Monday, November 10, 2008

A Sign of Things to Come?

I understand we are still under a Bush Administration, so this post will prove that I am a Conservative and not a Republican. The Federal Reserve has lent $2trillion dollars to institutions and is not revealing who it lent it to. Here is the article describing it. That is the taxpayers money. We need to demand to know where it is going or this will be the first of many things to come that will take us away from our core.


Jason said...

The Fed is transparent in that it is subject to the oversight of Congress. Is twice a year not fast enough? The intent of Congress in shaping the Federal Reserve Act was to keep politics out of monetary policy. Legislation requires that the Federal Reserve reports annually on its activities to the Speaker of the House of Representatives.

Red State Time said...

Hi Jason,
Welcome to my blog! Glad to have you join in.

Although you are correct in determining that the Fed reports twice a year to congress, that is only on monetary policy on not on the bailout. When the Fed begins spending tax dollars as opposed to creating dollars, there becomes a need to be transparency in it. It should be accounted for as spent. That way, OUR money is spent correctly and not in the hands of bankers who dole it out as they see fit.

But going too far down this road opens up the debate for free markets or more regulation. Obviously, I am for freer markets. But we can debate this another day.

One question, with all new commenters, I always ask where they heard of my blog. Could you please let me know?