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Illustrating that spilling across party lines is the unpopularity of the private central bank's bailout of banks for bad bets made in the derivatives markets and subprime markets, HR 459 Audit the Fed, an issue dear to disparate political constituencies ranging from Occupy Wall Street to moderate Republicans, passed the House this week.  Reuters reported:

"the vote showed bipartisan support for greater scrutiny of the U.S. central bank's powers which were expanded to help it tackle the financial crisis."
Representative Dennis Kucinich said:
"It's time that we stood up to the Federal Reserve that right now acts like some kind of high, exalted priesthood, unaccountable to democracy,"
....   http://ralphlopez.hubpages.com/...

No to private banksters running the country: Occupy Wall Street Storms Fed
Politico.com:

A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government’s watchdog over the effort says – a staggering amount that is nearly double the nation’s entire economic output for a year.

Originally posted to Ralph Lopez on Thu Jul 26, 2012 at 11:32 AM PDT.

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Comment Preferences

  •  i support this (6+ / 0-)

    in principle, but the fact that it is a Ron Paul baby has me verrry worried about the specifics.  very rarely will you find a man of less morals or principles than RonPaul(tm)

    whatever his angle is here, I am nervous

  •  The way I had heard this explained was slightly (9+ / 0-)

    different.

    This follows hard on the heels  of my discovery that the official rate of inflation does not include food or gas.  Let me get this straight: the two things people need to survive and get to work are not included in the the government's typical "basket," as economists call it, of consumer goods?
    What they price are "comparable goods". So if the price on Frosted Flakes goes up they look at the generic equivalent and say, "Heh, you can still by sugar coated corn flakes for about the same amount so there wasn't real inflation on that product".

    The same is true for certain other goods, especially ones with violatile or seasonal pricing. It's a ruse, of course, but they've been using it for a long, long time.

    Many people thought Bush was "the kind of guy you wanted to have a beer with". People are beginning to realize that Romney is "the kind of guy you want to pour a beer on".

    by ontheleftcoast on Wed Jul 25, 2012 at 02:18:07 PM PDT

  •  A qualification and a question (7+ / 0-)

    "This follows hard on the heels  of my discovery that the official rate of inflation does not include food or gas."

    Actually, the ordinary CPI does include food and gas.  However, the core CPI strips out food and gas to eliminate volatility.

    By the way, I wanted to put your statement in blockquotes, but was unable to.  Is it just my computer, or have the comment options been eliminated?

  •  Bipartisanship! (1+ / 0-)
    Recommended by:
    gramofsam1

    By the way, both the Consumer Price Index and the Personal Consumption Expenditure Price Index include food and gas costs.

    Sometimes people speak of core inflation, which is calculated by excluding food and gas because they tend to be volatile, particularly in the short term.

    The Fed focuses on PCE, excluding food and gas.

    More background.

    http://www.businessweek.com/...
    [the consumer price index ...] shouldn’t be confused with the 2 percent inflation target set last month by Federal Reserve Chairman Ben Bernanke. That’s based on the personal consumption expenditures price index (PCE), which tends to increase by about one-third percent less than the CPI.

    Bernanke has said that he chose to base the Fed’s inflation target on the PCE because it’s a better reflection of the changes in people’s purchasing habits. One of the big blind spots of the CPI is that it doesn’t capture how people adjust to fluctuating prices by substituting cheap goods and services for those that grew more expensive.

    Bernanke’s target is also a long-run target and not something to be evaluated every month, or even quarter. He’s hoping PCE inflation will average 2 percent over the next decade or so.

  •  Food and gas included (4+ / 0-)
    Recommended by:
    tytalus, FG, gramofsam1, Deep Texan
    What goods and services does the CPI cover?

