Digby observes that the American economy is essentially in the hands of the High Priests of the Federal Reserve, who do not answer to anyone, least of all to the great unwashed masses who allegedly aren’t equipped to handle something so important as money.
Considering the fact that America’s banking system has become the Clusterfuck of All Time, it seems to me that the High Priests of the Temple of Bernanke are the ones who can’t handle money. Or keep track of it. Or reveal how many trillions of dollars they’ve printed and who they’re handing all those trillions of dollars to.
The Federal Reserve has refused multiple inquiries from both the House and the Senate to disclose who is receiving trillions of dollars from the central banking system. The Federal Reserve has redacted the central terms of the no-bid contracts it has issued to Wall Street firms like Blackrock and PIMCO, without disclosure required of the Treasury, and is participating in new and exotic programs like the trillion-dollar TALF to leverage the Treasury’s balance sheet. With discussions of allocating even more power to the Federal Reserve as the ‘systemic risk regulator’ of the credit markets, more oversight over the central bank’s operations is clearly necessary.
Even more oversight than there already is???
Wow. I didn’t know it was possible to have even more oversight over that Temple of Secrets and its Branch Temples on Wall Street than we already have. But I know this much. . .
The High Priests will be very offended. They’d already ordained themselves as Supreme High Pontiff Systemic Risk Regulators and now some heathen asshole in Congress is suggesting that they should be subject to even more blasphemous oversight.