The Fed Loses an Important Battle Against Transparency
The NY Fed explains inflation in its
The Story of Inflation propaganda. Surprisingly,
this explanation is truly accurate.
War and/or law buffs would argue here that it is just a battle and not necessarily the war.
The Federal Reserve Board must disclose documents identifying financial firms that might have collapsed without the largest U.S. government bailout ever, a federal appeals court said.
The U.S. Court of Appeals in Manhattan ruled today that the Fed must release records of the unprecedented $2 trillion U.S. loan program launched primarily after the 2008 collapse of Lehman Brothers Holdings Inc. The ruling upholds a decision of a lower-court judge, who in August ordered that the information be released.
The Fed had argued that disclosure of the documents threatens to stigmatize borrowers and cause them “severe and irreparable competitive injury,” discouraging banks in distress from seeking help. A three-judge panel of the appeals court rejected that argument in a unanimous decision.
Thank you, US Court of Appeals, for being the piss in Ben Bernanke's Cheerios today. Jr Deputy Accountant tips her hat to you.