    The CPI represents all goods and services purchased for consumption by the reference population (U or W) BLS has classified all expenditure items into more than 200 categories, arranged into eight major groups. Major groups and examples of categories in each are as follows:
    FOOD AND BEVERAGES (breakfast cereal, milk, coffee, chicken, wine, full service meals, snacks)
    HOUSING (rent of primary residence, owners' equivalent rent, fuel oil, bedroom furniture)
    APPAREL (men's shirts and sweaters, women's dresses, jewelry)
    TRANSPORTATION (new vehicles, airline fares, gasoline, motor vehicle insurance)
    MEDICAL CARE (prescription drugs and medical supplies, physicians' services, eyeglasses and eye care, hospital services)
    RECREATION (televisions, toys, pets and pet products, sports equipment, admissions);
    EDUCATION AND COMMUNICATION (college tuition, postage, telephone services, computer software and accessories);
    OTHER GOODS AND SERVICES (tobacco and smoking products, haircuts and other personal services, funeral expenses).

    http://www.bls.gov/...

    from a bright young conservative: “I’m watching my first GOP debate…and WE SOUND LIKE CRAZY PEOPLE!!!!”

    by Catte Nappe on Wed Jul 25, 2012 at 02:25:36 PM PDT

    •  Sorry, meant to put this here... (1+ / 0-)
      Recommended by:
      Jim P

      in response to your comment.

      The most commonly quoted measure of inflation according to Todd Clark, Assistant Vice President and chief economist of Kansas City Federal Reserve:

         The most commonly used measure of core inflation is the CPI excluding food and energy, published by the BLS. [The term "core CPI" is often used to refer to this measure.] This measure of core inflation systematically excludes food and energy prices because, historically, they have been highly volatile.
      http://www.kc.frb.org/...
  •  There is a difference (14+ / 0-)

    ...between commodity-based wage and price increases and decreases and money-supply induced inflation.

    The media and even economics on the media coflate inflation with higher prices, when it is only in some situations that higher prices are the result of inflation.

    It is possible to model a situation in which deflation that leads to severly reduced demand can cause producers to over-compensate in reductions of production in order to bring the price up.

    For retail, fewer customers means that labor costs have to be spread over fewer sales, which can also cause a retailer to raise prices (and competing retailers will copycat instead of underprice).

    All of that is beside the point with regard to the Fed.  The Fed should be audited because it is a government-run system of reserve banks with insiders on the local and national boards.  Self-dealing in a major danger without transparency.

    50 states, 210 media market, 435 Congressional Districts, 3080 counties, 192,480 precincts

    by TarheelDem on Wed Jul 25, 2012 at 02:26:19 PM PDT

  •  The most commonly quoted measure of inflation (1+ / 0-)
    Recommended by:
    Jim P

    according to Todd Clark, Assistant Vice President and chief economist of Kansas City Federal Reserve:

    The most commonly used measure of core inflation is the CPI excluding food and energy, published by the BLS. [The term "core CPI" is often used to refer to this measure.] This measure of core inflation systematically excludes food and energy prices because, historically, they have been highly volatile.
    http://www.kc.frb.org/...

    That is the 3% figure we keep reading.  Let me put it another way.  I can add, and I don't care what people say.  From 3-and-change last year to four bucks for juice at the Starbucks ain't no damn 3% (pardon my French.)  And that's going on for everything.

    •  Yes, you don't care. That's pretty obvious. (4+ / 0-)
      Recommended by:
      tytalus, sviscusi, Deep Texan, skohayes

      That's why you use your trip to Starbucks instead of data. Here is the data:

      http://www.bls.gov/...

      1.7% inflation including food and gas. But promoting Republican talking points takes priority, of course.

      •  1.7% hits a lot harder with falling real income NT (3+ / 0-)
        Recommended by:
        FG, Jim P, pot

        Thinking the "food stamp challenge" teaches you about being poor is like thinking a camping trip will give you insight into being homeless.

        by JesseCW on Wed Jul 25, 2012 at 04:01:22 PM PDT

        [ Parent ]

      •  However, you can buy a much faster smartphone (1+ / 0-)
        Recommended by:
        FG

        or computer now than you could last year so that reduces the inflation rate dramatically (despite the fact that most people don't buy a new phone/computer every year).  It's called hedonics, look it up.

        There is no saving throw against stupid.

        by Throw The Bums Out on Wed Jul 25, 2012 at 04:12:58 PM PDT

        [ Parent ]

      •  Guess you don't read very well (0+ / 0-)

        I just quoted the core CPI, the most commonly quoted index, here:

        http://www.dailykos.com/...

        which does exclude food and energy.

