The Federal Reserve insists it’s none of your business which banks your tax dollars are bailing out.
Would you like to know which banks are getting the $23 Trillion bailouts you and your grandkids are paying for? TOO BAD. The Federal Reserve has insisted that Manhattan U.S. District Court Chief Judge Loretta Preska’s ruling in favor of Bloomberg News in a recent FOIA case would “would threaten the companies and the economy” adding that revealing the information “would stigmatize the banks and result in imminent competitive harm”. This is the second such case recently; Fox News lost one in July. Bet you didn’t know Fox cared so much about the common man, did you? Well, they apparently want to protect us from the evils of the BBC too. If you’ve been feeling better about the economy, we don’t want to dent your enthusiasm, but be aware that as of this writing, 81 more banks have failed this year, and from March to June the number of banks on the “Problem List” rose from 305 to 416. And all of this while banks repackage the same toxic investments that caused it all.