Ugh, this is like talking to a wall. Let's assume everything is shown like you pretend. Then why can't we have an audit? I don't think anyone here (except you) believes everything the Fed does is posted and detailed. Which Fed bank do you work for, Piezoe?
Correct me if I'm wrong, but what I've concluded is that you you check very little out for yourself before posting, and you don't read very thoroughly what others post before posting. That would, it seems, explain in large part why you persist as you do. I'm giving you a link [ http://www.nationalreview.com/article/398483/rand-pauls-fed-audit-dangerous-idea-jon-hartley ] to a recent "National Review" opinion piece. Three things I would hope you'll note are: 1. "The National Review" is "conservative in it outlook, editorial position, and political slant. 2. The Review's editorial position is that Rand Paul's Bill is dangerous., and 3. There are a surprising number of inaccuracies in the piece. For one, while the Piece makes the point that the Fed is already audited and very open in its transactions and policy setting, the author does not realize just how open the Fed actually is when he writes : " Critics of quantitative easing demand to know where the Fed is buying the long-term assets needed for the program, but the Fed has already told us the answer. It buys bonds from the 22 primary dealers who are publicly listed. Any further information on exact timing and quantities of bonds purchased from individual banks could create opportunities for traders to exploit this information and profit from the Fed’s traders and the banks who have sold securities to the Fed." The Fed actually does disclose the timing and quantities of bonds bought. I doesn't disclose the timing down to the minute, but it does disclose the day, and quantities purchased. It just doesn't disclose transactions before they occur, but the Fed does promptly disclose its purchases after they are made. It discloses all it's financial transactions. So even conscientious Mr. Hartley, the piece's author, is not quite aware of just how incredibly transparent and open the Fed really is! Here is a typical Fed disclosure. Note this is today. The purchase of agency, mortgage backed securities (MBS) is reported. The specific securities are identified, as are the quantities, the time of the transaction, and the settlement date! I note that the specific model number of the computer terminal used to place this order was not specified. I suppose we need an audit for that! Here you go, Tao, Operation RESULTS Operation Date: February 13, 2015 Operation: Purchases Operation Type: TBA Auction Method: Multiple Price Release Time: 11:15 AM Close Time: 11:45 AM Settlement Date: March 23, 2015 (March Class C) Total Amt Accepted (million): $ 931 par Total Amt Submitted (million): $ 3,365 par TBA Inclusions: Security Description Par Amount Accepted G2SF 3 3/15 525,000,000 G2SF 3.5 3/15 406,000,000 1 Current face is determined by multiplying the current pool factor by the mortgage-backed security's original face value. Current face values reported are approximate and based on current available factors.
Consider yourself corrected. This isn't a liberal vs. conservative thing. It's an Elite vs. Main Street thing. And the piece is written by a Former Fed Employee. No conflict there. So it's an inaccurate piece written by a former Fed employee and you want me to waste my time reading it. You keep bringing up the POMO issue, that's not the transparency I'm referring to. Which Fed bank do you work for, Piezoe?
"And the piece is written by a Former Fed Employee. No conflict there." You do make me chuckle sometimes. Jon Hartley worked briefly as an underling "economics researcher", wet behind the ears, right out of college, for one of the Branch banks. To make a mild understatement, he was not, and is not, quite what you might say is a 'Fed mouthpiece'.
Ahh, honest transparency. http://www.economicpolicyjournal.com/2015/02/cleveland-fed-accidentally-links-to.html Why remove facts from public scrutiny. Jekyll Island onward,arrogant slimeballs extracting the blood of the great unwashed.
Saw this over the weekend. Let's see the spin that comes from Piezoe. Which Fed bank do you work for, Piezoe?