Thursday, November 20, 2008

Quote of a Lifetime

Rob Kirby unearths a gem from the recent past;

…as told by [then] Federal Reserve Vice-Chairman, Alan Blinder on national television, “The last duty of a central banker is to tell the public the truth.”

I suppose that’s true of anyone in Washington.

I was looking forward to following the $750 billion bank bailout story. I subscribe to, and get a daily boatload of data from, the National Bureau of Economic Research (NBER). I receive daily emails directly from the Treasury Dept. I have several on-line sources for economic news. And yet, my original questions remain; how much have we spent? Is some of the money in the form of loans? What have we bought? How much did it cost? Are we making any money yet? Are they short-term or long-term investments?

Secretary Paulson promised transparency in testimony before congress. It looks pretty dark in there. So far, there’s nothing to follow. At what point do our representatives turn on their flashlights and take a look around?


Tom said...

Transparency? From politicians? Who the h*** are they trying to BS? said...

Bailout II is coming soon; see my post today.