        •  Yes, and it's even lower. What inflation (1+ / 0-)
          Recommended by:
          Deep Texan

          are you talking about?

          •  This one. (5+ / 0-)

            Obviously a rate weighted toward a market basket of goods which comprise frequent purchases for average income families, which excludes houses, furniture, appliances, cars, or computers.  This means  food, gasoline, child care, prescription drugs, phone and television service, and other household products.

            Kathy Kristof of CBS Money Watch (not sketchy source commiecrapola.com) reports the following:

            http://www.cbsnews.com/...

            Forget the modest 3.1 percent rise in the Consumer Price Index, the government's widely used measure of inflation. Everyday prices are up some 8 percent over the past year, according to the American Institute for Economic Research.

            The not-for-profit research group measures inflation without looking at the big, one-time purchases that can skew the numbers. That means they don't look at the price of houses, furniture, appliances, cars, or computers. Instead, AIER focuses on Americans' typical daily purchases, such as food, gasoline, child care, prescription drugs, phone and television service, and other household products.

            The institute contends that to get a good read on inflation's "sticker shock" effect, you must look at the cost of goods that the average household buys at least once a month and factor in only the kinds of expenses that are subject to change. That, too, eliminates the cost of housing because when you finance your home with a fixed-rate mortgage, that expense remains constant until you refinance or move.

            The group maintains that this index better measures the real-world impact of price changes, particularly for people on a budget. And, largely as the result of the recent run-up in gas prices, this "everyday price index" (EPI) suggests that Americans are being pinched far more tightly than the official inflation measure would have you believe.

            Over the past year, the EPI is up just over 8 percent, according to the economics group. The biggest factor: Motor fuel and transportation costs are up 21.06 percent from year-ago levels. The cost of food, prescription drugs, and tobacco also have increased faster than the government's inflation measure, rising 3.56 percent, 4.21 percent, and 3.4 percent, respectively.

            http://www.cbsnews.com/...
            •  Ok, that makes sense. Still, this price index (3+ / 0-)
              Recommended by:
              sponson, Deep Texan, skohayes

              is actually wrong. If you look at it more carefully, almost all inflation in it is from the gas prices.

              http://jerrykhachoyan.com/...

              Gas prices are volatile and don't represent a big chunk of expenses for most people.

              •  Gas prices have trended upward relentlessly (1+ / 0-)
                Recommended by:
                greeseyparrot

                for over a decade. They have temporary fall backs, but never to where they were before the last rise. Then they start up again. There might be week-to-week volatility, but looked at over any large block of time, they always trend higher.

                And if you think people in Oklahoma, or other wide states with no/little public transport, who have to drive 100 miles or more to their job and another 100 home every day, don't see gas as a big chuck of their expenses I've got some Oklahoma friends you should meet.

                Importantly: No matter how one comes to minimize the rise in costs, ordinary people end up with less money to use as their wages are not rising, and in many areas are decreasing. The overriding reality is that it is simply harder for most people to live, end of story.

                People know this, and there's no amount of figures-flashing or rhetoric which will make "oh, I can no longer afford to go out to a movie, go to a restaurant, buy this item" go away or become invisible to the majority of people experiencing it.


                The Internet is just the tail of the Corporate Media dog.

                by Jim P on Thu Jul 26, 2012 at 12:47:32 PM PDT

                [ Parent ]

              •  to a person who (0+ / 0-)

                earns $25,000 a year the difference in a $25 gas tank fillup and a $40 gas tank fill up is a Big Effing Deal, especially if you live out West where everything is often 20 to 30 miles distance for goods and services.

                I guess if you make a good deal more income it is no big deal, but to most of us it really hurts.  

                AND  my experience at the grocery store says a great deal.
                Unlike gas prices, once grocery items go up in price, they do not ever go down in price.  For example:  Four years ago we spent $300 a month for food for two of us.  We don't eat fancy and I bargain shop as much as possible.  Now buying the exact same items I bought 4 years ago we spend $600 a month.  SOoooooooooooooooooo. . .. . .
                please explain how there is NO inflation?

                Just  my experience as a person on fixed income who has a difficult time making ends meet.

