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Final Count: Pittman Wins, Fed Loses, As Supreme Court Refuses To Grant Confidential Data Disclosure Appeal Sought By Banks

Tyler Durden's picture




 

In a crushing blow against the Fed and the banks that own it, in this case represented by the Clearing House Association, the Supreme Court rejected an industry appeal set forth by the CHA, that sought to keep critical bailout data from going public. The lawsuit was originally started by the great and late Mark Pittman, who tragically passed away around Thanksgiving 2009: we are confident we would be delighted to learn that his unprecedented act of suing the Fed in order to generate more transparency has finally succeeded.

From Bloomberg:

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 order marks the first time a court has forced the Fed to reveal the names of banks that borrowed from its oldest lending program, the 98-year-old discount window. The disclosures, together with details of six bailout programs released by the central bank in December under a congressional mandate, would give taxpayers insight into the Fed’s unprecedented $3.5 trillion effort to stem the 2008 financial panic.

“I can’t recall that the Fed was ever sued and forced to release information” in its 98-year history, said Allan H. Meltzer, the author of three books on the U.S central bank and a professor at Carnegie Mellon University in Pittsburgh.
 
Under the trial judge’s order, the Fed must reveal 231 pages of documents related to borrowers in April and May 2008, along with loan amounts. News Corp.’s Fox News is pressing a bid for 6,186 pages of similar information on loans made from August 2007 to November 2008.
 
The records were originally requested under FOIA, which allows citizens access to government papers, by the late Bloomberg News reporter Mark Pittman.
 
As a financial crisis developed in 2007, “The Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny,” said Matthew Winkler, editor in chief of Bloomberg News. “The Fed must be accountable to Congress, especially in disclosing what it does with the people’s money.”
 
The Clearing House Association contended that Bloomberg was seeking an unprecedented disclosure that might dissuade banks from accepting emergency loans in the future.
 
“Disclosure of this information threatens to harm the borrowing banks by allowing the public to observe their borrowing patterns during the recent financial crisis and draw inferences -- whether justified or not -- about their current financial conditions,” the group said in its appeal.

Bloomberg News editor in chief released the following statement following the Supreme Court disclousre:

Statement by Bloomberg News Editor in Chief Matthew Winkler:
"At some point long before the credit markets seized up in 2007, financial markets collapsed and the economy plunged into the worst recession since the 1930s, the Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny. As only Congress has the constitutional power to coin money, Congress delegates that power to the Fed and the Fed must be accountable to Congress, especially in disclosing what it does with the people's money."

And while this is a stark example that promises of Mutual Assured Destruction if the Fed and its superiors on Wall Street do not get their way are nothing but hollow threats, the bigger issue here is that the Supreme Court indeed did not grant an appeal. This simply means that banks have gotten so reliant on excess reserves and not having to worry about discount window borrowings that any change from the equilibrium, read an end to QE2 or, heaven forbid, a reversal (where the Fed proceeds to sell securities on its balance sheet), would lead to true untold destruction within the banker community once the Discount Window route is required again.

Nonetheless, today's development a huge success for all those who believe that the most dangerous and thoroughly unsupervised organization of central planners in the world is not immune from justice. We can only hope that the "Pittman precedent" forces millions more to send in FOIA requests for any and every aspect of Fed operations, forcing the US politburo to eventually brings its decision making process in the open, as much as Jamie Dimon and Lloyd Blankfein detest that.

 

 

 

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Mon, 03/21/2011 - 10:45 | 1081693 ReallySparky
ReallySparky's picture

Yipee!  The news will be rich after the release of these documents.

Mon, 03/21/2011 - 10:51 | 1081729 unwashedmass
unwashedmass's picture

 

what the hell happened? didn't the Supremes get the memos?

good god, someone tell them that the banks are supposed to be allowed to drain the country's assets without ....I REPEAT...without any trouble from the peasants....

 

someone get over there and slap them upside the head!

 

NOW~~~~

Mon, 03/21/2011 - 11:16 | 1081824 Abitdodgie
Abitdodgie's picture

Don't worry all transactions that took place in April and May  that could raise questions have been moved to March 31 and June 1st 

Mon, 03/21/2011 - 11:27 | 1081866 What does it al...
What does it all mean's picture

Right, and we are already past the 7th inning of the financial crisis.  I think it is a new world series, actually!

Mon, 03/21/2011 - 12:01 | 1081969 clymer
clymer's picture

Congress to FED: "Show us who got the money"

FED: "no"

SCOTUS to FED: "Show them who got the money"

FED: "no"

Mon, 03/21/2011 - 12:20 | 1082010 Boilermaker
Boilermaker's picture

They won't even bother dignifying the demand with a response.  When you're at the top of the food chain, you aren't beholden to anybody.

Mon, 03/21/2011 - 13:00 | 1082164 dogismyth
dogismyth's picture

BFD!!!  This ruling means nothing in the near term.  This is not the circle jerk you are looking for...

The legislation didn’t apply retroactively to the discount window lending program, which provides short-term funding to financial institutions. Discount window loans made after July 21, 2010, must be released following a two-year lag.

Mon, 03/21/2011 - 19:48 | 1083805 zaphod
zaphod's picture

Forget the discount window stuff, I already know all the big banks got tons of money.

 

I want to see the gold left, and all gold lease obligations and swaps. I want to see a true picture of what the good money situation is.....

