2016 Postmortem
Related: About this forumRobert Reich on Auditing the Fed
Last edited Wed Jan 13, 2016, 03:36 PM - Edit history (1)
Hmm.. I think I'll trust Reich's opinion.
1. Require the Fed to disclose the entities it lends to. Theres no reason the public should be kept in the dark about who benefits when the Fed departs from its traditional interest-setting role and chooses to provide credit (or in Fed parlance, open its discount window) to particular companies or entities. To the contrary, a well-functioning capital market and a well-functioning democracy depend on full disclosure about who the Fed picks for such special treatment and why.
Senator Bernard Sanders, Independent of Vermont, pushed an amendment requiring that the Fed be subject to a public audit that reveals which specific companies and entities the Fed is supporting with extra loans. The measure drew support on both sides of the aisle, including conservative Republicans like David Vitter of Louisiana. But Sanderss amendment met stiff opposition from the White House and the Fed. Both argued that it would undermine the Feds independence. Thats a red herring. Feds independence is important when it comes to basic decisions about monetary policy and short-term interest rates, but not about which companies and entities get special treatment.
Fixed the link
http://robertreich.org/post/580073091
Old Warren is looking like an establishment politician more each day. She must have big plans for her future.....
elleng
(131,099 posts)and see no reason to slam either one. I'd like to see them discussing the matter.
Skwmom
(12,685 posts)will do what's best for Elizabeth Warren.
whatchamacallit
(15,558 posts)Does. Not. Compute.
Probably due to following politicians rather than trying to see the advantages of sunshine.
Ferd Berfel
(3,687 posts)From the right wing ( of both parties)
whatchamacallit
(15,558 posts)I just find the authoritarian reflex to protect opaque, omni-powerful institutions, confusing and troubling in a democracy.
Ferd Berfel
(3,687 posts)but for a liberal or Progressive, impossible
cali
(114,904 posts)Wilms
(26,795 posts)What up?