To Ben: Has It All Been On The Up-And-Up?
The Market Ticker ® - Commentary on The Capital Markets
Posted 2009-08-28 08:14
by Karl Denninger
in Federal Reserve
To Ben: Has It All Been On The Up-And-Up?
 

Please understand: I trust Barney Frank as far as I can throw him.

But if this really is what is going to happen - no BS, no games - we are really going to get an audit, we are really going to find out who's been lending to whom and on what collateral, we are really going to force The Fed to operate under a mandate of transparency - then I will have to have delivered to Mr. Frank some sort of token of appreciation (within House rules, of course.)

This is the first time I have heard him say straight-up, no-bs, no games: There will be an audit, The Fed will NOT keep the power they have abused (or refused to exercise) in a regulatory role and THE PEOPLE will finally get to know what sort of rigging of the market The Fed has employed and who they have empowered to lie when it comes to asset valuations and solvency.

I'm duly impressed.

Now let's see The Honorable Mr. Frank keep his promise.

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