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Bloomberg Fires Back At Bernanke's Blustering Rebutall
Started:December 6th, 2011 (09:50 PM) by Quick Summary Views / Replies:543 / 0
Last Reply:December 6th, 2011 (09:50 PM) Attachments:0

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Bloomberg Fires Back At Bernanke's Blustering Rebutall

Old December 6th, 2011, 09:50 PM   #1 (permalink)
Quick Summary
Bloomberg Fires Back At Bernanke's Blustering Rebutall

It appears 'It Is On' as Bloomberg offers its well-reasoned and eloquent response to Mr. Bernanke's 'egregious errors' note to Congress. Without naming names, Bernanke makes a number of points regarding the reporting of the secret bailout terms and profiteering, which we discussed here, and now Bloomberg comes 'Over-The-Top' Stallone-style with a much more fine-toothed refutation of Bernanke's refutation of their reporting. "Bloomberg stands by its reporting" and offers a point-by-point take-down of the Fed-head's perspectives.

Here is Bernanke's letter to Congress:

Bernanke 12 6 11 House Letter

...and Bloomberg's excellent point-by-point response can be found here, but for a taster, here is Bloomberg's slap in the face of Bernanke's claim that all program details were public:

Bloomberg’s Nov. 28 story about Fed lending reported that the central bank published regular reports on the scope of borrowings from the discount window and other emergency or temporary programs. The loans were described as “secret” because the amounts, names of borrowers, dates and, often, interest rates weren’t disclosed. The stories reported that the Fed’s rationale for keeping the loans secret was to prevent bank runs.

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