• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Mark Pittman Wins: Fed To Disclose Emergency Lending Details By December 1

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Wed, 09/29/2010 - 16:52 | 613574 Turd Ferguson
Turd Ferguson's picture

Audit this, bitchez.

Wed, 09/29/2010 - 18:19 | 613837 B9K9
B9K9's picture

For anyone interested in how this plays out, there is no better account than Tolstoy's description of Borodino, the occupation of Moscow, and the subsequent retreat of Napolean's Grande Armée from Russia.

The era of the Fed is coming to a close. Perhaps its originators never dreamed the scam could last this long, and they already have alternative plans in place. However, the fatal blow was struck in 2008 (Borodino). Right now, the Fed is becoming concerned that their occupation (Moscow) isn't quite going as planned.

When the break comes, it will come fast & furious, just like it did to the hundreds of thousands of French troops who never made it back alive. If the Nov election even comes close to delivering a fraction of its potential, any Dec disclosures will be moot. The new House will not stand unless there are detailed investigations, hearings & indictments in Jan.

After that, it's all over except for the crying.

Wed, 09/29/2010 - 18:46 | 613934 LeBalance
LeBalance's picture

I would add a slightly different flavor to your always excellent commentary.

The age of the US (owned by the owners of the FED) is coming to an end.  It will not end in a pretty fashion, but in a disgusting pile of horror, famine, war, and never-ending sorrow.

The cable show that has been our "government" for more than 200 years has run its course.

As the WB signature sez: "Th Th th th that's all folks!"

Wed, 09/29/2010 - 20:17 | 614148 Turd Ferguson
Turd Ferguson's picture

To these two excellent comments I would add a simple addendum:

The end of the Great Keynesian Experiment is upon us. Prepare accordingly.

Wed, 09/29/2010 - 20:33 | 614192 B9K9
B9K9's picture

What's truly ironic is these are "the good old days". Hard to imagine, huh? There's good reason so many people just want our problems to vanish (queue flamboyant flourish).

As CD notes, the sheep listen to the sirens sign their deadly songs because down deep they know what's coming and can't handle the truth.

Wed, 09/29/2010 - 20:34 | 614194 B9K9
B9K9's picture

What's truly ironic is these are "the good old days". Hard to imagine, huh? There's good reason so many people just want our problems to vanish (queue flamboyant flourish).

As CD notes, the sheep listen to the sirens sing their deadly songs because down deep they know what's coming and can't handle the truth.

Wed, 09/29/2010 - 18:47 | 613939 DoctoRx
DoctoRx's picture

Any downside action stemming from the upcoming disclosures will be predetermined to advance the interests of TPTB.


Thu, 09/30/2010 - 03:29 | 614872 StychoKiller
StychoKiller's picture

At the rate at which things are unraveling, we'll be lucky to make it to Halloween before the grand implosion!

Wed, 09/29/2010 - 18:49 | 613943 Fish Gone Bad
Fish Gone Bad's picture

When the TARP recipients were disclosed, and the amounts they recieved, the market rallied.  I will believe it when I see it.  The best way to beat the Fed is to just not play in its sand box.

Wed, 09/29/2010 - 19:19 | 614017 WAYBACK .....WA...


Wed, 09/29/2010 - 19:49 | 614082 Kayman
Kayman's picture

And as the last flight leaves New York the Giant Squid says, " so we fucked ya, ya knew we was going to fuck ya, and ya shouldn't let us do it. So stop yer crying and suck it up"

Wed, 09/29/2010 - 21:46 | 614335 Nikki
Nikki's picture

I was digging what you wrote until you said "investigations hearings and indictments"... Who is going to authorize this ??. All institiutions have been infiltrated. It's over.

Wed, 09/29/2010 - 18:50 | 613948 Freebird
Freebird's picture

A new interpretation of global warming...feel the flames. Justice Bitchez!

Thu, 09/30/2010 - 01:49 | 614737 Clayton Bigsby
Clayton Bigsby's picture

I would like to pledge my cat, Snookums, as collateral.  That should get me, what, $1 Billion at least, right?....

