of today are the same people dictating the direction of the future. I think it is insane to allow anyone who shares responsibility for this nightmare to be in a position to pass laws and direct the flow of capital that has been created in hopes of bailing the world out of the crater it has fallen into.

THE GREATEST SWINDLE IN HISTORY:

The American public has been led to believe the $700,000,000,000 care package is a bailout designed to protect American homeowners and in the end American jobs. They have been told that it is absolutely necessary that this money be created now with no voice, choice or accountability as to where the funds will be spent.

What will the American people think when they realize that things are not quite as they have been told? The dust hasn't even settled on the creation of the $700,000,000,000 and they are now being hit up for another $550,000,000,000 to shore up the once financially unquestioned money market funds.

I have no doubt the most disgusting part of this whole story has yet to play out. I think most of this money will be used to pay the "bookie." I think much of this money will be used as payment to settle the failed end of the CDO derivative contracts. I think the recipients of this money will do their very best to pocket the proceeds for their own personal gain. We are already seeing these people granting themselves huge bonus' and luxury vacations. I find it appalling that it is still "business as usual!" To reward individuals responsible for the destruction of millions of lives is a system that is in dire need of change. If my thinking is correct, in the end, the public will know as much about the true use of these funds as they do about 43 story buildings that collapse for no apparent reason.

"Fool me once shame on you; fool me twice or $700,000,000,000+ shame on me!" Giving the people responsible for this nightmare the keys to the treasury can only end in turning a nightmare into depression!"

BAND AIDS ARE NOT THE ANSWER FOR BROKEN BONES:

The public has been led to believe the subprime mortgage market is responsible for bringing our financial system to its knees. If the subprime mortgage market is responsible for the challenges faced by the financial system then the financial risk should be placed on those institutions which failed to do the proper underwriting on the paper they wrote and bought as investments for their clients. Institutions who failed to exercise this basic premise of due diligence in the lending and investing of money do not belong in business and should be allowed to fail. New financial companies will rise from the dust to take their place.

[YDogg]

3. From the DU rules, re copyright

http://www.democraticunderground.com/forums/rules.html

Copyrights: Do not copy-and-paste entire articles onto this discussion forum. When referencing copyrighted work, post a short excerpt (not exceeding 4 paragraphs) with a link back to the original.

:shrug: