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

Tyler Durden's picture





 

Mark Pittman's last valiant effort to bring some transparency to the most destructive organization in the history of mankind has succeeded. According to testimony to be delivered to the House tomorrow, "under a framework established by
the act, the Federal Reserve will, by December 1, 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.
On an ongoing
basis, subject to lags specified by the Congress to protect the efficacy
of the programs, the Federal Reserve also will routinely provide
information regarding the identities of counterparties, amounts financed
or purchased and collateral pledged for transactions under the discount
window, open market operations, and emergency lending facilities." Luckily this action by Bernanke will prevent the rioting that would have followed an appeal to the Supreme court, which would have certainly sided with the secretive group of Keynesian priests. If nothing else, the plethora of data will keep the blogosphere preoccupied for days upon days, rummaging through millions of pages of explicit corruption.

Let's see now if December 2nd leads to the end of the world destruction that the Clearing House Association threatened would happen should the Fed disclose these details, as we reported a year ago. To wit:

The Clearing House submits this declaration because the Court's Order threatens to impair the ability of our members to access emergency funds through the New York Fed's Discount Window without suffering the severe competitive harm that public disclosure of their identity will cause.

Our members have accessed the New York Fed's Discount Window with the understanding that the Fed will not publicly disclose information about their borrowing, especially their identity. Industry experience, including very recent and searing experience, has shown that negative rumors about a bank's financial condition - even completely unfounded rumors - have caused competitive harm, including bank runs and failures.

If the names of our member banks who borrow emergency funds are publicly disclosed, the likelihood that a borrowing bank's customers, counterparties and other market participants will draw a negative inference is great. 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.

Or maybe, just maybe, the banks will survive, and all their bullshit will be exposed for the hollow threats it has always been, very much like the end of the world that would have occured had Goldman and AIG been, gasp, allowed to fail.

Below is the relevant section from the Bernanke testimony to be given tomorrow before the Committee on Banking, Housing, and Urban Affairs:

A final element of the Federal Reserve's efforts to implement the
Dodd-Frank Act relates to the transparency of our balance sheet and
liquidity programs. Well before enactment, we were providing a great
deal of relevant information on our website, in statistical releases,
and in regular reports to the Congress. Under a framework established by
the act, the Federal Reserve will, by December 1, 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. On an ongoing
basis, subject to lags specified by the Congress to protect the efficacy
of the programs, the Federal Reserve also will routinely provide
information regarding the identities of counterparties, amounts financed
or purchased and collateral pledged for transactions under the discount
window, open market operations, and emergency lending facilities. 

Full testimony can be found here. We really do hope at least one Congressman will have the guts tomorrow to ask just how it is that the Clearing House Association allowed this act, which will inevitably lead to the collapse of the banking system, to proceed?

 

 


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

Audit this, bitchez.

Wed, 09/29/2010 - 18:19 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment WAYBACK .....WA...
WAYBACK .....WAAAYYBAAAACKKK..O..MY..ITS OUTAHERE's picture

AGREED. BORODINO NOT POMO, AND THE QUESTION WILL BE WHETHER THEIR CAN BE A PRINCIPLED INTERNATIONAL RESOLUTION FOLLOWING THIS AKIN TO THE CONGRESS OF VIENNA, OR AN UNPRINCIPLED ONE, AKIN TO THE TREATY OF VERSSAILLES

Wed, 09/29/2010 - 19:49 | Link to Comment 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 | Link to Comment 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 | Link to Comment Freebird
Freebird's picture

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

Thu, 09/30/2010 - 01:49 | Link to Comment 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 | Link to Comment The Rock
The Rock's picture

I'll believe it when I see it!

Wed, 09/29/2010 - 17:10 | Link to Comment Mongo
Mongo's picture

+1

Wed, 09/29/2010 - 16:54 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

 Fuck the clearing house...

Wed, 09/29/2010 - 16:56 | Link to Comment 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 | Link to Comment Boilermaker
Boilermaker's picture

It will be played from the bottom of the deck.

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

Bernanke uses the mechanics grip.

Wed, 09/29/2010 - 18:35 | Link to Comment 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 | Link to Comment 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 | Link to Comment Boilermaker
Boilermaker's picture

Boiler Up!

Wed, 09/29/2010 - 17:02 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Duuude
Duuude's picture

 

Agreed...

 

Note...

 

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 | Link to Comment mikla
mikla's picture

+1

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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

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

Wed, 09/29/2010 - 18:20 | Link to Comment 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 | Link to Comment 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..

http://www.youtube.com/watch?v=YkADj0TPrJA&ob=av3n

Wed, 09/29/2010 - 18:22 | Link to Comment 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.

http://www.youtube.com/watch?v=mEUsJRVV-PE&ob=av2e

Wed, 09/29/2010 - 17:00 | Link to Comment Virginian
Virginian's picture

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

Wed, 09/29/2010 - 17:01 | Link to Comment 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 | Link to Comment 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 | Link to Comment TheMonetaryRed
TheMonetaryRed's picture

Diamond-Dybvig

Read it. Know it. Live it. 

Wed, 09/29/2010 - 17:32 | Link to Comment 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
www.federalreserve.gov/newsevents/testimony/bernanke20100210a.htm#fn9

Wed, 09/29/2010 - 17:02 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment WaterWings
WaterWings's picture

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

Wed, 09/29/2010 - 17:02 | Link to Comment 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 | Link to Comment Bob
Bob's picture

Good point!

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

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

Wed, 09/29/2010 - 17:05 | Link to Comment Boilermaker
Boilermaker's picture

No shit?  You think so?

Wed, 09/29/2010 - 18:12 | Link to Comment RockyRacoon
RockyRacoon's picture

"Redacted" is already in the common lexicon, expect it to be used.

Gee, you'd think that info like this might be justified on the goofy, ancient, outmoded notion that investors need to make decisions.  Or do those who really need to know already know?

Wed, 09/29/2010 - 18:19 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

  “If you want to hear discussions on the future revolution in the United States, do not go to the breadlines and the mill towns, but to Park Avenue and Wall Street, or to the gatherings of young literary men. Well-fed people will anxiously inquire when you think the revolution is coming. They will admit in a large way that profits must be abolished and that some form of Communism might be desirable. In the next breath they may express doubt whether the Democrats can muster enough votes to defeat Mr. Hoover for reelection, or they may they may oppose moderate reforms like unemployment insurance.... “But you find that searching for actual flesh-and-blood revolutionary proletarians is a thankless task. Most of those who really suffer from the depression are... simply stricken dumb by it. Like the Republican administration, they await nothing more drastic than the return of prosperity.... “As long as people wait for the downtrodden and the hopeless to produce a revolution, the revolution is far away. Revolutions are made, not by the weak, the unsuccessful, or the ignorant, but by the strong and informed. They are processes, not merely of decay and destruction, but of advance and building. An old order does not disappear until a new order is ready to take its place.”

George Soule in Harper’s magazine ~ 1932

Wed, 09/29/2010 - 18:34 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Those who might actually join or lead a revolution will not act as if they have nothing to lose until well past the point where they have nothing left to lose. Thus insuring that those responsible for the major corruption and fraud will be long gone.

They will have got gone while the getting was good, long before people reached the point where they can no longer stave off their denial that something drastic must be done.

Most certainly not during football season.

Wed, 09/29/2010 - 19:04 | Link to Comment israhole
israhole's picture

Good point, and I'd have to agree the criminals will be long gone.  However, since most of these same criminals have pushed for one world government, there will not be too many places for them to hide.

 I look forward to hunting them down and bringing them to justice for many years to come.  Many will pursue these crooks the way jewish "nazi hunters" have been doing for 65 years.

 

Wed, 09/29/2010 - 20:41 | Link to Comment Max Hunter
Max Hunter's picture

Many will pursue these crooks the way jewish "nazi hunters" have been doing for 65 years.

Yes, hopefuly will will have our own version of the "Odessa Files"...

Wed, 09/29/2010 - 22:07 | Link to Comment Nikki
Nikki's picture

The ironic comparison to Nazi hunters is on purpose ?.

Wed, 09/29/2010 - 18:53 | Link to Comment LeBalance
LeBalance's picture

Point me at a "revolution" that was actually not a propped up outside or inside financed phoney baloney dog and pony.

/Sheesh/

Wed, 09/29/2010 - 19:18 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

#1~The *Orange Revolution* Gulp ..... no ....

#2~Um' *China Cultural Revolution* ...nope...

#3~...*Ameri heBwaahaahe....shit, you got me.

 

 

Wed, 09/29/2010 - 17:05 | Link to Comment kathy.chamberli...
kathy.chamberlin@gmail.com's picture

it's a start.

R.I.P. Mark Pittman, you being the man†

Wed, 09/29/2010 - 17:06 | Link to Comment themosmitsos
themosmitsos's picture

Can't WAIT to see what they find. You only THINK you wanna hear what's there. Gonna be worse than can possibly imagine.

December 1st

FlashCrash your Fat Finger Bitchez

Wed, 09/29/2010 - 17:14 | Link to Comment Boilermaker
Boilermaker's picture

So, you don't want to know what the sausage is made from?

Wed, 09/29/2010 - 18:14 | Link to Comment RockyRacoon
RockyRacoon's picture

It's mostly sphincter meat anyhow, isn't it?  What's the diff.

Wed, 09/29/2010 - 18:20 | Link to Comment Boilermaker
Boilermaker's picture

Yep, assholes, lips, and hooves...hmmm, that goes great with some grey poupon.

Wed, 09/29/2010 - 22:11 | Link to Comment lumen ex lumine
lumen ex lumine's picture

"that goes great with some grey poupon."

 

... and a nice chianti ...

Wed, 09/29/2010 - 17:07 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

I don't know why, but I expect the name "Goldman Sachs" to appear a few million times in the records.

Wed, 09/29/2010 - 17:21 | Link to Comment Dr. No
Dr. No's picture

Only once:  "Goldman Sachs, referred to as THE AUTHORITY for the remainder of this document,....."

Wed, 09/29/2010 - 17:49 | Link to Comment akak
akak's picture

Touche!

"The Overlord" would work equally well.

Wed, 09/29/2010 - 20:51 | Link to Comment Rusty Shorts
Rusty Shorts's picture

This gets good at about :45 - 9:30

http://www.youtube.com/watch?v=6A0rwG39Jzk

Wed, 09/29/2010 - 17:07 | Link to Comment plocequ1
plocequ1's picture

More theater for the sheeple.

Wed, 09/29/2010 - 17:22 | Link to Comment TheMonetaryRed
TheMonetaryRed's picture

The Fed produced $75 billion in profits for the taxpayer?

Cool, I guess. 

Wed, 09/29/2010 - 20:06 | Link to Comment Kayman
Kayman's picture

Let's see on a 3 trillion dollar balance sheet that's uh.... 2.5%..... and Zero cost of money (they printed it.)

And that's assuming the dog shit they bought from Goldman et al, is worth something to a buyer.  Are flies a buyer ???

Wed, 09/29/2010 - 17:11 | Link to Comment What_Me_Worry
What_Me_Worry's picture

This is going to bring on one helluva Sharpie shortage after the Fed is done with those docs.  NWL is about to go through the roof.

Wed, 09/29/2010 - 17:20 | Link to Comment Skeebo
Skeebo's picture

Pretty much what I was thinking.  All relevant names, amounts, and dates will be redacted, in the name of national security of course...

Wed, 09/29/2010 - 17:58 | Link to Comment Bob
Bob's picture

By our Executive Decider In Chief, perhaps?  That would take the heat off the Fed.

Wed, 09/29/2010 - 17:41 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The real sensitive documents will just find the shredders.

Wed, 09/29/2010 - 20:53 | Link to Comment saulysw
saulysw's picture

That's exactly what I was thinking : go long shredder oil.

Wed, 09/29/2010 - 18:18 | Link to Comment silvertrain
silvertrain's picture

long whiteout..

Wed, 09/29/2010 - 19:17 | Link to Comment SheHunter
SheHunter's picture

 

+ 1,000 !

What's the ticker?

Wed, 09/29/2010 - 21:16 | Link to Comment Rusty Shorts
Rusty Shorts's picture

long black highlighter

Wed, 09/29/2010 - 17:14 | Link to Comment mynhair
mynhair's picture

Dec 1, which year?

Wed, 09/29/2010 - 17:15 | Link to Comment Segestan
Segestan's picture

<<<<most destructive organization in the history of mankind>>> Wow.. ever read history? The FED is a bunch of pussy cats. 

Wed, 09/29/2010 - 20:17 | Link to Comment weinerdog43
weinerdog43's picture

Amway?

Wed, 09/29/2010 - 17:20 | Link to Comment TheMonetaryRed
TheMonetaryRed's picture

First, as a person who is politically to the left of everybody here, I'd first like to say that I view Mark Pittman as a great American hero whose praises should be sung constantly. His work showed that the entire financial media - especially, if you'll allow me, the WSJ editorial board - are nothing but an appalling, embarrassing, shameful bunch of shills who should never, ever be able to use the word "journalist" again. I think it is well past time for the Fed to have opened its books, although to me the Fed's books are small potatoes. 

Here's how I think this is going to play out. 

1) After a lot of hoopla and some embarrassing details, the anti-Fed forces are going to find that there is a lot less "there" there than they think. The Fed is a big organization, but it is not clever and subtle. Nevertheless, I'm sure they will be please. 

2) After an intitial freak-out and new round of denials explaining how it is they needed the money but didn't really need the money and it was all the government's fault anyway,  the banks that borrowed from the Discount Window and other facilities are going to find themselves little affected. The Interbank market is dead. Everybody knows it. They gotta borrow from somewhere. Central Bank short-term "window" borrowing has become a permanent feature of global finance for the foreseeable future - and it's all a big "so what?". 

Wed, 09/29/2010 - 20:13 | Link to Comment Kayman
Kayman's picture

TheMonetaryRed:

First, if your avatar is a picture of you, then I'd like to move a little more to the left. If it is a picture of your wife/girlfriend then I could get to like that socialist sharing thing.

On a serious note. IF we get any real disclosure, it would be nice to see who the welfare piggies at the trough are. 

Bonuses all around,  gentlemen, bonuses all around.

Wed, 09/29/2010 - 21:24 | Link to Comment TheMonetaryRed
TheMonetaryRed's picture

Well, my avatar thanks you for your kind sentiments, in a 60's pinup kind of way. 

There are things about the Financial Crisis that have brought together right and left and one is an intense disgust at the bailouts. 

I live in one of the most liberal districts in the country and am represented by one of the most liberal members of Congress and the record reflects that when Paulson and Bush asked for a blank check for 5% of GDP, my representative said publicly that he thought they must be insane and never did support the bailout bill. 

Whereupon, of course, the media attacked his Speaker of the House for not being able to "control" members like him.

Whereafter, he voted against it again. 

When I started to read Pittman's stuff, I was totally appalled. There was a guy reporting the Crisis as it unfolded, at one of the largest financial news outlets in the country and he was totally drowned out by the spoutings of paid liars for banks like Peter J. Wallison at AEI.

Nobody I know on the left has any warm feelings for the Fed. 

Wed, 09/29/2010 - 17:20 | Link to Comment economessed
economessed's picture

Watch Ben show up at 11:30 on November 30th and (on behalf of the Federal Reserve) disclose his rights under the 5th Amendment to avoid incriminating himself and walk out.

Wed, 09/29/2010 - 18:06 | Link to Comment Shameful
Shameful's picture

Why? You are assuming none of the following will happen.

1. The data is "altered". Easy to do and who will blow the whistle against the Evil Empire?

2. The data submitted is not encrypted with say a 1054-bit key and they "lost" the key.

3. They just don't claim national security on some level, to either no release or redact like a wild man.

4. Submit literally millions of pages of documents at random and in paper not electronic form.  That should buy them some time as people try to parse through the randomly sorted data by hand.

Or hell maybe they will let it though and just run the market down to nothing and then say "See we told you secrecy is god, now leave us alone so the market can come back"

Wed, 09/29/2010 - 18:36 | Link to Comment Spalding_Smailes
Spalding_Smailes's picture

June 29, 1930
"The worst is over without a doubt." James J. Davis Secretary of Labor.

Aug. 29, 1930
"American labor may now look to the future with confidence". James J.Davis Secretary of Labor.

Sept. 12, 1930
"We have hit bottom and are on the upswing" James J. Davis Secretary of Labor.

Wed, 09/29/2010 - 17:20 | Link to Comment non-anon
non-anon's picture

Anyone wanna' bet Bill Gross has some advanced info. on this?

Wed, 09/29/2010 - 17:22 | Link to Comment Plainview
Plainview's picture

Mark Pittman >> HEAR HEAR 

 

Wed, 09/29/2010 - 17:30 | Link to Comment Agent P
Agent P's picture

Kind of makes me wonder what happened on July 21, 2010.

Wed, 09/29/2010 - 17:34 | Link to Comment Hephasteus
Hephasteus's picture

Unemployment extension bill?

Wed, 09/29/2010 - 21:36 | Link to Comment Myzery
Myzery's picture

July 21, 2010

Testify!

Report to congress

http://www.federalreserve.gov/monetarypolicy/mpr_20100721_part1.htm

http://www.federalreserve.gov/newsevents/testimony/bernanke20100721a.htm

 

They probably just sold off all the junk in May/June to buy it back in July/August (PDs could keep it off FED books until next quarter/testimony/FF/rally).

 

 

 

Wed, 09/29/2010 - 17:30 | Link to Comment Everyman
Everyman's picture

Take the names on the "list" and all thatt money and the transactins and send them directly to?

 

Well the IRS of course.  You know they made money AND they probably stated they "lost".

 

Let the IRS Audits begin as well!!!!

Wed, 09/29/2010 - 17:32 | Link to Comment Lighty
Lighty's picture

Too good to be true. To unauditable to self-auditing?

There's a trick within this hat.

 

Wed, 09/29/2010 - 17:36 | Link to Comment Silverhog
Silverhog's picture

Holy Crap, I have to see this. Can we slip in a check on Fort Knox while were at it?

Wed, 09/29/2010 - 19:23 | Link to Comment WAYBACK .....WA...
WAYBACK .....WAAAYYBAAAACKKK..O..MY..ITS OUTAHERE's picture

GREEN SHOOTS GROWING OUT OF TURD--IF I RECALL YOUR CLASSIC COMMENTARY--WHICH SHOULD BEIN BARTLETTE'S IT IS SO APT

Wed, 09/29/2010 - 17:38 | Link to Comment Hephasteus
Hephasteus's picture

"Full testimony can be found here. We really do hope at least one Congressman will have the guts tomorrow to ask just how it is that the Clearing House Association allowed this act, which will inevitably lead to the collapse of the banking system, to proceed?"

You mean the banking system that is collapsing that nobody can stop no matter what they do. LIke an audit will be to blame?

Wed, 09/29/2010 - 17:39 | Link to Comment dot_bust
dot_bust's picture

Yeah, but I want to know what kind of crisis will happen before December 1st to get the banks off the hook for getting Fed loans. There's no way that Bernanke would agree to this kind of disclosure unless he knew something big was coming.

Wed, 09/29/2010 - 21:23 | Link to Comment mikla
mikla's picture

+1

I was thinking the same thing.

December 1 is not that far away, but there's a LOT going on right now that may not wait until December.

Wed, 09/29/2010 - 17:46 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

So will we know the Fed bought AAA garbage MBS bonds for par?

 

If so...what?  Is Congress going to pass a law requiring reimbursement for losses?  Stop the practice by law?

The Fed can still do all of the bad stuff all over again if they want to.

 

Wed, 09/29/2010 - 18:02 | Link to Comment PicassoInActions
PicassoInActions's picture

I do have a feeling that there has been enough time to properly present the data without any complications.

I wander if there will be serious looks into this to deconstruct and present the truth.

Like a bible - Bible today and scriptures from 2000 years ago are totally different documents.

I hope there will be some textual and data reconstructions to get to the real picture.

Considering that we don't have any announcements of any suicides by banksters and financials gangsters, it's safe to assume that data already been polished.

 

PS. the report has been signed and approved by the grand masturbator Big Ben and his family.

Wed, 09/29/2010 - 18:13 | Link to Comment silvertrain
silvertrain's picture

My money is on a sudden fire breaking out...

Wed, 09/29/2010 - 18:16 | Link to Comment Pez
Pez's picture

By Nov 30, planes will have taken off, boats will have sailed, and chaos will have set in. As Silverstein said,"We're going to have to pull it."

Wed, 09/29/2010 - 18:27 | Link to Comment NotApplicable
NotApplicable's picture

+911

Wed, 09/29/2010 - 20:50 | Link to Comment Max Hunter
Max Hunter's picture

+ 7 (building)

Wed, 09/29/2010 - 18:31 | Link to Comment jmc8888
jmc8888's picture

Wow, I'm amazed this was allowed through.

Someone missed sending out the bribes....er...campaign donations. 

 

But again, if a crash starts soon, and it's going to come sooner or later, a month is an eternity.  How screwed up were things in Germany 1-2 months into hyperinflation?  Alot.

Glass/Steagall or die.

Wed, 09/29/2010 - 18:38 | Link to Comment Miles Kendig
Miles Kendig's picture

Mark, you da man.  Time enough for a nice single malt

Wed, 09/29/2010 - 18:45 | Link to Comment InconvenientCou...
InconvenientCounterParty's picture

accurate valuation of banks... hm. Naaaaaa, too simple to work.

Wed, 09/29/2010 - 18:48 | Link to Comment Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Does anyone really think for one minute that anything incriminating will be divulged?If there was the slightest chance any of the transactions,insider deals, fraudulent loans market sensitive information,frontrunning ever seeing the light of day where it could be positively traced to X,Y or Z benefiting illegally,does anyone think they would come out with the evidence and incriminate themselves?Emergency lending?Define "Emergency".

Anyone thinking this is "it" for the Fed is living in cloud cuckoo land.

Wed, 09/29/2010 - 18:52 | Link to Comment Tyler Durden
Tyler Durden's picture

They did let Tim Geithner's cell phone slip thru the cracks last time. When it comes to redacting millions of pages they aren't the brightest bunch.

Wed, 09/29/2010 - 19:36 | Link to Comment geopol
geopol's picture

They aren't the brightest bunch.

As it relates to the U.S controlling elite, this is an understatement..

With OT concession...Thankx in advance,,,These are the cretins who leads us..

 

Secretary of State Hillary Clinton’s address to Wall Street bigwigs of the Council on Foreign Relations in New York City on the eve of this year’s session of the United Nations General Assembly documents the startling degree to which the mental processes of the US ruling elite have become disconnected from world reality. Hillary’s Leitmotiv in this speech was a constant harping on the reality and imperative necessity of US world leadership, which she claimed had opened the immediate perspective for a “New American Moment” on her watch. To this extent, she sounded very much like any neocon of the Bush-Cheney era. But Hillary did offer some slight variations on the usual note of triumphalism, which of course goes back to Madeleine Albright’s slogan of the United States as the “indispensable nation.” Hillary’s unilateralism comes dished up in a slightly more appealing camouflage than was the case with the neocon plug-uglies. The current US line under Obama can therefore be described as unilateralism in disguise, unilateralism in drag, or unilateralism lite.

Hillary made clear that she does not want a multi-polar world, since this would involve a frank recognition of the legitimate conflicts of interest between the would-be US hegemon and the other major powers. Hillary’s formula for expressing this difference is to say that she does not want a multi-polar world, but rather a multi-partner world – with the latter being centered, it goes without saying, on the United States. She quoted Dean Acheson, the secretary of state who made policy for Harry Truman, the obedient Missouri ward heeler who served the US financier elite by restoring the presidency to its puppet status after a dozen years of Franklin D. Roosevelt’s powerful and independent leadership.

Acheson, who functioned as a retainer for W. Averell Harriman of the Brown Brothers Harriman investment bank, once observed that it is better to evoke support rather than merely compelling it. This means in today’s terms that it is better to offer trifling concessions and soothing rhetoric to the junior partners in US-led aggressive coalitions, rather than trying to bully these other nations into line with threats and bluster. But the outcome envisaged by Clinton is clearly the same.

Condoleezza Rice, who was widely caricatured as a vampire, came to the United Nations as the de facto dominatrix of the world, metaphorically brandishing her riding crop at every opportunity. Hillary is not so crude: she wants to be the schoolmarm of the world, or better yet the governess of the world – provided that her unruly charges are kept in their place. But there is no change in the grating notes of arrogance, hypocrisy, and double standards. Hillary claimed that the United States policy is helping less developed countries to lift themselves out of poverty, and then cited the Palestinian occupied territories as a success story. What planet does the US elite live on?

Hillary’s talk of a new American moment, complete with reference to Dean Acheson, points up the difference in the US world position today as compared to 1945-1950. Despite the Hillary’s references to a US national renewal focusing on the restoration of “economic might,” the fact is that the post-industrial, de-industrialized United States of today has almost nothing positive to offer the rest of the world in terms of economic cooperation. Towards the end of World War II, the United States could offer Lend-Lease assistance to its allies, both for self-defense and for postwar reconstruction, thanks to FDR’s policy of including development aid along with military shipments as the fighting wound down. Starting in 1944, the US could offer participation in rapidly expanding world trade under the Bretton Woods system, whose fixed parities and gold settlement made it the most successful world monetary system in human history before or since. A few years after the war ended, the United States could offer Marshall Plan assistance, also for postwar economic reconstruction. This was supplemented by the Point Four Program, a serious program of US foreign aid. As a result of all these, cooperating with the US became a way to take part in a global economic upswing which lasted a quarter century and more.

And what does the United States have to offer today? Free trade, globalization, hot money, the world casino economy, a $1.5 quadrillion derivatives bubble, deregulation, privatization, growing income disparities, and immiseration -in short, the hated and discredited Washington consensus which the IMF is still trying to impose. There is also an incessant meddling in the internal affairs of sovereign states done under the hypocritical cover of human rights, sometimes reaching a culmination in the form of a color revolution or CIA people power coup. It should not be a surprise that so many turn away and begin wondering what China might have to offer. At the CFR, Hillary targeted Egypt, Russia, and China as top human rights abusers on the US hit list.

In terms of the details, we can say that the entire world economy has been deteriorating since 2007 at the very latest. The Israel-Palestine talks which Hillary touts appear less concerned with actually solving this dispute than with making it easier for Arab states like Saudi Arabia and Jordan to take part in a US-led Sunni-Arab coalition against the Persian-Shiite forces arrayed around Iran. In Iraq, the war goes on despite all the claims of the Obama administration, and the US has been utterly unable to produce the desired outcome of an Allawi puppet regime that could make some trouble for Iran.

Cryptome has published what purports to be a diplomatic cable from Hillary Clinton herself to the US Embassy in Israel announcing the existence of a bipartisan US consensus that Iran is seeking nuclear weapons, that such an eventuality is utterly unacceptable, and that a military attack on Iran would create optimal conditions for regime change in that country. The cable also suggests that it is time to play Colombia against Venezuela, and thus overthrow the allegedly pro-Iranian Chavez regime in Caracas.

In Afghanistan, NATO losses have reached an all-time high, even as the US-led coalition crumbles, with the Dutch already gone, Canada on its way out, and British and US generals fighting among themselves over who is responsible for defeat. Hillary herself has inaugurated a policy of aggressive US meddling in the multilateral South China Sea territorial waters disputes as well as in the Yellow Sea, where the presence of US warships so close to Beijing has created much tension in the Chinese capital. As part of this general thrust, Hillary signaled that the United States will apply an all-court press to ASEAN, barging in as an unwelcome intruder to make trouble where the US presence is clearly not desired,

Hillary gave herself much credit for the signing of the US-Russian START treaty on nuclear weapons, but it is far from clear whether this treaty can be ratified soon. Indeed, Hillary went out of her way to keep alive the dispute between the United States and Russia over Georgia, mentioning en passant that she will never agree with the Russian accounts of what happened in August 2008, i.e., with the reality of Georgian aggression.

As regards Africa, Hillary is obviously very nervous about the growing Chinese presence, which she would obviously like to contain under the cloak of bilateral coordination between Washington and Beijing. The real US intentions concerning Africa came out more clearly when she turned to the question of whether the southern Sudan would secede from that country in the near term, an outcome which she obviously ardently desires, but which has a very good chance of leading to a civil war and perhaps a regional war as well. Since the US is economically incapable of offering a realistic alternative to Chinese economic cooperation offers, Foggy Bottom obviously prefers scorched earth on that entire continent, starting with the oil-rich Sudan, to a robust Chinese presence.

Finally, Hillary has not forgotten her own consuming personal ambition. On the one hand, she remains terrified of any accusation of softness or appeasement, which automatically requires her to act out as the biggest warmonger on any given issue. She is still unaware that this is what weakness really means in practice – the need to overcompensate with aggressive posturing for a pervasive feeling of personal inadequacy. But at the same time, Hillary appears oriented towards the post-Obama era, and especially towards the time later this year and early next year when Obama is likely to have been further weakened by a humiliating defeat in the November elections, and by more losses, disarray, and defections in the Afghanistan war effort. The Frankfurter Allgemeine Zeitung, the leading right-wing paper in Germany, recently reported that top financial angels of the Democratic party are now demanding a minimum program of Hillary as vice presidential candidate for 2012 in place of the motor mouth Biden, while preferring a maximum program of dumping Obama in favor of Hillary for President. At this point, any primary challenge to Obama would be welcome, since it would tend to bring multiple contenders into the presidential field, just as Eugene McCarthy brought Robert Kennedy into the race in 1968, the last time a warmonger Democratic was bidding for re-election.

Wed, 09/29/2010 - 22:46 | Link to Comment SheHunter
SheHunter's picture

Who the heck flagged you as junk?  A little off topic mayhaps but not junk.  Had to slow down to make time for a slow read but interesting.  I can't vote for Hillary.  We share genders but little else.

Wed, 09/29/2010 - 20:59 | Link to Comment SpeakerFTD
SpeakerFTD's picture

This is theater and nothing more.  So through a parade of court appearances, the Fed fights tooth and nail to maintain secrecy, and then just decides, geez golly, maybe we should disclose this after all.  No chance. 

It's not what they will disclose, it is what they will omit.   I hope Bloomberg does not back down from the Supreme Court.   I want to see that.  Incidentally, has the Fed ever been challenged in the Supreme Court on its basic constitutionality?

 

 

Wed, 09/29/2010 - 21:38 | Link to Comment mikla
mikla's picture

Incidentally, has the Fed ever been challenged in the Supreme Court on its basic constitutionality?

No.  They've ruled that the Fed is a private institution, and that no member of congress has "standing" to sue the Fed (because Congress itself is supposed to discipline the Fed, not any individual member), but the Supremes have never ruled on the Fed's constitutionality.

Wed, 09/29/2010 - 18:52 | Link to Comment rapacious rachel wants to know (not verified)
Thu, 09/30/2010 - 07:20 | Link to Comment hardmedicine
hardmedicine's picture

thank you so much for this excellent historical account of the federal reserve act.The manipulation and corruption of our constitution and national interests that resulted from this takeover was known by the political guardians of our time but then , as now, they were powerless to fight against the corrupting influence of money.  I understand now why our country is a shell.  Sickening to know that indeed, the land we stand on is no longer our own. 

