By Tim White
On May 5, Bloomberg News’ Scott Lanman reported on the claims of Federal Reserve Chairman Ben Bernanke that he was trying to increase transparency at the Fed:
The Fed’s effort at greater transparency in its emergency lending programs is a response to an April 2 nonbinding budget amendment sponsored by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat, and the panel’s ranking Republican, Alabama Senator Richard Shelby, Bernanke said. That proposal passed 96-2.
The Fed chief did not mention a tougher measure, also nonbinding, sponsored by Vermont Senator Bernard Sanders, an independent, that called on the Fed to identify borrowers. The measure passed 59-39 on the same day.
By digging a little deeper you’ll see that on April 2, while Bernie Sanders (Populist – VT) was attempting to shed light on The Fed Cartel, Chris Dodd (Political Class – CT) voted against revealing the names of the banks that received $2.2 trillion in money that had recently
grown on trees been printed by Ben Bernanke.
Again, Bloomberg issued their report on May 5.
Then on May 6, Chris Dodd seemingly recognized the err of his ways.
When pressed by FireDogLake’s Jane Hamsher, Chris Dodd agreed to ask Bernanke for the names of the banks that received the $2.2 trillion:
This week, Chris Dodd will be marking the five month anniversary of his opposition to transparency and his opposition to good government. He’ll also be marking the four month anniversary of
his lie his promise to Jane Hamsher.
Senator Dodd, have you gotten those names yet? Have you even asked?
P.S. On February 9, Bloomberg reported that $9.7 trillion had been recently created. And on March 31, Bloomberg reported that $12.8 trillion had been created. Frankly, the details are difficult to follow. But if you want to try, those two articles seem to be a reasonable place to start.