Wed, 09/29/2010 - 16:53 | 613577 The Rock
The Rock's picture

I'll believe it when I see it!

Wed, 09/29/2010 - 17:10 | 613639 Mongo
Mongo's picture


Wed, 09/29/2010 - 16:54 | 613580 Spalding_Smailes
Spalding_Smailes's picture

 Fuck the clearing house...

Wed, 09/29/2010 - 16:56 | 613587 Shameful
Shameful's picture

So how does the national security angle play into this?  Seems like that is still a card that can be slide out and played again.

Wed, 09/29/2010 - 17:04 | 613615 Boilermaker
Boilermaker's picture

It will be played from the bottom of the deck.

Wed, 09/29/2010 - 19:58 | 614099 frankTHE COIN
frankTHE COIN's picture

Bernanke uses the mechanics grip.

Wed, 09/29/2010 - 18:35 | 613893 anonnn
anonnn's picture

...provide to Congress in closed session? ... to a Congresssional sub-committee ?...in camera?  Available only in summary/redact form?

No hint PUBLIC disclosure of what is provided.

Result possibly Bloomberg v Fed will be deemed moot and dismissed after disclosure to satisfy Congression.

Wed, 09/29/2010 - 16:58 | 613591 tahoebumsmith
tahoebumsmith's picture

"That's one small step for man; one giant leap for mankind." Neil Armstrong..July 16 1969

Wed, 09/29/2010 - 17:01 | 613604 Boilermaker
Boilermaker's picture

Boiler Up!

Wed, 09/29/2010 - 17:02 | 613607 Nihilarian
Nihilarian's picture

Misquote due to radio interference. 

Actual quote: "That's one small step for (a) man; one giant leap for mankind.


Wed, 09/29/2010 - 18:44 | 613928 Miss Expectations
Miss Expectations's picture

I understand that Neil had to sign an agreement that he would say, "That's one small step...." insead of, um, Drink Coke.

Wed, 09/29/2010 - 16:59 | 613595 TheGreatPonzi
TheGreatPonzi's picture

"I'll believe it when I see it!"

So will I. Auditing the FED? Impossible. Too much implications. Too much power in a few hands. They won't accept their death.

Wed, 09/29/2010 - 19:41 | 614070 Duuude
Duuude's picture






provide detailed information regarding individual transactions conducted across a range of credit and liquidity programs over the period from December 1, 2007, to July 20, 2010. This information will include the names of counterparties, the date and dollar value of individual transactions, the terms of repayment, and other relevant information.


Does not say ALL transactions.


Wed, 09/29/2010 - 21:12 | 614263 mikla
mikla's picture


I expect this to be a flattering subset that achieves specific objectives in further manipulating the market.

This is information disparity at its best.

Wed, 09/29/2010 - 17:00 | 613600 Boilermaker
Boilermaker's picture

I'm so sorry, but you KNOW this has already been fixed for presentation purposes.  Evidently, they don't anymore time to get their shit together.

Wed, 09/29/2010 - 17:54 | 613774 Bob
Bob's picture

Yeah, that's my suspicion.  You have to expect that SCOTUS would have kissed their rears, so what gives with this??

Wed, 09/29/2010 - 18:08 | 613816 Cognitive Dissonance
Cognitive Dissonance's picture

Count down to a major distraction. Can you say "False Flag"?

Wed, 09/29/2010 - 18:20 | 613845 NotApplicable
NotApplicable's picture

Yes, but on what day? 10/10/10 is on a Sunday, so the shock and awe effect would be greatly diminished.

Unless, that is, churches of certain denomiations are blown up. That might do the trick.

Wed, 09/29/2010 - 20:30 | 614182 Max Hunter
Max Hunter's picture

Count down to a major distraction. Can you say "False Flag"?

Yeah... Way too many eggs in the air.. The more they add, the higher they have to throw them..


Wed, 09/29/2010 - 18:22 | 613850 Hephasteus
Hephasteus's picture

SCOTUS is busying trying to keep them from a severe case of eternal fucking abandoment issues while they rip on him. Morgan Stanley dissed the shit out of their stand between us and the mob chosen one.

The audit choreography will probably go like this.