Wed, 09/29/2010 - 18:52 | Link to Comment samsara
samsara's picture

Any motivation to do something "Special"  at the Nov. FOMC meetings?  

Announce $USD dropping 50% or something.  If they really feel that all would indeed be told on Dec, 1    would they do something "Irrational" with exuberance?

Wed, 09/29/2010 - 19:04 | Link to Comment Milton Waddams
Milton Waddams's picture

The continuation of the confidence game requires the restoration and maintenance of confidence, so you can bet your last bernankebuck that this disclosure will not remotely impair or threaten to impair confidence.

Wed, 09/29/2010 - 19:06 | Link to Comment Pez
Pez's picture

Sacrifice the Federal Reserve for a Global Currency, SDRs? At the behest of the Illuminati?

It'll be the same, only 98% of us are now called serfs and peasants.

 

Wed, 09/29/2010 - 19:06 | Link to Comment Thunder Dome
Thunder Dome's picture

Does this mean the FED is going to reveal its 5 million long SP Future position?

Wed, 09/29/2010 - 22:18 | Link to Comment lizzy36
lizzy36's picture

nah.

that is in geithners p/a at state street.

Wed, 09/29/2010 - 19:25 | Link to Comment michigan independant
michigan independant's picture

http://www.federalreserve.gov/releases/h41/Current/

http://www.youtube.com/watch?v=zSOhD6c786E

Consolidated Statement of Condition of All Federal Reserve Banks.  September 23, 2010

Memo: Is there a race to be won.

http://www.cybercrime.gov/leePlea.pdf

Meanwhile:  http://biotech.rpi.edu/index.php/news/62-news/227-rensselaer-polytechnic-institute-researchers-develop-coating-that-safely-kills-mrsa-on-contact-

Coatings that spear bacteria — using amphipatic polycations and antimicrobial peptides

Wed, 09/29/2010 - 19:09 | Link to Comment SheHunter
SheHunter's picture

With any luck and justice the international beneficiaries of our money will also be posted.   More likely though this dislcosure will be labeled as 'a risk to national security' and the American public will be spared knowing how much of their money went to our Middle Eastern bedfellows.

Wed, 09/29/2010 - 19:16 | Link to Comment gwar5
gwar5's picture

So, the Fed has until December 1st to to press the red button.... they fought this long enough. Aren't they just nice guys that are on our side and only want the best for everyone? 

Wed, 09/29/2010 - 19:20 | Link to Comment Lord Peter Pipsqueak
Lord Peter Pipsqueak's picture

Democrat/Republican both owned by Wall St,excellent article here explaining how the Dems are going to be starved of funding to punish them for being too "hard" on the banks.Also reference to Volkers damning speech on the corruption of both sides of the house(he subtly refers to it as "relentless lobbying") and the failed opportunity to control the banking system:

http://www.declineoftheempire.com/2010/09/the-greatest-trick-the-devil-ever-pulled.html

Wed, 09/29/2010 - 20:41 | Link to Comment weinerdog43
weinerdog43's picture

Great link.  Thanks.

Wed, 09/29/2010 - 19:38 | Link to Comment Kayman
Kayman's picture

I will believe it when I see it, and even then I don't know if I can trust my lying eyes.

Wed, 09/29/2010 - 19:59 | Link to Comment Bartanist
Bartanist's picture

IMO, Bernanke, like GW Bush and Obama is also just a bit player.

While there may be the much hoped for victory against the Fed, it will be hollow because the goal is something completely different. IMO, to achieve to the goal the US must be destroyed and replaced with something else ... and the UN/IMF/BIS/WTO is already established and waiting in the wings to swoop in upon a world in turmoil and be the answer to everyone's pain.

And when class warfare has peaked, financial instability has run rampant due to no immediate replacement for the crooked Fed and banks and Congress has been duped into blaming the Chinese for all of the Western World's woes ... we will find a ready savior and slaver with the answer to every problem ... if only we give up all of our remaining freedoms.

Wed, 09/29/2010 - 20:00 | Link to Comment Happy Days
Happy Days's picture

LOL...like they (Feral Reserve, Rothschilds, Rockef---ers, Warburgs and the rest of the clan) are going to tell the truth? That would be a first. Should be some good fiction suitable for toilet papering the walls in many a washroom.....a reminder of the show dump city puts on for our entertainment.

Wed, 09/29/2010 - 20:05 | Link to Comment espirit
espirit's picture

It'll be like page 575 of "War and Peace".

Irreverent by the time you get there.

Wed, 09/29/2010 - 20:11 | Link to Comment eulogy
eulogy's picture

On an ongoing basis, subject to lags specified by the Congress to protect the efficacy of the programs,

Anyone wanna guess how much lag we talking about? 25 yrs perhaps?

 

Wed, 09/29/2010 - 22:23 | Link to Comment Milton Waddams
Milton Waddams's picture

The Dodd-Frank Act also establishes a framework
for the delayed disclosure of information on entities
that, after July 21, 2010, received a loan from the dis-
count window under Section 10B of the Federal
Reserve Act or from a Section 13(3) facility, or partici-
pated in OMO transactions. Generally, this framework
requires the Federal Reserve to publicly disclose cer-
tain information about these discount window borrow-
ers and OMO counterparties approximately two years
after the relevant loan or transaction
; information about
borrowers under future Section 13(3) facilities will be
disclosed one year after the authorization for the facil-
ity is terminated
. Information to be disclosed will
include the names and identifying details of each bor-
rower or counterparty, the amount borrowed, the inter-
est rate paid, and information identifying the types and
amounts of collateral pledged or assets transferred in
connection with the borrowing or transaction.