Mon, 03/21/2011 - 12:20 | 1082013 dogismyth
dogismyth's picture

c'mon guys....bloomberg?  You realize that bloomberg is a member of the insider joo-circle.  Think good cop bad cop.  THis is their way of defusing the issue.  Not sure what their game plan is but to trust Bloomberg...your freaking nutzo.  Don't trust any of them...especially Bloomberg.  You guys really have to quit reacting to the news and attempt to decipher their hidden objectives.

Mon, 03/21/2011 - 12:20 | 1082014 asteroids
asteroids's picture

I can see Hitler in his bunker planning out the next strategy steps for the FED.

Mon, 03/21/2011 - 11:03 | 1081785 Id fight Gandhi
Id fight Gandhi's picture

Wow.

It really must be coming to the end of the world.

Mon, 03/21/2011 - 14:12 | 1082471 anonnn
anonnn's picture

The Supreme Court, without comment, on Monday refused to consider the group's appeal.

[So there was no vote.]

[per WSJ online]

Mon, 03/21/2011 - 10:45 | 1081696 Doña K
Doña K's picture

Is the supreme court the ultimate salvation?

Mon, 03/21/2011 - 10:56 | 1081750 truont
truont's picture

...until the Banksters figure out that they need to bribe the third branch of government too...

Hey, Blankfein!  There are THREE branches of government in the USA.

Looks like you missed one...

Mon, 03/21/2011 - 11:04 | 1081788 Oh regional Indian
Oh regional Indian's picture

I thought the "Supremes" had shown their rottn hand with the Bush selection.

Do they have any credibility left? At all?

ORI

Mon, 03/21/2011 - 11:09 | 1081807 Aghast in Midlothian
Aghast in Midlothian's picture

ORI, please...you're better than that.

Mon, 03/21/2011 - 11:31 | 1081878 Vergeltung
Vergeltung's picture

apparently, he's not.

Mon, 03/21/2011 - 11:39 | 1081907 Doña K
Doña K's picture

I was kind of shocked when the supreme court voted that corporate contributions were protected under free speech.

If there is money involved is not free. Is it guys?

Mon, 03/21/2011 - 11:40 | 1081905 TruthInSunshine
TruthInSunshine's picture

Out of curiosity, does anyone know how Scalia, Thomas, Roberts and Alito voted in this decision?

ZeroHedge, could you break down the tally by each SCOTUS Justice?

Mon, 03/21/2011 - 12:21 | 1082016 nmewn
nmewn's picture

"Hey, Blankfein!  There are THREE branches of government in the USA."

And according to one of his paid lackeys, Senator Chuckie (Hey Let's Expand the Price Cap on Mortgages Covered by Fannie) Schumer, they are;

http://www.youtube.com/watch?v=fG0Jpu9geWY

The House, the Senate and the President?!?...what a friggin doofus.

Mon, 03/21/2011 - 12:33 | 1082046 lunaticfringe
lunaticfringe's picture

3?? Shit...

The hierarchy goes like this. The unelected FED and the subordinate branches of elected officials in the E, J, and L branches. These are the branches that create the illusion that the "people" whoever the fuck that is, have some say in how this place runs. They don't. The FED runs this mf'er.

Mon, 03/21/2011 - 10:50 | 1081714 SheepDog-One
SheepDog-One's picture

Awesome. Whenever I hear 'Pelosi' I remember than scene of her marching around with that giant theatrical gavel hammer after they illegally rammed thru that Deathcare monstrosity. I hope shes got the worst intestinal parasites known to the world.

Mon, 03/21/2011 - 10:57 | 1081754 Sophist Economicus
Sophist Economicus's picture

There you are!    Haven't seen you posting for a while, was worried some coyote got ya

Mon, 03/21/2011 - 10:57 | 1081757 living on the edge
living on the edge's picture

Perhaps she senses the end is near for her ruling elites.

Mon, 03/21/2011 - 11:12 | 1081817 Larry Darrell
Larry Darrell's picture

I just want to know if she is in one of these now oh so common "comas"

Mon, 03/21/2011 - 11:30 | 1081874 pslater
pslater's picture

She's been in a liberal/progressive coma all her adult life.  It's staggering the amount of damage you can do while in a coma....

Mon, 03/21/2011 - 13:11 | 1082220 weinerdog43
weinerdog43's picture

Exactly.  Ask any Republic.  They've been brain dead for years.

Mon, 03/21/2011 - 11:30 | 1081870 DeadFred
DeadFred's picture

Don't be so cruel to intestinal parasites.

Mon, 03/21/2011 - 11:30 | 1081875 Confucious 222
Confucious 222's picture

Yes, a few thousand colonies of assorted flagellum, paramecium, prions, and protozoans, requiring a regimen of barium enemas and cesium 137 douches is all we ask.

One is, what one eats; Madame Squeaker (ret.)?

Mon, 03/21/2011 - 10:57 | 1081763 So Close
So Close's picture

Because I too always immediately check myself in when I feel "slightly unwell."

Mon, 03/21/2011 - 11:05 | 1081789 Sophist Economicus
Sophist Economicus's picture

Ahhh, you must have one of those Government health plans too...  ;)

Mon, 03/21/2011 - 11:52 | 1081940 ebworthen
ebworthen's picture

Exactly.

No copay, no deductible.

Mon, 03/21/2011 - 11:35 | 1081885 DeadFred
DeadFred's picture

Not to worry. Reptilians just need more frequent upkeep on their host bodies, just check out Cheney.

