Dear Congress,
On December 6, 2011, Ben Bernanke, Chairman of the Federal Reserve System (the Fed), responded to recent media accusations regarding the Fed's emergency lending during the financial crisis. In attempting to correct "numerous errors and misrepresentations", Mr. Bernanke himself relies on a variety of misleading, if not outright deceptive, tactics and fact-twisting. It's important to set the record straight, which is that the Fed abhors transparency and indeed subsidized to the greatest extent the large banks that it faithfully serves.
Below, I excerpt and comment on the most egregious affronts on truth made by Mr. Bernanke, which he presents as evidence of his claims. All emphasis is mine.
Correction of Recent Press Reports Regarding
Federal Reserve Emergency Lending During the Financial Crisis
Recent press reports contain numerous errors and misrepresentations about Federal Reserve emergency lending during the financial crisis.
First, these articles have made repeated claims that the Federal Reserve conducted "secret" lending that was not disclosed either to the public or the Congress. No lending program was ever kept secret from the Congress or the public. All of the programs were publicly announced when they were initiated, and information about all lending under the programs was publicly released--both on a weekly basis through the Federal Reserve's public balance sheet release and through detailed monthly reports to the Congress, both of which were also posted on the Federal Reserve's website.
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2 comments:
Many of us now understand that the Federal Reserve Bank (private, for-profit Bank with secret international owners)is the primary evil who plagues our World.
It is against interest bearing fiat currency that President Lincoln worked and President Kennedy worked. Each of them were murdered as a result.
The United States people are collateral against a debt of worthless paper. The money is printed (typed into a bank account) out of thin air. We are forced to "pay it back" plus interest on it! They create the principle balance, but never bother to create the interest. Money is debt.
Bernanke and associates need to be chained to the bumper of Dodge Ram and dragged down a gravel roadway.
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