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Nov. 10 (Bloomberg) -- The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral.

Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional demands for transparency in a $700 billion bailout of the ban More..king system. Two months later, as the Fed lends far more than that in separate rescue programs that didn't require approval by Congress, Americans have no idea where their money is going or what securities the banks are pledging in return.

``The collateral is not being adequately disclosed, and that's a big problem,'' said Dan Fuss, vice chairman of Boston- based Loomis Sayles & Co., where he co-manages $17 billion in bonds. ``In a liquid market, this wouldn't matter, but we're not. The market is very nervous and very thin.''

...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide" target="_top">http://http://www.bloomberg.com/apps/news?pid=20601087&sid=aatlky_cH.tY&refer=worldwide

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People will look at this story and still think that nothing is wrong with the Federal Reserve System.

Ignorance is bliss indeed.

Post edited at 8:37 pm on Nov. 12, 2008 by scalywag66

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We can't trust the government,wall street,politicians,banks,the military or the police.

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BTW, that article is pretty much bullshit. Been there done that, hear that read that, yadda yadda.

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Indescribable.

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Quote: from scalywag66 at 8:30 pm on Nov. 12, 2008

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We can't trust the government,wall street,politicians,banks,the military or the police.

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Do I need to point out how completely obvious this was?

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Maybe not to me, but to the majority of America, certainly.

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lets riot

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IRS= the problem

go learn economics

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www.myspace.com/theblindmotorprotocol
www.myspace.com/nuspeak

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Quote: from scalywag66 at 8:30 pm on Nov. 12, 2008

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We can't trust the government,wall street,politicians,banks,the military or the police.

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Do I need to point out how completely obvious this was?

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Apparently.

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If I were an enzyme I'd be DNA helicase so I could unzip your genes.


I wanna be a Swami

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Go do your homework, kid.

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lol  Kid....

Son, I'm older than you no doubt and have more invested into this country than you to worry about this.  You're obviously naive to the situation at hand in America.

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FRS=Not the problem

IRS= the problem

go learn economics

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The Federal Reserve is the problem as they continue to loan out money on our behalf, driving the dollar down with the more money they print causing prices to rises due to inflation.  The Federal Reserve Bank of New York is the problem and reason why we're going bankrupt.

and clinton

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What are your post-retirement plans?

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I don't trust people that can't use their punctuation properly. Honestly ...

BTW, that article is pretty much bullshit. Been there done that, hear that read that, yadda yadda.

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Well, I can't do much for your problem of being that close minded over an honest mistake.  Oh well, you'll grow up eventually.