                *the blogger formerly known as shirlstars

                by Shirl In Idaho on Thu Jul 26, 2012 at 12:58:02 PM PDT

                [ Parent ]

                •  What does Fed have to do with gas prices? This (0+ / 0-)

                  is what this whole thing is about, how Fed supposedly creates inflation. And now we are discussing gas prices.

                  •  If society were small on a desert island and (1+ / 0-)
                    Recommended by:
                    FG

                    the entire currency in circulation was, say, 100 sea shells (sea shells were the agreed upon "money,") then if someone dumped another hundred sea shells into circulation, the price of everything in sea shells would go up.  That is because there are more sea shells and they are now worth less relative to everything else - law of scarcity.  This is a form of inflation.

                    When the Fed creates dollars out of thin air to bail out bankers it does the same thing.  The bailed out bankers are happy with the devalued dollars because otherwise they would have had nothing.  People who worked for their money are not happy.  Their dollars are now worth less.

      •  Then the figures are cooked (2+ / 0-)
        Recommended by:
        Bluerall, Shirl In Idaho

        or they do substitution tricks which mask the loss of quality/quantity.

        For instance coffee around here still goes for the same price but it's now 10 and 11 oz. cans where it used to be 12, and before that 14 and back long ago 16. The 10 oz. cheese package stayed the same price but went to 8 oz., ... Tomatoes have gone up easily 10%, as well as most other vegetables and all fruit and nuts...

        My rent goes up an annual 3% no matter what. A one-month metro card went up from $82 to $104 (26%), etc etc. Health insurance has gone up between 10 & 30% wherever you are in the US. Electricity has gone up from under $80/mo to over $100 in my house with the same (or less) usage.

        It's impossible that the average householder, especially one paying for their own heating/electricity and who drives a car (auto insurance and gas up), has seen inflation of 3% on what they use to live (and NO they are not saving money on buying new iPhones and appliances every week).

        Just cause a Banking Authority puts out a figure doesn't mean the figure reflects reality, or is even intended to be honest. You've surely heard of Mortgage Backed Securities (still not marked-to-market) and LIBOR, for just two examples.


        The Internet is just the tail of the Corporate Media dog.

        by Jim P on Thu Jul 26, 2012 at 12:16:20 PM PDT

        [ Parent ]

  •  Auditing the Fed is a good idea (6+ / 0-)

    Claiming a lot of "inflation" as the reason is not.  The US monetary policy has been quite lenient (in fact desperately so) since 2008 and yet there hasn't been (and won't be at current rates) any inflation caused by increased money supply ("funny money.")  Ask any honest economist, conservative or liberal.

  •  Barney Frank opposes this (7+ / 0-)

    As to many progressives. This truly is a very divided issue for people on the left. I personally think that the Fed should have some oversight, but it cannot submit directly to congress. The Federal Reserve was created for a reason: to keep monetary policy out of politics.

    Republicans are far more socialist than Democrats. Just because they want to redistribute the wealth upwards does not make it any better.

    by MrAnon on Wed Jul 25, 2012 at 04:54:27 PM PDT

    •  It's not "monetary policy." It's creating money (1+ / 0-)
      Recommended by:
      The Hamlet

      to bail out banks.  Why should that not be subjected to politics?

      •  Because to directly subject... (3+ / 0-)
        Recommended by:
        Deep Texan, skohayes, MrAnon

        ...monetary policy (which includes the money the Fed lends to the banks) to the political process would enable political actors to manipulate monetary policy for their own political gain.

        Imagine if Congress were allowed to exercise complete control over the Fed; given this Republican Congress, do you have any doubt that they'd use that control to further weaken the economy (either through overly-loose or overly-tight currency policies) to hurt the President in an election year?

        I don't disagree that the Fed and other central economic powers need to be held accountable for working for the interests of all the American people rather than the few at the top, but giving Congress—particularly this Congress—more influence in monetary policy isn't going to have that result.