Wed, 09/29/2010 - 17:00 | 613603 Virginian
Virginian's picture

One way or another...this ain't going to be pretty.

Wed, 09/29/2010 - 17:01 | 613605 packman
packman's picture

"Public speculation that a financial institution is experiencing liquidity shortfalls - which would be a natural inference from having tapped emergency funds - has caused bank customers to withdraw deposits, counterparties to make collateral calls and lenders to accelerate loan repayment or refuse to make new loans. When an institution's customers flee and its credit dries up the institution may suffer severe capital and liquidity strains leaving it in a weakened competitive position."


Here's a thought.  Maybe if the banks didn't tap emergency funds (i.e. they had adequate reserves for their lending levels), they wouldn't have this "problem".  Any bank that taps emergency funds deserves to have a weakened competitive position.  It's called capitalism - they should look into it sometime.  One of the core principles of capitalism is that higher-risk capital costs more.  Duh.

Wed, 09/29/2010 - 17:24 | 613692 I am a Man I am...
I am a Man I am Forty's picture

It's even worse than that, why would you need to leave the bank if you knew they were being saved, the exact opposite is true of what they are stating would happen.

Wed, 09/29/2010 - 17:24 | 613694 TheMonetaryRed
TheMonetaryRed's picture


Read it. Know it. Live it. 

Wed, 09/29/2010 - 17:32 | 613711 MarketTruth
MarketTruth's picture

Reserves???  Who needs those??? 

"Given the very high level of reserve balances currently in the banking system, the Federal Reserve has ample time to consider the best long-run framework for policy implementation. The Federal Reserve believes it is possible that, ultimately, its operating framework will allow the elimination of minimum reserve requirements, which impose costs and distortions on the banking system"

 -- Federal Reserve February 10, 2010

Wed, 09/29/2010 - 17:02 | 613608 AnonymousMonetarist
AnonymousMonetarist's picture

'detailed information regarding individual transactions conducted across a range of credit and liquidity programs...'

don't hold your breath...

we've been down the road to transparency before, we know how it ends...

Wed, 09/29/2010 - 18:23 | 613853 NotApplicable
NotApplicable's picture

Translation: There is going to be so much disinfo piled into this report it'll make Enron's books simple in comparison.

Wed, 09/29/2010 - 18:25 | 613854 MarketTruth
MarketTruth's picture

The death of Lincoln... or JF Kennedy... or the countless others who suddenly decide to commit suicide? The Fed has a variety of tools to solve a crisis...

Wed, 09/29/2010 - 18:27 | 613859 Cognitive Dissonance
Cognitive Dissonance's picture

1,000 car pile up on a fog shrouded Pennsylvania Ave?

Long lines at the private Congressional dining room?

Cats and dogs...er...Democrats and Republicans sleeping together?

Wed, 09/29/2010 - 18:51 | 613950 LeBalance
LeBalance's picture

Dems and Repubs?  Come on they sleep together, have for the longest time.

And just like Frank Booth: "They !!!! anything that moves."

That would include themselves in a self cannibalistic fashion if left without fresh meant for too long.

Wed, 09/29/2010 - 22:39 | 614410 WaterWings
WaterWings's picture

Ray, when someone asks you if you're a central banker, you say "YES"!

Wed, 09/29/2010 - 17:02 | 613609 Cheyenne
Cheyenne's picture

"Luckily this action by Bernanke will prevent the rioting that would have followed an appeal to the Supreme court..."

I don't understand how testimony before Congress (Art. 1) can moot an appeal (Art. 3). Was there a settlement between Bloomberg and the Fed so that the appeal was somehow dismissed? If not, and barring reversal by the Supreme Court, the Fed will have to answer Bloomberg's FOIA requests rather than unilaterally deciding what "other relevant information" to disclose.

Wed, 09/29/2010 - 17:56 | 613777 Bob
Bob's picture

Good point!

Wed, 09/29/2010 - 17:02 | 613610 Gordon Freeman
Gordon Freeman's picture

That "data" will have been massaged well beyond any utility...

Wed, 09/29/2010 - 17:05 | 613623 Boilermaker
Boilermaker's picture

No shit?  You think so?

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