Heard on CNBC radio on the Fed's announcement of quarterly news conferences: "Hat's off to the Fed on this transparency." "Well, you know I think Chaiman Bernanke wanted more transparency from the beginning."
Ok, it's not hard to guess why the Fed is willing to introduce more transparency with concrete details of the $3.5 trillion secret Fed loans about to come out. The anti-Fed group will be having a field day. Like Saudia Arabia the Fed is making concessions in advance of the uprising.
If Chaiman Bernake actually wanted transparency, why would he hide the $3.5 trillion in loans? Why, I suppose it was because the public was about to vote for the Presidency and this would have actually become a campaign issue, ie., it would be transparent to the voters. It would have been a transparency that would have insured that every last American would have known the level of financial crises being passed on from the outgoing administration.
Hats off with pom poms shaking to CNBC's transparently cheerleading comments.