Mon, 03/21/2011 - 11:48 | 1081928 Uncle Sugar
Uncle Sugar's picture

DO NOT RECESSITATE

Mon, 03/21/2011 - 13:53 | 1082403 Ying-Yang
Ying-Yang's picture

Nothing to see here...... she checked in for her 30,000 mile warranty on her facelift.

Sarc.

Mon, 03/21/2011 - 10:44 | 1081699 firstdivision
firstdivision's picture

Didn't the Fed already release all the data requested, hence the Fed data dump about 6 months ago?

Mon, 03/21/2011 - 11:21 | 1081847 Spitzer
Spitzer's picture

That is what I thought....

I remember Harley Davidson, Mcdonalds and Bank of Montreal where some of the names.

so whats this about ?

Mon, 03/21/2011 - 13:57 | 1082411 Ying-Yang
Ying-Yang's picture

Nope it is more about the Central Banks and other black accounts that received help which are not directly in the best interest of the US taxpayer...

How do you say taxpayer help to the BOC?

Mon, 03/21/2011 - 11:42 | 1081904 goodrich4bk
goodrich4bk's picture

I believe that was the documentation of TARP recipients.  This is a list of other-than-Discount Window recipients (I believe DW recipients are already disclosed as a matter of course).  This is a big deal because it means that the Fed must report all back-door bailouts, not just the one that Congress affirmatively authorized.

Mon, 03/21/2011 - 12:02 | 1081974 firstdivision
firstdivision's picture

Thanks for that reply, it is very informative as to why this was quite important. 

Mon, 03/21/2011 - 10:45 | 1081700 Josh Randall
Josh Randall's picture

Another brick knocked out of the wall

Mon, 03/21/2011 - 10:45 | 1081704 Yen Cross
Yen Cross's picture

Brisbane first. The Quake in the North Island .

Mon, 03/21/2011 - 12:12 | 1081993 slewie the pi-rat
slewie the pi-rat's picture

i know you have friends there, YC.  so, good luck to everybody, there, from me, too.

looks like pittman scores!  ghost to the post!  hard to believe that the "legal" argumentz of:  it's a secret! and if we tell, confidence will plummet! both failed, tho, doncha think?

barry bonds' trial starts today;  jury selection.  guys on the radio just reported a twitter from the courthouse:  bonds looks much smaller than he was when he was playing...

Mon, 03/21/2011 - 10:46 | 1081706 TruthInSunshine
TruthInSunshine's picture

It's a start.

But that's all it is.

I want to know when there's going to be a legal challenge to the Federal Reserve's action of monetizing U.S. deficit spending (they're now buying 80% of all treasuries) as the Federal Reserve, via mouthpiece and ChairBeast The Bernank claims they can do an end run around the law so long as they buy Treasuries in the secondary market, from their very much favored Primary Dealers/Too-Big-To-Failures.

Mon, 03/21/2011 - 11:14 | 1081819 Dr. Porkchop
Dr. Porkchop's picture

Patience...
The sheild turns the fast blow, admits the slow kindjal!

Mon, 03/21/2011 - 11:33 | 1081884 Triggernometry
Triggernometry's picture

Slow pellet stunners do the trick too...

Mon, 03/21/2011 - 10:49 | 1081707 Ivanovich
Ivanovich's picture

So when are the documents to be released?  5 days?

Mon, 03/21/2011 - 10:49 | 1081709 gordengeko
gordengeko's picture

Small dent in the red shield.

Mon, 03/21/2011 - 10:47 | 1081711 SheepDog-One
SheepDog-One's picture

WOO HOO! Yea Fuk you FED! Fuk you Wall St bankstas! 

Mon, 03/21/2011 - 11:00 | 1081716 Cursive
Cursive's picture

If Fed's mocking of Andy Jackson is any indication, we can expect to see Mark Pittman's face on the forthcoming $100,000,000,000 FRN.

Mon, 03/21/2011 - 12:32 | 1082045 piceridu
piceridu's picture

+

Mon, 03/21/2011 - 10:49 | 1081717 f16hoser
f16hoser's picture

Swallow Bitchez'

Mon, 03/21/2011 - 10:49 | 1081719 Eric Cartman
Eric Cartman's picture

2 years, long enough for most Americans to hear in one ear and let out the other. 

Mon, 03/21/2011 - 10:49 | 1081720 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

More Pittman, less shalom bernank.

Mon, 03/21/2011 - 10:51 | 1081721 homersimpson
homersimpson's picture

Does this mean we can short in 5 days?

Mon, 03/21/2011 - 10:58 | 1081760 disabledvet
disabledvet's picture

doooh!

Mon, 03/21/2011 - 18:21 | 1083489 nohweh
nohweh's picture

I think I must have missed something HS. Why haven't you been called in to handle the Fuckushitma situation?

Mon, 03/21/2011 - 10:51 | 1081722 Careless Whisper
Careless Whisper's picture

what's the over/under on how many non-banks are on the list?

Mon, 03/21/2011 - 10:52 | 1081735 SheepDog-One
SheepDog-One's picture

Will wee see the once 'non banks' such as GS before TARP who were deemed 'banks' for the free money now suddenly scramble to become 'not banks' again?

Mon, 03/21/2011 - 10:59 | 1081767 disabledvet
disabledvet's picture

"God forgive me but I do love it so."

Mon, 03/21/2011 - 11:41 | 1081908 Founders Keeper
Founders Keeper's picture

Patton?