        "When I give food to the poor, they call me a saint. When I ask why the poor have no food, they call me a communist." --Dom Helder Camara, archbishop of Recife

        by JamesGG on Thu Jul 26, 2012 at 11:58:15 AM PDT

        [ Parent ]

      •  which is audited by the GAO (0+ / 0-)

        -You want to change the system, run for office.

        by Deep Texan on Thu Jul 26, 2012 at 01:55:06 PM PDT

        [ Parent ]

        •  Here ya go again, moving upthread: (1+ / 0-)
          Recommended by:
          greeseyparrot

          It's only a partial audit.  - The offshore finances and the monetary policy discussions are restricted topics and were taken out of the audit process. If those were included, a thing like LIBOR would have been known long before.

          -No swaps. That is $16 trillion in un-audited accounts during the peak of the crisis in 2008-09.

          Do you understand how much $16 trillion is?  US annual budget is about $4 trillion/

          Per the U.S. code:

          Audits of the Federal Reserve Board and Federal reserve banks may not include—

          (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

          (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

          (3) transactions made under the direction of the Federal Open Market Committee; or

          (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

    •  I ask only because I'm not sure (0+ / 0-)

      but doesn't the Fed differ in terms of ownership and accountability from how most countries' central banks?

      AFAIK the Bank of Canada set's monetary policy, but is still accountable to parliament--so I don't think it's the case of monetary policy being politically involved in Canada.

      Or am I completely out to lunch?

      Sean

    •  Coulndt be that banks are his biggest doners (1+ / 0-)
      Recommended by:
      The Hamlet

      now could it?
      American Bankers Asoc was 2nd largest
      JP Morgan 4th
      Bank of America 6th
      and many of the other so called progressives you talk about are also beholden to banks

    •  Barney Frank's top 10 industry contributors (2+ / 0-)
      Recommended by:
      The Hamlet, greeseyparrot

      http://maplight.org/...
      Top 10 Interests Funding

      Interest Contributions
      Securities & Investment $360,416
      Real Estate    $237,850
      Insurance $216,400
      Lawyers/Law Firms $192,014
      Misc Finance $147,749
      Banks and Credit $133,950
      Lobbyists $87,923
      Business Services $76,400
      Casinos/Gambling $63,450
      Democratic/Liberal $59,160
      So that's, what?, about 15 times from Financial Interests over Democratic/Liberal. And when it comes to politicians and banks, who knows what accounts are hidden off-shore, eh?


      The Internet is just the tail of the Corporate Media dog.

      by Jim P on Thu Jul 26, 2012 at 12:29:40 PM PDT

      [ Parent ]

  •  oh shit. save us all!!! (1+ / 0-)
    Recommended by:
    bluedust

    Be careful  what you wish for, you just might get it. Auditing the  fed is the equivalent of pulling the curtain aside to expose the fraudulent wizard.

     Our currency is backed by nothing except the magic.
    When we find out it's all smoke and mirrors, I fear the consequences.

    Time to start hoarding canned food.

     

  •  Didn't an "Audit the Fed" diary get deleted (0+ / 0-)

    and/or the diarist banned?

    ❧To thine ownself be true

    by Agathena on Thu Jul 26, 2012 at 12:17:06 PM PDT

    •  yeah, this is CT material (2+ / 0-)
      Recommended by:
      FG, skohayes

      always has been, always will be

      The Federal Reserve System is and has always been audited.
      Ron Paul wants to End the Fed.  which is why this always turns into CT.

      The GAO performed an audit of the Fed at the direction of congress recently.

      ..audit emergency-aid programs during the financial crisis and review the system of directors of regional Fed banks for possible conflicts of interest. The Fed was also required to identify borrowers involved in its crisis-lending programs.

      -You want to change the system, run for office.

      by Deep Texan on Thu Jul 26, 2012 at 01:53:41 PM PDT

      [ Parent ]

  •  I would love to see this on the wreck list (0+ / 0-)

    However, the lack of any mention of Mitt Romney's adventures in the UK means that this is highly unlikely to happen...

    “In the beginning there was nothing, which exploded.” Terry Pratchett

    by 420 forever on Thu Jul 26, 2012 at 12:25:38 PM PDT

  •  Could I ask what is objectionable about auditing (0+ / 0-)

    the Fed?  

    •  they are already audited. this is CT (1+ / 0-)
      Recommended by:
      icemilkcoffee

      more end the fed nonsense from Ron Paul.

