IT'S TIME TO END THE FEDERAL RESERVE

By Jerry Robinson
March 27, 2010
NewsWithViews.com

Last week, the Federal Reserve was ordered to disclose documents that specifically identify financial institutions that might have collapsed without aid from the 2008 bailout program.

The order, issued by the U.S. Court of Appeals in Manhattan, marks a new development in the ongoing legal battle between Bloomberg and the Federal Reserve. This ruling upheld a previous order from August 2009 that ordered that the information be released.

This unusual legal struggle began on November 7, 2008 when Bloomberg filed a lawsuit under the Freedom of Information act against the Federal Reserve Board of Governors, demanding that the Fed release the names of private financial institutions that received public bailout money.

Of course, the Federal Reserve has long claimed that is a transparent agency and that it has nothing to hide. However, when confronted with this request for information regarding the recipients of the financial aid, the Federal Reserve immediately recoiled and began making statements about how such disclosure would do “irreparable harmâ€