 

Mon, 03/21/2011 - 11:37 | 1081893 Boilermaker
Boilermaker's picture

"It was for the greater good"

&

"We had no choice"

Get used to those phrases.  They won't fucking release it anyway.  Congress will simply pass an emergency bill essentially re-writing the law to get them out of the mess.

Mon, 03/21/2011 - 10:51 | 1081731 SilverBaron
SilverBaron's picture

Look for the building that houses this info to fall to the ground a freefall speed due to a fire.

Mon, 03/21/2011 - 10:52 | 1081740 SheepDog-One
SheepDog-One's picture

AH yes indeed!

Mon, 03/21/2011 - 11:00 | 1081777 Cursive
Cursive's picture

@SilverBaron

LOL. Offsite storage was at Fukushima.

Mon, 03/21/2011 - 11:53 | 1081939 TruthInSunshine
TruthInSunshine's picture

Pertinent records kept here?:

1 King William St.
London EC4N 7AR, United Kingdom
Tel. +44-20-7280-5000
Fax +44-20-7929-1643

Mon, 03/21/2011 - 10:52 | 1081733 ziggy59
ziggy59's picture

a mosquito hit on the windshield..much better than an appeal. we will see if any momentum builds.

 

Mon, 03/21/2011 - 10:52 | 1081736 mdwagner
mdwagner's picture

What if they just refuse?

Mon, 03/21/2011 - 10:54 | 1081746 SheepDog-One
SheepDog-One's picture

If they refuse, americans will continue to do nothing except continue marveling at their captors and navel gaze on Facebook.

Mon, 03/21/2011 - 11:01 | 1081776 strannick
strannick's picture

FED induced price inflation might just be the slap in the balls the nation needs to rise up out of its easychairs.

Mon, 03/21/2011 - 11:25 | 1081853 Azannoth
Azannoth's picture

They will wash the books, and use all available bookkeeping gimmicks to hide what they don't want any1 to see, the charade will go on

Mon, 03/21/2011 - 12:28 | 1082034 Rainman
Rainman's picture

agree.....redacts, top secret stamps, national security, lost files...you name it. Go long on white out.

Mon, 03/21/2011 - 10:53 | 1081742 divide_by_zero
divide_by_zero's picture

Who will enforce the decision, Holder?  HA!

Mon, 03/21/2011 - 10:53 | 1081744 silvertrain
silvertrain's picture

 I wouldnt go out to dinner with that judge for the foreseeable future...

Mon, 03/21/2011 - 10:55 | 1081745 riffraffy
riffraffy's picture

Look for a new order out of the SEC banning the short-selling of banks...

Mon, 03/21/2011 - 10:55 | 1081751 SheepDog-One
SheepDog-One's picture

The '.1% rule' that states all FED central bank stocks must go up by .1% daily, minimum.

Mon, 03/21/2011 - 10:56 | 1081753 somethingelse
somethingelse's picture

"on a long enough timeline..."

    justice will prevail and the truth will out.

Mon, 03/21/2011 - 10:56 | 1081755 Ruffcut
Ruffcut's picture

A nothing burger, for the critters of congress, always do what their told.

I call for the construction of the museum of congress. Easily made with statues that look like turds.

Mon, 03/21/2011 - 10:58 | 1081756 plocequ1
plocequ1's picture

For fucks sake, Is this movie still playing? I thought it was cancelled. I hate reruns

Mon, 03/21/2011 - 11:38 | 1081897 Boilermaker
Boilermaker's picture

Just another cock tease...

Mon, 03/21/2011 - 10:56 | 1081759 Dr. No
Dr. No's picture

Finally.  We students of the constitution will be able to learn who the highest authority in the land will be.  We were taught is was the Supreme Court, but this ruling could perhaps flush out who the true authority is.  Our wait got shorter.

Mon, 03/21/2011 - 12:22 | 1082018 slewie the pi-rat
slewie the pi-rat's picture

 

student body forward, march.  the final exam is over the horizon, not the rainbow.

Mon, 03/21/2011 - 11:00 | 1081770 X. Kurt OSis
X. Kurt OSis's picture

This will go no where.  The rally will continue unabated and the bankers will continue to feast on their debt slaves.

The 50 state attorney's general will request the data, not even read it, drop it all in a shredder and send the paper pulp back to the Fed for recycling.

Mon, 03/21/2011 - 11:03 | 1081784 SheepDog-One
SheepDog-One's picture

The rally in what, the bubble equities? Meh, Im not so impressed myself. Im watching the dollar dump, oil, PM's.

Mon, 03/21/2011 - 11:01 | 1081774 Northeaster
Northeaster's picture

Long on paper shredders?

Mon, 03/21/2011 - 11:23 | 1081851 long juan silver
long juan silver's picture

Delete buttons

Mon, 03/21/2011 - 11:00 | 1081779 grunk
grunk's picture

Congress has 5 days to re-write FOIA so as to exclude the Fed.

 

That or the info will be declared national security.  

Mon, 03/21/2011 - 11:01 | 1081781 Doubleguns
Doubleguns's picture

Did anyone hear that!!!   I think I heard a puppet string snap.

Mon, 03/21/2011 - 11:03 | 1081786 Bansters-in-my-...
Bansters-in-my- feces's picture

"Pelosi in hospital"....

Excellent.....

Make my Day.

Mon, 03/21/2011 - 11:03 | 1081787 PulauHantu29
PulauHantu29's picture

After you document the corruption...then what?

