A Transparent Federal Reserve Ordered By Judge
That’s right. August the 24th, at 4:57 PST a Federal Judge ruled the Federal Reserve must make records public on emergency loans to banks earlier this year. This must have disrupted President Obama’s “no press conference while on vacation at Martha’s Vineyard” policy. Because President Obama said he would be taking a break and not meeting with the press while on vacation with Michelle, Sasha, and Malia.
How quickly things change. The White House issued a statement that Ben Bernanke would be nominated for a second turn in office about three hours after the ruling. President Obama thought the time was right to issue a statement formally nominating Bernanke for a second term, citing market uncertainty to a fragile economy.
The result was that every news agency in the country was focusing on the press release of Bernanke’s second term nomination. What shocks me is the lack of journalistic reporting on the transparency ruling. The assessment of today’s press release coverage, answering the uncertainty over the Fed’s second term set to expire in early 2010 is more important than the release of secretive documents detailing the emergency loan terms to the “Too Big To Fail Banks.
Am I crazy or is this a bad response to news critical to our country?
"Greg Gilbert and James Simos" are registered representatives of FINRA member firm, "Infinity Financial Services."
