ITWASSOOTED: Fed Covers Up Financial Crisis

Wednesday, November 12, 2008

Fed Covers Up Financial Crisis

By Cliff Kincaid Tuesday, November 11, 2008

Our “adversary” media have been extremely deferential toward those promoting the looting of the American taxpayers during the ongoing economic and financial crisis. However, Bloomberg News should be congratulated for filing suit against the Federal Reserve in an effort to disclose the securities the central bank is accepting on behalf of American taxpayers as collateral for $1.5 trillion of loans to banks such as Goldman Sachs.

“The American taxpayer is entitled to know the risks, costs and methodology associated with the unprecedented government bailout of the U.S. financial industry,” said Matthew Winkler, the editor-in-chief of Bloomberg News.

Another way that the media can begin to fix the blame for the financial meltdown is to cover the views of those who predicted the crisis and understand how it happened.

“We’re going to get more of the same, only worse.”
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