Mon, 03/21/2011 - 12:31 | 1082032 slewie the pi-rat
slewie the pi-rat's picture

chit-chat about the indebtedness of We The People?

Mon, 03/21/2011 - 11:05 | 1081790 gwar5
gwar5's picture

If a banana falls off the banana tree, in the middle of a banana republic, will it make a sound?

Mon, 03/21/2011 - 11:09 | 1081801 gordengeko
gordengeko's picture

maybe if it was a commercial during wipeout.  the bananas aren't organic anyway they are all genetically modified organisms.

Mon, 03/21/2011 - 11:19 | 1081838 alien-IQ
alien-IQ's picture

no... it will make no sound since it will never hit the ground thanks to the momo chasing monkeys that will scramble to catch it in mid flight.

Mon, 03/21/2011 - 12:35 | 1082055 slewie the pi-rat
slewie the pi-rat's picture

+ Bna, gwar!  manic monday?

Mon, 03/21/2011 - 11:07 | 1081791 DaveyJones
DaveyJones's picture

"the Federal Reserve forgot that it is the central bank for the people of the United States and not a private academy where decisions of great importance may be withheld from public scrutiny"

It knows its owner. An identity crisis is the only one it hasn't had. :/

Mon, 03/21/2011 - 11:22 | 1081850 GreenSideUp
GreenSideUp's picture

The web address for the Fed is federalreserve.gov

I'm sure they can come up with a trillion other reasons why they need to operate in total secrecy though.

 

Mon, 03/21/2011 - 12:48 | 1082115 slewie the pi-rat
slewie the pi-rat's picture

would that there were but a tril!

i always use:  USDebt.fuk.U~~~/;>)

Mon, 03/21/2011 - 11:07 | 1081798 jkruffin
jkruffin's picture

So now we get to see the phony paid for politicians, get them on TV again, ask all the wrong questions, yell at them a little bit to put on the show, and then absolutely NOTHING is done about it.

I am pretty sure this is the norm.......haven't we seen it so many times before.

I mean really, WTF is Congress going to do? Nothing. Bernanke is price manipulating on a daily basis and being allowed to do it even while its supposed to be illegal.  If I were Bernie Madoff, I would demand to be let out of jail.

Mon, 03/21/2011 - 11:10 | 1081799 Maiden Lane
Maiden Lane's picture

Don't worry, they'll just say they lost that silly ol list or just make it up. Don't expect honesty out of them.

Mon, 03/21/2011 - 11:09 | 1081803 lynnybee
lynnybee's picture

good. ........ damn s.o.b. criminals . 

Mon, 03/21/2011 - 11:12 | 1081815 disabledvet
disabledvet's picture

the statement will be simple.  "how's the rat race Mr. Chairman?"  And he responds "looks like the rat's have won."

Mon, 03/21/2011 - 11:12 | 1081816 baby_BLYTHE
baby_BLYTHE's picture

We're going into a recession, damn it!

Mon, 03/21/2011 - 11:17 | 1081831 Larry Darrell
Larry Darrell's picture

We never left the depression, the depth is just beginning to materialize.

There has been zero organic economic growth in the US in decades.

Mon, 03/21/2011 - 11:21 | 1081840 baby_BLYTHE
baby_BLYTHE's picture

I was just quoting another ZH story.

I know the economy sucks. Too bad 99% of the rest of the American public can't get their hands on free money from the FED.

People are really suffering, now. This is before the impending Inflationary Holocaust!

Mon, 03/21/2011 - 12:01 | 1081971 TruthInSunshine
TruthInSunshine's picture

I am starting a bank holding company, fully certified and in compliance.

Anyone will be able to surrogately borrow money from my bank for my bank holding company's true discount window rate, as long as the borrowed funds are used to purchase silver.

PJ Nagrom will be the name of the bank holding company.

Mon, 03/21/2011 - 13:01 | 1082153 slewie the pi-rat
slewie the pi-rat's picture

 

sign slewie up for a primary dealer anagram account!  i have no fuking ass-ettes, but can drive a 24-ft bobtail on my driverz lic.  i will go rent a penske and drive all over creation eating fast food, sleeping in the truck, and buying silver coins with a $bil. on my debit card, 'k?

Mon, 03/21/2011 - 19:54 | 1083844 collinar
collinar's picture

Anyone will be able to surrogately borrow money from my bank for my bank holding company's true discount window rate, as long as the borrowed funds are used to purchase **physical** silver.

There, fixed that for ya.

Mon, 03/21/2011 - 15:58 | 1082946 jomama
jomama's picture

thank you for clearing that up, captain obvious...

Mon, 03/21/2011 - 11:20 | 1081843 SheepDog-One
SheepDog-One's picture

Going into a recession? Never got out of the depression which started a few years ago.

Mon, 03/21/2011 - 11:15 | 1081826 Dr. Engali
Dr. Engali's picture

And the game rolls on.....

Mon, 03/21/2011 - 11:16 | 1081827 HEHEHE
HEHEHE's picture

I am shocked at this decision.  Good to see they aren't above the law.  Of course I am sure they have a plan b, plan c, plan d... in place to obfuscate the truth in the future.

Mon, 03/21/2011 - 11:17 | 1081833 Wakanda
Wakanda's picture

Thanks and congrats to Mark Pittman in the beyond.

Believe me, spirits can laugh and enjoy themselves watching our foolishness here on the Earth plane.

