The American people have a right to know where the bailouts have gone, but the Fed isn’t showing all its cards, “for our benefit”. Joe supports Ron Paul’s H.R. 1207 (the Fed Transparency Act), and Dennis Kucinich’s American Monetary and Financial Security Act, scheduled to be introduced this fall. He responds to a quote of Chairman Ben Bernanke’s taken from a House Oversight and Government Reform hearing. (A response to Congressman John Duncan TN, June 25, 2009: see last 45 seconds of video posted below Coffee with Joe.)
Joe also expresses his reservations about the Federal Reserve/Federal Express metaphor.