tag:blogger.com,1999:blog-3782644139927778760.post-975690265461656632008-03-26T10:58:00.000-04:002008-03-26T10:58:00.000-04:00Bear would not have failed Monday if they had access to the Discount Window.<BR/><BR/><B>The vote to open the window to IBs was taken before the deal was made for Bear.</B><BR/><BR/>The Fed's active involvement in this transaction without disclosing this material piece of information (that would have instantaneously blown the deal up) is outrageous.<BR/><BR/>In effect The Fed has stolen $30 billion (now $29 billion) from the US Citizens and locked it up in an LLC - an "off balance sheet vehicle" just like Enron used - after <B>conjuring</B> the failure of Bear.<BR/><BR/>Yes, Bear was going to go down Monday. <B>But so was Lehman, and by opening the Window, they stopped that.</B><BR/><BR/>Further, The Fed's actions were and are clearly outside of their authority as delegated by The Federal Reserve Act of 1913.<BR/><BR/>This crap has to be stopped kids. <B>IF</B> we contaminate our Treasury Bill repository (the largest piece of which, in the US, resides in The Fed) we run the risk of provoking capital flight and a collapse in our currency - and ultimately our economy.<BR/><BR/>All spending bills must originate in The House, by our Constitution. The Fed has no authority to "spend" $29 billion of our money without an explicit allocation by Congress. Period.<BR/><BR/>This demands investigation and, if the facts are as they appear, impeachment.<BR/><BR/>Yes, I said impeachment, as The Executive was clearly (by their own admission) involved.<BR/><BR/><A HREF="http://financialpetition.org" REL="nofollow">Petition To Fix This</A> and <A HREF="http://market-ticker.denninger.net" REL="nofollow">The Blog where this is all outlined</A>Genesishttp://www.blogger.com/profile/12342477536216412768noreply@blogger.com