Mon, 03/21/2011 - 11:19 | 1081834 alien-IQ
alien-IQ's picture

And when the FED refuses to comply...who specifically will be held accountable? After all...you can't put a corporation in jail.

Mon, 03/21/2011 - 11:29 | 1081869 Boilermaker
Boilermaker's picture

Why would the FED need to comply when Congress can simply change the law so that they don't need to?

You don't honestly believe that the FED can be held accountable by some mickey-mouse-bush-league outfit like the SCOTUS...do you?

Mon, 03/21/2011 - 11:36 | 1081895 alien-IQ
alien-IQ's picture

that's precisely my point.

Mon, 03/21/2011 - 14:59 | 1082597 prophet_banker
prophet_banker's picture

could excise the quick death of corporate charter revoke

Mon, 03/21/2011 - 11:24 | 1081849 Rogerwilco
Rogerwilco's picture

BFD -- Mr. Obama farts in their general direction, and Bernanke's Fed will thumb their nose at the SCOTUS. Criminal sindicates have no respect for the rule of law, and any domestic terrorists who think this court decision has merit will face the consequences.

Mon, 03/21/2011 - 11:25 | 1081855 Milestones
Milestones's picture

I disagree with the decision only to the extent that I have previously laid out. I would contend that "The Federal Reserve Act" is null and void and has been since it's inception. Below is a brief summary of that reasoning from 11-21-10.

Never the less I am happy that the Supremes got this close to the proper decision.   Milestones

 

by Milestones 
on Sun, 11/21/2010 - 14:22
#

 

Mr. T., I addressed this issue a couple of times "The Trials and Tribulations of the Federal Reserve Act of 1913" on 6-15-10 and a couple of times later. In fine, let me answer you in brief.

My argument lies in Article 1, Section 8 (5)-Powers of Congress. The Congress SHALL have power: to coin money, REGULATE THE VALUE THEREOF,--". That power was apparently DELEGATED to the Federal Reserve Bank. That DELEGATION of authority to the Federal Reserve is my question. Did Congress have the authority to delegate that authority to "regulate the value thereof"?

Panama Refining Co. v Ryan 293 U.S. 388 1935

"The Constitution provides 'that all legislative powers herein GRANTED SHALL be vested in the Congress of the United States, which shall consist Senate and House of Representatives.'--The Congress MANIFESTLY IS NOT PERMITTED to abdicate or to TRANSFER TO OTHERS the essential legislative functions with which it is vested.---Cannot be allowed  to obscure the limitations of the authority to delegate, if our constitutional system is to be maintained."

Field v Clark 143 U.S. 649 1892

--"The legislative power must REMAIN in the organ where it is lodged by that instrument."

Sovereignty is granted to "We the People" in the first 3 words of the Preamble. As such, under the Constitution, we the people delegate our Sovereign authority to persons to REPRESENT us in day to day dealings. But it is the reserve of the Soverigns to delegate authority not our reperesentatives. John Locke came to the same conclusion.

I would contend that the Federal Reserve Act of 1913 is illegal under the Constitution. Further, if we consider Marbury v Madison of 1803, a decision has stood for over 200 years, the case can be stated in far starker terms:

Marbury v Madison 17 Wall 205 Cranch 2 1803

"Thus the particular phraseology of the Constitution of the United States confirms and strengthens the principal, supposedly to be essential to all written constitutions, that a law repugnant to the constitution is VOID; and the courts AS WELL AS ALL OTHER DEPARTMENTS ARE BOUND BY THAT INSTRUMENT."

Not only did Congress not have the authority to submit such a document as the Federal Reserve Act of 1913; likewise President Wilson had no authority to sign it. See the last sentence of the above.

Yes, I know, the Constitution has been turned into a roll of toilet paper to the 1%ers but that is still the document I still march to as do most others . If that not be the case then we would be far better served now to be comparing an AR-15 to an AK-47.

If those unhappy with the way things are want a change, we must state our concerns and grievances in a fashion that those who are totally uninformed can have a place, a handle so that a nightmare of a 2nd revolution can be avoided. 

There was a ton of groundwork done before Jefferson wrote his magnificent document of 1776. Milestones

Mon, 03/21/2011 - 11:47 | 1081923 goodrich4bk
goodrich4bk's picture

Hmm, maybe this is the way our Government will eventually default on the dollar which is, after all, only a Federal Reserve Note.  We'll just cancel all notes as void.

Mon, 03/21/2011 - 11:57 | 1081963 Founders Keeper
Founders Keeper's picture

Good post. Thanks, Milestones.

 

Mon, 03/21/2011 - 13:39 | 1082192 slewie the pi-rat
slewie the pi-rat's picture

ditto. 

fyi:  in 2005, the USMint produced the 90% silver dollar commemorating the 250th anniversary of Chief Justice John Marshall's birth. the obverse is a profile portrait of the CJ, who has fabulous hair, on the proof coin.  the reverse is the Old Supreme Court Chamber, located in the early US Capitol. 

my favorite old federal case is Burr v. US.  Treason, too! (copy/paste)

Aaron Burr served as the nation's third vice president from 1801–1805, having lost the 1800 presidential election after the U.S. House of Representatives broke an electoral deadlock by naming THOMAS JEFFERSON president and Burr vice president. Although Burr contemplated running for president again four years later, those ambitions came to an end when he was indicted for murdering ALEXANDER HAMILTON in a duel on July 11, 1804.

