by Nancy Cleeland
Small Enough to Fail: Community Banks in the Bailout
On Wednesday, June 10, 2009, EPI hosted the first of a series of forums on the financial crisis.
Featured speakers:Read more »
Expert Exchange
In Expert Exchange, we invite knowledgeable individuals to discuss major issues around the bailout. The aim is to hear a variety of voices on a range of issues, from the secrecy of financial institutions and their regulators to the equity of the distribution of bailout funds or their effects, and to give our readers context for what they are hearing and reading. We invite analysis, context, and polite opinion. Our experts may simply present their ideas or engage one another in a back and forth discussion.
We welcome feedback, so please post comments. You must register as a User to do so. Please fill in the name field with your real name or initials. We have found that people who use their names carry on more engaging, respectful conversations. However, we recommend against using your full e-mail address on security grounds.
We value thoughtful comments representing a range of views that make their point quickly and politely.
Current Topic
Current Topic
[4.20.09]
Past Topic: Transparency at the Federal Reserve
Bailout Watch EditorThe Treasury has committed itself to a policy of openness in the funds it lends as part of the bailout, but concern is prevalent about the lack of openness around the Federal Reserve's lending. Is the Fed open enough? If not, what needs to change? If so, why should the Fed not become more open?
Here are the thoughts from this week's experts:
Dean Baker, CEPR
Why Does the Fed Operate in the Dark? »
Anthony Gregory, Campaign for Liberty
Seeing Through the Federal Reserve »
Tags: Federal Reserve • Transparency
Why Does the Fed Operate in the Dark?
Dean Baker, CEPRPresident Obama has made an impressive commitment to run an open administration, posting contracts and spending on the Internet wherever possible. For some reason, there has been no effort to extend this openness to the Fed.
This creates a bizarre disjuncture in public policy. When the Treasury loans money to a troubled bank or other institution through the TARP or its various derivative programs, there is a clear paper trail. Reporters, analysts, and advocates can look up how much money was lent, under what terms and what the government received as collateral. However, when the Fed makes a loan, there is no record whatsoever. Read more »
Tags: Federal Reserve • Transparency