And

Under the provisions of the Dodd-Frank Act, the
Federal Reserve must disclose certain information, by
December 1, 2010, about entities that received loans or
other financial assistance under a Section 13(3) credit
facility between December 1, 2007, and July 21,
2010.7 Disclosure is also required for persons or enti-
ties that participated in the agency mortgage-backed
securities (MBS) purchase program, used foreign cur-
rency liquidity swap lines, or borrowed through the
Term Auction Facility (TAF) during that time frame.

See Appendix See, er, C here:

http://www.federalreserve.gov/monetarypolicy/files/monthlyclbsreport2010...

Thu, 09/30/2010 - 06:47 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

Looks like transactions after July 21, 2010 stay in the black box. Maybe there lies the compromise that the Fed could live with.  All we've got is a roughly 2 - 1/2 year window with the period of intense interest limited to September 2008 - roughly early 2010 max.

I'm sure the data has been thoroughly boxed up, cleansed and scrubbed.

 

Wed, 09/29/2010 - 20:18 | Link to Comment spinone
spinone's picture

The FED will lie.

Wed, 09/29/2010 - 20:19 | Link to Comment spinone
spinone's picture

The FED will lie.

Wed, 09/29/2010 - 20:53 | Link to Comment QQQBall
QQQBall's picture

Looking for an exeecutive order to delay the release... BHO is just figuring out a cool, misleading name.  Like

 

"Financial Privacy Act"

Wed, 09/29/2010 - 20:43 | Link to Comment CitizenPete
CitizenPete's picture

"Well before enactment, we were providing a great deal of relevant information on our website, in statistical releases, and in regular reports to the Congress. "

 

Right!  Thats why the Bloomberg lawsuit was appealed 3 times..lying Fkg bastards!

 

 

END THE FED 

http://www.youtube.com/watch?v=JsnL8ptn6E4&p=CA430C321E220C37

Wed, 09/29/2010 - 21:47 | Link to Comment Implicit simplicit
Implicit simplicit's picture

It is  beyond reason that in a capitalistic society that  the most influential people at determining policies over the years don't understand a simple logic:

 Time is only relevant because we relate it to work as an amount of time that the earth spins 360 degrees in a day and revolves around the sun in a year.

People work and they are paid according to time and the work value that they do. The work value is determined by the market place and it is directly related to wealth creation by the work in a supply and demand economy.

The last variable the currency as a form of pay for work must also tied to some other relevant standard just as time is, otherwise the system falls apart.

The system is being destroyed by the Fed's relentless destruction of the currency because they don't understand  simple logical, or they are really dumb, or they are really evil, or we are really dumb for letting them do it.

Wed, 09/29/2010 - 21:18 | Link to Comment Occams Aftershave
Occams Aftershave's picture

Congratulations again to Tyler, for scooping all major financial media.  How does he continue to do this week after week ?

Wed, 09/29/2010 - 21:31 | Link to Comment Problem Is
Problem Is's picture

Dec 1st... AFTER the election...

Prediction:
After the election, Obummer is free to go "Can't release Fed info due to National Security"...

And get away with it... The public will have little means of backlash...

Wed, 09/29/2010 - 22:47 | Link to Comment WaterWings
WaterWings's picture

When was it that the 99+ weekers will be front page again? Nov. 30th?

Wed, 09/29/2010 - 21:50 | Link to Comment phgc691
phgc691's picture

"Under a framework established by the act".....that's the catch. That could mean anything. I'll believe it when I see it.

Wed, 09/29/2010 - 22:30 | Link to Comment PicassoInActions
PicassoInActions's picture

This may be catch 22. If nothing is wrong with the report, then many questions will be raised why it was not released earlier. ( guess things were not as scary as they advertised)

So, the guess would be that they will trow something minor to protect the reason for the delay for so long and at the same time don't show anything dramatic . I am sure before they release it, it will go trough several instances for review to make sure we won't have another drama.... Unless another dram is exactly what they are looking for...

Wed, 09/29/2010 - 23:33 | Link to Comment Something Wicke...
Something Wicked This Way Comes's picture

Tyler, many thanks for reporting this. I spent all day reading about Mr. Pittman.

I snipped a piece of this and linked you here...hope that is ok..

 

http://thecivillibertarian.blogspot.com/

Thu, 09/30/2010 - 01:43 | Link to Comment Nigaz
Nigaz's picture

On a bit of a tangent, but along the lines of this thread - Schiff on the Lew Rockwell show:

http://www.youtube.com/watch?v=ehdxjgM8TJ8&feature=sub

 

Thu, 09/30/2010 - 03:58 | Link to Comment Tense INDIAN
Tense INDIAN's picture

...the most destructive organisation in the world...

 

 i guess if there was no FEDERAL RESERVE , there would have been no First world war, no Russian revolution, no Second World war....so audit it and abolish it ...or the world is in seriuos Trouble

Thu, 09/30/2010 - 05:39 | Link to Comment Azannoth
Azannoth's picture

Maybe they pull off a new 9/11 and slam an airplane into the FED, than say all documentation got vaporised

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