and, it seemed almost routine, back then, to try get one's political opponents hanged for treason.  (copy/paste):

In 1807 Aaron Burr was prosecuted for TREASON and high misdemeanor in the federal circuit court in Richmond, Virginia, with U.S. Supreme Court Chief Justice JOHN MARSHALL presiding as a trial judge. Despite evidence that Burr had been plotting to raise a rebellion and overtake a portion of the western territories in the United States and other evidence that Burr was planning to lead an unauthorized invasion of Mexico, the defendant was acquitted by a jury on both the treason and high misdemeanor charges.
Read more: Aaron Burr - United States V. Aaron Burr - Treason, President, Trial, Jefferson, Court, and Vice http://law.jrank.org/pages/4937/Burr-Aaron-United-States-v-Aaron-Burr.html#ixzz1HFwgG88k ah! those were the days!  these guys bought 1/3 of the continental US from france and probably learned to get along, somewhere along the line, too.  maybe.
Mon, 03/21/2011 - 11:24 | 1081856 Spitzer
Spitzer's picture

I thought this info was already out ???

remember the harley davidson and bank of montreal story ?

Mon, 03/21/2011 - 11:25 | 1081857 Boilermaker
Boilermaker's picture

Here comes the mysterious fire and natural gas explosion.

Mon, 03/21/2011 - 11:27 | 1081862 What does it al...
What does it all mean's picture

 Everything but the discount window were release on a one-time basis...  

Where it might show that 13 out of the 13 banks were insolvent...  but the management got multi-million bonuses...

How does that work?

There is still no such thing as an audit for the fed.  Until next time...

Mon, 03/21/2011 - 11:30 | 1081872 Boilermaker
Boilermaker's picture

And, to think, the decision to allow dividend payment and Citi's 10:1 reverse was announced just yesterday.   Man, that's fucked up.

Mon, 03/21/2011 - 11:34 | 1081887 JackieTreehorn
JackieTreehorn's picture

The best part of this decision is that most Americans will still be blissfully ignorant of the Fed's actions, even if the released data is damning.

Mon, 03/21/2011 - 11:50 | 1081938 alien-IQ
alien-IQ's picture

"The Matrix is a system. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it."

Morpheus - The Matrix

Mon, 03/21/2011 - 11:55 | 1081954 Boilermaker
Boilermaker's picture

You got it!  Try explaining it to your average person.  They can't even balance their checkbooks or understand the interest rate on their Kohl's card (and why 29.99% is usury).

Well, I'd love to chat about it, but I'm being ruthless ass fucked by IYR again today.  You know, the little ETF that goes up on all news or no news and , rumor has it, even on days when the market is closed.

Mon, 03/21/2011 - 11:37 | 1081891 Kaiser Sousa
Kaiser Sousa's picture

fuck all bankers...

there r only 2 forms of real money....Gold & Silver...

game on........

Mon, 03/21/2011 - 11:46 | 1081915 TruthInSunshine
TruthInSunshine's picture

Informed & Educated Citizen to Neigbor or Co-Employee:   

So, did you hear about that SCOTUS denial of certiorari on the discount window at the Federal Reserve appeal?

Neigbor or Co-Employee:    

Ummm, no. Did you watch those Tomahawk missiles that were fired off those ships?....that was so kewl!

Mon, 03/21/2011 - 11:54 | 1081951 east paris trader
east paris trader's picture

You walk thru the woods and see the fallen tree.  Do you need a recording of the "thump" to believe?  Nothing will change.  They will keep fucking with the markets to undermine common mans ability to protect himself.

Mon, 03/21/2011 - 12:03 | 1081977 Clint
Clint's picture

"the peoples money"

That amuses me...

The  judge doesn't seem to understand that the Congress does not have the ability to delegate it's responsibilities to anyone. When it does, it is no longer the "people's money." FRN's belong to the Fed. The Treasuries in the Fed's vault are 'the people's debt.'

Mon, 03/21/2011 - 15:35 | 1082820 honestann
honestann's picture

FRNs are fraud.

Only real, physical gold and silver are real money.

And BTW, it matters not whether gold or silver coins or bars have any so-called official images or text.  It is the gold and silver itself that is real money, and the only legitimate denominations are grams (units of mass), not fictional fraud names like "dollar", "peso", "euro", "yen", etc.

Mon, 03/21/2011 - 12:10 | 1081990 Stuck on Zero
Stuck on Zero's picture

Huge success??  The Fed will disclose horrible, damning evidence of fraud and malfeasance and the major media will issue a 30 second talking head soundspot and forget the whole thing.  There is never any follow-up to corruption in government.

Mon, 03/21/2011 - 13:56 | 1082421 squexx
squexx's picture

You forgot to add that the DOW will continue to climb! Fucking jooz bastards on Wall St!

Mon, 03/21/2011 - 12:23 | 1081998 Pseudo Anonym
Pseudo Anonym's picture

In a crushing blow against the Fed and the banks that own it

the released data, if it is released at all and not censored, will not have any material impact.  It is a trojan horse.  In response, the hofjuden will crash the market, restrict credit, bankrupt a few inconvenient players and then blame Bloomberg, Supreme Court etc. for the disaster.  The hofjuden's claim will be that if they were left alone, all would have been well.  But now, what can they do?  Well, they will hyperinflate, destroy the USD and install IMF/BIS as the supreme (and out-of-reach) central bank as a lesson to all you peasants cheering for this decision.  Never ever underestimate these conniving hofjuden.  They've been at this for many centuries.  Next up on deck, NWO.  The court's decision was a huge mistake.  The court should've let the Fed self-destruct in hyperinflation without anybody to blame for it. Too bad.