      -You want to change the system, run for office.

      by Deep Texan on Thu Jul 26, 2012 at 01:54:07 PM PDT

      [ Parent ]

      •  Nope, it's only a partial audit. (2+ / 0-)
        Recommended by:
        greeseyparrot, CentralMass

        - The offshore finances and the monetary policy discussions are restricted topics and were taken out of the audit process. If those were included, a thing like LIBOR would have been known long before.

        -No swaps. That is $16 trillion in un-audited accounts during the peak of the crisis in 2008-09.

        Do you understand how much $16 trillion is?  US annual budget is about $4 trillion/

        Per the U.S. code:

        Audits of the Federal Reserve Board and Federal reserve banks may not include—

        (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

        (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

        (3) transactions made under the direction of the Federal Open Market Committee; or

        (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

  •  Thanks for bringing this diary back (0+ / 0-)

    It had disappeared before. OK 2 strange things about this issue:

    1. It is almost NOWHERE to be seen in mainstream media (ie CNN and even Fox? -It's a Republican bill after all???) despite being a called a rare instance of bipartisanship.

    2. The most liberal members of Congress support it- Kucinich, Sanders, Grayson (not current member but supports it)

    I have been interestedly reading the responses on DK and there seems to be a lot of differing opinions ranging from good idea to bad idea to Ron Paul is from planet Q-Snarfon. With all repugnance for right wing libertarianism aside for one moment, isn't this actually a good thing to audit the fed?

    •  Yes. It's a good thing. (0+ / 0-)

      What is Reid's stated reason for declaring it DOA in the Senate?

      Dear bankers,
      If you've done nothing wrong, why do you fear the audit?

      Signed,
      All the non-bankers in the world

      How many divisions does OWS have?

      by Diebold Hacker on Thu Jul 26, 2012 at 02:31:48 PM PDT

      [ Parent ]

    •  It is hard to believe anyone could be against (0+ / 0-)

      greater transparency.  If there is no audit what's wrong with an audit?  If there is an audit what's wrong with a better audit?

      The Federal Reserve is a committee made up of representatives of the nation's largest and most powerful banks, the same people who brought us the subprime and derivatives crisis which we are now bailing them out for to the tune of TRILLIONS while libraries are cutting back hours and streetlights are getting turned off.

      http://www.politico.com/...

      A series of bailouts, bank rescues and other economic lifelines could end up costing the federal government as much as $23 trillion, the U.S. government’s watchdog over the effort says – a staggering amount that is nearly double the nation’s entire economic output for a year.
      Even Occupy Wall Street understands this.
  •  A pointless gesture which solves nothing (0+ / 0-)

    Every country that prints its own currency needs a central bank. Like it or not the Feds is our central bank. The central bank needs a certain leeway to act and react without political interaction. Don't try to spin this into some sinister conspiracy.

    And worse yet- this feeds right into the republican talking point that the federal government was somehow responsible for the 2008 crash. If they want to audit somebody- let's start with Wall St. Or the private equity funds- now there is a great target for independent auditing! Don't let them divert attention away from teh real culprits of the 2008 crash- Wall St and the financial capitalists.

    •  The central bank is rightfully and according (1+ / 0-)
      Recommended by:
      greeseyparrot

      to the Constitution the US Treasury.  The Fed is a consortium of private banks running the currency and credit for its own benefit, printing money and lending to the US Treasury its OWN currency at interest.  

      This enables abuses like the $16 trillion in secret bail-outs discovered by merely a partial audit.  

      You are fixated on what may be a "Republican talking point."  Take off your partisan blinders.  Bailouts for banks who will never pay them back are in no one's interest but the banks.

      IPS News Agency:

      First Federal Reserve Audit Reveals Trillions in Secret Bailouts

      ATLANTA, Aug 28 2011 (IPS) - The first-ever audit of the U.S. Federal Reserve has revealed 16 trillion dollars in secret bank bailouts and has raised more questions about the quasi-private agency’s opaque operations.

      “This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else,” U.S. Senator Bernie Sanders, an Independent from Vermont, said in a statement.

      The majority of loans were issues by the Federal Reserve Bank of New York (FRBNY).

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