The Goddess Yves:
It's been obvious to anyone who bothered paying attention that the Fed is increasingly acting as an extension of the Administration, without the oversight and disclosure to which the Executive Branch is subject. For instance, only the Federal Reserve Board of Governors appears to be obligated to honor to Freedom of Information Act requests (the Board of Governors has a FOIA office). The New York Fed, which is the where the alphabet of new programs is domiciled, argues that it is a private organization and has made only limited. voluntary disclosures.
We encourage all readers who believe in transparency and accountability join me as well as Dean Baker, Bill Black [here] , Glenn Greenwald, Naomi Klein [here], James K. Galbraith, Tyler Durden, US PIRG, Public Citizen, Mike Farrell, Digby, Rob Kuttner, Ian Welsh, Bill Greider, Stirling Newberry, ANWF, Les Leopold, Mike Lux and others in supporting Alan Grayson and asking Democratic members of Congress to cosponsor the Federal Reserve Transparency Act. Please sign the petition [at FDL]
n audit of the Federal Reserve may not be sufficient to control this sprawling system or bring it back into balance, but it is a start. The public has a right to know to whom the US government is lending trillions of dollars. Dancing around this issue with technocratic terms like ‘increasing liquidity’ and ‘private financial intermediation’ is preventing a full and long overdue public debate on the role of the Federal Reserve and the influence of private banking interests in the governing of our economy.
I encourage my colleagues to support H.R. 1207, so that we can bring some transparency to our banking system and allow the public to have a real debate over the fundamental direction of our nation’s political economy.
Professor Black? Professor Krugman?
Oh, and just saying.
Nice to see the econoblogs and the poliblogs getting together. It's called political economy and because the lesson of the Conservative Ascendancy (1970 -- ) is that politics drives economics, kidz, that can be very important! More crosslinks, cross fertilization, cross posting, please!
NOTE I don't know where the home base for some of these writers is, so I didn't link to all of them. Readers? Let me know what links to add.
Keep in mind that when everyone starts moaning and groaning about how we can't afford health care and we have to cut back on education and other "entitlements," the federal reserve will still be writing blank checks to major players in the financial system and nobody knows where its going or why they're doing it. And they will get away with it unless somebody besides some right wing cranks demand it.
Yep. And is there anyone who doesn't think that right wing populism isn't exactly what the otherwise "going through the motions" McCain campaign was setting up in 2008?