Mon, 03/21/2011 - 13:51 | 1082388 slewie the pi-rat
slewie the pi-rat's picture

i know.  ya don't wanna light up a bunch of psychopatich criminal international elitists too much.  but still, it IS entertaining, and it really IS our country, btw.

Mon, 03/21/2011 - 16:09 | 1082981 jomama
jomama's picture

absolutely right on the silver.  why would TPTB allow for such a court decision to cripple their stranglehold?  it's a smokescreen to shift responsibilty just in time for the whole thing to come crashing down, and deflect blame. 

couple that with the leverage of the captured ignorant masses.  pretty tough to contend with the global banking cartel while the vast majority of the little people are still chasing that carrot, without the slightest clue (or interest in a clue).

Mon, 03/21/2011 - 12:16 | 1082004 robobbob
robobbob's picture

I don't know. One hundred years of fraud and theft. Buying influence. Controlling the political process. capturing the regulators. Distorting markets. Writing their own laws.

And now the courts have found the constitution?

I don't buy it. What's the TPTB's game? Setting the stage for dismantling the Fed to pave the way for their new and improved global super central bank?

Mon, 03/21/2011 - 12:24 | 1082019 Boilermaker
Boilermaker's picture

It's just a cue to the Congress to pass legislation to make it not necessary according to law.  Bernake will proclaim that a great calamity will befall the American people, everyone will shit thier huggies, they'll pass the law, everyone will let out a collective sigh of relief, and he'll get back to ass fucking the 'non-bankers'.

Don't worry so much.  It for your own good.  You just don't know it.

Mon, 03/21/2011 - 12:56 | 1082151 JR
JR's picture

 

I don’t buy it either; it’s getting hotter for the Bernank so his criminal money syndicate’s decided to raise the propaganda level.  Anything that's unfavorable to the syndicate will not be released; all the vital evidence is long gone.  Propagandists with their owned MSM (Bloomberg et al.) spin machine do not exist to serve the truth.

Frankly, the criminal syndicate doesn’t even bother to hide many of its crooked moves any longer. As Tyler said this morning, “US stock futures continue doing their own thing, primarily on the back of JPMorgan's $20 billion financing for AT&T to buy T-Mobile (gotta love proximity to the discount window and/or excess reserves) with ES surging by 16 points overnight (but not Sprint - sorry guys, you are on your own)…”

They’re all in a hurry now to get what they can get -  reward their friends and make the economy chug along just enough that they can get political support.

Too bad for them, the latter not only has not worked, but it’s getting substantially worse.  This debt is going to dictate the terms. Bernanke is an idiot; he’s way out of his league.  He and his masters are playing with fire and it’s going to burn them.

As Nathan Martin said this morning, “[L]ook at WHO it is that profits and garners power from the production and control of your nation’s money.”

And continues: “Want to turn it around’?  Then you MUST regain control of that money production on behalf of the people – only then will you begin to see solutions to these problems and the impossible math that’s been imposed upon you."

http://economicedge.blogspot.com/

Mon, 03/21/2011 - 13:55 | 1082409 squexx
squexx's picture

Especially with 3 jooz on the Court, with the inflow of that bulldyke joo Kagen! She was given the post for stopping investigation of Obongo's birth certificate as a lower court judge.

Mon, 03/21/2011 - 12:53 | 1082128 monopoly
monopoly's picture

Wow. It is a start all. We gotta start somewhere.

Mon, 03/21/2011 - 13:01 | 1082168 Kaiser Sousa
Kaiser Sousa's picture

a lot of detractors as to the significance of this ruling...so be it...

markets may be manipulated n perpetuity...but people not indefinetly...especially when they got no job, no "money" and cant afford to eat...the train wreck will not be averted no matter what the bankers do.............

 

http://ca.news.yahoo.com/police-man-enraged-taco-bell-price-hike-fires-2...

Mon, 03/21/2011 - 14:59 | 1082599 JR
JR's picture

People pushed to the margins, with no escape route, lose control.  For this man ( his plight laughed at by most of the morons commenting on the article), his final straw came after ordering seven burritos – only to find that the Taco Bell chain had passed onto its customers Fed inflation and raised the price for its Beefy Crunch Burrito from 99 cents to $1.49 –  a 50% increase costing him $13.86 instead of $6.93.

Now he’s charged with “three counts of attempted capital murder.”  And it’s too late, forever, to go back to “if only I’d never gone into the place.”

As El Erian says as he contemplates his balance sheet and his navel, there are “collateral damage and unintended consequences” to Bernanke’s QE meth production of trillions in toxic paper.  Or as Bernanke calls it, “costs and risk.”  Cost and risk for whom?

A sad story.

Mon, 03/21/2011 - 15:41 | 1082861 ShittyLipsMcCra...
ShittyLipsMcCrapStain's picture

Could I please have a bleeding heart taco to go??

Mon, 03/21/2011 - 13:04 | 1082180 tradewithdave
tradewithdave's picture

If readers are interested in more background on Mark Pittman's valiant fight against the Fed and why the Fed now agrees with Ron Paul that it's time to go, click here:  http://tradewithdave.com/?p=5788

By the way... who's behind ZeroHedge anyway? 

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