Wikinvest Wire

Geithner: Auditing the Fed is crossing the line

Thursday, August 27, 2009

Via the Corbett Report comes this interview with Treasury Secretary Timothy Geithner which is more interesting for the questions that are being asked than for the answers. The public (at least the Digg public where the questions originated) seems to be very interested in finding out exactly what the central bank has been up to over the last year or two.

Not only is Geithner visibly uncomfortable about the notion that the American public is keen on auditing the Federal Reserve, but he seems dismissive and condescending about the whole idea, going on to comment that it is "a line that we don't want to cross", offering up the same tired rationale that it is dangerous to mix politics and monetary policy.


But What do I Know? said...

Yes, they don't mind mixing politics and monetary policy when they need something, though. The Fed's position is a combination of bureaucratic ass-covering and chest-beating (how's that for an image?) I think they would actually have a hard time coming up with the data, to be honest.

The condescending attitude is often a marker for a curious mixture of incompetence and arrogance.

Anonymous said...

How crazy a country we now live in. I'm really starting to get scared for the future of our nation. The arrogance that we are seeing from the so called "elites" is mind numbing.

The Real Deal said...

No you don't want the Fed to get mixed up with politics. That way the Fed can be free, independent, opaque to screw up the whole fu**ing economy and get away with it. But far more than the economy, which the Fed pretend to serve, are Congress and the banks. These two pillars of America must get all the money they want, without limit. And that's the job of the Fed - to feed them free lunches. That's why you can't have the free-lunchers actually finding out how they get their trillions!

Anonymous said...

Tim is only protecting us because if we knew the truth about what the Fed and Treasury really have been doing with Trillions of our Tax Dollars the past two years, there would be riots in the streets and then President Obama would have to declare Marshal Law, call in the National Guard and our blood would be splattered all over the streets.

Thanks for your concern Tim, but F_ck You and Ben! The court has ruled and it is our right to see what you S.O.B.s have been up too. And it is our right to have you removed from your positions and put in jail if you have done anything illegal.

Open the books and let the cards fall where they may!

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