Fed,Maiden Lane
[ Note: In January of this year, Robert Reich moved to a new Blog space to continue gathering his articles from here and there. Since he writes often this is a great way to keep up without the usual stream of celebrity sightings, tea party pot shots, and pharmaceutical adverts which are now ...pretty much everywhere. Thank you, Mr. R., for your distraction-free pages.]
Chesterton said, "I believe in getting into hot water. I think it keeps you clean." In his article "The Fed In Hot Water," Mr. Reich covers the Fed's recent disclosure that it assumed tens of billions of dollars of debt from investment banks, which the government now has full responsibility for. And did so quite a while before being authorized to do so by the Congress - as a unilateral decision.
Not completely new news; we knew the Fed was acting in a crisis mode to help support the economy, but the ‘new’ message is disclosure of how much money was paid and what it paid for - something the American people have been asking for quite a while. Some people are likely to be pretty ticked off to find out that the government covered debt assumed to buy out Hilton Hotel properties. Outraged may be an appropriate description for some.
But for many, this is TMI - too much information - to take in. There's too much other 'stuff' in the main dialog, which already competes with stuff in our personal dialogs. Examples:
- There aren't jobs enough for everyone, and jobs held feel less secure than ever.
- The cost of fruits - fresh, canned and frozen - is increasing as are staples and meats. And gasoline.
- We have elected figures being called 'Nigger,' 'Faggot,' 'baby killer,' and 'Homo Communist' - by other Americans, and other elected officials. The senate and congress men and women, the people who speak for us, appear to accept this behavior..
- Information about our armed combat forces, our family members, in Afghanistan and Iraq is very sparse. There’s no information at all about our forces in Japan, Bosnia, and South Korea.
- 'Celebrities' - Tiger Woods, Jesse James, and Michael Jackson - are 'above the fold' news.
- The weather is crazy, flooding some areas and causing draught in others.
I wonder if at times Mr. Reich must feel like Cassandra.